Tiandeyu 688252 is listed on the Science and Technology Innovation Board, and the subscription will be started on September 16, with an issue price of 21.68 yuan per share and an issue market value of 8.792 billion yuan.
1. Shareholders have Foxconn background
Tiandeyu was originally a company established by Tianyu Technology (4961.TW), a listed company on the Taiwan Stock Exchange, in Shenzhen through its subsidiary Hengfeng Co., Ltd., and Tianyu Technology's largest shareholder is Foxconn's parent company Hon Hai Precision (2317.TW), with a total shareholding ratio of 27.29%.
Table 1 Information comes from prospectus
2, business and technology
company's main products are: display driver chip (74%), camera driver chip, fast charging protocol chip and electronic price tag chip (14%). Among them, in the domestic display driver chip field in the first half of 2021, Tiandeyu's shipments accounted for about 12% of the industry's total shipments, ranking fourth in the industry.
3, main financial data
2019, 2020 and 2021, the company's main business revenue growth rates were -3.81%, 20.15% and 100.64% respectively. The company's product prices rose in the fourth quarter of 2020, resulting in a year-on-year increase of 50.80% in the main business revenue in the fourth quarter of 2020. Due to the expansion of downstream market demand and rising product prices, the company's revenue in 2021 continued to maintain a rapid growth trend, an increase of 100.64% compared with 2020. However, the sales growth of major products' display driver chips in 2021 was negative.
Image source prospectus
4. Comparable company
. Currently, among A-share listed companies, there are no listed companies with product structure comparable to those of the company and adopt the same Fabless business model.
Considering the company's rapid growth and unique industry attributes, it is recommended to apply.
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