Penang Electronics Cross Customs Creation Board IPO, the product structure is relatively single -stored risk

On June 30, Capital State learned that Shenzhen Penang Electronics Co., Ltd. (hereinafter referred to as "Penang Electronics") was accepted by the Stock Exchange, and it was planned to raise 485 million yuan.

Picture source: Shanghai Stock Exchange official website

Penang Electronics is a high -tech enterprise focusing on the design, production and sales of protective circuit design such as lightning protection, surge, and anti -static, as well as protective components. The product covers ceramic gas discharge pipes (GDT), transient voltage suppression diode ( TVS), semiconductor discharge tube (TSS), electrostatic protection diode (ESD), voltage voltage diode (ZENER), metal oxide voltage sensitivity (MOV), composite device (SPD), etc.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 194 million yuan, 217 million yuan, and 300 million yuan, respectively; the corresponding returns to the mother's net profit at the same period was 7.3117 million yuan, 23.4135 million yuan, and 410.883 million yuan.

The company's selected science and technology board listing standard is the (1) standard specified in Article 2.1.2 of the "Shanghai Stock Exchange Science and Technology Innovation Board Listing Rules" (revised in 2020). Yuan, the net profit in the past two years has been positive and cumulative net profit does not be less than RMB 50 million, or the estimated market value is not less than RMB 1 billion, and the net profit in the past year is positive and operating income is not less than RMB 100 million yuan. "".

Picture source: company prospectus

The company's actual controller is Cai Jintbo, and no change has occurred during the reporting period. As of the date of the signing of this prospectus, Cai Jincobo directly held 30.88%of the company's shares; through holding the capital contribution share of Sande 100 million, he served as his executive affairs partner, and then controlled the company's 8.69%voting rights; by holding 38.44%of Shangde Rui 38.44% The capital contribution shares, as the partners of their executive affairs, and then control the company's 8.69%of the voting rights; Cai Jinsbo controls the company's 48.25%voting rights to be the actual controller of the company.

Penang Electronics admits that the company has the following risks:

(1) Technical upgrade and product iteration risk

The company's circuit protection device industry is a technical dense industry. It has the characteristics of product renewal and faster technical iteration. New materials and new process technology have continued to emerge in recent years. Continuous research and development can maintain a competitive advantage in the market. Due to the relatively small operating scale of the company, the R & D expenses during the reporting period were RMB 127.51 million, 17.139 million yuan, and 26.853 million yuan, respectively, and the R & D investment was relatively small. Circuit protection devices, especially the R & D cycle of power semiconductor protection devices, has a long period of development and large capital investment. Generally speaking, a power semiconductor protective device product needs to be designed by chip design, process flow, packaging testing, reliability experiment and other steps until the final product is set. The overall cycle is long. Even more than two years. Therefore, such as domestic and foreign competitors to launch more advanced and competitive technology and products, and the company fails to accurately grasp the research direction of industry technology development and formulate new technologies, or the progress of company technology and product upgrades cannot keep up with the industry The failure of advanced products, the failure of new products will lead to backward product technology and the risk of iteration of company products and technology.

(2) The risk of smaller business scale

During the reporting period, the company realized operating income of 194 million yuan, 217 million yuan, and 300 billion yuan. Compared with the company's company, the company's capital strength and business scale were relatively small compared with the company. With the continuous improvement of the industry's concentration, the market competition has intensified, and the relatively small business scale has led the company to the company's ability to resist risks. At the current stage of development, the company may face the situation of unstable operating performance in the development stage. If the company cannot expand the business scale in time, exert its scale effect and technological advantages, and enhance market competitiveness, it may face the company's profitable company's profit due to a small business scale affect the company's profitability. Risk of ability.

(3) The risk of relatively single product structure

The company's main products are circuit protection devices, which are mainly concentrated in the diode products of gas discharge pipe products and semiconductor separate devices. Compared with the product types and structures of the company in the same industry. Risk resistance is weak. If the company cannot maintain the R & D advantage in the future, it cannot improve the production technology of existing products in a timely manner, and gradually extend to the field of full -control power semiconductor separate devices. The existing single structure products will face the risk of decline in market share and the brand awareness. Operating performance will be adversely affected.

(4) The concentration in the field of downstream industry applications is high, and the risk of fluctuations in the demand of downstream industries

During the reporting period, the company's main business revenue accounted for 70.61%, 69.56%, and 69.93%, respectively. Therefore, the company has a high risk of concentration in the field of downstream industry applications. If the company's downstream terminal market demand has undergone major changes, the market demand in the security and communication applications has occurred major adverse changes, and the company cannot achieve the expansion of emerging applications such as 5G communication, automotive electronics, and new energy according to the plan. Continuity causes adverse effects.

(5) The risk of customer certification failure

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