80 -person company plans to raise 500 million yuan: Suzhou Tongwei's single product breaks through customs and innovation boards

21st Century Business Herald reporter Han Yi Beijing report

On June 13, 2022, the listing materials were officially accepted. On July 5th, I received the first round of inquiries from the Shanghai Stock Exchange Science and Technology Board. As a semiconductor company, Suzhou Laowei Semiconductor Co., Ltd. (referred to as Suzhou Tongwitt) listing process Go to the fast lane.

According to the prospectus information, Suzhou Tongwitt, which was established in January 2015, has a total of 85 employees as of the end of 2021, of which 32 are R & D, accounting for 37.65%of the total number of employees of the company. In this science and technology board, the company plans to bring more than 30 R & D personnel to raise funds, raising 530 million yuan, and used items for smart power semiconductor research and development, SIC power device research and development, upgrade of power semiconductor R & D engineering centers, and supplementary supplements operating income.

The 21st Century Economic Herald reporter noticed that during the reporting period from 2019 to 2021, the R & D expenses of Suzhou Tongwitt's periods were 7.71 million yuan, 13.885 million yuan, and 18.8627 million yuan, respectively.

In the semiconductor industry that requires high research and development, what level of Suzhou Tongwitt has attracted market attention.

Single product breakthrough science and innovation

The main business of Suzhou Laowot is the design, research and development and sales of power semiconductors, and provides related technical services.

During the reporting period, the company mainly adopted FABLESS (corporateless wafer production, only engaged in chip design research and development and sales) business models, and was processed out of the wafer manufacturing and packaging testing link.

As of now, Suzhou's main products include two categories: power devices and power IC. During the reporting period, the company's two categories of products revenue account for 88.81%, 93.06%, and 93.27%. Among them, power device product contribution The revenue proportion reached 86.81%, 90.65%, and 87.51%, while the plane MOSFETs in the power device accounted for 86.71%, 88.39%, and 83.07%of the company's main business revenue, respectively.

"Since its establishment, the company's main business model has not changed significantly, and the income of a single product category has a relatively high income." In this regard, Suzhou Jiwitt disclosed that the company has long relied on the operation of a single plane MOSFET product. The intensified market competition or downstream market fluctuations have led to a decline in the growth rate of product prices or market demand for graphic MOSFETs, affecting the risk of company operating income and profitability.

It is understood that the current operating model of the semiconductor industry can generally be divided into three types: IDM, Fabless and Foundry.

Among them, IDM refers to vertical integration manufacturing models. Enterprises can complete the entire industrial chain business from chip design to wafer manufacturing, packaging testing, and other industrial chain business. The international leading manufacturers such as Yingfei Ling, Ansonmei, and SEV have adopted this business model. Essence

Fabless focuses on chip design and entrusts the wafer manufacturing, packaging and testing links to professional manufacturers. In China, companies that use this business model or this business model mainly include new cleanliness, Dongwei semi -guided, Jingfeng Mingming Source, Xinpeng Wei, etc.

The Foundry model is a business model that provides production services such as foundry or trusted processing, including wafer agency factories and packaging testing companies. Domestic companies operating in this model include SMIC, Huahong Semiconductor, Huatian Technology and other enterprises.

"Three models are relatively speaking, the Fabless model is a light asset operation model, and the technical requirements are not high. It belongs to the mid -to -low -end industrial chain market for the semiconductor industry. Professionals told the 21st Century Business Herald that most domestic semiconductor manufacturers have R & D and design capabilities. At present, the technological breakthrough in the domestic semiconductor market is difficult to make the chip wafer manufacturing and seal testing links.

Does Suzhou Tongwei's long -term engaging in the chip design of the front end has a high technical content? How will the company's future development be deployed? In response, the reporter called to interview the company's Securities Department, but as of press time, the company had not received the company's response.

The 21st Century Economic Herald reporter noticed that from the perspective of the project planning project plan, the company's fundraising was only preparing to upgrade the existing R & D technology, and there was no self -built production line plan. Essence This means that in the future, Suzhou Zhewit will rely on the existing single product line to operate for a long time.

80 people raised 500 million yuan

It is worth noting that under the structure of a single product, the operation of Suzhou Tongwitt has faced large performance fluctuations. From 2019 to 2021, the company's revenue is 107 million yuan, 137 million yuan, and 210 million yuan. The net profit of the mother was 9.338 million yuan, -196,686,600 yuan, and 48.772 million yuan, respectively.

"If the decline in the prosperity of the semiconductor industry in the future has caused major adverse changes in market demand, or the intensified market competition has caused the company to not maintain the core competitiveness and market competitive advantage of the company, the company's income growth may not continue." , The company rely more on the top five suppliers of foundry. The proportion of the company's purchases of the top five suppliers during the reporting period reached 89.74%, 91.41%, and 76.55%, respectively, of which the largest suppliers accounted for 51.68%, respectively. , 42.40%and 34.98%. At present, the wafer foundry industry generally occurs in production capacity. If the company's main supplier has restricted production capacity in the future, the company's production and operation will be adversely affected. In fact, the operation of the Suzhou Forty Fabless model is very vulnerable to the wafer supply and outsourced processing links. The stability of the company's product supply.

On the other hand, from the perspective of operating volume, in the semiconductor industry, Suzhou's revenue scale, R & D investment, and technical team competitiveness advantage is not significant.

The chip design industry is a talent -intensive and funded industry. During the reporting period, the R & D expenses of Suzhou Tongwei were 7.71 million yuan, 13.885 million yuan, and 18.8627 million yuan, respectively. The three years of cumulative R & D investment was only 40.458 million yuan, and the cumulative operating income was 453 million yuan.

At the end of each period of the reporting period, the total number of employees of Suzhou Jiweitte was 56, 71, and 85 respectively, of which the number of R & D personnel was 25, 28, and 32, respectively. 10,000 yuan, 49.185 million yuan and 82.31 million yuan. According to this estimation, Suzhou Puwit, who pays attention to the professional R & D investment, is only between 150,000 and 200,000 yuan during the reporting period. Yuan.

In the prospectus, the company stated that according to OMDIA research data, the company's income scale in 2020 in the global MOSFET power device market share is about 0.23%. Statistics of the Jiangsu Semiconductor Industry Association show that the domestic market share of the company's FRMOS products in 2020 ranks fourth among local enterprises.

The 21st Century Business Herald reporters sorted out the market pattern of the company's industry found that the current MOSFET market's main share is still mainly occupied by internationally renowned brands. , China RMB Micro (688396.SH), Seilan Micro (600460.SH), and Anton Semiconductor in China ranked among the top ten in the world, accounting for 10%of the market share.

According to OMDIA research data, among the main domestic manufacturers of MOSFET power devices in 2020, China Resources Micro, Silan Micro, and Huadi Electronics (600360.SH) are all in the head. The revenue in 2021 reached 9.249 billion yuan and the revenue of 2021, respectively. 7.194 billion yuan and 2.210 billion yuan, Xinjieneng (605111.SH) and Dongwei Semi -Director (688261.SH) operated in FABLESS models also revenue of 1.498 billion yuan and 782 million yuan in 2021, respectively.

Suzhou Zhewit, who raised only more than 80 employees and more than 30 R & D personnel, intends to raise up to 500 million yuan. Whether the company's existing team can support huge R & D investment and invest in market investors.

How to reach the standard for 1 billion valuation

During the reporting period, the proportion of R & D investment in Suzhou Tongwei's operating income was 7.23%, 10.14%, and 8.99%, respectively. As of 2021, R & D personnel accounted for 37.65%of the total number of employees.

At the same time, Suzhou Tongwitt believes that the company's existing revenue scale and valuation situation meets the first listing standard for the science and technology board, that is, "the estimated market value is not less than 1 billion yuan, the net profit in the past two years is positive The net profit is not less than 50 million yuan, or the estimated market value is not less than 1 billion yuan, and the net profit in the past year is positive and operating income is not less than 100 million yuan. "

In 2021, Suzhou's operating income was 210 million yuan, and its net profit was 48.772 million yuan. Suzhou Tongwitte said that "in combination with market valuation, the company's estimated market value is not less than 1 billion yuan. Therefore, it meets the listing standards for the market value of science and technology boards."

However, the 21st Century Economic Herald reporter noticed that as of July 30, 2019, the company's registered capital was only 5 million yuan. After the stock reform was completed, the company's valuation was rapidly larger.

In February 2019, Suzhou Laowit Co., Ltd. increased its capital. The registered capital increased from 5.5357 million yuan to 6.0893 million yuan. The new registered capital was subscribed by the Glory Alliance for a registered capital of 276,800 yuan for 15 million yuan. Yuan subscribing to the registered capital of 184,500 yuan, and the National Economic China Scripture subscribed for 92,300 yuan for the registered capital for 5 million yuan, and the corresponding company valuation was only 330 million yuan.

In October 2020, Suzhou Zhewit increased its capital again, and the registered capital increased from 6.0893 million yuan to 7.4425 million yuan. The employee holding platform and Ganhua Department (000576.SZ) were subscribed respectively. The company's valuation increased to 500 million yuan Essence In December 2020, the company implemented a capital revenue increase in capital, and the registered registration of Suzhou Laowei increased to 50 million yuan. Until October 2021, the last shares and capital increases of Suzhou Laowit's shares were invested by Chen Tao, Bangsheng Juyuan, Zhao Jianguang, and Peng Mei. Bangsheng Juhong, Hewang Investment, Ganhua Technology, Yuefeng Jinchuang, etc., subscribed to Suzhou Zheweitt with 19 yuan/stock price, add 5.2632 million shares, and the valuation of Suzhou Laoweter barely reached 1 billion yuan.

It is worth noting that during the process of capital increase and equity transfer in Suzhou, many institutional investors have quickly withdrew, and some of the take -offers have the employee holding platform and the original shareholders. Need to explain to the company.

"During the IPO stage, the phenomenon of rapid valuations to be largely large -scale to be listed. The investor is optimistic. "An analyst of a securities firm told a reporter to the 21st century.

As of 2021, after the rapid financing of nearly 200 million yuan, the total assets of only 397 million yuan and shareholders' equity of 279 million yuan barely met the valuation of 1 billion yuan.

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