The downstream market ice and fire duplex cordic core electronic IPO "inquiry"

Suzhou Xinton Electronic Technology Co., Ltd. (hereinafter referred to as Site Electronics) is a chip design company, which is the development, design and sales of simulated chips such as lithium battery protection chips and power management chips. As of now, the latest state of Cyclone Electronics is "inquiry".

Data source: Reporter sorted out pictures of pictures of Yang Jing

"Daily Economic News" reporter noticed that the founder of Shin core electronics had previously founded a chip design company overseas and was later acquired by Intel. At present, the downstream markets of the core electronic products are mainly TWS headphones, electronic cigarettes, and mobile power. The current situation of these three markets can be described as "two days of ice and fire." In addition, the core electrons are currently involved in multiple intellectual property lawsuits, and the defendant has no shortage of simulated chip manufacturers that have been listed or planned to be listed.

The founder of the company is Chinese American

Jian Tan (Tan Jian), the founder of Shin core electronics, is an American and has the right to permanent residence in China. Whether it is studying resumes or early work resumes, it has established a certain foundation for it and developing the core electronics.

From the perspective of the study resume, Tan Jian's masterpiece graduated from a prestigious school, graduated from the Department of Automation of Tsinghua University, and studied at the Department of Mechanical Engineering of the University of Colorado and Purdue University Electric Engineering in the University of Colorado. The level ranks among the top in the world.

From the perspective of work resume, Tan Jian has served as the main researcher in the core research room of Langxun Bell Labs, USA. Bell Lab is the birthplace of the world's major communication technology. Many inventions such as transistors, laser, solar cells, and emitting diode were born here.

In 2002, Tan Jian left Bell Lab and founded Enpirion Inc. as a co -founder in August of the same year, and served as technical director. Enpirion Inc. is a supplier of high -efficiency integrated electric energy conversion products (that is, power single chip system). According to the prospectus (declaration draft), during his tenure, Tan Jian led research and development in 2004 and launched the DC-DC of integrated inductance. This product won the EDN 2004 Global Power IC Best Product Award and many other international awards.

With the advanced technology of the product, ENPIRION Inc. has also been acquired by a semiconductor factory. In 2013, FPGA (on -site programming door array) technical leading manufacturer Altera signed the final merger agreement to acquire Enpirion Inc.. Two years later (2015), Intel announced the acquisition of Altera at a price of over 10 billion US dollars. At present, the ENPIRION power management chip product line is still classified as Intel.

However, Tan Jian left the Enpirion Inc. as early as 2007, and then returned to China to establish the company's predecessor Suzhou Socin Electronic Technology Co., Ltd. and other companies. R & D Director.

The reporter noticed that in recent years, similar to Tan Jian, many semiconductor talents choose to return to China to start a business. For example, Zhang Rujing, founder of SMIC (SH688981, stock price of 38.70 yuan, market value of 306.6 billion yuan), has worked for 20 years in Texas Instruments in a well -known semiconductor manufacturing plant, and then chose to return to China to start a business. Yin Zhiyao, the founder of Semiconductor Equipment Manufacturers (SH688012, a stock price of 123.10 yuan, and a market value of 75.860 billion yuan), has worked in Intel, Panlin Semiconductor, Application Materials and other companies before returning home to start a business.

Product application covers three major markets

Back to the core electronic business itself, the company's main business is the research and development, design and sales of simulated chips such as lithium battery protection chips and power management chips. Among them, the lithium battery protection chip is the ace product of the core electronics, which has exceeded 90%of the revenue in the past three years. The main functions include excessive charging protection, excessive discharge protection and over -current, short -circuit protection and over temperature protection. The revenue of power management chips has not exceeded 10%in nearly three years, but it has risen year by year.

From the perspective of product applications, the lithium battery protection chip of core electronics is mainly used in the consumer electronics field. At present, it is mainly the three major markets: mobile power, intelligent wearable equipment, and electronic cigarettes.

For chip companies, the high and low prosperity of the downstream terminal market will greatly affect the profitability of enterprises. The performance of Citron Electronics also reflects this. In 2020, the chip sales revenue applied to the smart wearable device in 2020 increased by 226.57%year -on -year, achieving the increase in volume and price. Citron Electronics stated in the prospectus (declaration draft) that it is mainly the outbreak of the smart wearable equipment market in 2020, and the demand for terminal applications for lithium battery protection chips has increased.

So what is the main downstream market in 2022? The reporter noticed that the three major markets showed the situation of "two days of ice and fire".

Mobile power supply is the highest product revenue in 2021, the highest proportion of product revenue. Since 2022, with the increasingly popular outdoor scenes such as self -driving tour and camping economy, one of the outdoor mobile power products in the subdivided field has also been sold. JD data shows that from May 23 to June 18, the turnover of outdoor mobile power supply increased by more than 10 times year -on -year.

The second largest application area is intelligent wearable devices. The product application of core electronics is mainly TWS headphones. This product shipment has achieved adversity growth in the background of the current consumer electronics market. In the first quarter of 2022, global TWS headset shipments increased by 17%year -on -year. It is worth mentioning that the core electronics mentioned in the prospectus (declaration draft) that smartphones are the areas where the company focuses on development in the future and strives to achieve domestic alternatives. Essence

In the context of the market entering the cyclical trough, we still need to vigorously expand products in the field of smartphone. Have the company considered relevant risks?

In this regard, on September 19, 2022, the core of Xinton Electronics responded to the reporter of the Daily Economic News that from the perspective of industry characteristics, the cyclical trough will bring some fluctuations to the mature suppliers, but for the domestic domestic As far as manufacturers are concerned, it can be said that it is just a good time to promote this type of product. Because at the peak of shipments, the general company engineers will have a lot of time to solve the production line problem. The time of the engineer spends less time at the R & D project. To introduce new products, it takes more research and development time. Instead There are more time to certify new products.

The third largest area is electronic cigarettes. With the introduction and landing of the new domestic cigarette regulations, the once -barbaric e -cigarette industry is entering the integration period, and the new regulations have impact on the sales of the domestic electronic cigarette market. At the same time, the supervision of the electronic cigarette industry abroad has become stricter. In 2021, the lithium battery protection chip used in electronic cigarette products to achieve revenue of 44.7597 million yuan, accounting for 18.27%. This proportion is still not small. In the face of many uncertain electronic cigarette industries, whether the company considers the company to consider Pass related risks and countermeasures?

In this regard, the core electronic aspects stated that from the perspective of data, the electronic cigarette market has a rapid growth trend as a whole. From the perspective of policy information that has been announced, in recent years, my country's electronic cigarette industry has ushered in a number of regulatory policies. Zhongyan is setting up some standards or rules to formally enter my country's electronic cigarette market. In the long run, it is a good development of the electronic cigarette market. Caitong Securities Analysts also said that domestic electronic cigarette production, wholesale, and retail licenses have been steadily promoted, and the transitional market is running smoothly. It is expected that after the national standard in October 2022, the market will usher in the continuous and good development. Electronic cigarettes are based on reducing hazards, and the development trend of market demand is clear in the long run.

A number of intellectual property lawsuits are involved

As a chip design company, intellectual property rights are the main production materials of Core Electronics. Registered intellectual property rights include integrated circuit cloth maps, patented technology and business secrets. The prospectus (declaration draft) shows that as of the end of 2021, the core electrons formed 26 core technologies, with a total of 38 patent authorizations (30 invention patents, 8 practical new models), and 38 integrated circuit design registration certificates.

The reporter noticed that in recent years, Citron Electronics has involved multiple intellectual property lawsuits. These lawsuits are dating back to 2015, mainly due to disputes about the design of the exclusive rights of the integrated circuit design of the integrated circuit, which are mainly the company and the Shenzhen quasi -core microelectronics Co., Ltd. (hereinafter referred to as the quasi -core micro company). The core electronics are the plaintiff.

Regarding this case, the core electronics told reporters that the case that the company sued some companies in Shenzhen in June 2015 was rated by the Supreme People's Court as the 10 major intellectual property cases in China in 2020, and it also became the acceptance of the Supreme People's Court. The first case of the second instance of the integrated circuit was designed for the integrated circuit.

Although the lawsuit with Yuexin Micro Corporation won the case for 4 years, the proprietary dispute lawsuit of the CSPC and many other companies on the design of Bu Tu has not been decided, including Full and Full (SZ300671, the stock price is 46.13 yuan, the market value of the market value 10044 billion yuan), Chengdu Ruiyuan Semiconductor Technology Co., Ltd. (hereinafter referred to as Ruiyuan Technology) and so on.

In addition, Qixinbao showed that the core electronics also sued the British Xinxin (SH688209, the stock price was 2155 yuan, the market value of 9.051 billion yuan), Shengbang (SZ300661, a stock price of 143.72 yuan, and a market value of 5.1207 billion yuan), etc.), etc.), etc.) The listed simulated chip manufacturers ended with the refusal of the cord electronic withdrawal.

In fact, in the field of chip design, intellectual property disputes are not uncommon. On the one hand, a chip has a long time from design, verification, and flowing to commercialization. Standards, which leads to some manufacturers in the market stealing competitors intellectual property rights, imitation chips, and reduced the research and development cycle and cost; on the other hand, some manufacturers may use malicious litigation strategies to hinder competitors in market development. Citron Electronics also reminds relevant intellectual property risks in the prospectus (declaration draft).

Regarding the impact of the above -mentioned intellectual property disputes on the company, the core electronics stated in the announcement that the unsuccessful lawsuit involved in the company will not have a significant impact on the company's operating results and financial conditions. The launch of this issue constitutes a substantial disorder.

Daily Economic News

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