Byd Company Limited(002594) spin off the subsidiary and go public on the gem. The meeting passed smoothly.
On January 27, after deliberation by the GEM Listing Committee, Byd Company Limited(002594) Semiconductor Co., Ltd. (hereinafter referred to as "BYD semiconductor") was approved for the initial public offering.
The company plans to issue no more than 50 million shares and raise about 2 billion yuan, which is mainly invested in R & D projects of key technologies of power semiconductor, R & D projects of high-performance MCU chip design and testing technology, R & D projects of high-precision BMS chip design and testing technology and supplementary working capital.
Known by the market as "the first share of the car core", what are the highlights of BYD semi guide and what are the key concerns of the municipal Party Committee on the gem?
the performance soared about 5 times in 2021
Since the sprint of A-share IPO in June 2021, BYD semiconductors has been regarded by the market as "the first share of car core".
This name is not a false name.
According to the statistics of omdia (in terms of sales), from 2019 to 2020, the sales of BYD semi conducting IGBT module ranked second among the global manufacturers of IGBT module for motor drive controller of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars and first among Chinese manufacturers, and the sales of IPM module maintained the leading position of the top three in China; In addition, the company's cumulative shipment of vehicle specification MCU chips occupies a leading position among Chinese manufacturers and is the largest manufacturer of vehicle specification MCU chips in China.
In terms of smart sensors, BYD semi conducting CMOS image sensors ranked fourth among Chinese manufacturers in terms of sales in 2019.
The leading market position has also brought good performance. The company's profit has increased steadily. The net profit attributable to the parent company in 2020 and from January to June 2021 was 58.6324 million yuan and 184.1394 million yuan respectively.
In particular, the performance of BYD semiconductors is expected to grow fivefold.
The company expects to achieve a revenue of 3.05 billion yuan to 3.2 billion yuan in 2021, with a year-on-year increase of about 111.63% to 122.04%; It is estimated that the net profit attributable to the parent company will reach 350 million yuan to 395 million yuan in 2021, with a year-on-year increase of about 496.94% to 573.69%.
For performance growth, BYD semiconductors disclose two reasons:
First, the sales volume of downstream new energy vehicles increased significantly, driving the rapid growth of the company's profits.
Second, affected by the tight global chip supply, downstream home appliances, industrial control and other customers have increased their procurement of domestic chip manufacturers, including the company, in order to ensure the safety of the supply chain. The sales of the company's intelligent control IC, intelligent sensor and other products to external customers have increased significantly.
obvious institutional pursuit:
rapid increase in pre IPO valuation
Since the launch of the listing process, the valuation of BYD semiconductors has increased by Better Life Commercial Chain Share Co.Ltd(002251) .
BYD semiconductor, formerly known as Byd Company Limited(002594) microelectronics, was established in October 2004. In May 2020, Byd Company Limited(002594) transferred its 1.67% shares of BYD semi guide to Xiaomi industry fund at the price of 100 million yuan.
at this time, the valuation of BYD semiconductors is about 6 billion yuan.
In May of the same year, BYD semiconductors opened the first round of financing. In the first round, investors subscribed for a total of 1.9 billion yuan for the newly increased registered capital of BYD semiconductors of 76.0501 million yuan, and obtained 20.2126% equity after the capital increase.
by simple calculation, after the first round of financing, the valuation of BYD semi conductor is about 9.4 billion yuan.
In June of the same year, the second round of financing was opened. A series of star shareholders such as Songhe venture capital subscribed for the new registered capital of BYD semi director by RMB 800 million, and obtained 7.84% equity of BYD semi director after the capital increase.
at this time, the valuation of BYD semiconductors is about 10.2 billion yuan.
BYD semi director plans to issue no more than 50 million shares (accounting for no more than 100% of the total share capital), raising about 2 billion yuan, that is, the IPO valuation is about 20 billion yuan.
The Better Life Commercial Chain Share Co.Ltd(002251) rise of valuation matches the performance growth.
focus of Shanghai municipal Party committee:
is the connected transaction fair
Star shareholders support the moon. The valuation has increased by more than three times in one and a half years, and the performance is expected to increase by more than five times in 2021. Is there any defect in the "shining" BYD semiconductor?
The inquiry of the municipal Party committee meeting on the GEM may give investors a hint of risk.
The results of the review meeting showed that the municipal Party Committee on the gem raised three major issues on BYD semi director, involving related party transactions, equipment purchase and equity incentive plan.
In terms of related party transactions, the municipal Party committee proposed that the amount of goods sold by BYD semi director to Byd Company Limited(002594) group during the reporting period was 910 million yuan, 601 million yuan, 851 million yuan and 670 million yuan respectively, accounting for 67.88%, 54.86%, 59.02% and 54.24% of the operating revenue respectively. Power semiconductor and optoelectronic semiconductor products, manufacturing and services are mainly sold to Byd Company Limited(002594) group, and the gross profit margin of related sales is high.
Therefore, the municipal Party committee asked BYD semi director to explain three major issues:
first, whether the pricing of related party transactions is fair, whether there is a significant unfairness, and whether there is a situation that the Byd Company Limited(002594) group transfers the interests of the issuer through related party transactions;
second, the impact of higher gross profit margin of related sales on net profit in the reporting period, and whether the issuer's operating performance depends on related sales;
Third, whether the above situation has a significant adverse impact on independence.
According to the disclosure, in September 2021, BYD semi director signed an equipment sales agreement with Jinan High-Tech Development Co.Ltd(600807) scientific and technological achievement transformation brokerage Co., Ltd. to purchase the 8-inch wafer manufacturing equipment owned by the company, including lithography machine, ion implantation machine and other key equipment, with the transaction amount accounting for 95.7% of the company's net assets of 3.187 billion yuan at the end of the previous fiscal year.
In this regard, the municipal Party committee asked BYD semi director to explain the progress of the transaction so far, the details of the counterparty, whether the sales behavior is a buyout sale and whether it matches its asset scale.
