Stock abbreviation: Dongwei semiconductor Stock Code: 688261 Suzhou Dongwei Semiconductor Co., Ltd
Suzhou Oriental Semiconductor Company Limited
(room 515, building 20, Northwest District, Suzhou nano City, No. 99, Jinjihu Avenue, Suzhou Industrial Park)
Initial public offering announcement on the listing of science and Innovation Board
Sponsor (lead underwriter)
(27th and 28th floors, building 2, international trade building, No. 1 Jianguomenwai street, Chaoyang District, Beijing)
February 9, 2002
hot tip
The shares of Suzhou Dongwei Semiconductor Co., Ltd. (hereinafter referred to as "Dongwei semiconductor", "the company", "the issuer" or "the company") will be listed on the Shanghai Stock Exchange on February 10, 2022.
The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decision and rational investment.
Section I important statements and tips
1、 Important statement
The company and all directors, supervisors and senior managers guarantee that the information disclosed in the listing announcement is true, accurate and complete, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law. The opinions of Shanghai Stock Exchange and relevant government authorities on the listing of the company's shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read and publish on the website of Shanghai Stock Exchange（ http://www.sse.com.cn. ）The contents of the "risk factors" chapter of the company's prospectus should pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors to pay attention to the relevant contents not involved in this listing announcement. Please refer to the full text of the company's prospectus.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of the company's initial public offering of shares and listing on the science and innovation board. The reporting periods in this listing announcement refer to 2018, 2019, 2020 and January June 2021. 2、 Investment risk tips
The company reminds investors to pay attention to the investment risks in the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risks and rationally participate in the trading of new shares.
Specifically, the risks at the initial stage of listing include but are not limited to the following: (I) the restrictions on rise and fall are relaxed
On the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange, the increase limit ratio on the first day of listing is 44%, the decrease limit ratio is 36%, and then the increase limit ratio is 10%.
Within the first five trading days after the listing of enterprises on the science and innovation board, there is no limit on the rise and fall of the stock trading price; Five trading days after listing, the price limit ratio is 20%. There is a more severe risk of stock price fluctuation on the Kechuang board than that on the main board of Shanghai Stock Exchange and Shenzhen Stock Exchange. (II) a small number of tradable shares
At the initial stage of listing, because the lock up period of the original shareholders is 36 months or 12 months, the lock up period of the sponsor's follow-up shares is 24 months, the lock up period of the shares allocated to the special asset management plan is 12 months, and the lock up period of the online lower limit share sale is 6 months. After this issuance, the company's non tradable shares are 14249202 shares, accounting for 21.15% of the total share capital after issuance, At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity. (III) the shares can be used as the subject matter of margin trading on the first day of listing
On the first day of listing, the shares on the science and innovation board can be used as the subject of margin trading, which may produce certain price fluctuation risk, market risk, margin increase risk and liquidity risk. Price fluctuation risk refers to that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the change of the original stock price, but also the risks caused by the change of the stock price of new investment, and pay the corresponding interest; Margin call risk means that investors need to monitor the level of guarantee ratio in the whole process of trading to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. (IV) the price earnings ratio is higher than the average level of Companies in the same industry
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is "computer, communication and other electronic equipment manufacturing industry (C39)". As of January 19, 2022 (T-3), the average static P / E ratio of "computer, communication and other electronic equipment manufacturing industry (C39)" issued by China Securities Index Co., Ltd. in the latest month is 49.01 times.
The P / E ratio of comparable listed companies whose main business is similar to that of the company is as follows:
Deduction in 2020 non deduction in 2020 non deduction in 2020 non T-3 day shares corresponding to static securities code securities abbreviation pre EPS (after yuan / ticket closing price P / E ratio (after deducting non P / E ratio (deducting non shares) (before yuan / share))
605111.SH Wuxi Nce Power Co.Ltd(605111) 0.98 0.95 163.05 165.77 171.39
600360.SH Jilin Sino-Microelectronics Co.Ltd(600360) 0.04 0.03 8.81 247.50 287.80
688396.SH China Resources Microelectronics Limited(688396) 0.73 0.65 61.04 83.62 94.45
300373.SZ Yangzhou Yangjie Electronic Technology Co.Ltd(300373) 0.74 0.72 63.69 86.27 88.67
Deduction in 2020 non deduction in 2020 non deduction in 2020 non T-3 day shares corresponding to static securities code securities abbreviation pre EPS (after yuan / ticket closing price P / E ratio (after deducting non P / E ratio (deducting non shares) (before yuan / share))
600460.SH Hangzhou Silan Microelectronics Co.Ltd(600460) 0.05 - 51.33 - -
Mean 0.51 0.59 - 145.79 160.58
Data source: wind information, data as of January 19, 2022 (T-3)
Note 1: calculation criteria of EPS before / after deduction of non recurring profit and loss in 2020: net profit attributable to the parent company before / after deduction of non recurring profit and loss in 2020 / total share capital on T-3 (January 19, 2022)
Note 2: Hangzhou Silan Microelectronics Co.Ltd(600460) 2020 static P / E ratio (before deduction) is an extreme value, and EPS and static P / E ratio (after deduction) are negative, so it is not listed. Note 3: there may be mantissa difference in P / E ratio calculation, which is caused by rounding
The diluted P / E ratio of the company corresponding to the issuance price of 130.00 yuan / share in 2020, which is lower before and after deducting non recurring profits and losses, is 429.30 times, which is higher than the average static P / E ratio of the company's industry in the latest month published by China Securities Index Co., Ltd. and higher than the average static P / E ratio of comparable companies in the same industry. There is a risk that the decline of the company's share price will bring losses to investors in the future.
The company and the recommendation institution (lead underwriter) draw investors' attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment rationally. 3、 Special risk tips (I) market competition risk
At present, China's power semiconductor industry is experiencing a rapid development stage. With the vigorous development of China's consumer electronics, automotive electronics, industrial electronics and other industries, as well as the rise of emerging fields such as intelligent equipment manufacturing, Internet of things and new energy, China's demand for power semiconductor products has expanded rapidly, which has promoted the rapid development of the industry. The good prospect has attracted many Chinese enterprises to enter this field. Manufacturers in the industry are actively expanding the market on the basis of consolidating their own advantages, and the market competition is intensifying. In the increasingly fierce market competition environment, if the company can not correctly grasp the market dynamics and industry development trend, and can not timely upgrade technology and improve product performance and service quality according to customer needs, the company's industry status, market share and business performance may be adversely affected.
In the field of power devices for high-performance industrial and automotive related applications, the company currently has a relatively low market share in the world and China, and the main market share is still occupied by large foreign manufacturers. According to the calculation of omdia data, the global market scale of high-voltage superjunction MOSFET is expected to be US $940 million in 2020, and the company's market share is 3.8%; In 2020, the market scale of China's high voltage super junction MOSFET is estimated to be about 420 million US dollars, and the company's market share is 8.6%. in
In terms of low-voltage MOSFET market, the global market scale of medium and low-voltage MOSFET products in 2020 was US $5.24 billion, and the company's market share was 0.2%; In 2020, the market scale of China's medium and low voltage MOSFET products was US $2.41 billion, and the company's market share was 0.4%. On the whole, the market share of the company is still at a low level.
Compared with consumer customers, customers in industrial and automotive related fields have higher requirements for product performance and quality, and the verification cycle is generally longer. If the company's product design, process upgrading or customer resource development progress does not meet expectations, it will be in a disadvantageous position in the competition with large foreign manufacturers. For example, the automotive field has high requirements for the performance and stability of power devices, and the product verification cycle is long. Therefore, when entering such new application fields, the company may face the risk of failure in product performance verification or failure to obtain orders because the product performance is lower than that of competitors. If the above situation occurs, it will have an adverse impact on the issuer's expansion of new application fields and improvement of market competitiveness, and further affect the issuer's performance. (II) risk of high concentration of suppliers
The company is not directly engaged in wafer manufacturing, packaging and testing and other production and processing links. During the reporting period, the company's top five suppliers mainly purchased wafers and packaging test services, and the total purchase amount accounted for 99.56%, 99.29%, 99.01% and 97.73% of the total purchase amount of the current period, of which the purchase amount from the largest supplier accounted for 83.59%, 81.70%, 80.19% and 72.85% of the total purchase amount of the current period respectively.
During the reporting period, with the continuous expansion of downstream demand and the negative impact of covid-19 epidemic on the production capacity of the global wafer foundry industry, the wafer foundry industry generally had a shortage of production capacity, which further led to the increase of wafer price. Due to the high concentration of the company's wafer suppliers, if the capacity shortage of the wafer foundry industry is further exacerbated, the capacity and supply of the wafer foundry may not meet the needs of the issuer, which will have a certain adverse impact on the company's product shipments and future revenue growth. On the other hand, the company's operating costs are mainly composed of material costs and sealing and testing expenses, of which the material costs are mainly wafer costs. If the wafer price continues to increase in the future, it may have an adverse impact on the company's main business costs and gross profit margin. (III) risk of downstream demand fluctuation
During the reporting period, the company's main business income was RMB 30.8682 million and RMB 30.8682 million respectively, and maintained a rapid growth during the reporting period; The net profits attributable to the owners of the parent company were 12.9743 million yuan, 9.101 million yuan, 27.6832 million yuan and 51.8053 million yuan respectively, which also maintained a rapid growth trend. The company's main products include high-voltage super junction and medium and low-voltage shielded gate MOSFET products, which are widely used in downstream industries such as charging pile, fast charger, motor drive, photovoltaic inverter and so on. The continuous growth of the company's performance during the reporting period was mainly affected by the growth of downstream terminal demand, import substitution and other factors. In order to enhance the company's technical advantages and maintain the competitiveness of products, the company continues to increase R & D investment and expand the scale of personnel. However, the semiconductor industry has strong cyclical characteristics and is also closely related to the overall development of macro-economy. If the macro-economy fluctuates greatly or remains at a low point for a long time, the market demand of the semiconductor industry will also be affected. Therefore, if the development of downstream industries driving the company's revenue growth, such as new energy vehicles, 5g communications and photovoltaic, fails to meet expectations, the growth rate of industry scale slows down or declines, the import substitution trend of China's semiconductor power device industry slows down, the company's R & D progress and achievements fail to meet expectations, or there are large fluctuations in macroeconomic development, The company will face the risk that its performance cannot continue to maintain the rapid growth achieved in the reporting period.
In addition, from the perspective of the industrial chain, due to the relatively complex structure of downstream end products and the highly specialized division of labor in the industrial chain, the launch of end products often needs the close cooperation of the whole industrial chain. If there is a shortage in a certain link of the industrial chain in the future, the production plan of the terminal manufacturer may stagnate periodically, or it may be forced to postpone the release of new products, The above may affect the overall procurement
