After participating in the fixed increase of PCB leading enterprise Shennan Circuits Co.Ltd(002916) more than ten days ago, the second phase of national integrated circuit industry investment fund (hereinafter referred to as “big fund phase II”) recently completed the second investment in the year of the tiger.
On February 21, Hangzhou Silan Microelectronics Co.Ltd(600460) (600460. SH) announced that the company plans to jointly invest 885 million yuan with the national integrated circuit industry investment fund phase II (hereinafter referred to as “big fund phase II”) in monetary form, and subscribe 827 million yuan of the newly increased registered capital of Shilan Jike. The capital increase price will be used for the 240000 12 inch high voltage integrated circuit and power device chip technology improvement and production expansion projects.
capital increase of Shilan Jike
Specifically, of the newly increased registered capital subscribed by Shilan Jike with a joint contribution of 885 million yuan, Hangzhou Silan Microelectronics Co.Ltd(600460) contributed 285 million yuan and the second phase of the large fund contributed 600 million yuan.
After the capital increase, the second phase of large fund held 14.655% equity of Shilan Jike, and the shareholding ratio of Hangzhou Silan Microelectronics Co.Ltd(600460) increased from 15% to 18.719%. Xiamen semiconductor, the other shareholder, gave up the preemptive right and the shareholding ratio will be reduced from 85% to 66.626%.
According to public information, Shilan Jike, established in 2018, is a project company jointly invested by Hangzhou Silan Microelectronics Co.Ltd(600460) and Xiamen semiconductor, and it is also the main position for the construction of Hangzhou Silan Microelectronics Co.Ltd(600460) 12 inch wafer production line.
12 inch is the largest wafer size in the current mainstream market. Its production line has large capital investment, high technical barriers and long production cycle. In the field of semiconductor manufacturing, the larger wafer size means that more chips can be produced per unit area, and the cost is lower when the production capacity is mature.
Therefore, in order to be competitive in the market, at the end of 2017 Hangzhou Silan Microelectronics Co.Ltd(600460) signed the strategic cooperation framework agreement with Xiamen Haicang people’s government, agreeing to jointly invest 17 billion yuan to build two 12 inch 90-65nm characteristic process chip production lines, with products positioned as MEMS, power semiconductor devices and related products.
Subsequently, in order to implement the above agreement, Hangzhou Silan Microelectronics Co.Ltd(600460) reached investment cooperation with Xiamen semiconductor and established the project company Shilan Jike in 2018. In that year, the first 12 inch production line was built, with a total investment of 7 billion yuan and a production scale of 80000 pieces / month, which was implemented in two phases. In 2020, the first 12 inch chip production line was put into operation in the first phase of the project, which was officially put into operation in December of that year.
In the first half of 2021, Shilan Jike produced a total of 57200 12 inch chips. The chip output reached 14000 in June, and it is expected to produce 35000 chips per month by the end of last year.
It is worth noting that the capital increase is used for the 240000 12 inch high-voltage integrated circuit and power device chip technology improvement and production expansion project. The project was launched in May 2021, with a total investment of 2 billion yuan and a two-year implementation cycle. It will reach a monthly production capacity of 60000 12 inch wafers in the fourth quarter of 2022. In June 2021, Hangzhou Silan Microelectronics Co.Ltd(600460) disclosed the construction of 12 inch integrated circuit chip production line, and jointly invested with Xiamen semiconductor to increase the capital of Shilan Jike by 500 million.
In 2021, the operating income of Shilan Jike from January to September was 433 million yuan, the net profit was 119 million yuan, the unaudited total assets were 5.728 billion yuan, the liabilities were 3.408 billion yuan, and the net assets were 2.32 billion yuan.
accelerated layout of large fund phase II
Under the background of lack of core and rising prices in the electronic industry, the performance of Hangzhou Silan Microelectronics Co.Ltd(600460) semiconductor enterprises as IDM mode (integration of design and manufacturing) hit a new high.
Hangzhou Silan Microelectronics Co.Ltd(600460) it is estimated that the net profit in 2021 will increase by 1.45 billion yuan to 1.46 billion yuan compared with the same period of last year, with a year-on-year increase of 2145% to 2165%.
The announcement said that during the reporting period, the operating revenue of power management chips, MEMS sensors, IPM (intelligent power module), MOSFET, led and other products increased significantly.
It is worth mentioning that, according to the performance forecast, the net profit of Hangzhou Silan Microelectronics Co.Ltd(600460) in the fourth quarter of 2021 will be 722 million yuan ~ 736 million yuan, which is close to the sum of the net profit of the company in the first three quarters of 2021, 728 million yuan.
The capital increase of Shilan Jike is not the first cooperation between Hangzhou Silan Microelectronics Co.Ltd(600460) and large funds. In 2020, Hangzhou Silan Microelectronics Co.Ltd(600460) purchased 19.51% equity of Jihua investment and 20.38% equity of Shilan Jixin held by big fund phase I by issuing shares. As a result of this transaction, the large fund phase I became the shareholder of Hangzhou Silan Microelectronics Co.Ltd(600460) . By the end of the third quarter of 2021, the large fund held Hangzhou Silan Microelectronics Co.Ltd(600460) 82.35 million shares, accounting for 5.82% of the total share capital of the company.
It is reported that in order to promote the development of the national integrated circuit industry, the first phase of the large fund came into being in 2014. The investment focus is integrated circuit chip manufacturing, taking into account chip design, packaging and testing, equipment and materials. The second phase of the big fund was established in 2019 to invest in subdivided leading enterprises focusing on weak links such as equipment and materials.
Since 2021, with the accelerated withdrawal of large fund phase I, the investment rhythm of large fund phase II has accelerated. According to the data of qixinbao, there are 20 public investment projects of large fund phase II, involving Stevie, SMIC south, aiparker microelectronics, smart core microelectronics, etc. in 2022, the large fund invested 300 million to participate in the fixed increase of Shennan Circuits Co.Ltd(002916) .
At the close on February 22, Hangzhou Silan Microelectronics Co.Ltd(600460) shares rose 5.29% to 52.73 yuan / share, with a market value of 74.67 billion yuan.
