Company code: 688368 company abbreviation: Shanghai Bright Power Semiconductor Co.Ltd(688368) Shanghai Bright Power Semiconductor Co.Ltd(688368)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2 major risk tips
The company has described the possible risks in detail in this report. Please refer to the “section III Management Discussion and analysis” of this report on the various risks that the company may face and countermeasures. 3 the board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 4. All directors of the company attended the board meeting. 5 Lixin Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 6. The company is not profitable and has not yet achieved profitability when it is listed □ yes √ No 7. The profit distribution plan or the plan for the conversion of provident fund into share capital in the reporting period adopted by the resolution of the board of directors
The company’s profit distribution plan for 2021 is: Based on the total share capital registered on the equity distribution registration date, the company plans to distribute cash dividends of RMB 40 (including tax) to all shareholders for every 10 shares, and the cash dividends are expected to be distributed of RMB 248120320 (including tax), accounting for 36.63% of the company’s net profits attributable to shareholders of Listed Companies in 2021.
The company will not convert capital reserve into share capital and will not give bonus shares this year. The amount of cash dividends in the above profit distribution in 2021 is temporarily calculated based on the total share capital of 62030080 shares on the disclosure date of the company’s annual report in 2021. The total amount of cash dividends actually distributed will be calculated based on the total share capital registered on the equity distribution registration date in 2021.
The above matters have been deliberated and approved at the 21st Meeting of the second board of directors of the company and need to be submitted to the general meeting of shareholders of the company for deliberation. 8. Whether there are important matters such as special arrangements for corporate governance □ applicable √ not applicable
Section II basic information of the company
1 company profile company stock profile √ applicable □ not applicable
Company stock profile
Stock type stock exchange and sector stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange Kechuang board Shanghai Bright Power Semiconductor Co.Ltd(688368) 688368 is not applicable
Profile of the company’s depositary receipts □ applicable √ not applicable contact person and contact information
Contact person and contact information secretary of the board of directors (domestic representative of information disclosure) securities affairs representative
Name: Wang Xingchen, Zhang Yimeng
Office address: 9-12 / F, No. 3, Xingchuang science and Technology Plaza, Lane 5005, Shenjiang Road, China (Shanghai) pilot Free Trade Zone, 9-12 / F, No. 3, Xingchuang science and Technology Plaza, Lane 5005, China (Shanghai) pilot Free Trade Zone
Tel: 021-50278297 021-50278297
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period (I) main business, main products or services
Shanghai Bright Power Semiconductor Co.Ltd(688368) is one of the leading power management driver chip design enterprises in China. Its main business is the design, R & D and sales of analog semiconductor power management chips.
The company’s existing products include LED lighting driver chip, motor driver chip, AC / DC power chip, DC / DC power chip, etc. among them, LED lighting driver chip includes general LED lighting driver chip and intelligent LED lighting driver chip; AC / DC power management chip includes built-in AC / DC power chip and external AC / DC power chip. During the reporting period, there was no significant change in the company’s main products. General LED lighting driver chip refers to the constant current driver chip applied to daily LED lighting products.
Intelligent LED lighting driver chip refers to the addition of information interface or module, module power chip and constant current driver chip with dimming or color matching interface on the basis of general products. It is mainly used in the multi intelligent scene of lighting.
Motor drive chip is a circuit that integrates the functions of motor control speed, torque control, position control and overload protection. It is mainly used in household appliances, electric tools, industrial servo and other fields. It is the power management drive chip of motor drive system.
The built-in AC / DC power chip is used as the driving control chip of the voltage converter to convert the 220V AC mains power into the low-voltage DC power required by the target, and provide accurate and stable power to the microcontroller MCU or other power consumption units in large and small household appliances, so that it can maintain normal operation for a long time in various external environments.
The external AC / DC power chip is the core control device of the power module for charging the mobile phone and supplying power to the adapter. It is responsible for efficiently converting the AC power into the required DC power. The external AC / DC power chip of Shanghai Bright Power Semiconductor Co.Ltd(688368) adopts the driving and control technology with completely independent intellectual property rights, which has higher cost performance compared with similar products. Its applicable terminal equipment includes: mobile phone fast charging, set-top box, router, video monitoring and home care tools such as sweeping Siasun Robot&Automation Co.Ltd(300024) , razor and so on.
DC / DC power chip is a power controller that converts one DC voltage into another DC voltage. At present, the DC / DC power chip preferentially developed by the company is high current step-down DC / DC chip. The product types mainly include switching power supply controller, load point power supply, etc. its main function is to convert the high-voltage DC input voltage into low-voltage DC output voltage to supply power to the main chip and peripherals in the system; The main applications are server, communication base station, switch and PC. （2） Main business model
The company adopts fabless mode for operation, and increases self-developed chip manufacturing process and packaging manufacturing process at the same time. This model helps the company to continuously improve business flexibility.
1. R & D mode
The company’s product R & D focuses on the needs of customers, and forms the research needs according to the dynamics of markets and customers outside China collected by the business department. The R & D department and the product department formulate the product project initiation report and gradually complete the product R & D work; The company also strengthens technology development and technology reserve through production, University and research, strategic cooperation and other modes.
2. Procurement mode
Under fabless mode, the main products purchased by the company are customized wafers produced according to the integrated circuit layout designed by the company and delivered to the wafer manufacturer.
3. Production mode
The company’s production mode is mainly outsourced processing, and the main production links of products, including wafer in-process testing, packaging and testing, are completed by entrusting a third party to process. In the packaging and testing stage, the packaging and testing manufacturer completes the chip packaging and testing, and stores or sends the chip products that have passed the packaging and testing to the designated delivery place.
4. Sales model
The company adopts the sales mode of “distribution first, supplemented by direct sales”, mainly selling products through dealers. （3） Industry 1 Development stage, basic characteristics and main technical threshold of the industry
The company belongs to the IC design industry. According to the industrial classification of national economy (GB / t4754-2017), the company’s industry belongs to “integrated circuit design” (Code: 6520) in “software and information technology service industry”. According to the guidance on industry classification of listed companies issued by the CSRC, the company’s industry belongs to the software and information technology service industry (I65) in the information transmission, software and information technology service industry (I).
The company’s main products are led lighting driver chip, built-in AC / DC power management chip, external AC / DC power management chip and DC / DC power management chip, which belong to the category of power management chip in the analog chip industry.
Analog chip has the characteristics of wide downstream application fields and scattered end products. It is not easy to be affected by the boom and fluctuation of specific industries, and the market growth rate is also relatively stable. According to the data of the Global Semiconductor Trade Association (WSTS), in 2020, the global semiconductor market reached US $433.1 billion, and the analog chip market reached US $54 billion, accounting for 13% of the semiconductor market. In 2021, the growth rate of the analog chip market was 21.7%, reaching us $67.7 billion. According to IC insight, the compound growth rate of analog chip industry will reach 8.20% from 2020 to 2025.
As the most widely used analog chip, power management chip has been driven by the rapid development of emerging industries such as 5g, Internet of things and new energy vehicles in recent years. TMR, an international market research organization, predicts that the global market scale of power management chips will reach US $56.5 billion by 2026, and the compound annual growth rate will reach 10.7% from 2018 to 2026. 2. Analysis of the company’s industry position and its changes
The company has taken the lead in mastering a number of core technologies at all stages of the development of LED lighting industry. The leading technology and R & D strength ensure that the company has certain market leading advantages in the field of general LED lighting driver chips and intelligent LED lighting driver chips. In the field of power application with built-in AC / DC power chip and fast charging with external AC / DC power chip, the main market has been occupied by foreign manufacturers such as pi, Sanken and Ansenmei for a long time, and the local matching rate is less than 5%, which is still in the initial stage of entering the market. In the field of CPU / GPU, the market of high current DC / DC power supply chips is completely occupied by foreign competitors Infineon, Ti, MPs, etc., and no domestic manufacturers have entered the market for the time being. 3. Development and future development trend of new technologies, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business forms and new models during the reporting period
During the reporting period, the company’s fifth generation bcd-700v process platform entered the mass production stage, which will further reduce the product cost and optimize the effective utilization of wafer capacity.
In recent years, with the adverse factors such as the “science and technology war” between China and the United States, integrated circuits have become an important field of the game between the two sides. The United States has shot at Huawei, ZTE and other enterprises for many times, making China more and more aware of the importance of integrated circuits. The “independent and controllable” technology has become the basis for the industrial transformation and upgrading of Chinese enterprises. Shanghai Bright Power Semiconductor Co.Ltd(688368) based on the technical accumulation of the original LED lighting market, we have gradually developed built-in AC / DC power chip products for large and small household appliances and external AC / DC power chip products for chargers and adapters. During the reporting period, in view of the technical gap in China’s high current DC / DC industry, the company developed China’s first polyphase controller product with independent intellectual property rights. At present, the product has completed customer verification and entered the stage of market promotion.
It coincides with the golden period when downstream customers in the industry are choosing various key accessories for domestic substitution. In the future, the company will continue to provide customers with products with more cost advantages and further optimized performance. 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
2021-2020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 2766435651.73 1627590561.92 69.97 1372366742.90
Net assets attributable to listed company shares 1906956264.11 1258967839.77 51.47 1132706189.29 East
Operating income 2302348183.58 1102942313.83 108.75 873676944.81
The net profit attributable to 677420694.85 68863250.12 883.72 92343910.72 shares of listed companies belongs to shares of listed companies
East’s net profit after deducting non recurring 578513329.24 27631579.97 1993.67 79259406.56 profit and loss
The current net cash flow of 505231834.50 – 4954634.16 from operating activities is not applicable to 68647607.49
Weighted average net assets closed at 41.24 5
