Securities code: 688135 securities abbreviation: Guangdong Leadyo Ic Testing Co.Ltd(688135) Guangdong Leadyo Ic Testing Co.Ltd(688135)
(No. 2, Mowu Xinfeng East 2nd Road, Wanjiang street, Dongguan City, Guangdong Province)
Issue A-Shares to specific objects in 2021
Feasibility analysis report on the use of raised funds
(Revised Version)
February, 2002
1、 Use plan of the raised funds
Guangdong Leadyo Ic Testing Co.Ltd(688135) (hereinafter referred to as ” Guangdong Leadyo Ic Testing Co.Ltd(688135) ” or “the company”) in order to further enhance the comprehensive competitiveness of the company, according to the development needs of the company, it is planned to issue A-share shares to specific objects, and the total amount of funds raised will not exceed 1307.026 million yuan. After deducting the issuance expenses, the actually raised funds will be used for Dongcheng Guangdong Leadyo Ic Testing Co.Ltd(688135) integrated circuit test project and supplementary working capital, as follows:
Unit: 10000 yuan
No. project name total amount of proposed investment amount of proposed raised funds
1 Dongcheng Guangdong Leadyo Ic Testing Co.Ltd(688135) integrated circuit test 131519.62 125702.60 project
2. Supplementary working capital 5000.00
Total 136519.62 130702.60
Within the scope of the above-mentioned projects invested with raised funds, the company can appropriately adjust the investment sequence and specific amount of the corresponding projects invested with raised funds according to the actual situation such as the progress and capital demand of the project. Before the raised funds are in place, the company can invest with self raised funds according to the actual situation of the investment project with raised funds, and replace them after the raised funds are in place. After the raised funds are in place, if the actual net amount of raised funds after deducting the issuance expenses is less than the total amount of raised funds to be invested, the insufficient part shall be solved by the company with its own funds or self raised funds. If the total amount of funds raised by this issuance to specific objects is adjusted due to changes in regulatory policies or the requirements of issuance registration documents, it will be adjusted accordingly at that time. 2、 Necessity and feasibility analysis of the project invested by the raised funds (I) Dongcheng Guangdong Leadyo Ic Testing Co.Ltd(688135) integrated circuit test project
1. Project overview
The project is implemented by the company’s subsidiary Dongguan Guangdong Leadyo Ic Testing Co.Ltd(688135) Testing Co., Ltd., with a total investment of 1315196200 yuan, and the investment amount of the proposed raised funds is 1257.026 million yuan. The raised funds of the project will be mainly used to build relevant factories and office buildings for chip testing business, purchase relevant equipment required for chip testing and expand chip testing capacity.
2. Necessity of project implementation
(1) Meet the needs of chip testing market and improve the company’s market share
In recent years, the global IC industry has entered a new round of rising cycle, and the overall market space is huge. With the trend of the IC industry shifting to mainland China, the IC market in Chinese mainland is growing rapidly. According to the statistics of China Semiconductor Association, from 2011 to 2020, the sales scale of China’s integrated circuit market increased from 157.2 billion yuan to 884.8 billion yuan. With the rapid development of China’s IC market, the market demand of various industrial chain links such as IC design, manufacturing, packaging and testing will also grow rapidly. In terms of design, according to the data of China Semiconductor Industry Association, the scale of China’s integrated circuit design market reached 377.84 billion yuan in 2020, with a year-on-year increase of 23.34%; The number of Chinese chip design companies reached 2218, a year-on-year increase of 24.61%. In terms of manufacturing, the wafer manufacturing link in the mainland has begun to take shape. At the same time, the trend of Wafer Factory Construction in China is driving the accelerated expansion of the scale of wafer manufacturing production line. According to IC Insight’s forecast, the capacity of wafer fabrication in Chinese mainland will reach 4 million 100 thousand per month in 2020, and the compound growth rate of 2018-2022 years will be 14%.
The IC industry chain is divided into IC design, manufacture, packaging and testing. Among them, IC packaging is the fastest growing and relatively mature China’s Chinese mainland. In the past decade, China’s IC packaging industry has maintained a rapid growth trend, and the global market share has gradually increased. According to the data of the prospective research institute, the market scale of China’s integrated circuit packaging and testing industry will reach 250.95 billion yuan in 2020 and is expected to exceed 400 billion yuan in 2026. Under the background of the continuous growth of IC industry chain market and the increasingly refined industrial division of labor, IC testing, as a necessary link of design and manufacturing verification, plays an indispensable role in the industry chain, and its market demand will also usher in further growth space. At present, Jingyuan electronics, the world’s largest third-party professional chip testing company, was established in 1987 and achieved an operating revenue of about 195 million yuan in 1998. After entering the capital market in 2001, it will achieve an operating revenue of about 6.759 billion yuan by 2020. It occupies an important position in the field of wafer testing and chip finished product testing in the form of professional division of labor in the global integrated circuit industry. The issuer was founded in 2010. After more than ten years of development, it will achieve an operating revenue of 253 million yuan by 2020. Although its business scale is higher than that of China comparable third-party chip testing company Hualing Co., Ltd. (established in 2001), it is far smaller than that of Jingyuan electronics. Since this year, due to the repeated epidemic in Taiwan, the growth of Jingyuan electronic business has been affected to a certain extent, which also brings the issuer the opportunity to undertake more business. Therefore, the IC industry has a huge market space. At present, there is still a large gap in China’s IC test supply compared with the rapidly growing design and manufacturing market demand. This raised investment project is the inevitable choice for the company to meet the growing market demand and improve the market share.
(2) Respond to national policies and contribute to the development of China’s IC packaging and testing industry
The state attaches great importance to the integrated circuit industry and has formulated a series of supporting policies. The outline for promoting the development of the national integrated circuit industry issued by the State Council in 2014 emphasizes that “the integrated circuit industry is the core of the information technology industry and a strategic, basic and leading industry supporting economic and social development and ensuring national security”. In 2020, the State Council issued several policies for promoting the high-quality development of integrated circuit industry and software industry in the new era, which introduced eight policies and measures in finance and taxation, investment and financing, R & D and development, import and export, so as to further optimize the development environment of integrated circuit industry, encourage the development of integrated circuit industry and guide more funds Resources and talents enter the integrated circuit industry.
In addition, a series of national and local industrial policies such as the 13th five year plan for the development of national strategic emerging industries and the guide for the development of information industry have been gradually introduced, which provides a good institutional and policy guarantee for the healthy development of the industry. At the same time, it provides a strong legal guarantee and policy support for the operation and development of the issuer, which has a positive impact on the operation and development of the issuer, It has created a good business environment for enterprises.
In response to the national policy, the company plans to build a new integrated circuit test base, which can generate an annual income of 64.57198 million yuan. After the completion of the project, the company will release more wafer test capacity (12 inches and downward compatible with 8 inches) and chip finished product test capacity, which can detect sip, CSP, BGA, PLCC, QFN, LQFP, TQFP, QFP, TSOP, SSOP, tssop, SOP Dip and other high-end packaged chips continue to contribute to the development of the national integrated circuit industry.
(3) Attract high-level scientific and technological talents and realize the sustainable development of the company
As China’s integrated circuits started later than other developed countries, there is a shortage of professional and technical talents in the integrated circuit industry. According to the white paper on talents in China’s integrated circuit industry (2018-2019 Edition), it is estimated that by 2021, the demand for talents in the whole industry will be about 722000, with a gap of 261000. The company has always attached importance to the recruitment and training of talents. The implementation of this raised investment project will expand the company’s scale, enrich the company’s testing experience and improve the company’s professional testing ability, so as to attract more talents, improve the company’s comprehensive technical strength and sustainable innovation ability, and provide a strong guarantee for the company’s sustainable operation and rapid development.
(4) Strengthen the independent third-party chip testing platform and enhance the company’s brand influence
It is still relatively weak compared with packaging. When electronic products enter the era of high-performance CPU and DSP, compared with the rapidly developing IC design industry, the development of China’s IC testing industry lags behind, which restricts the development of China’s integrated circuit industry to a certain extent. At present, there are few enterprises in China that can provide independent professional chip testing services and have a certain scale, which is difficult to meet the growing needs of IC design companies for verification analysis and mass production testing. It has gradually become one of the bottlenecks in the development of China’s integrated circuit industry. The products of many high-quality chip design companies in China complete testing services abroad. Taiwan, a relatively developed industry in China, has many listed companies that provide professional testing services, such as Jingyuan electronics, silicon grid, Xin Quan, etc. At present, Jingyuan electronics, the world’s largest third-party professional chip testing company, was established in 1987 and achieved an operating revenue of about 6.759 billion yuan in 2020. The issuer achieved an operating revenue of 253 million yuan in 2020, which is much smaller than that of Jingyuan electronics.
Therefore, according to the law and trend of the development of integrated circuit industry, with the vigorous development of integrated circuit design, manufacturing and packaging industry and the gradual improvement of localization rate, Chinese professional testing manufacturers will also increase investment, so as to improve China’s industrial chain structure and form the industrial cluster effect in the subdivided field of testing specialty, so as to meet the rapid growth of domestic chips Changing and innovative testing service needs.
As an independent and professional third-party chip testing enterprise, the company continues to introduce advanced high-end equipment and technical talents through the implementation of this fund-raising project, which will effectively promote the improvement of the company’s testing ability, expand its influence in the industry and build the company into a well-known third-party testing brand.
3. Feasibility of project implementation
(1) Guangdong will focus on breaking through the short board of the integrated circuit industry chain to provide policy support for the implementation of the project
The electronic information industry in Guangdong, Hong Kong and Macao Dawan district is developed. It has the largest semiconductor and integrated circuit application market in China in the fields of consumer electronics, communications, artificial intelligence and automotive electronics. However, there are problems and challenges such as insufficient innovation ability, generally small scale of design enterprises, obvious shortcomings in manufacturing links, serious shortage of talent training in Colleges and universities and high external dependence. In October 2020, Guangdong Provincial Development and Reform Commission, Guangdong Provincial Department of science and technology and Guangdong Provincial Department of industry and information technology jointly issued the notice on the action plan of Guangdong Province for cultivating strategic emerging industrial clusters of semiconductors and integrated circuits (2021-2025), The paper puts forward key projects such as “high-end packaging testing catch-up project, vigorously introduce advanced packaging testing production lines and technology R & D centers, support existing packaging testing enterprises to carry out merger and reorganization, and speed up the upgrading of packaging testing technology and production capacity according to market demand”, and promulgates corresponding policies to support them.
On April 25, 2021, Guangdong Province issued the outline of the 14th five year plan, which proposed to cultivate semiconductor and integrated circuit industry clusters, give full play to the radiation driving role of Guangzhou, Shenzhen and Zhuhai, form two development belts of Guangzhou Dongguan Shenhui and Guangzhou Foshan Zhongzhu, and actively develop the third generation semiconductor, high-end SOC, FPGA (semi customized and programmable integrated circuit) For high-end analog and other chip products, accelerate the localization of EDA software, lay out and build a large-scale characteristic process production line and SOI process R & D line, and actively develop advanced packaging testing. Guangdong Province’s attention to the development of integrated circuits has provided policy support for the implementation of this raised investment project.
(2) The development advantages of China’s industrial clusters and the continuous growth of the company’s business provide guarantee for the digestion of the production capacity of raised investment projects
After years of development, China’s local electronic industry has grown rapidly and has become a major electronic product manufacturer. The technical and market capabilities of local chip design enterprises have developed rapidly. The company has established two production bases in Dongguan, Guangdong and Jiading, Shanghai respectively. It is close to the semiconductor industry center geographically. It has also been fully recognized by customers in terms of product quality, delivery speed, personalized support and after-sales service. At the same time, it is convenient to attract high-end R & D talents in the industry and put the company in a favorable competitive position. Over the years, the company has continued to cultivate in the field of independent third-party professional testing, with high-quality and cost-effective IC testing and mass production capacity, stable core technology team and rapid response ability of upstream and downstream radiation. Compared with overseas competitors, on the one hand, the company is closer to and understands the local market, can quickly respond to customer needs, provide sufficient service support, and can steadily occupy a key position in the supply chain; On the other hand, the company and local electronic product manufacturing enterprises can better identify with each other in terms of corporate culture, market concept and after-sales service. The business cooperation is smooth and efficient, forming a close and interdependent industrial ecological chain.
The company’s customer resources showed a steady growth trend. In 2018, the company added 25 customers; In 2019, the company added 30 new customers; In 2020, the company added 39 new customers. From January to September 2021, the company added 41 new customers, and the company’s customer acquisition capacity and quantity increased steadily. With the establishment of the trust foundation between the company and new customers, the cooperative relationship with new customers is becoming more and more stable, and the scale of cooperation will gradually expand. From 2018 to 2020, the company’s main business income increased from 133.4809 million yuan to 244.3991 million yuan, with a compound growth rate of 35.31%. With the rapid development of China’s IC upstream chip design industry, the company will continue to expand its industrial scale in the future.
Therefore, China’s integrated circuit industry cluster
