Securities code: 300456 securities abbreviation: Sai Microelectronics Inc(300456) Sai Microelectronics Inc(300456)
Record of investor relations activities
No.: 2021-021
■ target specific research □ analyst meeting
□ media interview □ performance briefing
Investor relations activities □ press conference □ Roadshow
Category □ site visit
□ others
Founder Securities Co.Ltd(601901) Chen Hang, Yang Xiaotan Everbright Securities Company Limited(601788) pan genyang
Galaxy fund Zuo Lei, UBS asset management Wang Yuxuan
Valin Jinshan Peng Jun and Ju Investment Ma Heng
Shenwan Hongyuan Group Co.Ltd(000166) Xu Hantian Yinhua Fund Du Yu
Taikang Life Insurance Zhou haorunhui invests in Pan Yi
Sumitomo Mitsui Yang LvTao Penghua Fund Wang Wei
Jiuying investment Wang Lei YONGYING investment Zhang tsunami
Xincheng insurance Yang Liuqing Bodao investment Zhang Wei
Tianzhi fund Chen Fujia BOC fund Yang Lei
Name and of participant
Industrial Fund Xiao bin Fuguo fund Wang Jiachen
Personnel name
Huaxia jiuying Gao Pengfei ICBC Credit Suisse Huang Bingyan
Boshi fund Huang Jichen Tianhong fund Zhang Lei
Investment promotion fund he Wentao, founder asset management Qiao linjian
China Post Fund Chen Zilong Cathay Pacific Fund Zhang Yang
Qianhai life insurance Liang tingchunhou fund Wu ruozong
Wang fengjuan, China construction investment management, Chen Zhuo, South Fund
Taixin fund Wu bingtao Panjing investment Wang Li
Jianshun investment Lu Yalin Tianhong fund Cai Ruifan
Guangzheng asset management Shangqing, Wu Xuan and Huang Jin of Morgan fund of Shanghai Investment
Xinhua assets Geng Jin wenjingshun Great Wall Fund Zhang Xuewei
Valin Jin Shan Peng Jun SDIC UBS fund he Ming
Everbright baodexin Lin Xiaofeng
Harvest Fund Chen Junjie, Li Tao, Peng min, Wang Yuheng
Wait.
Time: 11:45-12:10 noon, December 15, 2021
Online communication ( Founder Securities Co.Ltd(601901) about the location of Sai Microelectronics Inc(300456) Swedish subsidiary's acquisition of German automobile core
Film production line (Interpretation)
Reception of listed companies
Director, deputy general manager and Secretary of the board of directors: Zhang abin
Personnel name
Part I: the listed company introduces the background of the acquisition of German production line assets by silex, a wholly-owned subsidiary of Sweden; This paper briefly introduces Sai Microelectronics Inc(300456) and its subsidiary silex in Sweden.
Part II: questions of listed companies. The main questions and answers are as follows:
1. How did the buyer and the seller consider this transaction? Why does the company arrange for silex, a Swedish subsidiary, to implement this acquisition instead of a domestic company?
A: ELMOs is a well-known vehicle specification semiconductor company, which develops, manufactures and sells all kinds of CMOS chips and sensor chips in investor relations activities, mainly used in the field of automotive electronics. Introduction to main contents
ELMOs has always been operating with IDM. In the case of strong global demand for automotive chip manufacturing, it is an option to change to a light asset chip design company, which can avoid the huge capital investment caused by the renewal of chip manufacturing demand. At the same time, we will continue to provide manufacturing services for ELMOs after we acquire the production line. For Sai Microelectronics Inc(300456) , on the one hand, it can expand the main semiconductor manufacturing industry to the field of automotive chips, on the other hand, it can greatly alleviate the shortage of overseas MEMS production capacity. Since Sweden silex and Germany ELMOs belong to EU countries, we arranged the transaction in the hope of improving the efficiency of transaction and related approval.
2. Will the transfer of technologies related to German production line assets acquired by Sweden silex to China in the future still be reviewed by Swedish ISP?
A: according to the previous decision of Swedish ISP, Sweden silex needs additional approval to transfer MEMS manufacturing technology to China. It is unclear whether the transfer of chip manufacturing technology from German domestic lines to China needs the approval of relevant German government departments in the future. According to the spa agreement signed yesterday, In 2025, the ownership of the product development kit (PDK) of the 350nm process flow of the automotive chip production line will be owned by SPV and silex, Sweden, and the two production lines can be used. For the future licensing relationship with China, we understand that the previous MEMS manufacturing technology is in the EU dual-use item management regulations Under the framework, it may be considered to involve dual-use, but for automotive chip manufacturing technology, we think the sensitivity level will be lower. It will depend on the specific situation at that time. At present, the first task is to successfully complete the transaction first.
3. According to the announcement of the company on December 14, 2021, the acquisition of German production line assets still needs the approval of the European Union and Germany. How long is the approval expected to take and when will it be included in the consolidated statement scope of the company? A: the acquisition still needs the approval of relevant departments of the European Union and the German government, including but not limited to obtaining the relevant approval certificate of FDI (foreign direct investment) from the Federal Ministry for economic affairs and climate action of Germany. Whether it can be approved and when it can be approved are uncertain, However, both parties will promote this transaction as soon as possible. According to the spa agreement, the maximum transition time for asset delivery set by both parties is 6 months, that is, if it goes well together, it is planned that the German FAB5 will become a wholly-owned subsidiary of the company from July 2022 and be included in the consolidation scope of the company. 4. What is the progress of cooperation between the company and Wuhan Minsheng? A: Based on the signed strategic cooperation framework agreement and subsequent specific business contracts, the cooperation between the company's subsidiary Electrolux Beijing (fab3) and Wuhan Minsheng is carried out normally
In, relevant equipment orders have been issued one after another. So far, it has been progressing smoothly. Fab3 will continue to be responsible for the cooperation with Wuhan Minsheng. 5. What is the profitability of the German production line acquired this time? A: this acquisition is for production line assets, Is not currently a corporate entity (of course, it will be loaded into SPV in the future); the production line originally belonged to the internal link of ELMOs under the IDM business model, and the profit depended on its internal pricing mechanism, so it was difficult to conduct market-oriented accounting alone; however, after we completed the acquisition, the order between FAB5 and ELMOs in Germany was market-oriented pricing, and it was also market-oriented pricing for other customers and other fields; therefore, we can Enjoy the normal profit level of automobile chip manufacturing; 6. Please introduce the current capacity of your Beijing MEMS OEM production line and the future capacity plan? A: the total construction capacity of the company's Beijing MEMS production line is 30000 pieces / month. At present, the production capacity of phase I is 10000 pieces / month, which has been officially produced in June this year; In terms of capacity planning, it is planned to achieve 50% capacity of phase I in the second half of this year, that is, 5000 wafers per month, and 100% capacity of phase I in 2022, that is, 10000 wafers per month. Current phase II capacity (i.e. a total capacity of 20000 pieces / month) is already under construction. With the gradual maturity of the manufacturing level of the production line in Beijing, if the growth of orders and customer demand exceeds expectations, the above-mentioned ramp up of production capacity from 2022 may be accelerated. 7. What is the impact on the company when the special export license application of silex in Sweden is rejected by the ISP of the Swedish strategic product inspection bureau? A: since the fourth quarter of 2020, the technical cooperation between silex of Sweden and celex Beijing has been suspended, and the production and operation activities of the two holding subsidiaries are carried out normally, the company believes that this matter has no significant adverse impact on the company's short-term operation and financial status, and has an adverse impact on the medium and long-term development of Beijing fab3. The management of the company and silex Sweden will continue to communicate with relevant departments of the Swedish government and take all feasible measures as appropriate to make self-reliance in Beijing fab3
On this basis, actively seek possible solutions and strive to minimize the adverse impact of the decision. So far, Beijing fab3 has achieved mass production, and the yield of some products has exceeded the Swedish production line. Of course, the important reason lies in the different positioning of the production line. So far, Sweden is a pilot production line and Beijing is a mass production line.
Annex list (if any) none
Date: December 15, 2021
