On December 28, jingsai Technology (871981, BJ; yesterday’s closing price was 40.83 yuan) announced that in order to promote the smooth implementation of the raised investment project “R & D center construction project”, the company plans to provide 28.27 million yuan of raised funds to Hefei Jingwei Electronics Co., Ltd. (Hefei Jingwei), the implementation subject of the raised investment project, in the form of capital increase. Hefei Jingwei is a wholly-owned subsidiary of the company. Meanwhile, in order to meet the development capital needs of Hefei Jingwei technology, jingsai technology plans to use its own capital of 1.73 million yuan to increase its capital.
The reporter of the daily economic news noted that since jingsai technology was listed on the Beijing stock exchange, it has received four investigations from institutional investors in recent two months. Among them, the digestion mode of raised investment capacity, industry demand in the next five years, future product expansion and other issues are the focus of institutional investors.
For the digestion method of capacity expansion of raised investment projects, jingsai technology replied that the company’s capacity digestion of raised investment will focus on expanding new customers. At present, the company’s market development is being carried out in an orderly manner. At the same time, the increase of downstream application scenarios will also promote the growth of the company’s existing customer demand. The company will strive to serve existing customers and grasp the new demand growth of existing customers.
the company’s R & D investment is relatively low
According to the prospectus, jingsai technology plans to raise 250 million yuan (after exercising the over allotment option in full), including 200 million yuan for the “project with an annual output of 1 billion ultra small and high-precision SMD quartz crystal resonators” and 56 million yuan for the “R & D center construction project”.
Jingsai technology is mainly engaged in the design, R & D, production and sales of quartz crystal oscillator and packaging materials. Its main products include quartz crystal oscillator and packaging materials.
In the past three years, the performance of jingsai technology showed an increasing trend, with operating revenue of RMB 199 million, RMB 229 million and RMB 322 million respectively, and net profit attributable to parent company of RMB 19.75 million, RMB 19.35 million and RMB 31.17 million respectively. In the first half of 2021, the company achieved a revenue of 220 million yuan, a year-on-year increase of 66.88%, and the net profit attributable to the parent company was 27.65 million yuan, a year-on-year increase of 107.19%. However, the R & D investment of the company is relatively low. The R & D investment in the past three years was 9.03 million yuan, 11.02 million yuan and 13.44 million yuan respectively, accounting for 4.53%, 4.81% and 4.17% of revenue respectively.
On December 28, jingsai technology announced that after the completion of this public offering (including over allotment), the final net fund raised was RMB 228 million, and the “R & D center construction project” planned to invest RMB 28.27 million. The implementation subject of the project is Hefei jingweite, a wholly-owned subsidiary of the company. In order to promote the smooth implementation of the R & D center construction project, the company plans to provide 28.27 million yuan of raised funds to Hefei jingweite in the form of capital increase. In addition, in order to meet the development capital needs of Hefei Jingwei special, the company also plans to use its own capital of 1.73 million yuan to increase its capital.
research on institutions that have been listed for two months
The reporter of the daily economic news noted that some institutional investors asked what is the main purpose of the company’s quartz crystal oscillator products? The company replied that quartz crystal oscillator is widely used in various frequency control, frequency stability, frequency selection and timing systems, especially for electronic products with high requirements for frequency accuracy, such as communication network, mobile terminal, Internet of things and other fields. It is an indispensable basic component for all kinds of electronic products.
For the prediction of downstream demand in the industry, the company said that with the upgrading of communication technology, there may be more and more application scenarios of wireless communication in the future, which will also drive the growth of demand for quartz crystal oscillator. Therefore, from the perspective of long-term development, the demand for quartz crystal oscillator products has a certain growth space; However, the downstream demand will also be affected by many factors such as macro-economy and trade environment. Therefore, the demand may increase or decrease in a specific period of time.
Jingsai technology’s fund-raising and investment project has the “project with an annual output of 1 billion ultra-small and high-precision SMD quartz crystal resonators”. For this, some institutional investors asked that the company’s fund-raising and investment project has increased the production of 1 billion from the original production capacity of 1.15 billion, with a large scale. What is the company’s forecast on capacity digestion? The company replied that at present, the company’s raised investment projects are planned to be put into operation gradually in two years, so the capacity improvement is gradually promoted. Since 2018, the company has maintained a certain degree of capacity growth every year, and the capacity utilization rate has always remained at a high level. With the development of downstream 5g communication and Internet of things industries, the market demand of quartz crystal oscillator will have a large growth space in the long run; In addition, the company is also constantly developing new customers. At present, some of the new customers contacted by the company are undergoing sample certification. If they pass successfully, it will bring a certain market increment to the company.
(Daily Economic News)
