Wuxi Chipown Micro-Electronics Limited(688508)
Issue A-Shares to specific objects in 2022
Feasibility analysis report on the use of raised funds
1、 Use plan of the raised funds
The total amount of A-Shares issued to specific objects this time shall not exceed 1098838800 yuan (including this amount). The net amount of the total raised funds after deducting the issuance expenses will be used in the following directions:
Unit: 10000 yuan
No. project name total investment amount of raised funds to be used
1 new energy vehicle high voltage power supply and electric drive power chip research 39779573842829 development and industrialization project
2 industrial digital power management chip and supporting power core 48819154729466 R & D and industrialization project
3 Suzhou R & D center project 24644152416093
Total 1132428710988388
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 self raised funds. 2、 Investment projects of the raised funds (I) R & D and industrialization projects of high voltage power supply and electric drive power chip of new energy vehicles
1. Project overview
Under the policy background of carbon peak and carbon neutralization, the new energy vehicle industry has gradually become a high growth track, and the market demand for automotive electronics has increased significantly. The project plans to implement the R & D and industrialization of high-voltage power supply and electric drive power chip for new energy vehicles. The products are mainly used for new energy vehicles OBC (on-board charger), PDU (high-voltage distribution unit) and electric drive system. This project will develop a series of chips of high-voltage power conversion and distribution system and high-voltage drive system for 400V / 800V batteries, including high-voltage power control chip, high-voltage half bridge drive chip, high-voltage isolation drive chip, high-voltage auxiliary source chip, intelligent IGBT and SiC devices, and support the construction of vehicle scale semiconductor reliability experiment center and sealed test production line. The project plans to upgrade and apply the platform technology accumulated by the company in the field of industrial power supply to the field of new energy vehicles, which will strengthen the technical depth and technical accumulation of the company in the field of high-voltage power supply and high-voltage drive, obtain greater market space and provide the company with good return on investment and economic benefits. At the same time, through the implementation of this project, the company will form the relevant intellectual property rights of vehicle specification power supply and electric drive chip, further enhance the company’s technical strength and expand the product field.
2. Project construction content
The specific construction contents of the project are as follows:
(1) High voltage power supply control chip: it is proposed to adopt a high-performance programmable digital power supply controller scheme based on 32-bit computing core, including digital hardware PID operation unit, high-precision PWM timer, floating point operation unit, high-speed flash memory, etc., so as to fully meet the flexible, efficient and reliable control requirements in vehicle high-voltage and high-efficiency power supply, and meet the requirements of vehicle functional safety standards.
(2) High voltage half bridge drive chip: the voltage withstand of the existing 600V half bridge drive chip is increased to 1200V. The chip has the advantages of high CMTI tolerance and strong anti negative pressure ability. The high voltage isolation drive chip adopts capacitive isolation technology, has 5kV insulation and withstand voltage level, and can realize transmission delay less than 100ns. Meet the requirements and standards of vehicle functional safety.
(3) High voltage auxiliary source chip: Based on Wuxi Chipown Micro-Electronics Limited(688508) existing mature high voltage auxiliary source chip series technology, especially for 400V and 800V high voltage battery packs of new energy vehicles, develop high voltage buck and high voltage flyback converter chips, which are used to supply power for power control chips and drive chips in on-board system. The chip integrates 800v-1200v MOS devices, high voltage start-up and sampling functions, and meets the functional safety requirements of vehicles, The system is simple, reliable and stable.
(4) 650V / 1200V intelligent IGBT device: it will adopt deep submicron grooved gate composite field termination technology and advanced back thinning process, and innovatively integrate intelligent protection circuit, current / temperature sampling circuit and Schottky diode to realize extremely low working loss and outstanding application convenience, and form an overall power solution together with Wuxi Chipown Micro-Electronics Limited(688508) ‘s drive chip and control chip.
(5) 650V / 1200V smart SiC devices: grooved gate MOSFET technology will be adopted to improve its grooved gate reliability, and innovative integration of intelligent protection circuit, current / temperature sampling circuit, SiC Schottky diode, etc. will provide the best main switching device with low loss, high reliability and strong intelligence for high-power vehicle power supply and inverter, and form an overall power solution together with Wuxi Chipown Micro-Electronics Limited(688508) ‘s drive chip and control chip.
3. Necessity of project implementation
(1) The project is an important measure to closely follow national policies and realize domestic substitution
Considering the safety performance in special working environment, automobile chip has the characteristics of high technical standard and long test cycle. Infineon, Texas Instruments and other foreign leading manufacturers monopolize more than half of the international market share of automotive chips by virtue of the first mover advantage. China’s chip design industry started relatively late and is still in the growth stage of technological breakthrough in the field of automotive electronics, with a low market share. As the world’s largest automobile producer and the world’s largest automobile consumer market, China’s automobile chips at the upstream of the industrial chain still rely on imports for a long time, and the automobile electronic system is the core and foundation of the automobile industrial chain. Under the background of Sino US trade disputes, the localization of automobile chips is an inevitable requirement to ensure the long-term and healthy development of the automobile industry, and the domestic substitution of automobile chips has risen to the national strategic level. On February 24, 2020, the national development and Reform Commission and other 11 ministries and commissions jointly issued the intelligent vehicle innovation and development strategy, which clearly proposed to break through key technologies such as intelligent computing platform and vehicle specification chip. In September 2020, the Ministry of science and technology, the Ministry of industry and information technology and the national innovation center established the China Automotive chip innovation alliance in Beijing, which aims to establish the innovation ecology of China’s automotive chip industry, break industry barriers, supplement industry weaknesses, and realize the independent, safe, controllable, comprehensive and rapid development of China’s automotive chip industry.
The layout of the project in the automotive field and the improvement of the automotive electronic product line comparable to international giants are important measures to closely follow national policies and realize domestic substitution in the semiconductor industry.
(2) The layout of the field of new energy vehicles is an effective measure for the company to grasp the development opportunities of the industry and promote business development
With the rise of new energy vehicles and intelligent driving, the proportion of electronic and electrical applications in the whole vehicle is increasing. The electrification, networking, intelligence and sharing of automobiles have brought new application scenarios and existing configuration upgrades. Increasingly powerful processors and increasing system peripherals have put forward higher requirements for power management. These new applications are also the best entry opportunities for Chinese automobile chip manufacturers, which will promote the market scale of vehicle specification power supply and electric drive power chip into a new stage of development. At the same time, compared with traditional fuel vehicles, new energy vehicles have added “three electricity” systems of battery, motor and electronic control, driving a large amount of demand for electric energy conversion, so as to promote the significant incremental demand of the upstream chip market.
The company will take the field of high-voltage power supply and high-voltage drive that it is good at as the entry point, based on the existing vehicle specification level technical reserves, expand the scale of R & D team, actively explore the in-depth application of power chips in the automotive field, and form a complete power solution. The implementation of the project will help the company grasp the industry opportunity of domestic substitution of new energy vehicles and realize the continuous extension of business strategy. It is an effective measure for the company to continuously optimize and improve product structure, further expand business scale, expand market share and add new profit growth points.
(3) The joint construction of sealing and testing production line will improve the core technical competitiveness of the company and strengthen the guarantee of supporting sealing and testing capacity of the project product line
The automotive chip industry has high technical standards, which requires long-term quality management, functional safety, information security and other standard testing and certification before it can be applied in the industrial chain. In the later production process of high-end products, by jointly building the sealing and testing production line with the sealing and testing factory, it is conducive to the technical collaborative innovation and continuous iterative optimization of the company’s power chip design and module packaging, improve the company’s core technical competitiveness in high-density power packaging, form the technical advantages of combined products of intelligent power devices, power control chips and power modules, and improve the company’s product line coverage in the target market.
The company aims to lay out high-end products in the field of automotive electronics and jointly build sealed and tested production lines, which is an important measure to consolidate and strengthen the company’s own advantages in the subsequent development stage. The project will further strengthen the guarantee of supporting sealing and testing capacity of the project product line, improve the reliability, yield and supply capacity of products, and stabilize the large-scale delivery and supply of the company. 4. Feasibility of project construction
(1) The national development plan of relevant industries provides strong policy support for the project
Under the new round of global scientific and technological revolution and industrial reform, the development mode of the automobile industry is undergoing profound changes. New energy vehicles have become an important symbol of the transformation and upgrading of the global automobile industry and one of the strategic emerging industries vigorously developed in China.
In April 2017, the national development and Reform Commission, the Ministry of industry and information technology and the Ministry of science and Technology issued the medium and long term development plan for the automotive industry, which pointed out that in view of the industrial shortcomings, we should support advantageous enterprises to jointly tackle key problems in politics, industry, University, research and application, focus on breaking through the engineering and industrialization bottlenecks such as power batteries, vehicle sensors, vehicle chips, electronic control systems and lightweight materials, and encourage the development of advanced modes such as modular supply and high added value Knowledge intensive and other high-end parts.
In November 2020, the development plan for new energy vehicle industry (20212035) issued by the general office of the State Council made it clear that efforts will be made to promote breakthroughs in key technologies and products such as vehicle specification chip, vehicle operating system, new electronic and electrical architecture, high-efficiency and high-density drive motor system, as an important part of the implementation of the basic technology improvement project of new energy vehicles. In November 2020, the manual on the supply and demand connection of automotive semiconductors issued by the Ministry of industry and information technology proposed that the Ministry of industry and information technology will actively guide and support the development of automotive semiconductor industry. At the same time, strengthen the construction of supply chain and increase the allocation of production capacity by means of automobile semiconductor supply and demand docking platform, so as to provide strong support for the stable and healthy development of the industry.
The introduction of relevant national policies has created a good environment for the healthy and rapid development of the automotive semiconductor industry.
(2) The new energy vehicle industry has gradually become a high growth track, and the project has market guarantee
The automobile industry is the pillar industry of China’s national economy. China is the world’s largest automobile producer and consumer. Due to the limited oil reserves and non renewable resources, traditional fuel vehicles can not develop sustainably. It has become a global consensus to replace fuel vehicles with new energy vehicles. New energy vehicles are an important starting point for achieving the “double carbon” goal, and have important strategic significance for ensuring national energy security and promoting social and economic development. The development plan for new energy vehicle industry (20212035) issued by the general office of the State Council proposes that by 2025, the sales volume of new Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China will reach about 20% of the total sales volume of new vehicles. After 15 years of continuous efforts, the core technology of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China will reach the international advanced level, pure electric vehicles will become the mainstream of new sales vehicles, and vehicles in the public domain will be fully electrified.
Driven by policy and market, the new energy vehicle industry has gradually become a high growth track. According to the statistics of China Automobile Industry Association, the production and sales of electric vehicles in China in 2021 were 3.545 million and 3.521 million respectively, with a year-on-year increase of 1.6 times, and the market share increased to 13.4%, an increase of 8% compared with 2020, further indicating that the electric vehicle industry has shifted from policy driven to market driven. Electric vehicles perform well and flourish. As the automotive chip of the electronic control system of electric vehicles, its market demand has increased significantly. The broad market demand will provide market guarantee for the company to layout the automotive electronics field and expand product application scenarios. (3) The reliability design and control ability of high-voltage power supply and drive accumulated for many years has laid the foundation for the implementation of the project
Over the years, the company has focused on the field of power management and power semiconductors, and has accumulated industry-leading experience in reliability design and control of high-voltage power supply and driver chips. In 2019, the company undertook and successfully completed six major provincial scientific research projects such as “R & D and industrialization of series products of ultra fast dynamic response self powered high-voltage power supply management circuit”, accumulated many core technologies in the design of high-voltage power supply and driving circuit, semiconductor device and process design, reliability design, etc., and formed a perfect intellectual property system and unique technical advantages. At the same time, the company provides customers with a complete set of power supply solutions from high voltage to low voltage, and has China’s leading R & D strength in the field of high voltage power supply and drive chip. The company has successfully developed and mass produced a single 700V high and low voltage integrated switching power supply chip, 1200V high and low voltage integrated switching power supply chip, zero watt standby high and low voltage integrated switching power supply chip and other products in China, which have won national / provincial and ministerial science and technology awards and national key new products. The design and control ability of high-voltage power supply and drive reliability accumulated for many years has laid a solid foundation for the company to expand downstream fields and layout automobile tracks.
(4) The strong R & D team of the company provides a solid foundation for the smooth implementation of the project
Since its establishment, the company has focused on the design of analog and digital analog hybrid integrated circuits focusing on power management, especially in the field of high and low voltage integrated semiconductor technology. With core technology innovation and R & D as the enterprise gene, the company aims to provide customers with integrated circuit products with high efficiency, low power consumption and stable quality and comprehensive one-stop application solutions. The company has been deeply engaged in power management chips for more than ten years, and now has talent cultivation centers such as postdoctoral enterprise workstation and Jiangsu power integrated circuit engineering technology center. As of December 31, 2021
