Securities code: Guangdong Leadyo Ic Testing Co.Ltd(688135) securities abbreviation: Guangdong Leadyo Ic Testing Co.Ltd(688135) Guangdong Leadyo Ic Testing Co.Ltd(688135)
Record of investor relations activities
\uf0a3 research on specific objects \uf0a3 analyst meeting
Investor relations activities \uf0a3 media interview □ performance briefing
Category \uf0a3 press conference \uf0a3 roadshow activities
\uf0a3 on site visit \uf0a3 teleconference
□ other online conference calls
Company name company name
Yujiang Qianlu investment Li Xiang
CAITONG fund Wang Zhibin Jiangsu private investment Geng Yan
Li Chen Zhongdao investment Lu Linfeng Chen Xi Wu Hongwei Penghua Fund he Jiayi Yongjin investment Wang Kai
Wang weiguohai innovation capital cilong
Jin Yuan Shun’an fund Jia Lili Wang Jun
Huabao fund Li ruisun xiawen Nord fund Guo Jiting Taiping assets Li Tao
Hongsheng fund Wu Binbin Shen Chen
Zhuque fund Xu binyi sun Qi
Name of participant: Zhang Jinqi, Mingxi assets, Chu Jiabin, Donghai fund, Gao Yian, Baohong assets, Shi qinya, Lu Guangjun, Ruige assets, Chen Fei
Chunhou fund Wu ruozong Xifeng assets Yao Xiaoxing hande fund Xie guiruihua investment Zhang Liying Sinolink Securities Co.Ltd(600109) Liu Xiaobo Shenwu assets Wang Yifu Everbright Securities Company Limited(601788) Shang Qing, Li Xiaojun Western Securities Co.Ltd(002673) Jia Guorui, Xiong Yuxiang Orient Securities Company Limited(600958) Zhu Linghao, Chi Tai assets, Li Peng
Huatai Securities Co.Ltd(601688) Li Yanyou Jiansheng Donghai securities Luo Yanming Chunda assets Li Zhuqing Ren Jiejun and capital song Lizhi Xinda securities Tang danjun Yi’an capital Li Yajun Wang Xinkai joint capital Xia Lei
CIC cohesion Liang Chenghao Chang Yu capital min Haobo
Tianfeng Tianrui Cheng Zihao Lu Wei
Huakang Huihai investment Qin Zhiqiang Huabao trust Yin Lisheng
Orient Securities Company Limited(600958) investment Zhang Shengbo, China International Finance Xu Hanying
CITIC Xingye Gaoyang panhou investment research Qian Jianliang
Shen Jiadi, Yang Fan
Tongyi investment Yu Su Huatai Insurance Wu Xulei
Tang Xin, ZHENG Jin town
Tianchen investment Zhang Siyan Sansong group Wu Di
Luxin investment Chen Zhi Tianchong capital Wang Feiyao
Longgui investment Tao Weihong and Chen Xian
Shanghai Jiuge investment Cui Yihan Yida investment Li Anfeng
Meeting time: March 2022
Conference site network communication
Mr. Gu Shitao, director, Secretary of the board of directors and chief financial officer of the listed company
Member name: Mr. Chen Weixiong, securities representative
1、 Brief introduction to the company
2、 Questioning link
(I) some design companies find manufacturers integrating sealing and testing for direct testing. What is the difference between companies and manufacturers integrating sealing and testing? What are the advantages of independent third-party testing?
Compared with the seal and test integrated company, the seal and test integrated company focuses more on the R & D in the packaging field, focusing on physics, materials, mechanics and other technologies. Its test is more self inspection, that is, supporting test and inspection after the packaging is completed. The test content and investor relations activities are mainly the basic electrical performance test and continuous test of the chip.
Introduction to main contents
As an independent third-party IC testing company, the company focuses on R & D in the testing field, focusing on chip electronic circuit, performance, logic function, signal, communication, system application and other technologies; The position of the company in the industrial chain is an independent third party, which only provides professional testing services, and the test report is more neutral and objective.
(II) what are the company’s comparative advantages with other third-party professional testing service providers?
At present, China has a large number of professional test and listing companies in Taiwan, such as Jingyuan electronics, silicon lattice, Xin Quan, etc. Guangdong Leadyo Ic Testing Co.Ltd(688135) has regional and cultural advantages compared with Taiwan test companies. China is one of the largest electronic products market in the world, and China’s chip design company also has a rapid growth. As chip design companies need to cooperate closely with IC testing companies, they need to deeply communicate specific technical issues in the process of testing. Considering the technical confidentiality in the field of chip design, more and more large chip design companies in China will gradually turn their testing requirements to China in the future, giving priority to Chinese testing companies. Since its establishment, the company has been focusing on the field of integrated circuit testing, and has accumulated a number of independent core technologies in this field. It provides independent third-party testing services for medium and high-end chips for well-known chip design companies, covering advanced processes such as 5nm, 8nm and 16nm. The company has SOC integrated circuit test solutions with digital, analog, mixed signal, storage, RF and other processes. It will continue to increase R & D investment, further consolidate the leading test technology, actively develop chip test solutions that meet different application fields, and focus on 5g communication, sensors (MEMS), storage (nor / NAND flash, DDR, etc.), high computing power (CPU, GPU, ISP, etc.) Test solutions for artificial intelligence (AI), automotive electronics, intelligent Internet of things (aiot) and other chips, and further expand the market in this direction. (III) what is the difference between the company and Suzhou Sushi Testing Group Co.Ltd(300416) Yite business?
The company’s main business includes integrated circuit test scheme development, 12 inch and 8-inch wafer test services, chip finished product test services and supporting services related to integrated circuit test. It is one of the manufacturing links in the integrated circuit industry chain Suzhou Sushi Testing Group Co.Ltd(300416) Yite is mainly used in failure analysis and reliability verification of integrated circuit design. (IV) the company recently disclosed the performance express. What is the source of the growth?
With the vigorous development of China’s integrated circuit industry and the continuous improvement of the industry prosperity, the company actively grasped market opportunities, strengthened market development, introduced high-quality customers, and the customer structure changed. In addition, with the gradual implementation of raised investment projects, the testing capacity is gradually released and benefits are generated. The company’s chip testing in 5g communication, industrial control, biometrics, MCU, aiot and other fields maintained rapid growth in 2021. (V) the current market space of independent third parties and the goal of Liyang in the future?
The market data of independent test is difficult to obtain fair and neutral data; According to some of our predictions and data from China Taiwan Institute of technology, chip testing probably accounts for
6-8%. At present, the global sales of fabless is about US $100 billion, the sales of IDM is about US $300 billion, and the scale of the test OEM market is about US $6-7 billion; Our vision is to be the world’s largest testing base. We will increase investment in talent, technology and production capacity to accelerate development; According to the previous compound growth rate and the existing capital expenditure scale, the company mentioned the future development goal at the 2020 performance briefing: it is expected to maintain an average annual compound growth rate of more than 30% in recent years; The company has set medium and long-term development goals: double the revenue in three years and 1 billion in five years. (VI) since both seal test integration and professional testing involve testing, how will the company realize the rapid development of independent third-party testing?
The business model of division and cooperation has made China Taiwan stand in the second place in the semiconductor industry, and the industry scale determines the depth of division of labor. With the enlargement of industrial scale, the complexity and integration of chips are becoming higher and higher. Packaging enterprises will have some tests, mainly because China has not yet had a certain amount of testing enterprises to match the design company. At present, the two modes coexist. After 10 years of technology accumulation, the company has accumulated testing technology in more mainstream fields, hoping to realize curve overtaking. The company will achieve faster development speed through capital market forces and increase capital expenditure and R & D investment. (VII) pricing method of the company’s test?
Influencing factors and mechanism of the company’s test service pricing: (1) test equipment: normal temperature, low temperature, high temperature probe / sorter and other configurations; (2) Test process flow: different types of chips will have different test processes, such as whether multiple tests, electrical sampling test, aging test, optical appearance inspection and special packaging are required; (3) Environmental factors: the cleanliness and temperature and humidity requirements of the production workshop are different. The production clean workshop has 10000, 1000, 100 and other differences. The temperature and humidity are required to be accurately controlled. For example, CIS products need a clean workshop above grade 100, and the temperature of computing chip is required to be controlled within plus or minus 1 ℃; (4) Technical difficulty: different customer products use different test schemes. The development difficulty of test scheme is related to the qualification, quantity, development cycle and difficulty of technicians invested in R & D, and the funds invested in the development process. The more advanced or unique the testing technology, the higher the price.
In addition to the above factors, it is also affected by quality requirements, service requirements, test order volume, capacity demand, etc. (VIII) what is the current capacity utilization rate of the company?
In the second half of 2021, the test orders of the company are full, and the production capacity is in full load operation. (IX) what is the current progress of the company’s refinancing plan and the benefits after investment?
At present, the company’s refinancing plan is in progress in an orderly manner and has been submitted for registration; According to the stock issuance plan, the company is expected to generate 64,57 RMB yuan every year after the investment reaches the production capacity
