After this stock issuance, it is planned to be listed on the science and innovation board market, which has high investment risk. Kechuang board company has the characteristics of large R & D investment, high operation risk, unstable performance and high delisting risk. Investors are facing greater market risk. Investors should fully understand the investment risks of the science and innovation board market and the risk factors disclosed by the company, and make investment decisions prudently.
Shenyang fuchuang precision equipment Co., Ltd
Shenyang Fortune Precision Equipment Co., Ltd.
(No. 18a-1, Feiyun Road, Hunnan District, Shenyang City, Liaoning Province)
Initial public offering and listing on the science and Innovation Board
Prospectus
(last draft)
The company’s application for issuance and listing shall be subject to the corresponding procedures of Shanghai Stock Exchange and China Securities Regulatory Commission. This Prospectus has no legal effect on the issuance of shares and is only for pre disclosure. Investors shall take the full text of the officially announced prospectus as the basis for making investment decisions.
Sponsor (lead underwriter)
(North block of excellence Times Square (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong)
Statement and commitment
Any decision or opinion made by the CSRC and the exchange on this issuance does not indicate that they guarantee the authenticity, accuracy and completeness of the registration application documents and the information disclosed, nor do they indicate that they make substantive judgment or guarantee on the profitability, investment value of the issuer or the income of investors. Any statement to the contrary is a false statement.
According to the provisions of the securities law, the issuer shall be responsible for the changes in the operation and income of the issuer after the shares are issued according to law; Investors independently judge the investment value of the issuer, make investment decisions independently, and bear the investment risks caused by the changes in the operation and income of the issuer or the changes in the stock price after the shares are issued according to law. The issuer and all directors, supervisors and senior managers promise that there are no false records, misleading statements or major omissions in the prospectus and other information disclosure materials, and bear individual and joint legal liabilities for their authenticity, accuracy and completeness.
The largest shareholder and actual controller of the issuer promise that there are no false records, misleading statements or major omissions in this prospectus, and bear individual and joint legal liabilities for its authenticity, accuracy and completeness. The person in charge of the company, the person in charge of accounting and the person in charge of the accounting agency shall ensure that the financial and accounting materials in the prospectus are true and complete.
The issuer and all directors, supervisors, senior managers, the largest shareholder of the issuer, the actual controller, the sponsor and the underwriting securities company promise that if investors suffer losses in securities issuance and trading due to false records, misleading statements or major omissions in the issuer’s prospectus and other information disclosure materials, they will compensate investors for the losses according to law.
The sponsor and the securities service institution promise to compensate the investors for the losses caused to the investors due to the false records, misleading statements or major omissions in the documents prepared and issued for the issuer’s public offering.
Overview of this offering
Type of shares issued: RMB ordinary shares (A shares)
The number of shares to be issued is no more than 52263334 shares, and no less than 25% of the total share capital of the company after the issuance. This issuance does not involve the transfer of old shares
The par value of each share is RMB 1.00
The issue price per share is RMB []
Expected issue date: mm / DD / yyyy
Stock exchanges and sectors to be listed Shanghai Stock Exchange Kechuang board
The total share capital after issuance shall not exceed 209053340 shares
Sponsor (lead underwriter) Citic Securities Company Limited(600030)
Date of signing the prospectus
Tips on major issues
The company specially reminds investors that before making investment decisions, they must carefully read the text of this prospectus and pay special attention to the following matters. 1、 Special risk tips
The company reminds investors to carefully read the full text of “section IV Risk Factors” in this prospectus, and especially reminds investors to pay attention to the following risks:
(I) the company has the risk of great dependence on the first largest customer, customer a
During the reporting period, the headquarters of the company’s largest customer “customer a” was registered in the United States, and the company’s direct sales accounted for 69.01%, 66.23% and 55.97% of its operating revenue respectively. Based on the fact that the final customers of some of the company’s direct customers are also customer a, the proportion of the company’s direct and indirect sales to customer a in the operating revenue of each period is 75.24%, 74.54% and 58.26% respectively, showing a downward trend.
The company’s largest customer accounts for a relatively high proportion of sales, which may cause the company to be in a disadvantageous position in business negotiations, and the company’s business performance is closely related to the purchase demand of customer a. If the demand of customer a changes or looking for alternative suppliers, or the U.S. government sets specific trade barriers to the procurement of customer a, it will have an adverse impact on the production and operation of the company.
(II) risk of the company being replaced by other suppliers of the first largest customer customer a
To realize mass production and supply of the company’s largest customer, customer a, first needs to pass the quality system certification and special process certification of customer a. the cycle of the above two certifications is about one year. Only after passing the above two rounds of certification can we obtain the qualification of specific first article trial production; Secondly, the batch production qualification of the product can only be obtained after the specific first sample is delivered and accepted by customer a. The first article trial production and acceptance cycle vary greatly, generally about half a year. At present, the suppliers of similar products in customer a include international manufacturers such as JINGDING precision and chaokelin, and there are no other domestic suppliers.
If the company’s product quality and R & D level cannot meet the requirements of customer a in the future, or due to the intensification of international trade friction or the improvement of the process level of domestic suppliers, the company may have the risk that some products will be replaced by existing suppliers or new domestic suppliers of customer a.
(III) risk of international trade friction
During the reporting period, the company’s products are mainly exported to factories in the United States, Singapore, Taiwan, China and Japan. The company’s export business is greatly affected by the political and economic environment of the above-mentioned countries or regions. If such countries or regions raise tariffs, set import restrictions or other trade barriers, it will have an adverse impact on the export of the company’s products.
During the reporting period, the company’s sales to American customers accounted for a high proportion, accounting for 76.74%, 74.75% and 58.61% of the operating revenue respectively. In 2018, the US government began to impose tariffs on specific imported products (including company products) originating in China. If the trade friction between China and the United States further intensifies in the future, it is not ruled out that the U.S. government will continue to impose tariffs, set import restrictions or other trade barriers, which will have an adverse impact on the operation and development of the company.
(IV) risk of market competition
The global semiconductor equipment market is dominated by international manufacturers, and the semiconductor equipment precision parts manufacturers are mainly listed companies in the United States, Japan and China Taiwan. According to conservative calculation, the global market scale of the issuer’s four categories of products currently involved in 2020 is about US $16 billion. According to the estimation of the issuer’s main business income of 8294895 million yuan in 2021, the issuer’s current global market share is less than 1%. Compared with its international counterparts, the company’s business scale is small, its capital strength is weak, and the category and income of module products in line with the technology and industry trend account for a relatively low proportion.
Based on the capital and technology intensive characteristics of the semiconductor equipment precision parts industry, if the company cannot enhance its technical reserves, improve its business scale and enhance its capital strength, it may lead to the decline of the company’s market competitiveness and business performance in the global competition of the industry.
(V) the risk that the company’s R & D cannot keep up with the process evolution and semiconductor equipment renewal iteration
Following the law of “next generation technology, next generation process and next generation equipment”, semiconductor equipment and precision parts of semiconductor equipment must keep up with the downstream demand and constantly develop and upgrade. At present, wafer manufacturing and semiconductor equipment have evolved to 7 nm and more advanced processes, which constantly puts forward higher requirements for the company’s R & D ability. In addition, for the same generation process, semiconductor equipment enterprises will continue to upgrade products and improve wafer manufacturing efficiency. The company must timely develop matching precision parts or continuously optimize the original products. 1 includes sales to global subsidiaries of U.S. customers, sales to U.S. customers whose end customers are U.S. customers and sales to U.S. subsidiaries of non-U.S. customers.
If the company’s product research and development can not meet the customer’s process evolution in time, and can not keep up with the customer’s product update
Iteration, the company’s industry position and future business performance will be adversely affected.
(VI) risk of changes in tax preference and financial subsidy policies
During the reporting period, the VAT export tax rebate and VAT allowance that have no impact on the total profits of the company are deducted
After the return, the total amount of other tax incentives of the company is 10100 yuan, 17414800 yuan and 191519 yuan respectively
Million yuan, accounting for 16.09% and 14.13% of the total profits in 2020 and 2021 respectively (2019)
The total profit of the company is negative).
The company is a high-tech enterprise and enjoys the preferential policy of paying enterprise income tax at the reduced tax rate of 15%
In October 2022, if the company fails to continue to obtain the recognition of high-tech enterprises, the company will not be able to continue to enjoy the above tax
A discount. At the same time, the company began to enjoy the profit-making year of integrated circuit equipment enterprises (the company) from 2020
The preferential policy of “two exemptions and three reductions by half” of corporate income tax has been implemented since 2017, and the company will not be exempted from 2022
Continue to enjoy the tax preference. In addition, if the export tax rebate rate of the company’s main products is reduced or the value-added tax is retained
The decrease of tax rate will affect the company’s capital turnover. The above-mentioned changes in tax preference will have an impact on the profitability of the company
Adverse effects.
During the reporting period, the government subsidies recognized as current profits and losses by the company were 306951 million yuan and 721221 million yuan respectively
Million yuan and 561776 million yuan, accounting for 66.62% and 66.62% of the total profits in the same period in 2020 and 2021 respectively
41.45% (the total profit of the company in 2019 was negative). The company’s policies may not change in the future
The law continues to receive government subsidies.
2、 The main business income of process parts with the highest technical requirements during the reporting period was relatively low
The company’s products include process parts, structural parts, module products and gas pipelines
The brief information of the product is as follows:
The relationship between the advanced technology of the main technology and other main technologies of the company and the semiconductor products, the working environment and technical requirements of the semiconductor equipment, the relationship between the customer index of the body equipment and the supplier’s Cheng Cheng process.
contrast
In semiconductor equipment, the technical requirements of wafer are the most. With the evolution of equipment manufacturing process, the chip linewidth is more in direct contact with or directly involved in the crystal height, the process is low, the process gas is more complex, and the reaction is zero wafer reaction. Generally, in the complex process environment where the closed cavity is complex, the indexes of some products meet the requirements of mainstream international customers for uniformity, and the process parts are resistant to the parts room, the reference products are applied to the corrosion, sealing, vacuum, cleanliness and wafer process with 7 Na or better than the mainstream international certification, except for the issuer, which plays a semi leading customer standard for extending the rice process, and there is no domestic enterprise The accuracy and consistency of machining requires the service life of the equipment, the improvement of the front channel equipment, the role of machining and wafer manufacturing yield at the surface, and the requirements of processing technology
The technical requirements of structural zero in semiconductor equipment are generally lower than those set by some Chinese customers, and some domestic manufacturers can also use their main products for different process equipment,
Component connection, support and cooling are used as process parts, and the product indicators can meet the requirements of mainstream Chinese customers. The performance and processing technology are relatively stable in the process evolution of supporting equipment, a wide variety of applications, and the process is relatively or better than that of mainstream China to provide customized structure zero; There are also a wide range of departments. In terms of simple semiconductor equipment, some products meet customer standards and some domestic components. With the evolution of the manufacturing process through the mainstream national products, the cleanliness and medium are generally not directly connected with the wafer. They are applied to 7 international customers’ customized products, international well-known sealing, corrosion resistance, surface flatness, contact or participate in the wafer reaction. The semi conductivity of the meter manufacturing process is better than that of the mainstream national flowmeter manufacturers, and the certification requirements are improved, Machining and surface treatment
