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.
Shenzhen Biyi Microelectronics Co., Ltd
(room 3303, block a, building 8, Wanke Yuncheng phase III, Liuxin 4th Street, Xili community, Xili street, Nanshan District, Shenzhen) prospectus for IPO and listing on the science and Innovation Board
Sponsor (lead underwriter)
(room 2004, 20th floor, Dacheng International Building, No. 358, Beijing South Road, high tech Zone (new urban area), Urumqi, Xinjiang)
Issuer statement
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 controlling 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, controlling shareholders, actual controllers, sponsors and underwriting securities companies promise to compensate investors for 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.
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.
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.
Overview of this offering
Type of shares issued: RMB ordinary shares a shares
The company plans to issue 17262300 new shares to the public, accounting for 25% of the total issued shares and share capital of the company after the issuance; This issuance is all new shares, and the original shareholders do not offer shares to the public.
The par value of each share is RMB 1.00
The issue price per share is 55.15 yuan
Issue date: May 17, 2022
Stock exchanges and sectors to be listed Shanghai Stock Exchange science and Innovation Board
The total share capital after issuance is 6904893900 shares
Sponsor (lead underwriter) Shenwan Hongyuan Group Co.Ltd(000166) securities underwriting and recommendation Co., Ltd
Signing date of prospectus: May 23, 2022
Tips on major issues
The company specially reminds investors to pay full attention to the following major matters and carefully read the chapter "section IV Risk Factors" of this prospectus. 1、 The revenue of general light source lighting products accounts for a relatively high proportion. The localization rate in this field is high and the competition is fierce
During the reporting period, the sales revenue of the company's general light source lighting products (including finished chips and mid test wafers) was 156077300 yuan, 189885200 yuan and 319448900 yuan respectively, accounting for 44.84%, 44.23% and 36.03% of the main business revenue, accounting for a relatively high proportion of the revenue.
At present, the localization rate in this market is relatively high. The main market participants are Shanghai Bright Power Semiconductor Co.Ltd(688368) , the company, Hangzhou Silan Microelectronics Co.Ltd(600460) and Shenzhen Sunmoon Microelectronics Co.Ltd(688699) and other Chinese manufacturers, with fierce market competition. If the market demand for general LED lighting slows down or major adverse changes occur in the future, or the company cannot continue to maintain its competitive advantage, it will have a significant adverse impact on the company's operating revenue and profitability. 2、 In addition to general light source lighting products, other products of the company are still in the early stage
The company has been established and developed for a short time. In addition to general light source lighting products, the continuously expanded fields of medium and high-power lighting, intelligent lighting, general power supply, household appliances and IOT power supply are still in the early stage of development.
In addition, although the total number of the company's products has reached more than 700, there is a gap in product types, application fields and income scale compared with Ti, MPs, ADI and other industry leaders with tens of thousands of chip product models and accounting for more than 80% of the market share.
Once foreign leading enterprises adopt a strong market competition strategy to compete with the company's similar products, it will cause great competitive pressure on the company. If the company cannot implement effective countermeasures and make up for its competitive disadvantage in time, it will have an adverse impact on the company's competitive position, market share and business performance. 3、 The gross profit margin of LED lighting, home appliances and IOT chip products is lower than that of comparable companies in the same industry
During the reporting period, the gross profit margin of the company's main business was 21.88%, 26.74% and 43.22% respectively, of which the gross profit margin of LED lighting drive control chip was 18.05%, 22.89% and 43.08% respectively, lower than that of comparable companies in the same industry Shanghai Bright Power Semiconductor Co.Ltd(688368) ; The gross profit margins of household appliances and IOT power management chips in 2019 and 2020 were 35.92% and 42.69% respectively, lower than Wuxi Chipown Micro-Electronics Limited(688508) , comparable companies in the same industry, and 47.34% in 2021, slightly higher than Wuxi Chipown Micro-Electronics Limited(688508) .
The main reason why the gross profit margin of the company's LED lighting drive and control chip is lower than Shanghai Bright Power Semiconductor Co.Ltd(688368) is that the company mainly focuses on the LED lighting drive and control chip of general light source, and the sales scale of medium and high-power LED lighting drive and control chip and intelligent LED lighting drive and control chip of high value-added commercial class needs to be further improved; During the reporting period, the gross profit margin of the company's home appliances and IOT power management chips gradually narrowed compared with that of comparable companies Wuxi Chipown Micro-Electronics Limited(688508) and the difference in the early stage was mainly due to the short time the company had entered this field and the products were in the development stage of continuously improving performance and expanding market share.
The gross profit margin of the company's main business is mainly affected by many factors, such as the product application field, the degree of competition, the progressiveness of product technology, the company's sales strategy and so on. If the company can not improve the income proportion of high-power and intelligent lighting chips in high value-added commercial categories in LED lighting drive and control chips, or household appliances and IOT power management chips, improve the market competitiveness of products, and can not further narrow the gap, it will have an adverse impact on the profitability of the company. 4、 Wafer capacity tension and risk of rising raw material prices
The company adopts the operation mode of fabless, and the wafers are mainly manufactured by China Resources, Shanghua, Semiconductor Manufacturing International Corporation(688981) and other wafer manufacturers. During the reporting period, the company's purchases from China Resources Shanghua accounted for 47.83%, 45.68% and 33.00% of the total purchases, with a high concentration of suppliers.
Due to the high entry threshold of wafer processing and manufacturing industry and high requirements for capital, technology, scale and product quality, the company's wafer procurement is limited by the capacity and production schedule of wafer manufacturers. With the change of semiconductor industry chain pattern and the rapid rise of wafer market demand, especially since the second half of 2020, the overall wafer production capacity has tightened, and the average delivery cycle of the company's sales orders has also been extended.
If the supply of wafers continues to be tight in the future, the purchase price of wafers rises sharply, or the wafer manufacturer changes its credit policy and increases the margin requirements for the company, or the company's major wafer suppliers have major natural disasters and other emergencies and adverse changes in business operation, it will have an adverse impact on the company's operating performance and cash flow.
5、 The risk that the income of motor drive control chip is small, the customer introduction period is long, and the benefits of relevant raised investment projects are less than expected
Motor drive control chip is a new product line expanded by the company, which is still in the stage of product verification and introduction. In 2020 and 2021, the revenue will be 21400 yuan and 951800 yuan respectively, with a small scale. This product is mainly used in household appliances, service Siasun Robot&Automation Co.Ltd(300024) , security monitoring, electric tools and industrial control. Brand customers have a relatively strict product verification and import process for motor drive control chips. It usually takes 2-3 years from sample test to mass supply.
The company's fund-raising project "motor drive control chip development and industrialization project" plans to invest 154865200 yuan to create a whole system integration solution for motor drive control chip. The calculation of the investment income of the raised investment project is based on the completion and operation of the project on schedule, and the realization of sales and benefits within the expected customer introduction period. If the company fails to successfully complete the product verification and import process of brand customers on schedule, it may lead to the risk that the investment benefit of the raised investment project related to motor drive control chip is not as expected. 6、 Product upgrade iteration risk
The technical threshold of power management chip research and development is high and there are many kinds. However, with the popularity of intelligent lighting, fast charging, home appliances and IOT brought by consumption upgrading, the matching power management chip is bound to have higher and more detailed requirements. The company needs to accurately grasp the market demand and customer demand, be familiar with the industry dynamics, and carry out product upgrading iterations in time. The company's products have different product upgrading iteration cycles according to different application fields. Relatively speaking, the iteration of LED lighting and IOT power management chips is faster, generally about 18 months. If the company fails to comply with the market requirements and complete the corresponding product upgrading iterations, customers may lose or miss market development opportunities, which will have an adverse impact on the company's market competitiveness and sustainable profitability. 7、 Risk that business performance cannot grow continuously and rapidly
From 2019 to 2021, the company's operating revenue was 348158900 yuan, 429485800 yuan and 886952800 yuan respectively, with an average annual compound growth rate of 59.61%; After deducting non recurring profits and losses, the net profits attributable to the owners of the parent company were 181659 million yuan, 351629 million yuan and 2344266 million yuan respectively, with an average annual compound growth rate of 259.23%, showing a rapid growth trend.
The rapid growth of the company's operating performance in 2021 is mainly due to the rapid rise of product sales price caused by the growth of product sales volume, the optimization of product structure and the change of phased supply-demand relationship. The duration of the market situation in short supply cannot be accurately estimated. If the raw materials and packaging test capacity are further expanded, the supply of the chip market increases or the market competition intensifies, it is expected that the sales price of the company's products may decline, bringing uncertainty to the sustained and rapid growth of the company's operating performance. 8、 Main financial information and operating conditions after the period (I) main operating conditions after the audit base date
Between the audit base date of the financial report and the signing date of this prospectus, the company's operation is in good condition, and the company's main business and business model have not changed significantly. The company's main customers, suppliers, senior managers and core technicians have remained stable. There are no events that have a significant adverse impact on the company, and there are no other major events that may affect the judgment of investors. (II) review of financial data from January to March 2022
Dahua certified public accountants reviewed the company's consolidated and parent company's balance sheet on March 31, 2022, consolidated and parent company's income statement, consolidated and parent company's cash flow statement and notes to financial statements from January to March, 2022, and issued the review report (Dahua He Zi [2022] 00l00220).
As of March 31, 2022, the total assets of the company were 6199039 million yuan, an increase of 9.91% over the end of the previous year; The total liabilities were 1364239 million yuan, an increase of 21.49% over the end of the previous year; The owner's equity was 483.48 million yuan, an increase of 7.02% over the end of the previous year. From January to March 2022, the company achieved an operating revenue of 167932900 yuan, an increase of 13.15% year-on-year; The net profit attributable to the shareholders of the parent company was 291747 million yuan, a year-on-year increase of 30.34%; The net profit attributable to the shareholders of the parent company after deducting non recurring profits and losses was 272389 million yuan, a year-on-year increase of 21.88%. (III) forecast of main operating data from January to June 2022
According to the preliminary prediction of the company, from January to June 2022, the company will realize an operating revenue of about 380 million yuan to 500 million yuan, with a year-on-year change of about 0.44% to 32.16%; It is estimated that the net profit attributable to the shareholders of the parent company is about 68.5 million yuan to 97 million yuan, with a year-on-year change of about - 26.58% to 3.96%; It is expected to realize the net profit attributable to the shareholders of the parent company from 65.5 million yuan to 94.5 million yuan after deducting non recurring profits and losses, with a year-on-year change of about - 27.14% to 5.11%. In 2022, through the comprehensive layout of power management chips and the continuous development of downstream application market, the company's business scale showed a steady growth trend. Out of the demand for business development, the company increased the introduction of talents, resulting in certain fluctuations in the company's net profit in the short term. In the future, the company will continue to increase R & D investment to ensure that the company's technology and products are in a leading position.
The above financial data from January to June 2022 are the preliminary estimated data of the company, which have not been audited or reviewed by accountants and do not constitute a profit forecast.
