Tatsu Venture Capital, Shanghai BEIR And Other Star Institutions Gathered "Unicorn" New Clean IPO Gold Content To Be Checked.

The new Wuxi cleaning Limited by Share Ltd (hereinafter referred to as "new clean energy") delisting from the new third board will be examined by the eighty-first issuance examination committee meeting in May 28th.

MOSFET, IGBT and other semiconductor chips and power devices were set up in 2013. In September 2, 2016, the new third board was listed on the market. It was called "unicorn" in the domestic discrete device industry. Before that, as a key object of cultivation, it appeared in a list of popular science and technology innovation boards.

In September 13, 2017, Xin Jie Neng has received the notice of listing guidance and accepted the guidance from GF Securities. A year later, in December 21, 2018, it disclosed the prospectus on the official website of the SFC and updated the pre disclosure in January 10, 2020.

According to the prospectus disclosed in January 10, 2020, new clean energy intends to apply for listing on the Shanghai Stock Exchange. The proposed public offering does not exceed 25 million 300 thousand shares, and it intends to raise 1 billion 21 million yuan for the development, upgrading and industrialization of ultra-low energy consumption and high reliability semiconductor power devices.

Tatsu venture capital, Shanghai and other star institutions gathered.

? ? The main business of new clean energy is the research, design and sales of semiconductor chips and power devices such as MOSFET and IGBT. The main products are divided into categories, including trench power MOSFET, super junction power MOSFET, shielding grid power MOSFET, IGBT and other semiconductor chips and power devices. They are widely used in consumer electronics, automotive electronics, industrial electronics, new energy vehicles / charging piles, and intelligent equipment. Manufacturing, Internet of things, photovoltaic energy and other fields.

As one of the leading semiconductor power device design enterprises in China, new energy is ranked in the list of China's semiconductor power device enterprises in 2016, 2017 and 2018 in the China Semiconductor Industry Association's three consecutive years, ranking the "ten power enterprises in China's semiconductor power devices", and its ranking continues to rise.

In terms of performance, from 2016 to 2019 1-6, the new revenue achieved 422 million yuan, 504 million yuan, 716 million yuan and 328 million yuan respectively, with net profit of 36 million 38 thousand and 500 yuan, 51 million 891 thousand and 100 yuan, 141 million yuan and 37 million 431 thousand and 600 yuan respectively.

From the perspective of shareholding structure, in 2013, new clean energy was launched by Zhu Yuanzheng and Xin Chao Group, which invested 5 million 100 thousand yuan and 4 million 700 thousand yuan respectively. The former was the controlling shareholder of Changdian technology, and then the new group transferred the corresponding stock rights in 2015 and 2017 to successfully withdraw.

As of the prospectus disclosure, in addition to Zhu Yuanzheng, the new controller of the real estate company, held 31.11% of shares. Its share of shares controlled by concerted action amounted to 35.62%, and its star shareholders were gleaming.

The second to seventh largest shareholders of new clean energy are 8.7% shareholders, 7.91%, 5.53%, 5.3%, 4.4%, 4.4%, respectively, such as Tatsu venture capital, Shanghai 600171.SH, National Alliance venture capital, Jin Pu new investment, Jin tou holdings and Jun Yi investment.

Among them, LIAN voted in September 2015 to become a new clean energy shareholder by increasing capital, and subscribed 1 million 400 thousand shares of new clean energy by 18.75 yuan / share.

By the year November 2015, Shanghai was a shareholder of the new energy 2 million shares held by the new trend group in 37 million 500 thousand yuan.

In the morning, the first investment in the new board was launched in September 2016, and the targeted price was 28 yuan / share.

In addition, Jinpu new investment, Jin tou holdings and Jun Yi investment were new shareholders in the 3-4 month of 2017 through the new equity transfer system of the national stock transfer system. The transaction price was 30 yuan / share, corresponding to PE 17 times.

What is the gold content?

The semiconductor industry has the characteristics of high division of labor in the industry. According to the industrial chain, the semiconductor discrete device industry mainly includes chip design, chip manufacturing, packaging testing and external sales. New energy concentrates on design, chip manufacturing and packaging testing as outsourcing.

The prospectus disclosed that new clean energy is one of the largest semiconductor power device design companies in China with the largest chip size of 8 inch process platform. Its outsourcing processing is mainly in chip fabrication, packaging and testing.

Specifically, its chip suppliers include Huahong Hongli (related party Huahong semiconductor, 1347.HK), Huarun Shang Hua, SMIC integration (related party SMIC, 0981.HK), Taiwan Maosi (2342.TW) and other leading domestic and foreign enterprises, including packaging and testing providers including Changdian Technology (600584.SH), annex Technology (Amkor), Tongfu micro power (002156.SZ) and Shanghai. Jie Ming and other more than 10 excellent enterprises.

OEM procurement is the largest production cost of new clean energy.

In 2016, 1-6 months in -2019, Huahong Hongli has been ranked the first largest supplier of new clean energy, with the purchase amount as high as 60%-80%, and the purchase amount is in the range of 200 million -3 billion yuan, of which part of the conversion to production cost (sales price per unit price) accounts for about 40% of the total operating cost of the new energy.

In addition, Huarun, China and Changdian technologies are their key suppliers.

Although Xin Jie Neng mentioned that the company is a high-tech enterprise jointly established by the Jiangsu provincial science and technology office, the finance department, the State Administration of Taxation and the Local Taxation Bureau, it is also a member of the China Semiconductor Industry Association and a director unit of the China Power Supply Association. Moreover, as of September 19, 2019, there were 92 patents, including 33 invention patents, 56 utility models and 3 designs.

But from the prospectus, this Unicorn enterprise does not spend much money on R & D expenditure.

In the first half of 2016 -2019, the R & D expenses of new energy were 21 million 30 thousand yuan, 21 million 620 thousand yuan, 32 million 840 thousand yuan and 11 million 270 thousand yuan, accounting for only 4% of the total revenue.

In contrast, 600460.SH, which is also engaged in power semiconductor design, accounts for more than 10% of R & D expenses and accounts for more than 10% of R & D expenses of 600703.SH.

In this regard, in May 25th, an electronic industry practitioner analyzed to the twenty-first Century economic report reporter that "the semiconductor discrete device industry belongs to the technology intensive industry. The emphasis is placed on updating technology and products. Whether the new energy can stand out depends on the conversion rate of R & D input."

In addition, new energy also mentioned the risk of falling gross margin.

From 2016 to 2019 1-6, the gross profit margins were 18.89%, 24.69%, 31.63% and 19.65% respectively.

From 2016 to 2018, benefiting from the sustained growth of downstream market demand, we actively expanded the downstream industries with high gross margin, vigorously developed new products and technologies, and actively developed leading customers. In 2019 1-6, the gross profit margin of chips and power devices showed a downward trend due to the trade friction between China and the United States and the aggravation of domestic market competition.

"In the long run, the semiconductor discrete device industry of new energy is still affected by the boom in downstream consumer electronics and automotive electronics. In the first half of this year, the impact of the epidemic, the automotive industry downturn, more or less impact on the sale of upstream semiconductor devices." A private interest in the semiconductor industry pointed out.

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