"Wireless" has always been the goal pursued by electronic devices, taking the mobile phones we use every day as an example, through wireless communication transmission, mobile phones no longer need telephone lines; through Bluetooth headsets, mobile phones have successfully abandoned the headphone cable. Nowadays, with the development of power management and fast charging protocol chip technology, some mobile phones have realized wireless charging or wired fast charging, which minimizes the impact of charging lines on consumer experience.
Shenzhen Yingjixin Technology Co., Ltd. (stock code: 688209 accetic) successfully listed on the Science and Technology Innovation Board on April 19 is a power management and fast charging protocol chip design company. The company's core technology is comparable to international manufacturers, the product has a high degree of integration, high degree of customization, high cost performance, low replaceability of the characteristics, is one of the main suppliers of power management chips and fast charging protocol chips in the domestic consumer electronics market.
Focus on segmentation, providing one-stop solutions
Founded in 2014, Yingjixin mainly focuses on high-performance, high-quality digital-analog hybrid chip design, the main business is power management chips, fast charging protocol chips research and development and sales, the product downstream involves mobile power chips, wireless charging chips, vehicle charger chips, fast charging protocol chips, TWS headphone charging warehouse chips and other market segments.
The company's products not only have the characteristics of high integration, high degree of customization, high cost performance and low substitution, but also its self-developed digital-analog hybrid SoC chip technology has also innovatively achieved a breakthrough in the demand scheme of traditional fast charging mobile power products.
In the traditional wireless charging power bank, at least two main control chips are required to realize the mobile power function and the wireless charging function respectively, and some products also need to use external MOS design. In this way, the size of the PCB can not be made very small, even if the design of two PCB boards, the layout of components is more difficult; in addition, the design of multiple materials or multiple PCB boards will increase the system cost of the product, which is not conducive to improving the competitiveness of the product.
The two main control chips launched by Yingjixin for the wireless charging mobile power market have solved the above two major pain points very well. Through the highly integrated design, more than 90% of the functions such as mobile power main control, wireless charging main control, MOS, and power display are condensed in one chip.
At the same time, the company will also provide chips together with solutions and embedded software as a complete one-stop solution to customers, maximize the development and utilization of existing hardware resources of chips to meet customer needs, compress the industrial chain of traditional mobile power, shorten the research and development cycle of customer finished product solutions, simplify the production process of customer products, improve product yield and reliability, thereby helping customers optimize costs and meet diversified needs.
According to the prospectus, from 2018 to June 2021, the company generated sales revenue of about 230 product models, the corresponding number of product sub-models exceeded 3,000, the number of chip sales reached 1.728 billion, the product configuration is flexible and diverse, to meet the rich and diverse application needs of downstream customers.
Specializing in the new small giant, the transformation of scientific and technological achievements is outstanding
Power management chips have a broad market space in the mainland, but due to the late start of the mainland integrated circuit industry, there is a big gap between the technical level and the world's leading companies, so the current share of the global power management chip industry is still mainly concentrated in the hands of overseas companies such as TI, PI, Cypress, and MPS.
However, with the continuous development of China's economy and the guidance and support of national industrial policies, the scientific and technological level in the field of chips in the mainland has advanced by leaps and bounds, and driven by the various policy dividends introduced by the state, a large amount of capital has entered the power management chip industry to seek new profit growth points, and the industry has been able to develop at a high speed.
At present, although the overall technical strength of Yingjixin cannot compete with overseas giants such as TI, based on strong system design capabilities, some of the company's products have reached or even exceeded the products of overseas companies in the same industry in terms of integration, compatibility, and number of support agreements.
For example, the company's IP5306, IP5328p mobile power chip products typical input charging voltage current, output voltage current size to TI, MPS and other global head companies corresponding to the product level, and all integrated MOSFETs (indicating high integration, low cost). The company can support all five types of fast charging protocols, IP6806, IP6808 wireless charging chip product IC input withstand voltage value exceeds TI, South Core Semiconductor company corresponding product level, and support QC/ FCP / AFC fast charging adapter, indicating that the company's products are more reliable.
Compared with MPS, XinPeng micro and other companies, the company's IP6525T car charging chip supports more fast charging protocols, higher specifications of the car charging solution, better power conversion efficiency, and the maximum input voltage is only lower than the corresponding products of Nanxin Semiconductor.
With excellent technical strength, product performance and customer service capabilities, through the distribution-oriented, direct sales-supplemented business model, the company became the world's first chip original factory to pass Qualcomm QC5.0 (the fastest charging technology Quick Charge5.0) certification, and also passed the license of MediaTek, Spreadtrum, Huawei, OPPO, Xiaomi and other mainstream platforms, and the products have been used by well-known brand manufacturers such as Xiaomi and OPPO. In 2021, Yingjixin has successively listed the "Announcement on the Third Batch of Specialized New "Little Giant" Enterprises List" issued by the Ministry of Industry and Information Technology, and the Public List of National Specialized Special New "Little Giant" Enterprises issued by the Ministry of Industry and Information Technology (the second batch of the first year).
In addition, the company has always attached great importance to the integration of scientific and technological achievements and industry, and the ability to transform scientific and technological achievements is very prominent. According to the prospectus, from 2018 to June 2021, the company achieved operating income of 216.6767 million yuan, 348.047 million yuan, 389.269 million yuan and 355.8707 million yuan, with a compound growth rate of 34.04% from 2018 to 2020, and achieved a net profit of 34.2312 million yuan, 63.096 million yuan, 61.9394 million yuan and 87.586 million yuan. From 2018 to 2020, the compound growth rate is 34.52%, and the company shows a trend of rapid growth.
Downstream demand is growing rapidly, and there is a vast space for domestic substitution
In the past year, the lack of core has been a hot topic in all walks of life, data show that the 2020 chip delivery cycle within 15 weeks, since the beginning of 2021, the chip delivery cycle continues to extend, reaching 18 weeks in May, extended to 19.3 weeks in June, reached 20.2 weeks in July, and the supply and demand of power management products of analog IC manufacturers in September further extended the trend, up to 50 weeks, the price also maintained an upward trend, and the supply and demand of power management chips were very tight.
One of the main reasons for this situation is the widening downstream demand gap.
In recent years, with the innovation and improvement of chip technology, the application scope of power management chips has been expanding, not only covering traditional industries such as consumer electronics, automotive electronics, computers, industrial control, etc., but also gaining new opportunities in emerging markets such as the Internet of Things, cloud computing, wireless charging, new energy vehicles, and wearable devices. According to Frost & Sullivan's statistics, the global power management chip market size will grow at an average annual compound annual growth rate of 13.52% from 2016 to 2020.
In terms of the domestic market, according to the statistics of the China Commercial Industry Research Institute, the size of China's power management chip market has increased from 52 billion yuan in 2015 to 78.1 billion yuan in 2020, with an average annual compound growth rate of 8.48%. With the advancement of technology and the development of downstream applications, the application fields of China's power management chip manufacturers have been continuously expanded.
On the other hand, with the intensification of Sino-US trade frictions, the domestic substitution trend of the integrated circuit industry has given many domestic semiconductor companies new development opportunities, and due to the expansion and increase in the application of consumer electronics and the increase in the use time, the power management and fast charging market has grown rapidly.
As an important supplier of domestic power management chips and fast charging protocol chips, Yingjixin's chip products have entered the directory of OPPO, Xiaomi and other well-known brand manufacturers, which are expected to fully benefit, and the future profit space is broad, and the development is worth looking forward to.
Continue to strengthen R&D strength and seize opportunities to expand business scale
As we all know, integrated circuit design is a typical technology-intensive industry, in order to keep up with the pace of market development, uninterrupted innovation to strengthen their own research and development strength is the core element.
Since its establishment in 2014, Yingjixin has independently developed a number of core technologies around the development trends of power management chips, fast charge protocol chip integration, high efficiency and low power consumption, digitalization, and intelligence, and has achieved outstanding results in digital-analog hybrid SoC integration technology, fast charge interface protocol fully integrated technology, low-power multi-power management technology, high-precision ADC and fuel gauge technology, and high-power step-up and drop-up and fall pressure technology. Up to now, the company has obtained 79 domestic patents, including 49 invention patents, 30 utility models, 115 integrated circuit layout design registration certificates, and 11 computer software copyrights.
In order to be able to better grasp the development opportunities of the future market, Yingjixin does not dare to slack off on the road of independent research and development. From 2018 to June 2021, the company invested 33.2275 million yuan, 44.2605 million yuan, 50.65 million yuan and 38.7085 million yuan for research, accounting for 15.34%, 12.72%, 13.01% and 10.88% of the revenue, respectively, which were higher than the industry comparable average except for the first half of 2021, and as of June 30, 2021, the company had a total of 158 R&D personnel, accounting for 61.48% of the company's total number of people.
With excellent technical strength, product performance and customer service capabilities, Yingjixin has established a good brand image in the industry, and the orders in hand are continuous. As of June 30, 2021, the total number of orders for the company's power management chips and fast charging protocol chips in hand was 555.0325 million units, corresponding to an estimated order amount of about 570 million yuan, providing strong support for future performance.
In order to consolidate the existing core competitive advantages and further expand the company's sales scale, the landing in the capital market Yingjixin intends to raise 400.6873 million yuan, mainly for power management chip development and industrialization projects, fast charging chip development and industrialization projects and supplementary working capital.
In the future, Yingjixin will further strengthen its own research and development strength, continue to deepen the field of consumer electronics, and actively expand product applications to home appliances, industrial chips and automotive electronics and other fields, continuously improve the product layout, continue to launch market competitive chips and supporting solutions, seize the broad prospects of the downstream market and rare domestic alternative opportunities, and strive to become an international first-class digital-analog hybrid chip design company.