Dot blue letter attention, do not get lost~
On April 22, Suzhou Nanochip Microelectronics Co., Ltd. (abbreviation: Nanochip Micro, stock code: 688052) successfully IPO on the Science and Technology Innovation Board of the Shanghai Stock Exchange, as the most expensive new stock in the year, Nanochip micro has attracted market attention since its issuance, and the performance of the 22nd surge is also beyond market expectations, as of the close, Nanochip Micro reported 259.58 yuan, up 12.86%, with a market value of 26.234 billion yuan.
As a leading enterprise in the field of analog chips, due to the good chip track, domestic alternative concept, and business docking downstream well-known customers, Nanochip micro has attracted much attention from capital in the early stage of development, especially investment institutions focusing on hard technology, whether it is industrial capital and semiconductor circles have a certain reputation. As one of the early investors, Qiansheng Capital participated in the company's financing in 2019, and gave the docking of industrial resources at many key moments, accompanied it all the way to the successful landing in the capital market, becoming the fifth company with the cumulative investment and promotion of the listing of Qiancheng Capital, and also the company with the highest market value in the heavy portfolio of Qiancheng Capital.
Xiong Wei, founding partner of Qiancheng Capital, said in an interview with the Securities Times reporter that the rapid development of Nanochip is inseparable from the favorable time and place, and the most important of which is "people". The achievement of these important factors of the nano-core micro team's strong learning ability, high quality ability and execution ability in place makes us have high hopes for the future development of nano-core micro into a leading enterprise of analog chips.
The issue price and over-offering amount of Nanochip MicroPort during the year were both high
Since the beginning of the IPO, the hot events around Nanochip have continued, and as a leading domestic analog chip company, it has become the highest new stock this year at an issue price of 230 yuan / share. According to the number of 25.266 million shares issued, the funds raised by Nanocore Micro reached 5.811 billion yuan, compared with the company's proposed fundraising of 750 million yuan, which exceeded 5.061 billion yuan, which also made Nanocore Micro the highest amount of new stocks over-raised this year.
According to the data, since its establishment in 2013, Nanochip has been focusing on the research and development, design and sales of analog chips, nanochip has completed the assic chip from the sensor signal conditioning, expanded the front and back end of the integrated sensor chip, isolation and interface chip, drive and sampling chip, formed a signal perception, system interconnection and power drive product layout. With product coverage capabilities from consumer, industrial to vehicle specifications and accurate grasp of customer application scenarios, Nanochip has achieved the recognition of many leading benchmarking customers in the industry, including ZTE, Huichuan Technology, Honeywell, Zhixin Micro, Sungrow Power, Hikvision, Weier Shares, and has been supplied in batches.
At the same time, the vehicle specification chip has been batch loaded in terminal manufacturers such as BYD, Dongfeng Motor, Wuling Automobile, Great Wall Motor, SAIC Maxus, FAW Group, Ningde Times, Yunnei Power, etc., and has entered the supply system of terminal manufacturers such as SAIC Volkswagen, United Automotive Electronics, and Sensata.
According to the prospectus, from 2018 to 2021, Nanochip achieved operating income of 40.22 million, 92.1 million, 242 million and 862 million, respectively, while the deduction of non-net profit was 2.018 million, 6.708 million, 40.49 million and 216 million, of which the non-net profit in 2021 increased by 434.12% year-on-year; the comprehensive gross profit margin was 56.73%, 58.35%, 54.32% and 54.20%, respectively.
Behind the heavy position: insight into the general trend of domestic substitution of chips
Due to the good chip track, the concept of domestic substitution, and the business docking of downstream well-known customers, Nanochip micro has attracted much attention from capital in the early stage of development, especially investment institutions focusing on hard technology, whether it is industrial capital and semiconductor circles have a certain reputation. As one of the early investors, Qiansheng Capital participated in the company's financing in 2019, and gave the docking of industrial resources at many key moments, accompanying it all the way to the successful landing in the capital market.
Xiong Wei, chairman of Qiancheng Capital, said in an interview with the Securities Times reporter that there was a trend judgment when the Sino-US trade war broke out in 2019, china semiconductors have great opportunities for domestic substitution in the future, the track where Nanochip is located will usher in a wave of outbreaks, and the founding team represented by Wang Shengyang has a strong learning ability.
In the market environment at that time, it still required a certain amount of courage to dare to shoot. Talking about why when other institutions were hesitant at the beginning, Qiancheng Capital was able to decisively place heavy bets, Xiong Wei said that we had contact with Naxin Micro in 2018, but at that time they did not want to raise funds, and after the Huawei incident in 2019, we thought that the opportunity of the inflection point came. Before investing, I talked deeply with Wang Shengyang twice, each time for three or four hours, and after due diligence, I knew his team very well, such as short boards, long boards, and opportunities.
Xiong Wei has the following basic judgments, first of all, semiconductors are divided into analog chips and digital chips. Digital chips face the computer and communication industry, this industry has a characteristic: technology iteration is very fast, you do not know where the technical direction is, do not know which direction is selected by the customer, if the technical route is wrong, it will be abandoned. First, the technical principle has remained unchanged for decades, all of which are technologies in the eighties and nineties, but require performance indicators to be enhanced, and then gradually form an oligopoly in the world.
Second, the competitive landscape brought about by the Sino-US trade war has evolved. If there is no trade war, China's analog chip companies have no chance at all, because the giants continue to acquire and eliminate all competitors, while startups have no chance of overtaking in curves without technological change, and they will definitely rely on changes in the market environment and changes in technical routes to achieve overtaking. In the main track of Ichima Pingchuan, startups and giants cannot compete. China's analog chip companies, on the other hand, are actually facing drastic changes in the market, and the Chinese market is suddenly handed over to Chinese innovation companies, and those giants are tied up and beaten.
Xiong Wei predicts that China will have to replicate Huawei's route in almost all other industries in the future. Just some industries early, such as the communications industry Huawei is the first China to go to the world, many industries will appear like Huawei companies, but the order is different, we have never thought that semiconductors will take the lead in ushering in this opportunity, before thinking that refrigerators, microwave ovens, home appliances industry, home, automation, electromechanical and other industries, but unexpectedly the chip industry because of geographical reasons suddenly brought such a big opportunity, which is also the so-called organic representative of the crisis.
"On the analog chip, the technical route, the technical principle, there is no risk of technical selection. The isolation of domestic and foreign markets can be compared to the chinese small ants and elephants are two worlds, and no one can step on anyone. If you're in the same market, you can't compete with elephants. Even if you grow into a little monkey, you may be trampled to death every minute, but you are in two different worlds, as long as you compete with our gang, the advantage is obvious. He added.
Chip semiconductors are the track where RMB dollar funds have frantically invested heavily in recent years, and grabbing projects with high valuations is a common thing in the industry. From the first contact to the final two rounds of investment in Naxin Micro, Qiancheng Capital is also practicing its own early multi-round heavy position investment strategy, and if you want to achieve such an investment, you also need a strong industry resource mobilization matching ability, which can be glimpsed from a small story in the investment process shared by Xiong Wei.
In his eyes, Wang Shengyang is an excellent industry professional who graduated from Peking University, and he is also very skilled in choosing investment institutions, and will choose the most suitable institutions. After investing in Nanocore Micro, after in-depth communication, it was understood that Nano Core Micro and the needs of a leader in the field of industrial control were very matched, and Qiancheng Capital gave full play to its advantages in industrial resources, actively established communication and exchanges for both sides, effectively helped Nano Core Micro's business expansion, and consolidated the post-investment empowerment work. To sum up, Qiancheng Capital has been accumulating industrial resources and cooperating with the CVC of leading enterprises, so that the leading enterprises have not covered it, and Qiancheng uses its professional ability and front-end advantages to pull it in and form a consortium of interests to achieve a win-win situation for all parties.
Source: Venture Capital Exchange (ID: chuangyzbh)
Editor: Wan Jianyi
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