Today, Hubei Sanyingxing Optoelectronic Technology Co., Ltd. (hereinafter referred to as "Sanyingxing") was reviewed by the Listing Committee of the Shenzhen Stock Exchange, and its sponsor is China Merchants Securities.
Sanyingxing is a research and development, production and sales of photoelectric camera modules and biometric modules, its product applications cover smart phones, biometrics, artificial intelligence, intelligent cars, laptops, medical imaging, Internet of Things, intelligent transportation, multimedia teaching, etc.
In this offering, the company intends to raise 1.323 billion yuan, mainly for investment and construction of the company's photoelectric camera module project, algorithm system research and development project and supplementary working capital.
1
Supplier shareholding
Before the IPO, Sanyingxing carried out several capital increases and equity transfers, and its valuation rose from 214 million yuan in mid-2018 to about 1.5 billion yuan (post-investment valuation) at the end of 2020, with a valuation increase of more than six times.
At present, the controlling shareholder of the company is Liu Chuanlu, and Liu Chuanlu and his wife Chen Xuejun jointly control 57.86% of the voting rights of the company, which is the joint actual controller of the company.
It is worth noting that There is an inextricable relationship between Sanyingxing and its two major suppliers, Gekewei and Hong Kong Core Confidant. Liu Chuanlu, the actual controller of the Company, is an indirect shareholder of Geke Micro; Huang Haijun, an outside director of the Company, serves as the deputy general manager of Shenzhen Xinzhi, and Shenzhen Xinzhi has a certain relationship with Hong Kong Xinzhi.
From the perspective of procurement, in the reporting period from 2018 to the first half of 2021, the company's total procurement amount from the top five suppliers was 353 million yuan, 490 million yuan, 640 million yuan and 339 million yuan, accounting for 55.74%, 54.25%, 63.43% and 60.68% of the total procurement, respectively, and the concentration of the top five suppliers was relatively high.
Among them, the company's procurement of Hong Kong's core confidants increased from 7.39% in 2019 to 19.65% in the first half of 2021, while Gekewei fell from 16.95% in 2018 to 3.75%.
The company's procurement gradually shifted from Geke Micro to Hong Kong Core Confidant, mainly due to Geke Micro's own special sales model, that is, the use of credit period and credit limit management for customers, which can be shipped at any time within the credit limit, and after the module manufacturer's supply limit reaches the credit limit, it begins to supply to the module factory through agents. Among them, Hong Kong Core Confidant is the agent of Gekewei.
2
Rely on vivo orders
The main business of Sanyingxing mainly includes three major sectors, namely precision mobile phone camera module, biometric module and intelligent imaging products. Among them, precision mobile phone camera modules are the company's main source of revenue, accounting for more than 90% in each reporting period.
In recent years, since Apple launched the iPhone7 Plus in 2016 with a rear dual camera, the camera of the smartphone is more and more, in 2019, Huawei P30 began to use the rear quad camera, and the new P40 Pro in 2020 upgraded the rear camera to five, the multi-camera process continues to accelerate, and the low-end models also begin to be equipped with a rear quad camera solution. According to counterpoint data, in 2020, a single mobile phone four-camera and above camera accounted for 29% of the smartphone market, with the multi-camera trend deeper into the low-cost market segment, it is expected that the market share of post-post-multi-camera mobile phones will reach more than 90% in 2023.
From the perspective of shipments, according to the statistics of Rising Sun big data, in April and July 2020, the shipment volume of camera modules of Sanyingxing ranked seventh in the domestic industry, and in July 2021, the company's ranking rose to sixth place, which shows that the company has a certain market position in China.
Benefiting from the increased demand for mobile phone cameras in the market, the revenue scale of Sanyingxing has also continued to grow, from 2018 to the first half of 2021, the company achieved revenue of 773 million yuan, 1.085 billion yuan, 1.232 billion yuan and 677 million yuan, and the corresponding net profits were 20.1669 million yuan, 35.0131 million yuan, 132 million yuan and 73.7849 million yuan, and the gross profit margin of the main business increased from 9.45% to 19.46%.
The sharp increase in net profit in 2020 is closely related to the company's product structure changes. Specifically, in 2020, the company's 2 million pixel product revenue showed a double growth, accounting for more than 70% of the sales revenue of mobile phone camera modules, although the price of such products is lower, but the corresponding cost is lower, so that the company's gross profit has risen sharply.
In terms of gross profit margin, the unit price of the company's largest business, precision mobile phone camera module unit, decreased from 12.25 yuan / piece to 7.80 yuan / piece, while the unit cost decreased from 11.07 yuan / piece to 6.27 yuan / piece, because the decline in cost was higher than the decline in unit price, so that its gross profit margin increased from 9.62% to 19.66%, showing a trend of period-by-period gross profit margin growth and period-by-period decline in unit price.
During the reporting period, the company has entered the vivo, Huawei, Motorola and glory supplier systems, especially vivo has brought a large number of orders to the company, but at the same time, the company is facing the risk of high customer concentration. During the reporting period, the company's total sales to the top five customers were 693 million yuan, 1.018 billion yuan, 1.116 billion yuan and 565 million yuan, accounting for 89.69%, 93.77%, 90.59% and 83.49% of the current revenue, respectively. The company is too dependent on major customers, especially the proportion of sales to vivo is increasing year by year, and once there are some adverse changes in cooperation with major customers in the future, it may lead to a sharp decline in the company's performance.
3
epilogue
At present, multi-lens has become the standard of smart phones, with the continuous evolution of mobile phone cameras to high pixels, it is obvious that the future of more than 10 million pixels of growth space is greater, and Sanyingxing is now focusing on 2 million pixel cameras, although the company currently has a certain market position, but does not rule out that the future will face the problem of adjusting the product structure, while the company's high performance of the sustainability of high growth also needs to be tested.