【Text/Observer Network Zou Xuchen Editor/Zhang Guangkai】
Ankaiwei, which is mainly engaged in camera chips, will be listed on the science and technology innovation board IPO on January 13.
Compared with the original industry east wind, head held high to apply for the science and technology innovation board, but now Ankaiwei expects its performance to plummet, of which the net profit attributable to the parent after deduction is close to "waist cut", down 48.40% to 56.70% year-on-year. In this context, can Ankaiwei complete the proposed fundraising with a price-to-earnings ratio much higher than the average of the same industry?
In addition, the company still has no actual controller in the Ankai micro declaration draft, and the inquiry reply letter shows that Hu Shengfa has no intention of seeking control of the company. But in the draft of the last meeting, Hu Shengfa has become the actual controller of An Kaiwei, which seems to be a bit of a "slap in the face".
Performance hit "Waterloo"
Ankaiwei's self-introduction in the last conference draft is, "The company is mainly engaged in the research and development, design, final testing and sales of intelligent hardware system-on-chip of the Internet of Things, the main products include Internet of Things camera chips and Internet of Things application processor chips, which are widely used in smart home, smart security, smart office and industrial Internet of Things and other fields."
It should be pointed out that although the "Internet of Things intelligent hardware system-on-chip" looks quite tall, there are many competitors in the industry of Ankai, including international leading semiconductor design manufacturers such as HiSilicon, Ambarella, NXP, etc., as well as well-known domestic chip design manufacturers such as Fuhan Micro, Beijing Junzheng, Guoke Micro, and Quanzhi Technology, while more and more companies have gradually entered the industry, and market competition has gradually intensified.
On the one hand, compared with international leading chip design companies, Ankaiwei has a certain gap in R&D strength and product technology level. Taking the field of IoT camera chips as an example, the AK39Av100 series successfully tape-out by Ankai Micro in 2021 is equipped with 0.5 TOPS computing power and adopts a 22nm process. The international leading semiconductor manufacturers Ambarella (AMBA.O) and NXP (NXPI.O) respectively launched CV5 chips and i.MX 8M Plus chips using 5nm and 14nm processes.
On the other hand, since 2021, Fuhan Micro and Beijing Junzheng, A-share listed companies of Ankai Micro's competitors, have raised funds to invest in the R&D and industrialization projects of 4K and 8K resolution camera chips, and it is expected that the market competition of Ankai Micro's fundraising and investment projects will become increasingly fierce.
To insert a "small story" here, due to the requirements of Ankai Micro's competitors, Shenzhen Qinuo Technology Co., Ltd., the main distributor of Ankai Micro, and its affiliates can no longer act as agents for Ankai Micro products in 2018. It can be seen that Ankaiwei's competitors can even influence its dealers.
In terms of performance, from 2019 to 2021 and the first half of 2022 (hereinafter referred to as the "Reporting Period"), the operating income of Ankaiwei was 268 million yuan, 270 million yuan, 515 million yuan and 228 million yuan, respectively, of which in 2021, Ankaiwei benefited from the high prosperity of the industry, and its operating income increased by 90.67% year-on-year.
However, some comparable companies in the same industry will have faster growth in operating income in 2021. In the last draft, Ankai Micro listed 4 comparable listed companies in the same industry, namely Fuhan Micro, Beijing Junzheng, Guoke Micro and Allwinner Technology. The average growth rate of operating income of these four companies in 2021 was 126.82%. Even after excluding Beijing Junzheng, which has changed the scope of the consolidated statement, the average growth rate is 114.44%. Among them, the growth rate of Fuhan Micro and Guoke Micro was 181.36% and 217.66%.
Summary of operating income comparison, data source: inquiry reply letter
In addition, the net profit attributable to the parent of Ankai Micro in the reporting period was affected by non-recurring profit and loss.
Wang Weiqing, an industry tutor with a tax degree at the School of Economics of Fudan University, told reporters that net profit after deducting non-recurring profits and losses refers to the after-tax profits obtained by enterprises through their main business, excluding non-main business income such as investment income.
A well-known certified public accountant told reporters that non-recurring profit and loss refers to various income and expenses that are not directly related to the company's business operation, or although related to the business operation, but affect the normal profitability of the company due to its nature, amount or frequency.
The net profit attributable to the parent during the reporting period was 23.2436 million yuan, 13.6183 million yuan, 59.2438 million yuan and 10.8791 million yuan respectively. After deducting non-recurring profits and losses, the net profit attributable to the parent of Ankai Micro was 16.1585 million yuan, 4.8695 million yuan, 46.9911 million yuan and 5.4286 million yuan respectively. Among them, the net profit attributable to the parent of Ankai Micro in the first half of 2022 "shrunk" by nearly half after deduction.
Moreover, Ankaiwei's performance in 2022 has encountered "Waterloo". In the draft of the last meeting, Ankaiwei predicted that the company's net profit attributable to the parent in 2022 will be about 38.1773 million yuan to 42.0785 million yuan, a year-on-year decrease of 28.97% to 35.56%; Its net profit attributable to the parent after deduction was about 20.3466 million yuan to 24.2478 million yuan, down 48.40% to 56.70% from the same period last year, close to the "waist cut". In addition, the net profit attributable to the parent of Ankai Micro in 2022 has a large difference before and after deduction, which is more affected by non-recurring profit and loss.
Regarding some of the operating conditions in 2022, Ankaiwei said in the draft of the last meeting that the reasons for the decline in performance in the first three quarters of 2022 include, due to the intensification of competition brought about by the decline in the chip industry and the impact of the company's sales product structure, the company's comprehensive gross profit margin in the current period has declined; The company made a full impairment provision for a certain mask in the current period.
Deduction non-before and after comparison, data source: collation and drawing
There is no intention to say yes
In this IPO of the Science and Technology Innovation Board, the amount of funds raised by Ankai Micro is 1.006 billion yuan, and no more than 98 million shares will be issued, accounting for 25% of the total shares after issuance. Based on this calculation, the valuation of Ankai Micro to achieve this target is 4.024 billion yuan. Even according to the best results expected by Ankaiwei, its price-to-earnings ratio before and after deduction reached 95.64 times and 165.97 times.
As of January 11, 2023, Oriental Wealth shows that the average dynamic P/E ratio of the four comparable listed companies in the same industry listed earlier is 56.64 times, and only Guokewei surpasses Ankaiwei. In addition, in terms of non-earnings ratio, the average of these four companies is 60.86 times, and the highest is only 97.29 times, far lower than Ankaiwei's 165.97 times.
In this context, can Ankaiwei complete the proposed fundraising with a price-to-earnings ratio much higher than the average of the same industry?
P/E ratio summary, data source: Oriental Wealth
In addition, there are also highlights in the equity of Ankai Micro.
Ankai Micro filed for IPO on the Science and Technology Innovation Board in June 2022. This draft declaration shows that Ankaiwei does not have a controlling shareholder or actual controller. The company's top three shareholders, Ankai Technology, Hu Shengfa and its concerted actors and Primrose Capital, hold 20.88%, 19.06% and 8.51% of the voting rights of the company's shares, respectively. There is no single or consolidated shareholding shareholder in a company that can control the company.
In addition, Ankaiwei said in the first round of inquiry reply letter of the Shenzhen Stock Exchange that Walden Fund, Li Xuegang and Hu Shengfa did not intend to seek control of the company. AFTER INTERVIEWING LI XUEGANG, THE AUTHORIZED REPRESENTATIVE OF HADEN FUND, WHICH WAS ONCE THE LARGEST SHAREHOLDER OF ANKAI TECHNOLOGY DURING THE REPORTING PERIOD AND THE CURRENT LARGEST SHAREHOLDER, AS WELL AS CONFIRMATION FROM ANKAI TECHNOLOGY, HU SHENGFA, XIANG WAN AND XIAOMING LI, SINCE THEIR STAKE IN ANKAI TECHNOLOGY, WALDEN FUND, LI XUEGANG AND HU SHENGFA HAVE NO INTENTION OF SEEKING CONTROL OF ANKAI TECHNOLOGY, NOR DO THEY HAVE THE INTENTION TO SEEK THE STATUS OF ACTUAL CONTROLLERS OF ANKAI MICRO.
There is no summary of the intention to seek control of the company, data source: Shenzhen Stock Exchange First Round Inquiry Reply Letter
According to the draft of the meeting released in January 2023, since May 2020, through his own shareholding and consistent action relationship with Ankai Technology, Wuyi Carida, Kaian Technology and Kaichi Investment, Hu Shengfa controls a total of 46.50%-39.94% of the voting rights of the company's shares, of which 46.50% from May 2020 to July 2020; 41.94% from July 2020 to December 2020; 39.94% since December 2020.
THE REASONS INCLUDE THAT IN NOVEMBER 2022, HU SHENGFA SIGNED A CONCERTED ACTION AGREEMENT WITH LI XUEGANG AND XIAOMING LI. BY ACTING IN UNISON WITH LI XUEGANG AND XIAOMING LI, HU SHENGFA CAN ACHIEVE CONTROL OF ANKAI TECHNOLOGY SINCE NOVEMBER 2022. In addition, according to the second paragraph of Article 83 of the Administrative Measures for the Acquisition of Listed Companies, from May 2020 to November 2022, Hu Shengfa can exert significant influence on the decision-making of the shareholders' meeting and the board of directors of Ankai Technology, and Hu Shengfa and Ankai Technology are presumed to be concerted actors, and Ankai Technology and Hu Shengfa constitute a de facto concerted action relationship.
Summary of the actual controller, data source: Shanghui draft
It is worth mentioning that Zhejiang Kaiyu, a subsidiary of Ankai Micro, had irregular financial internal control such as "on-lending" and capital lending through third parties during the reporting period. Zhejiang Kaiyu has a re-loan of 10 million yuan in 2019; In 2020, Zhejiang Kaiyu had a re-loan of 10.5 million yuan.