Reporter |
Last week, the Shanghai and Shenzhen stock exchanges each met with an IPO company, adding new names to the Science and Technology Innovation Board and the main board of the Shenzhen Stock Exchange, both of which entered the registration process.
This week, the Shanghai and Shenzhen companies will each push one. Among them, Brite Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as Brite Co., Ltd.), which is targeting the Science and Technology Innovation Board of the Shanghai Stock Exchange, belongs to the semiconductor field, accounting for 4.9% of the global integrated circuit design service market share in 2021, ranking fifth in the world.
Shanghai Stock Exchange: The proportion of Brite shares revenue of 28nm and below is gradually increasing
Following the successful meeting of Longtu Mask, a company on the Shanghai Science and Technology Innovation Board last week, the Listing Committee of the Shanghai Stock Exchange arranged another semiconductor company to attend the meeting this week, and the destination is also the Science and Technology Innovation Board.
According to the prospectus, Brite is an integrated circuit design service company focusing on providing one-stop chip customization services. During the reporting period, the company successfully tape-out more than 530 times, including more than 220 times in logic process nodes of 65nm and below, and more than 140 times in characteristic process nodes such as BCD, EFLASH, HV, SOI, LCOS, EEPROM. As a typical integrated circuit design service enterprise, Brite mainly achieves revenue and profit by providing chip design services to customers and providing chip mass production services according to their product needs. At the same time, Brite is also a national-level specialized and new "little giant" enterprise.
In 2022 and the first half of 2023, Brite's operating income will be 1.303 billion yuan and 667 million yuan, respectively, and its net profit will be 94.8662 million yuan and 109 million yuan, respectively.
Generally speaking, the smaller the process, the more transistors can be integrated on the same area wafer, and the higher the degree of integration, the chips using advanced processes tend to have a larger design scale, higher design density, and more complex functions, so the design difficulty is higher.
Jiemian News noted that according to the composition of process nodes, Brite's main process is 28nmX≤65nm, and the proportion of revenue has remained more than 5% for many years, while the revenue proportion of 65nmX≤180nm and X>180nm is declining year by year, while the gradually increasing revenue comes from the X≤28nm process. In 2020, the amount was 12.313 million yuan, accounting for 2.44%, and in the first half of 2023, the amount was 158 million yuan, accounting for 23.75%.
According to publicly available information, GUC (3443. TW), Worldchip (3661. TW) and VeriSilicon (688521.SH) are mainly concentrated in advanced processes of 16nm/14nm and below, and Brite is still catching up with the above-mentioned industry leaders in terms of process technology. According to Faraday Technology (3035. TW) publicly disclosed that its revenue from 28nm/40nm/55nm/90nm processes is relatively high, and Faraday Technology has provided design services to customers based on Samsung Electronics' 14nm advanced process, and Brite has a relatively close proportion of advanced process revenue to Faraday. According to the public disclosure information of Ruichengxin, the proportion of 65nm and below process node revenue in its wafer manufacturing engineering services is lower than that of the corresponding node revenue of Brite Chip.
According to a report by the Shanghai Integrated Circuit Industry Association, Brite accounted for 4.9% of the global integrated circuit design service market share in 2021, ranking fifth in the world. The sponsor of Brite shares is Haitong Securities, which plans to raise 600 million yuan this time, and the meeting will be held on December 18.
Shenzhen Stock Exchange: Fuling shares supply McDonald's, KFC, Tea Baidao, Mixue Bingcheng, Bawang Tea Ji, etc
In terms of the Shenzhen Stock Exchange, the Listing Committee also arranged a meeting of Fuling Technology Co., Ltd. (hereinafter referred to as Fuling Shares) this week, whose sponsor is Dongxing Securities, with an estimated financing amount of 661 million yuan, and the meeting time is December 22, and the destination is the main board of the Shenzhen Stock Exchange.
According to the manual, Fuling Co., Ltd. is a high-tech enterprise mainly engaged in the research and development, production and sales of plastic tableware and biodegradable material tableware, the company's main products are plastic and biodegradable material tableware, including knives, forks and spoons, straws, cups, small cups, plates, cup lids, packaging boxes, packaging bowls, etc. Fuling's products are mainly sold to the North American market, and have passed the product quality certification of the main markets, and the product sales cover the United States, China, Canada, Central and South America and other countries and regions. The company's main direct or end customers include McDonald's, Wendy's, KFC (KFC), Tea Baidao, Mixue Bingcheng and Bawang Tea Ji and many other well-known enterprises at home and abroad.
It is worth noting that Fuling Co., Ltd. has established a global production layout, and currently has four production bases in China (Wenling, Taizhou), the United States, Indonesia and Mexico. The operating income in 2022 and the first half of 2023 will be 2.154 billion yuan and 809 million yuan respectively, and the net profit will be 255 million yuan and 98.3572 million yuan respectively.
The 661 million yuan to be raised will be invested in 3 projects, the most important of which is the "annual output of 20,000 tons of recyclable plastic products, 20,000 tons of biodegradable plastic products technical transformation project", with an investment of 421 million yuan.
However, judging from the disclosure of capacity utilization data, Fuling shares will not be in full production in the first half of 2023, of which the capacity utilization rate of knives, forks and spoons will be 60.46%, cups, plates and bowls will be 80.2%, straws will be 58.95%, and paper products (paper cups and paper straws) will be 66.1%. How to digest the new production capacity will also be a problem faced by Fuling shares. In this regard, the company also made a risk warning, saying that if the profitability of the fund-raising project cannot be increased as soon as possible after the completion of the raised capital investment project or the profitability of the fund-raising project cannot be improved by increasing the operating income through capacity digestion, the company has the risk of increasing the depreciation of fixed assets and leading to a decline in the overall gross profit margin and net profit of the related business.
Beijing Stock Exchange: Tietuo Machinery intends to finance 206 million
On the Beijing Stock Exchange, also on December 22, the Listing Committee arranged a company's deliberation: Tietuo Machinery (873706. NQ）。
It is reported that the sponsor of Tietuo Machinery is Zhongtai Securities, the company is a professional manufacturer of asphalt mixture mixing equipment and its supporting equipment integrating R&D, production, sales and service, and a state-level specialized and new "little giant" enterprise. The main function of this asphalt mixture mixing plant is to produce asphalt mixture for asphalt pavement construction and maintenance in transportation infrastructure such as highways, roads, airports, ports and other levels, and is a type of essential product in road construction and maintenance machinery. During the reporting period, Tietuo Machinery's products were successfully exported to more than 20 countries or regions such as Russia and Thailand.
According to the statistics and statistical caliber of the Road Construction and Maintenance Machinery Branch of China Construction Machinery Industry Association, in 2022, a total of 79 sets of forced batch asphalt mixture mixing equipment and asphalt mixture plant mixing and hot recycling equipment of Tietuo Machinery will be shipped, accounting for 13.98% of the 16 industry backbone enterprises, 36.08% of the equipment exports, and 15.97% of the shipments of equipment equipped with plant mixing and hot recycling functions. Among the main competitors of Tietuo Machinery, the listed company has Sany Heavy Industry (600031. SH), Senyuan Co., Ltd. (300210. SZ), Nanfang Road Machinery (603280. SH), D&G Technology Holdings (01301. HK), as well as CCCC Xi'an Road Construction Machinery Co., Ltd., Nigong (Shanghai) Construction Machinery Co., Ltd., Ammann Engineering Equipment (Shanghai) Co., Ltd., Langfang Marini-Faya Machinery Co., Ltd.
In 2022 and the first half of 2023, the operating income of Tietuo Machinery will be 359 million yuan and 234 million yuan respectively, and the net profit will be 41.8499 million yuan and 38.347 million yuan. The financing plan of Tietuo Machinery is 206 million yuan, which will be invested in the "Asphalt Equipment Intelligent Production and Construction Project" and "R&D Center Construction Project".