Preface
Shanghai Xindao Electronic Technology Co., Ltd. is a chip company focusing on the development and sales of high-quality and high-performance power ICs and power devices, headquartered in Shanghai Zhangjiang Hi-Tech Park. With advanced experience in the design, process, testing technology and quality management of integrated circuits and power devices, Xindao Technology has always attached great importance to R&D investment, established an advanced quality assurance system, and adhered to the quality management policy of advanced technology, reliable quality and continuous improvement to ensure that the products achieve perfect quality.
Revenue and net profit for the past year
From 2019 to 2023, Xindao Technology will achieve revenue of 280 million yuan, 368 million yuan, 476 million yuan, 336 million yuan and 320 million yuan respectively. The year-on-year growth rates were -4.81%, 31.73%, 29.13%, -29.33% and -4.68%.
From 2019 to 2023, Xindao Technology will achieve net profits of 48.0933 million yuan, 74.1638 million yuan, 115 million yuan, 119 million yuan and 96.4877 million yuan respectively. The year-on-year growth rates were -3.18%, 54.21%, 54.42%, 4.30% and -19.23%.
The company's main business is the R&D and sales of power semiconductors, the company's products mainly include power devices and power ICs, power device products are mainly TVS (including ESD protection devices), MOSFETs, Schottky, etc., and power IC products are mainly power management ICs. The company's products have the characteristics of high performance, low loss, low leakage, and miniaturization, and can be used in consumer electronics, network communications, security, industry, automobiles, energy storage and other fields.
In 2023, the revenue structure of each product of Xindao Technology is shown in the figure above, with power devices achieving revenue of 289 million yuan, accounting for 90.12% of the total revenue in 2023, and power IC revenue of 31.6567 million yuan, accounting for 9.88% of revenue.
During the reporting period, the overall operation of the business in different regions of Xindao Technology is shown in the figure above. In 2023, the revenue of Chinese mainland will be 286 million yuan, accounting for 89.24% of the revenue; the income outside Chinese mainland will be 34.4635 million yuan, accounting for 10.76%.
Top 5 customers and suppliers
The sales volume of the top five customers and the proportion of the top five suppliers in 2023 are shown in the figure below:
In 2023, the sales of the top five customers of Xindao Technology will total 140 million yuan, accounting for 43.54% of the total annual sales. Among them, the sales of the largest customer 1 were 49.6753 million yuan, accounting for 15.50% of the total annual sales.
In 2023, the procurement volume of the top five suppliers of Xindao Technology will total 121 million yuan, accounting for 57.27% of the total annual procurement. Among them, the procurement amount of the largest supplier 1 was 44.0193 million yuan, accounting for 20.77% of the total annual procurement.
R&D investment over the years
According to the data reported by Xindao Technology, from 2019 to 2023, the R&D investment of Xindao Technology will be 18.3942 million yuan, 23.573 million yuan, 29.4274 million yuan, 34.7875 million yuan and 43.1737 million yuan respectively. The year-on-year growth from 2019 to 2023 will be -25.29%, 28.15%, 24.84%, 18.21% and 24.11% respectively.
As of the end of 2023, the company has a total of 58 R&D personnel, accounting for 48.74% of the company's employees. In 2023, the company's R&D expenses will be 43.1737 million yuan, accounting for 13.47% of the company's operating income.
The total market value of Xindao Technology
Shanghai Xindao Electronic Technology Co., Ltd. was listed on the Science and Technology Innovation Board on December 1, 2021. The number of shares issued was 15 million, the issue price was 134.81 yuan, and the total amount of funds raised was 2.022 billion yuan. The opening price of Xindao Technology was 199 yuan, an increase of 47.6% from the issue price, the closing price was 188.62 yuan, an increase of 40% from the issue price, and the market value of Xindao Technology was 11.3 billion yuan based on the closing price.
Judging from the market value since its listing, the market value of Xindao Technology reached a maximum of 11.317 billion yuan on December 1, 2021, and a minimum of 2.781 billion yuan on February 5, 2024. As of April 26, 2024, the total market value of Xindao Technology is 3.828 billion yuan.
Profitability analysis
From 2019 to 2023, the gross profit margin of Xindao Technology is shown in the figure below. During this period, the company's gross profit margin was the highest in 2021 at 35.57% and the lowest in 2019 at 29.17%.
Operational capability analysis
In the past five years, the inventory turnover rate of Xindao Technology is shown in the figure below. In 2023, the inventory turnover ratio is 4.95 times.
Solvency analysis
From 2019 to 2023, the asset-liability ratio of Xindao Technology is shown in the figure below. In 2023, the debt-to-asset ratio is 2.59%.
Core competitiveness
1. Technology and R&D advantages
As a power semiconductor design enterprise, the company has a complete technological innovation system, strong R&D capabilities and certain technical advantages. After years of technology accumulation, with the company's strong R&D investment and excellent R&D team, it has independently developed a technology to reduce the reverse leakage current of the chip, deep groove isolation and feed-through NPN structure technology, MOSFET trench optimization technology, trench MOS Schottky barrier diode improvement technology, loop control technology that can continuously adjust the duty cycle, a composite DC-DC circuit, a load identification circuit and other core technologies, and a GaN HEMT device preparation technology. These core technologies make the company's chip products and application solutions more advanced in terms of performance, size, power consumption, compatibility, etc.
Second, the advantages of new product development
In terms of new product development of power semiconductors, the company attaches great importance to customer needs and customer feedback, and has certain advantages in the development and design of new products. Benefiting from domestic substitution, the company relies on good technical reserves and certain R&D advantages, combined with downstream customer needs and industry development trends, and continuously updates and iterates existing products, laying a good foundation for subsequent sales growth.
Third, the product supply advantage
In recent years, based on the existing R&D advantages in the field of power semiconductors and the advantages of downstream customer resources, the company has continuously enriched and optimized product categories, further optimized supplier management, and improved the product supply system, and the company's product supply capacity has been highly improved. Most of the main wafer and packaging and testing manufacturers that the company cooperates with are well-known manufacturers in the industry, and the product supply is effectively guaranteed.
Fourth, the advantages of end customers
The company has always paid attention to customer needs, attaches great importance to product quality management and customer relationship maintenance, through rapid customer service and efficient customer feedback response mechanism, not only to ensure that customer needs can be quickly met but also to keep up with market changes, to ensure that the company's products continue to update, maintain the advanced level. With its own strong product technology, rich product variety, excellent product quality and high-quality service, the company's products have been successfully used in the downstream industry Xiaomi, TCL, Transsion and other brand customers, as well as Huaqin, Wingtech, Longqi and other ODM households.
Fifth, brand advantage
The company's various products are widely used in Xiaomi, TCL, Transsion and other brand customers, as well as Huaqin, Wingtech, Longqi and other ODM customers. Over the years, the company has accumulated a good reputation in the industry, formed a certain brand advantage, the company's products have high customer awareness and loyalty, and the company's brand has been recognized by customers and dealers. With the growth of the company's business, the company will further enhance the company's brand advantages and form a virtuous circle with performance growth.
I love the audio network summary
Xindao Technology said that in the future, the company will continue to focus on customer needs, adhere to technological innovation, continue to build a research and development technology platform, and promote the technical iteration and product upgrading of power devices and power ICs to meet the new needs of customers and win the market. At the same time, the company will adhere to independent research and development, continue to introduce R & D personnel, increase R & D investment, strengthen industry exchanges, keep up with the industry's cutting-edge technology, and ensure that the company's technology and products always maintain the advanced level of the industry. In 2024, the company will uphold its original intention, strive to sail, based on power devices, with power IC as an important growth pole, and always follow the principle of "solid and generous technical foundation, multi-point flowering of R&D platforms, and extensive and in-depth industrial cooperation." Grasp the general trend, seek truth and truth, and strive to eventually grow into a leading enterprise in the power semiconductor ecosystem.
Tips: The above information is for reference only and is not intended as a suggestion to enter the market.
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