Xin Jie can be strong close IPO: Semiconductor alone horny animal sells can concern, charge of research and development has 21 million one year only

On December 21, 2018, the Xin Jie that do not have stannum can Inc. (next weighing “ Xin Jie can ”) referred manual of raise capital by floating shares, fund of market drafting collect 1.02 billion yuan.

Xin Jie can hold water 2013, advocate the design of research and development that business Wu is the semiconductor power parts of an apparatus such as MOSFET, IGBT and sale, apply at consuming equipment of electron, car electron, industry electron and car of new energy resources, intelligence to make to wait for a domain.

The company hanged out his shingle in September 2016 new 3 board (Xin Jie can, 838147.OC) , by the “ that media calls trade of homebred schism parts of an apparatus outstanding unripe ” , “ alone horny animal ” , the division that breeds an object to appear in a piece to circulate as the key is achieved board in list.

Up to on June 30, 2018, xin Jie can total assets 540 million, net assets 430 million, 2015 – battalion closed to be respectively first half of the year 2018 310 million, 420 million, 500 million with 360 million, profit of net putting in a mother ‘s charge is respectively 15.07 million, 36.19 million, 52.28 million with 81.93 million.

According to discovery of journalist of interface of book of raise capital by floating shares, this semiconductor company has catenary of course of study of much family property medium appear on the market company and star are achieved cast participate in, downstream relation arises to purchase and be sold on. Long-term in light of, its stock is added fast fast at trade demand add fast, mean next gross profit is led will bear pressure, the most important is, design a company as a chip, under the industry the charge of research and development of average level takes the group of research and development that compare and has 30 people only, can’t help letting investor oppugn its future competition ability.

Appear on the market company and star are achieved cast participate in and support

Xin Jie can hold water 2013, invest 5.1 million yuan to be initiated with 4.7 million yuan respectively by bright red Yuan Zheng, trendy group establish, latter ever was long report science and technology control a partner, subsequently trendy group was mixed 2015 held place share to make over Shanghai shellfish mountain early or late 2017 (600171.SH) is achieved with 3 join a company, successful implementation is exited.

Current, the company accuses to control person Zhu Yuan a partner, actually to receive 31.11% equity of hold company foursquare, it is through scale of equity of consistent action controllable 35.62% . In addition, one numerous star still theres is no lack of to achieve in shareholder list join a company: Da Chen is achieved cast hold 8.7% , for the 2nd large stockholder, shanghai shellfish mountain is held 7.91% , for the 3rd large stockholder, hold couplet of country of 5.53% the 4th large stockholder is achieved cast, it is the municipal government that do not have stannum rear.

Besides equity, in level of specific professional work, the product that the company sells according to it is OK to whether enclose cent mixes for chip enclose finished product: After chip basically devises plan by the company, hand in produce by acting industry business, enclose finished product to basically be entrusted by the company exterior enclose test company to undertake enclosing check and be becominged to chip.

According to book of raise capital by floating shares, chip production shares 3 link: Design – acting labour – enclose, xin Jie can be in charge of design only, other two bags outside be, what produce because of semiconductor is perpendicular change a feature, xin Jie can produce complex correlation to trade. In 2015-2017 year, the correlation that can produce correlation to trade with Xin Jie just has long report science and technology (mountain of shellfish of 600584.SH) , Shanghai, Can rises share of industrial, glow (831034.OC, da Chen is achieved throw a) , among them trendy group is long report science and technology is former control a partner.

From the sale for, before 2018, the half in before 5 big clients is correlation square, in 2015-2018 year, long report science and technology all is Xin Jie can the biggest client. In the 4 big clients that add newly first half of the year 2018, all be small small company, among them 3 companies arrive to be able to concern couplet to concern with Xin Jie through making public information to be able to be checked, and with Xin Jie can partner Da Chen is achieved cast have a lot of connection.

From purchase for, according to book of raise capital by floating shares, chip generation is versed in and seal measure a service to purchase content basically for the company, the proportion that holds product cost is larger. Xiang Huahong of chip acting industry grand force (semiconductor of associated Fang Huahong, on 1347.HK) , Hua Run China, in core is compositive (international of associated Fang Zhongxin, 0981.HK) purchase, enclose a test to long report science and technology, how to rely on a technology (Amkor) , tell Fu Wei report (002156.SZ) purchase.

Acting labour is purchased is the company is occupied than the biggest production cost. In 2015-2018 year, hua Hong grand force is the biggest supplier all the time, purchase the forehead to occupy than be as high as 60-80% , purchase all is in 100 million interval of 2-3, change the part to produce cost among them (sales volume * is monovalent) occupy company total operating costs 40% the left and right sides.

This means prospective generation to be versed in the price is mixed a wave motion that measures service value will be right the management outstanding achievement of the company produces certain effect.

The sale of can care and gross profit are led

According to book of raise capital by floating shares, at present business Wu income takes proprietor of an enterprise of above of dimensions of industry of schism parts of an apparatus proprietor of an enterprise of above of semiconductor industry dimensions does business the 22%-25% of Wu income,

At present the proprietor of an enterprise of domain of parts of an apparatus of schism of domestic sortie semiconductor should include Wei Er share (share of 603501.SH) , stage radical (electron of 300046.SZ) , Hua Wei (600360.SH) , rich full electron (science and technology of 300671.SZ) He Yangjie (300373.SZ) .

From the point of current outstanding achievement show, came 2015 2018 1-6 month, interest rate of company integrated wool is respectively 16.54% , 18.90% , 24.69% with 33.67% , the improvement of wool interest rate is far good at the industry average level.

But long-term in light of, closely related the boom rate that the whole of industry of Xin Jie’s can located semiconductor schism parts of an apparatus and macroscopical economy grows. Xin Jie can domain of main and downstream application is consumption electron, car electron, get whole is macroscopical the influence of economic fluctuation, these industry sales are added fast put delay, affect the sale of upriver power semiconductor device necessarily.

Association of Chinese semiconductor industry also predicts, the sale of Chinese power semiconductor device adds fast future to will drop stage by stage, fall after a rise arrives 8% less than.

Gradually saturated market brings the goods in stock that is a company pressure to affect company outstanding achievement then.

Came 2015 2018 1-6 month, net specified number of company goods in stock is 41.08 million yuan respectively, 47.23 million yuan, 53.21 million yuan mix 69.39 million yuan, add fast it is respectively 15% , 13% , 30% , goods in stock is added fast faster, afore-mentioned trade demand add prep above fast; and inventory turnover is respectively 7.62, 7.48, 7.12, with 3.76, year after year drops; and rate of product production and marketing falls since 2017, crop and sales volume place all are in gradually atrophic.

In future downstream consumption puts the case of delay, the company’s at present higher goods in stock will is faced with devalue, reduce below competitive pressure as the price, the gross profit of the company is led will bear pressure.

Will look from the industry also is such: Yang Jie science and technology, person all appeared share of Er of electron of Lan Wei, Hua Wei, Wei goods in stock is climbed litre, the circumstance of be issued to lower levels of turnover of goods in stock, these company general must endure an industry to add fast gliding test. In addition, considering Xin Jie respect of can ongoing hair does not have absolutely advantage, the management difficulty that face is more arduous.

Is true and false new and high enterprise?

The company writes in book of raise capital by floating shares: Expand quickly as the demand of parts of an apparatus of schism of domestic half-and-half conductor, market competition is intense with each passing day. If the company cannot undertake the technology upgrades continuously, improve product performance, drop a product cost and optimize sale network, the dominant position is lost probably in market competition of future.

Industry of semiconductor schism parts of an apparatus attributes technology intensive trade, technology and product change rate is rapidder, ju Xinjie can design of main attack chip, need investment of more research and development and technology of industry of follow closely of technical power ability upgrade replacement, avoid the risk that the product is replaced.

But from the point of book of raise capital by floating shares, the charge that enterprise of this “ new and high ” spends ongoing hair defray to go up is not much.

2015 – 2018 first half of the year, xin Jie can charge of research and development is 12.47 million yuan, 21.04 million yuan, mix 12 million yuan 21.61 million yuan, occupy battalion to close occupy control than having 4% only.

On one hand, afore-mentioned scale travel together under home. Be engaged in power semiconductor designing taxi Lan Wei likewise (600460.SH) , charge of research and development occupied the proportion that company battalion receives to exceed 10% , the 3 report that bring light (although,600703.SH) exceeded 10%; the Yang Jie science and technology with domain of completely same fractionize and Hua Wei electron, photograph comparing, xin Jie can charge of research and development is occupied than inferior also.

On the other hand, from the point of framework of company oneself organization, branch of research and development is not taken seriously: In 91 employee, personnel of research and development is 28 people, little at administrator number; in addition, in 2015-2018 year, charge of research and development for a time the proportion under overhead expenses.

Design a company as a semiconductor, itself small capital fund, heavy research and development, charge of research and development occupies compared discretion to decide long-term competition dominant position, design business connected famous semiconductor high to bring up unique competitive advantage by right of the proportion of charge of research and development of more than 25% . Prospective new clean can how refluent and go up?