This year's largest chip IPO is here, with a market value of 150 billion yuan

Just now, another super chip IPO was born.

Investment industry-Daily IPO News, today (August 12), Haiguang Information officially landed on the science and technology board. In this IPO, the issue price of Haiguang Information was 36 yuan/share, which rose by 94.44%, and the latest market value was 150 billion yuan, creating the largest semiconductor IPO this year.

This is a domestic CPU giant. Established in 2014, Haiguang Information was born in the Chinese Academy of Sciences, mainly engaged in the research and development of computing chip products and systems such as high -end processors, accelerators. The products mainly include Haiguang General Motorcycle (CPU) and Haiguang Association processor (DCU). The prospectus shows that the company's performance increased significantly in 2021, with revenue of nearly 2.31 billion yuan, of which mainly depended on the CPU.

Right now, the tide of CPU entrepreneurship is hot. From overseas to domestic, entering the CPU's strong winds and fierceness, domestic CPU startups have sprung up, and a number of new forces such as Hong Junwei and Yuexianwei have emerged. In the past year, VC/PE investors visited intensively and collectively appeared on the CPU track. Following domestic alternative ideas, investors firmly believe that China will inevitably produce world -class CPU giants.

Disposter of the Chinese Academy of Sciences, with a market value of 150 billion yuan

Super chip IPO is here

The story of Haiguang information began in 2014.

This year is the new node of the development of China's semiconductor industry. The "National Integrated Circuit Industry Development Promotion Outline" was released. The 100 billion National Integrated Circuit Industry Investment Fund was established.

The so -called CPU refers to the Central Processing Unit. It is the core of the computer system's operation and control and the final execution unit of information processing and program operation. In short, people's mobile phones and computers are inseparable from the CPU, and the life of modern people is inseparable from the CPU.

For a long time, this field has been firmly occupied by overseas giants. Take the mainstream architecture X86 architecture server CPU as an example. In 2020, the domestic X86 server chip shipment was 6.981 million. The share is far ahead.

This is an area that needs domestic replacement. Starting from the "Fifteenth Plan", the issue of domestic CPU autonomy has been put on the agenda many times, and industrial policies have continued to increase. After scientific research plans such as Taishan Plan and 863 Plan are released, a number of domestic CPU brands were born. In 2002, my country's first general CPU, Longxin No. 1, was successful. In 2006, the state also launched a major "nuclear high -based" special project, and "high" is the high -end general -purpose CPU.

The birth of Haiguang information is under this background. Similar to the Dragon Sino -Chinese Academy of Sciences, which is born in the Chinese Academy of Sciences, Haiguang Information is also a typical representative of the Chinese Academy of Sciences. As of now, Zhongke Shuguang, a listed company of the Chinese Academy of Sciences, is the largest shareholder of Haiguang Information, with a shareholding ratio of 32.10%.

At first, the technology of Haiguang Information originated from AMD's technology authorization. In March 2016, the design of the Haiguang No. 1 CPU product was launched, and mass production was achieved two years later. In July 2017, the second -generation CPU Haiguang No. 2 product research and development work was launched, and mass production was also achieved two years later. At present, the Haiguang CPU series Haiguang No. 1 and Haiguang No. 2 have been commercialized. Haiguang 3 has completed laboratory verification. Haiguang No. 4 is in the R & D stage.

Due to the "national team" aura, Haiguang Information was supported by many VC/PE institutions along the way. In the 2014 Haiguang Information Angel Ring financing, Zhongke Shuguang, Guoxi Investment, CBC Broadband Capital, Chaos Investment, Changhong Electric Electric, Jinshi Investment, Tianchuang Capital, Zhongxi Investment, CITIC Securities Investment and other institutions all came.

In 2018, Haiguang Information launched a Series A financing and received the support of Changhong Electric, Chengdu Industrial Group, Chengdu Gaotou Group, Xinding Capital, Titanium Capital, ICBC AFC Investment, and Guoxi Investment. In the same year, the A+round was added to Haihe Industrial Fund.

Since 2019, China's semiconductor investment has begun to explode. Subsequently, Haiguang Information successfully completed the B and C financing.

To this day, Haiguang Information has finally appeared on the IPO knock on the bell, with the latest market value of 150 billion yuan. Public data shows that as of June 13, 2022, of more than 300 A -shares, only 4 companies with a market value of more than 90 billion yuan.

The main domestically produced CPU, exceeding 2 billion yuan a year

So why does Haiguang Information support a 100 billion IPO?

The products of Haiguang Information are mainly divided into general processors (CPUs) and association processors (DCUs), but the main source of income is the CPU.

From the prospectus, from 2019 to 2021, the company's operating income was 379 million yuan, 1.022 billion yuan, and 2.31 billion yuan, of which the sales revenue of CPUs accounted for 100.00%, 100.00%and 89.66%of operating income.

In the past two years, the domestic CPU has shown an outbreak, and the income of sea light information has also risen. The prospectus mentioned that there are two main reasons for revenue growth. First, new customers have expanded, and server manufacturers have increased demand for domestic CPUs. Second, 2020, Haiguang No. 2 series CPU chip realize large -scale shipments, 2021 2021 In the year, the company's deep -scale chip realized large -scale shipments, which further enriched the product line and promoted the growth of sales revenue. The main expenditure is research and development. The prospectus shows that from 2019 to 2021, Haiguang Information has a total R & D investment of 3.5 billion yuan, accounting for 95.35%of operating income. From 2019 to 2021, Haiguang Information R & D expenditure was about 865 million yuan, 1.089 billion yuan, and 1.585 billion yuan, which increased year by year.

However, after the rise in revenue, the net profit of the mother -in -law has achieved a significant growth simultaneously. From 2019 to 2021, the net profit of Haiguang information was -82.9046 million yuan, -3914,500 yuan, and 327 million yuan, respectively. In 2021, Haiguang Information has been profitable for the first time since its establishment.

The prospectus mentioned that in 2021, the demand for Haiguang in China in 2021 is becoming increasingly strong and continued to operate well. From January to September 2022, the company's operating income was expected to be about 3.670 billion yuan to 4.080 billion yuan, an increase of 170% to 200% year-on-year; net profit of home mother was expected to be 610 million yuan to 70 billion yuan, an increase of 392% to 465% year-on-year to 465% Essence

At present, the downstream customers of Haiguang Information are mainly server manufacturers such as China Mobile, Inspur, Lenovo, Xinhua San, and Tongfang, and the customer concentration is high. The total sales of Haiguang Information to the five major customers accounted for 99.12%, 92.21%, and 91.23%of the current operating income.

In fact, if it is said that in terms of technology and scale effects, Haiguang information may not have such obvious advantages, but the biggest feature is domestic. In 2020, the sales volume of Haiguang Information CPU products accounted for about 3.75%of the overall market share, accounting for most of the domestic X86 server processor market share.

As of February 27, 2022, China Mobile and China Telecom's 2021-2022 server collection list won the bidding list. , Account for 50%.

CPU entrepreneurial wave explosion

Some people have a fierce financing, some are on the verge of closure

The market value of Haiguang Information IPO has risen sharply, which can be called a microcosm of domestic CPU.

From overseas to domestic, the CPU's strong winds are getting stronger and fierce. From September 2020, Nvidia plans to acquire ARM from Sun Zhengyi, and to release the first data center CPU in 2021. The GPU giant Nvidia's ambition in the CPU field has been revealed. Although Nvidia's acquisition of ARM was ultimately defeated, Nvidia still stated that he will adhere to the three -core strategy of "CPU+GPU+DPU" in the future. Zhang Wen, the founder of GPU startup, also said that it is necessary to build a data center system -level solution for "CPU+GPU+DPU".

How hot is this track? Not long ago, the domestic CPU's first Longxin Zhongke successfully landed on the science and technology board. The stock price rose sharply on the first day of listing. The current market value exceeded 38 billion yuan and the price -earnings ratio was as high as 183.

The trend of domestic CPU entrepreneurship is unstoppable. The newly established CPU companies such as Hong Junwei and Yuxianwei have surfaced. Most of them are low -key and mysterious, and it is difficult to see the founder team on the company's official website, but the financing speed is fast, and the amount of financing is staggering.

In May of this year, Hongjun Microelectronics, which was established less than a year, completed nearly 800 million yuan of angel rounds and Pre-A round financing. Except for Huadden International, Gaoma Venture Capital, and Dinghui VGC (Innovation and Growth Fund) In addition to the joint investment of the institution, other investors include Walli Technology, Xinlan Wei, Chendao Capital, Xingrui Capital, Songhe Capital, Liumai Capital, C Capital, Zhongyi Ren Capital, Haihe Qirui Capital Ventures, etc., are simple and fine, as many as ten institutions.

Hongjun Micro Electronic Founding Team has a luxurious lineup and will develop a server CPU based on ARM architecture. Among them, the company's CEO Shen Rong Intel has worked for more than 20 years and participated in the process of replacing the traditional RISC architecture server for the X86 architecture server; CTO Chen Weixiang was the main architect of Huawei Kunpeng's core, and once in the "Yitian 710" project of Alibaba's team "Yitian 710" project He is the person in charge of SOC design.

In addition, Yu Xianwei has recently received a round A financing, which has been supported by investors such as the Guangzhou Development Zone Industrial Fund, the Guangkai Xinquan Fund, the Innovation Workshop, and Chen Da. Wang Zhenxiang, executive director and general manager of the Innovation Workshop, said: "The large domestic market has been looking forward to the competitive server CPU."

In 2021, Yuxian Micro -Angel Wheel had funded hundreds of millions of dollars. Investors include Innovation Workshop, Ivy Vitan Capital, Guangyuan Capital, Oriental Jiafu, Yuanlai Capital. Yuxian Micro -founder Luo Yong served as deputy general manager in domestic CPU company Zhaoxin, and Ji Xinwei, co -founder, was an Intel scientist, and Huawei US R & D director.

Once upon a time, the CPU was an unpopular track. Investment institutions with only a small number of national team backgrounds were active in this rivers and lakes, and with the wave of domestic replacement, domestic CPUs began to become popular, and domestic VC/PE institutions poured in. This is a lively scene that has never been seen in the past. Under the hustle and bustle, the bubble began to emerge. Recently, the news of a well -known CPU startup, Qi Lingxin, was circulated in the field. According to the data, Qi Lingxin was established in the second half of 2021. The core technology team comes from Ali Ping's brother. In less than a year, two rounds of financing have been completed, with a financing amount of about 600 million yuan.

But the good times are not long. According to "Late Latepost", Qi Lingxin's internal letter shows that the stop operation is because "partners do not cooperate with financing." Before June this year, Qi Lingxin was still recruiting and issued nearly 40 new offers. But from July, the candidate's entry process has been suspended one after another. The founder Lin Ye is no longer serving as the legal person of Qi Lingxin. This month, Lin Yan had apologized to some employees in the Qi Lingxin Shanghai Office, saying that "I'm sorry for everyone."

In fact, the sound of questioning the CPU track has always existed. Many investors said they couldn't understand. An investor in a semiconductor industry fund in Beijing told the investment community that the CPU track must be an oligopoly pattern, CPU and ecological depth binding, and downstream customers do not need to purchase multiple CPUs.

However, more investors firmly believe that the server CPU is a 100 billion -level market and is also the most challenging "tower" in the field of semiconductor chip design. As a country that is catching up in the global semiconductor field, China will inevitably appear the world's leading worldwide Server CPU company. As now, the first domestic CPU giant with a market value of 100 billion has run out.

- END -