Yan Dongwei will meet on the science and technology innovation board, and the inventory turnover rate is significantly lower than the peers

Produced | Company Research Office IPO Group

Text | Wu language

On August 30, Beijing Yandong Micro Electronics Co., Ltd. ("Yan Dongwei") will be launched at the Science and Technology Board, and the sponsor is CITIC Construction Investment Securities Co., Ltd.

In this IPO, the number of shares issued by Yan Dong micro -issued shall not exceed 179.8656 million shares, and 4 billion yuan is planned to raise funds. Used to "supplement liquidity".

Customer dependence is more concentrated

Yan Dongwei is a semiconductor enterprise integrating chip design, wafer manufacturing and packaging testing. The main business includes two types of businesses: products and solutions and manufacturing and services. Among them, the product and solution business can be divided into separate devices and simulation integrated circuits, special integrated circuits and devices; manufacturing and service services can be divided into wafer manufacturing and packaging testing services.

Yan Dongwei's main market areas include consumer electronics, automotive electronics, new energy, electrical electronics, communication, smart terminals and special applications.

From 2019 to 2021, Yandong Micro operating revenue was 1.041 billion, 1.03 billion, and 2.035 billion, respectively. In 2021, special integrated circuits and devices and wafer manufacturing are the two major income pillars.

From 2019 to 2021, the gross profit margin of Yan Dongwei's main business was 21.68%, 28.66%, and 40.98%, respectively. Among them, the gross profit margin of the packaging test business was -24.41%, -8.41%, and -19.92%, respectively.

Yan Dongwei said that because the company's packaging and testing business line report was not fully reached during the reporting period and the unit cost was high, the gross profit margin continued to be negative during the reporting period, which was lower than the level of the same industry.

From 2019 to 2021, the net profit of Yan Dongwei returned to her mother was -176 million, 58 million, and 550 million, respectively, and the non-net profit was -116 million, -033 million, and 385 million, respectively.

From 2019 to 2021, Yan Dongwei's revenue from the top five customers accounted for 45.60%, 44.12%, and 40.13%, respectively. Customer dependence was concentrated.

During the reporting period, Yan Dongwei's controlling shareholder and actual controller Beijing Electric Control were its largest customers, the fourth largest customers, and the fifth largest customers, respectively. , 123 million, sales accounted for 12.09%, 7.97%, and 6.07%.

According to Yan Dongwei's initial estimation, in the first nine months of 2022, the company's expected revenue was between 1.750 billion and 1.780 billion, a year -on -year increase of 20.77%to 22.85%; it is expected that the net profit attributable to mothers will be between 442 million and 472 million. A year -on -year increase of 5.57%to 12.73%; it is expected that the deduction of non -net profit is between 373 million and 403 million, an increase of 40.42%to 51.72%year -on -year.

Inventory turnover rate is significantly lower than peers

From the end of 2019 to the end of 2021, Yandong Micro invention's book value was 250 million, 357 million, and 755 million, respectively, accounting for 8.57%, 10.90%, and 8.68%of mobile assets, and the inventory amount was large.

In addition, from 2019 to 2021, Yan Dongwei's asset impairment losses were provided for -059 million, -056 million, and -18 million due to inventory price preparations.

Yan Dongcai said that the main reason for the large amount of stock decline in stock in 2019 and 2020 is that the company's 6 -inch and 8 -inch production lines are still in the output climbing stage and low output. Large inventory price decline.

From 2019 to 2021, the turnover rate of Yan Dongwei Stock Exchange was 2.87, 2.33, and 2.12, respectively, and the average value of listed companies in the industry was 4.35, 4.26, and 4.52, respectively.

Yan Dongwei's inventory turnover rate has not only declined year by year, but also significantly lower than peers. Yan Dongcai said that this is because the issuer's special business usually has a long product acceptance cycle, resulting in the company's inventory turnover rate lower than other industries comparable companies.

Because the semiconductor industry has the characteristics of faster iteration, excessive inventory may cause losses due to non -time inventory, which requires special attention.

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