Husband and wife holding relatives participate in the shares!Suppliers are highly concentrated, Weiyuan IPO geometry before?

As a technology -intensive enterprise, during the reporting period, the R & D expense ratio of Weiyuan Co., Ltd. is slightly lower than that of the comparison company the same as the company in the same industry, and at the same time, there is a high concentration of suppliers.

"Investment Times" researcher Lu Gong

With the rapid development of emerging industries such as 5G, artificial intelligence, the Internet of Things, unmanned driving, and new energy vehicles, my country's integrated circuit industry has shown the development characteristics of greatly expanding application fields, diversified terminal demand, complexity and intelligence of application functions. Coupled with a series of encouragement policies issued by the government, the integrated circuit industry ushered in a new round of growth.

Recently, Shenzhen Weiyuan Semiconductor Co., Ltd. (hereinafter referred to as Weiyuan Co., Ltd.), an integrated circuit design enterprise focusing on the research and development, design and sales of high -performance simulation chip products, submitted the application materials of the science and technology board, and has been accepted.

According to the prospectus information, in this IPO, Weiyuan shares intend to disclose the general issuance of RMB ordinary shares (A shares) to the public not less than 401 million shares, not less than 10%of the total share capital after the issuance; about 1.536 billion yuan to raise funds It is planned to be used for the company's main business -related projects and the funds required for the development of the main business.

As of the end of 2021, the total assets of Weiyuan's shares were 786 million yuan, and the company's total amount of about 1.536 billion yuan of funds raised this time was 1.95 times that of total assets. Regarding the total amount of fundraising far exceeding the total assets, Weiyuan shares explained to the researcher of the "Investment Times" that "the close relationship with the company's existing business is the expansion and deepening of the company's existing business. The field of innovation, which meets the needs of the company's existing product chain to expand, extend, and improve the existing research and development capabilities. "

R & D cost rate is lower than the industry average

招股书信息显示，微源股份是一家专注于高性能模拟芯片产品研发、设计和销售的集成电路设计企业，多年来一直聚焦模拟芯片领域，致力于为客户提供超低功耗、高效率、高Integrated, high -reliability power management chip products, at the same time, can be equipped with company signal chain chip products to provide customers with more complete and efficient solutions.

As a company in a technical dense industry, Weiyuan's shares need to have a deep understanding of customer demands, industry development trends, and market application characteristics, and continue to carry out large -scale research and development investment, and timely transform research and development and innovation results into mature maturity Products to the market.

According to the exponential prospectus data, the amount of R & D investment in Weiyuan shares from 2019 to 2021 (hereinafter referred to as during the reporting period) showed an increasing trend year by year, respectively, respectively, respectively, respectively, respectively, respectively. The proportion of the proportion is more than 10%, respectively, 13.37%, 10.42%, and 13.66%, respectively.

However, in terms of comparable companies in the same industry, the R & D expense ratio during the reporting period of Weiyuan has been slightly lower than the average level of the same industry (the industry average is 17.42%, 23.43%, and 17.80%) 4-13 percentage points No. In this regard, Weiyuan shares stated that the company has always encouraged independent innovation, attached great importance to the continuous research and development of technology. In recent years, R & D expenses have continued to increase, and the research and development cost rate has also been in a reasonable range.

In addition to R & D investment, technology -intensive enterprises' dependence on R & D personnel, especially core technical talents is much higher than other industries.

From the perspective of personnel professional structure, as of the end of the reporting period, although the number of R & D personnel in Weiyuan Co., Ltd. reached 77, the proportion of the total number of the company's total is only half half, with 50.66%. With the rapid growth of the business scale, the rich product series, the growth of the entire industry scale and the emergence of new market participants, Weiyuan's shares need to continuously absorb outstanding talents at home and abroad, expand professional and technical echelons, to further enhance R & D strength, and respond to enterprises. Fierce competition for technical talents.

The composition of the main business income of Weiyuan Co., Ltd. (10,000 yuan)

Data source: company prospectus instructions

Supply depends more on TSMC

The researcher of "Investment Times" found that the concentration of Weiyuan's shares may have a higher concentration of suppliers, and it has gradually deepened the trend to a single dependence.

According to the disclosure of the prospectus data, the purchase amount of Weiyuan shares from the top five suppliers during the reporting period was 96 million yuan, 119 million yuan, and 198 million yuan, respectively. 83.42%of the year increased to 87.68%in 2020 and 88.89%in 2021. Among them, the proportion of purchases from the supplier "TSMC" rose from 35.99%in 2019 to 40.06%in 2020 and 47.10%in 2021, nearly half.

In response to the above situation, the relevant person in charge of Weiyuan shares told the Investment Times researcher that due to the high concentration of the industry, the mainstream suppliers have a large operating scale and a high market influence, and they meet the company's technology and production requirements. The number is relatively small. As for the supplier "TSMC", the company stated that it is a well -known wafer manufacturer and has the industry's leading production process. The yield and consistency are at the leading level in the industry. In terms of capacity guarantee, the company has formulated a strict supplier management system, which needs to have sufficient production capacity and can make timely cooperation and adjustment according to the company's requirements. As of now, the company's products have been delivered normally, and they will continue to pay attention to relevant policies in the future and actively respond to various risks under the premise of legitimate compliance. Husband and wife high -proportion holding relatives participating in the shares

From the perspective of the equity structure, the actual controllers of Weiyuan shares Dai Xingke and Liu Qinghua. As of the date of the signing of this prospectus, the two directly and indirectly held the company's more than 70%of the voting rights shares, reaching 79.615%. After the completion of this distribution, the proportion of the two -person control will decline but is still in an absolute control position.

It is worth noting that the company's shareholding has continued to the relatives of the actual controller. Dai Xingke and Liu Qinghua's relatives, Dai Xinghua, Dai Yun and Liu Jianguo, respectively. 4.91%partnership share. The science and technology partnership holds about 61.8528 million shares, and the shareholding ratio is about 17.18%.

Does this mean that Weiyuan Co., Ltd. is a family -controlled enterprise? When the company makes major decisions, does the ratio of such a high family holding and shares participating in the company and other shareholders, especially small and medium shareholders, will have a greater adverse effect?

In this regard, the relevant person in charge of Weiyuan Co., Ltd. told the Researcher of the Investment Times that the company's board of directors has been regulating operations. Directors have strictly exercised their rights and fulfill their obligations in accordance with the "Company Articles of Association" and other systems, and corporate governance has always maintained independence and stability. In order to fully protect the interests of investors and effectively improve the company's standardized operation level, the company has established a comprehensive investor rights protection system and strictly implemented in accordance with the provisions of the "Company Law" and "Securities Law". Submit and disclose information in a complete and timely manner.

In addition, Weiyuan has also had irregularities such as transfer, affiliated parties, borrowing of affiliated parties, third -party repayments, and affiliated party paid companies.

For example, before 2019, due to the less accumulation of operations, the company's business expansion needs to replenish operating funds through Dai Xingke's borrowing part of the funds and did not agree on interest. Pay the company's salary and company expenses on behalf of the company; during the reporting period, the partnership and Liu Qinghua of Science and Technology and Liu Qinghua borrowed funds from the company due to their own funds; The money needs to be used for the company's daily operations and so on.

"As of now, the company has promptly corrected and regulated the above issues." The relevant person in charge of Weiyuan shares told the "Investment Times" researcher, "According to the" Basic Specifications of Enterprises "and related regulations and the characteristics of their own operations, the company formulated the company to formulate A series of internal control rules and regulations have formed a standardized management system that can effectively prevent, discover, and correct the errors and frauds that may occur during the company's operation. "

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