The capital of Chengdu's state -owned electronic information industry is involved, and the high -tech development of 300 million mergers and acquisitions cut into IGBT

21st Century Business Herald reporter Zhang Sainan Shanghai report

The fiery semiconductor track caused a positive investment in local state -owned enterprises.

On the evening of June 19, the high -tech development (000628.SZ) issued an announcement on the controlling stake and affiliated transactions of Chengdu Mori Technology Co., Ltd. and Chengdu High -In -semiconductor Co., Ltd. The company purchased the equity of Mori Technology and Core unwelling, and obtained its controlling stake.

High -tech development is the only state -owned listed company under the Chengdu High -tech Zone. It is the first batch of joint -stock system pilot enterprises in the National High -tech Industrial Development Zone. Essence At the beginning of the establishment, the company mainly undertakes the construction of the starting area of ​​the Chengdu High -tech Zone and investment in high -tech industry.

In recent years, high -tech development has gradually focused on the rapid development of the construction business, but the profit margin has made great breakthroughs. Therefore, the company continues to find high -quality enterprises in the field of strategic emerging industries and intends to implement strategic transformation through mergers and acquisitions.

Judging from the mergers and acquisitions, the semiconductor industry in rapid development has become the main direction of its transformation.

Aiming at the IGBT track

High -tech development is the two semiconductor companies. First, the company and the wholly -owned subsidiary Chengdu Beite Construction and Development Co., Ltd. (hereinafter referred to as Beite Development) purchased the equity of Chengdu Senwei Technology Co., Ltd. (hereinafter referred to as Sen Wei Technology) and its upper -level shareholders' equity of 280 million yuan After the completion, the company controlled 69.401%of Mori Technology in a direct and indirect way to obtain Mori Technology's control. Second, the company purchased 98%of the equity of Chengdu High -In -Semiconductor Co., Ltd. (hereinafter referred to as the core of the core) at a cash of 1.9597,700 yuan, and obtained the control of the core unsecured semiconductor.

It is worth noting that Chengdu High -tech Investment Group Co., Ltd. (hereinafter referred to as High Investment Group) is the company's controlling shareholder, and this transaction constitutes a connected transaction. However, the transaction did not meet the major asset reorganization conditions stipulated in the "Administrative Measures for the Reorganization of the Major Assets of Listed Companies" and did not constitute a major asset reorganization.

Judging from this transaction, Mori Technology is the focus of mergers and acquisitions. The company is positioned in the field of power semiconductor and focuses on the design, development and sales of power semiconductor devices such as IGBT. Qixinbao data shows that Mori Technology was established in 2017 with a registered capital of 12.61 million yuan.

IGBT is widely used in electric vehicles, photovoltaic, industrial control and other fields. In the field of electric vehicles, it is applied to the three main scenarios: electrical control, air conditioning and thermal management, and charging systems. Similar to the MCU products of the vehicle regulations, my country's IGBT market has long been led by European -Japanese manufacturers such as Yingfei Ling. In 2020, the self -sufficiency rate is less than 20%.

At the moment when the new energy industry is vigorously developed, the IGBT subdivision track has been highly hoped by the market. The 21st Century Economic Herald reporter previously reported that since the second half of 2020, due to the phenomenon of price increases and extended periods of overseas IGBT manufacturers, in order to ensure the stability of the supply chain, downstream customers have actively introduced local supply chain manufacturers. Local IGBT manufacturers are ushered in the opportunity window period.

High -tech development pointed out in the announcement that as an indispensable component of new energy vehicles, new energy power generation, energy storage, industrial control and other fields, the domesticization of IGBT is clear. Mori Technology has strong power semiconductor design and research and development capabilities, and has achieved the independent development of the full series of groove grids and field cutting technology IGBT chips in the mid-low voltage (600-1,700V). First, its products have broad application prospects and have established better reputation in the market.

However, high -tech development frankly that Mori Technology is currently growing, and its sales scale is still low. The core unsecured semiconductor is positioned as the production line and is currently preparing for construction. In the short term, it has limited contribution to the company's profit. Data show that Mori Technology achieved operating income of 15.97 million yuan and 50.6 million yuan in 2020 and 2021, and achieved net profit of 17,000 yuan and 548,000 yuan.

The announcement revealed that in early 2022, Mori Technology and Gaotou Group jointly established Chengdu Gaotukuka We semiconductor Co., Ltd. As an important carrier for Mori Technology to build the FAB-LITE mode, the core unborn conductivity will build a power semiconductor device LAN and high-reliable separate device integrated component production line. This is the other standard of this merger.

In the future, with the completion of the construction of the LAN and integrated component production lines, Mori Technology will have the ability to develop power semiconductor chip engineering such as IGBT and integrate component packaging capabilities. Low investment scale has obtained production efficiency and product competitiveness.

It is worth noting that before the acquisition, Mori Technology has experienced five financing, including some star capital.

In 2018, it obtained the equity investment of Thailand's Fund, Aoxing Investment, and Huahuixin Technology; in 2019, it received the investment of Zhenhua Technology and Hua Huixin Technology; in 2020, the Pre-A round financing was opened. Investors are the investors. Langma Peak Venture Capital, Taihua Venture Capital, etc.; In 2021, he received investment from CITIC Investment Capital, Fuhe Fund, Lanji Capital, and Tuobang.

Reform of state -owned enterprises

High -tech development achieved operating income of 6.612 billion yuan last year, and net profit was 163.3 million yuan. Compared with the overall amount of the company, the scale of the target of this merger and acquisition is not large, but in terms of business expansion, this merger and acquisition is of great significance to high -tech development. As the only state -owned listing platform in Chengdu High -tech Zone, High -tech development has previously adhered to the diversified development strategy, forming a multi -business pattern of construction, futures, and kitchen cabinet manufacturing. However, since its listing, its performance has been tepid. Until 2019, net profit attributable to net profit exceeded 100 million yuan.

High -tech development admitted in the annual report of last year that the company had a long period of time, with weak profitability and basic differences. As the only state -owned listed company under the Chengdu High -tech Zone, its development and influence did not match the status of Chengdu High -tech Zone in the country. Let the majority of investors and other parties be satisfied.

In recent years, high -tech development has begun to peel off inefficient assets. In early 2021, high -tech development successfully transferred hotel business and real estate assets; in August 2021, high -tech development once again tried to peel off the futures business.

At present, the company's main business is gradually concentrated in construction, smart cities construction, operation and related service businesses. In 2021, the construction industry contributed more than 90 % to the company's revenue. The construction, operation and related services of smart cities are one of the directions of the company's strategic transformation. The business sector has begun to take shape in the past two years.

However, the gross profit of the relatively large construction industry contributed lowly. Last year, the gross profit margin of the business was only 6.23%. In the future strategic layout, high -tech development proposes the construction of construction construction business as the company's basis for the company to expand other strategic emerging industries with development prospects. In terms of smart cities, it is planned to expand industrial chain expansion to the Internet of Things, sensors, new -generation information technology, and high -end software through investment mergers and acquisitions, joint ventures and cooperation.

From the perspective of regional development, high -tech development stated that it is necessary to based on the industrial of the electronic information pillar industry of Chengdu High -tech Zone, through the mergers and acquisitions of listed companies, select the track to establish a new main business with hardcore technology, and strive to be in a certain way in a certain way. A subdivided field has developed into a leading position and strong influence.

In fact, from the resource endowment of the industrial development of the high -tech zone, as an important local state -owned enterprise listing platform, the selection of semiconductors in high -tech development has its inherent logic.

The electronic information industry is the first trillion -level industry in Chengdu. As the main carrier of Chengdu's electronic information industry, Chengdu High -tech Zone has 184 electronic information companies. In 2021, the output value of enterprises in the electronic information regulations of Chengdu High -tech Zone was 470.2 billion, an increase of 24.2%, which is an important one of the national electronic information industry territory.

However, the electronic information industry of Chengdu High -tech Zone faces the problem of "big but not strong" and the industry chain gap. The 21st Century Economic Herald reporters learned from an integrated circuit expert who understands the development of the local industry that "although the local area is gathered in a large number of high -quality enterprises, including Intel and Texas instruments, the added value of the industrial chain is low. There are not many companies. At the same time, wafer manufacturing is a weak link in the local industrial chain. Some local design companies usually need to run to the chip packaging test in the field. They are trying to make up for the upstream links. " Extend to cutting -edge processes such as the key process and integrated component of the IGBT chip.

In addition, the 21st Century Business Herald reporters learned from the people close to the Chengdu High -tech Zone Government that "the local area has shown a strong interest in the development of the semiconductor industry. Study, I did a lot of discussions inside. "

However, the eyes return to the capital market. Compared with other places, investment in the semiconductor field, whether frequent or volume, does not have many actions of the state -owned listed platforms in Chengdu High -tech Zone. Taking the Shenzhen State -owned Assets System as an example, its equity investment platform has repeatedly shot to large integrated circuit manufacturing companies. The industry is also one of the important investment directions in Shenzhen's state -owned assets in recent years.

The mergers and acquisitions of this high -tech development may be regarded as the exploration of local state -owned assets in the capital market. The former stated in the annual report last year, "It will make full use of the capital market, especially re -financing and mergers and acquisitions to help the company's development."

(Intern Huang Xiaoying also contributed to this article)

- END -