There is a silicon IPO: "Double High" of inventory and accounts receivables is easily affected by overseas trade environment

Silicon -studded silicon polishing films and etching equipment for research are mainly facing the markets of the United States, Japan, and South Korea, and are easily affected by the overseas trade environment. In addition, the "double high" of inventory and accounts receivables also needs to pay attention.

On June 28, 2022, You Research Semiconductor Silicon Materials Co., Ltd. (hereinafter referred to as "You Research Silicon") will pass it on the Shanghai Stock Exchange's science and technology board, and CITIC Securities will serve as its sponsorship.

The prospectus shows that Yosan Silicon's public offering of no more than 18,714,200 shares this time, accounting for 15%of the company's total share capital after the issuance, and is expected to raise about 1 billion yuan. Among them, 385 million yuan was used for integrated circuits for 8 -inch silicon wafers to expand production; 357 million yuan was used for integrated circuit etching equipment for silicon material projects; 258 million yuan was used to supplement mobile funds.

By querying the prospectus, it was found that the silicon polishing film and etching equipment of Silicon -developed silicon -studded silicon materials were used for overseas markets dominated by the United States, Japan, and South Korea. There is also a "double high" problem. In response to the above situation, it was found that the network sent an interview letter to a public mailbox to send an interview letter to the question. As of press time, some research silicon did not give a reasonable explanation.

The development momentum of performance is positive, but the overseas sales market is worried

The prospectus shows that there is silicon -researching silicon is a company engaged in semiconductor silicon materials. Its main products include semiconductor silicon polishing tablets, etching equipment for silicon material, semiconductor area melt single crystal. The manufacture of semiconductor products such as devices, sensors, optical devices, and integrated circuit etching equipment components.

From 2019 to 2021, the operating income of Silicon research was 625 million yuan, 530 million yuan, and 864 million yuan, respectively, with a year-on-year growth rate of -10.31%, -15.17%and 63.03%. 125 million yuan, 114 million yuan, and 148 million yuan, the year-on-year growth rate of -15.78%, -8.97%, and 30.63%, respectively.

Wind (there is research silicon)

The prospectus shows that the main business income of silicon research comes from semiconductor silicon polishing tablets and etching equipment. From 2019 to 2021, its semiconductor silicon polishing tablet business revenue was 360 million yuan, 281 million yuan, and 345 million yuan, respectively, accounting for 59.30%, 54.66%, and 42.06%of the main business income; The material business revenue was 231 million yuan, 211 million yuan, and 438 million yuan, respectively, accounting for 38.15%, 41.01%, and 53.32%of the main business revenue. 95.38%.

Prospectus (with research silicon)

It should be noted that in recent years, the above two products may have certain overseas income risks. The prospectus shows that from 2019 to 2021, the overseas revenue of Silicon research silicon was 260 million yuan, 235 million yuan, and 469 million yuan, respectively, accounting for 42.85%, 45.66%, and 57.11%of the operating income during the same period, and the proportion gradually gradually gradually gradually gradually, and the proportion gradually gradually gradually gradually. Grow up.

Prospectus (with research silicon)

At the same time, it is not difficult to find the figures of overseas companies among the top five customers with silicon research. The prospectus shows that Customer B is registered in the United States and is one of the world's leading suppliers of high -purity customized silicon components. It also provides integrated silicon solutions for solar, optics and semiconductor equipment markets. The production and sales of ceramic materials. From 2019 to 2021, the sales amount of some Silicon Silicon B and Customer C was 103 million yuan, 106 million yuan, and 245 million yuan, respectively.

Prospectus (with research silicon)

In this regard, industry insiders have said that since 2018, the United States has imposed tariffs on exported goods in my country many times, and the list of goods with tariffs is mainly targeted at my country's mid -to -high -end manufacturing industry. There is a large sales volume of silicon research in the United States, South Korea, Japan and other countries, and the external environmental risks cannot be ignored. This may make the business performance of Silicon research uncertain.

In addition, I read the prospectus and found that among the top five customers of silicon research, a overseas company named RS Technologies appeared. The prospectus shows that from 2020 to 2021, the sales amount of Silicon Silicon's sales to the company was 53 million yuan and 78 million yuan. The company directly holds 30.84%of the equity of Silicon Silicon, and holds 2.66%of the equity of Cangyuan Investment through unanimous actors. Essence

In the inquiry letter of Shenzhen Communications, a series of related questions such as Silicon Silicon and RS Technologies were also inquired, requiring the differences between related transactions and industries between the research silicon instructions and the industry. Through the above, industry insiders believe that there is a related transaction between the research silicon and RS Technologies and the company's holding ratio is relatively high, which should attract attention.

Inventory and accounts receivable "double high"

What is noticeable is that according to the prospectus, the sales model of research silicon is mainly developed by direct sales, distribution and agents. From 2019 to 2021, the total revenue of the distribution and agency business of Silicon research was 210 million yuan, 147 million yuan, and 352 million yuan, respectively, accounting for 34.61%, 28.58%, and 42.84%of the main business revenue, respectively. Prospectus (with research silicon)

Under the distribution and agency model, some research silicon is produced in accordance with the needs of dealers and agents, and transports the product to the warehouse of the two or the designated third -party logistics warehouse. Use product income.

In order to ensure the timely timely providing products and agents, some raw materials and finished products were prepared to provide products and agents, so the inventory scale was large. During the reporting period, the book value of silicon inventory was 144 million yuan, 132 million yuan, and 181 million yuan, respectively, accounting for 14.72%, 12.27%, and 11.28%of mobile assets, respectively.

Prospectus (with research silicon)

In this regard, Yue Silicon stated in the prospectus that the company's inventory accounts for a relatively high unfavorable change in the future of the industry's supply and demand relationship and the sales price of the company's product product, which may cause the net worth of inventory to be lower than the cost. , Thus affecting the company's profitability.

It is worth mentioning that the distribution and agency model also needs to confirm the sales situation from the dealers and agents. After the confirmation of the confirmation of the sales, it can only receive the payment. Level.

The prospectus shows that from 2019 to 2021, the balance of accounts receivable with silicon research was 108 million yuan, 87 million yuan, and 172 million yuan, respectively, accounting for 17.34%, 16.50%and 19.93%of the main business income, respectively. Essence During the same period, the balance of accounts receivable within one year of research was 100%.

Prospectus (with research silicon)

In response to the above situations, industry insiders believe that there are high inventory and accounts receivables with silicon research. If the inventory price and bad debts occur, it will adversely affect its financial status and operating performance. Some research silicon should further optimize the current sales model and reasonably control inventory in the basic circumstances of satisfying the order. At the same time, although the current status of the customer's repayment is good, it does not rule out the adverse risks such as accidents of customers. The probability of their own financial risk, and some research silicon should take more effective receipt measures.

(Reporter Luo Xuefeng Financial Researcher Sui Zijian)

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