Huawei "hidden" shareholders list, Yutaiwei "goes to the exam" science and technology innovation board listing

On June 30, Capital State learned that Yutai Microelectronics Co., Ltd. (hereinafter referred to as "Yutaiwei") seemed to be accepted by the Shanghai Stock Exchange for the listing of the Science and Technology Board, and it was planned to raise 1.3 billion yuan.

Picture source: Shanghai Stock Exchange official website

Yu Taiwei focuses on the research and development, design and sales of high -speed wired communication chips. Since its establishment, the company has always adhered to the development strategy of "market -oriented and technical drive" to achieve the goal of high reliability, high stability and domesticization of communication chip products. The series of chip products is the Ethernet physical layer chip supplier that has independent intellectual property rights and realize large -scale sales in mainland China.

The company's product application scope covers many market fields such as information and communication, automotive electronics, consumer electronics, monitoring equipment, and industrial control. At present, there are different performance levels such as commercial and regulatory levels, construction regulations, and vehicle regulations. Different transmission rates and product portfolios of different ports are available for sale, which can meet the application needs of various occasions of different end -of -end customers.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 13.262 million yuan, 129.508 million yuan, and 254 million yuan, respectively. 10,000 yuan.

The listing standard selected by the issuer is "Article (2) specified in Chapter 2 of the Shanghai Stock Exchange Science and Technology Innovation Board Listing Rules: It is expected to be less than RMB 1.5 billion in market value. It is lower than RMB 200 million, and the proportion of cumulative research and development investment in the past three years has not less than 15%of the cumulative operating income in the past three years.

This time, it is planned to be used for the development and industrialization project of the Ethernet chip chip, the Netcom Ethernet chip development and industrialization project, the research and development center construction project, and supplementary mobile fund projects.

Picture source: company prospectus

As of the signing of this prospectus, the issuer had no controlling shareholder, and the actual controller was Ouyang Yufei and Shi Qing. Shi Qing directly held 9,930,840 shares of the issuer, accounting for 16.5514%of the total number of issuers; Ouyang Yufei directly held 7,345,440 shares of the issuer, accounting for 12.2424%of the total number of issuers; People, Rui Qitong holds the issuer of 8,109,120 shares, accounting for 13.5152%of the total number of issuers. As of the signing of this prospectus, Ouyang Yufei and Shi Qing's direct shareholding and controlled the issuer of 25,385,400 shares through Ruilitong, accounting for 42.3090%of the total shares of the issuer before the listing.

Capital State has noticed that Hubble Technology holds 5.5738 million shares, holding 9.29%of the shareholding, and 100%of Huawei Investment Holdings Co., Ltd. holds Hubble Technology.

Yu Taiwei admits that the company has the following risks:

(1) Not profitable and the risk of accumulating losses in the latest issue

1. The company may not be able to make profits or make profit distribution in the future in the future

The integrated circuit design industry where the company is located is a typical high -R & D investment area. In the early stage, a large amount of R & D investment was needed to realize the commercialization of products. The company was established in 2017. It has a short establishment time. Development is therefore in a state of losses.

During the reporting period, the company's net profit attributable to ordinary shareholders of the parent company was -27.489 million yuan, -40.371 million yuan, and -462,500 yuan, respectively. -30.3592 million yuan, -44.4193 million yuan and -93.706 million yuan. As of the date of the signing of this prospectus, the company has not been profitable and has accumulated a cumulative loss. If the scale effect of the company's operation cannot be fully reflected, it may cause the company to be unable to make profits or make profits in the short term. It is expected that after the first public offering of stocks and listing, the company cannot make cash dividends in the short term.

2. The company may be restricted or negatively affected in terms of capital status, R & D investment, business expansion, talent introduction, team stability, etc.

During the reporting period, the company's operating funds depended on external financing. If the company cannot achieve profitability or external financing in the future to maintain sufficient operating funds, it may cause the company's R & D project to be forced to delay, cut or cancel, and will have a significant adverse effect on the company's business.

The integrated circuit design industry is a typical technology and capital -intensive industry with the characteristics of high capital investment and high risk risk. With the improvement of new product manufacturing process standards, as one of the important processes of integrated circuit design, the costs have also risen sharply. During the reporting period, the net cash flow generated by the company's operating activities was -29.1099 million yuan, 3.874 million yuan, and -134 million yuan, respectively. Or partners perform contracts and have a major adverse effect on the company's business prospects, financial conditions and operating performance.

In the face of pressure on the company's funds, it will affect the payment and growth of the company's employees, thereby affecting the company's future talent introduction and the stability of existing teams. It may hinder the company's research and development and commercialization goals, and reduce the company's ability to implement business strategy. (2) Market competition risk

Ethernet physical layer chip suppliers with outstanding R & D strength and large -scale operating capabilities worldwide are mainly concentrated abroad. The three international giants of Broadcom, Mando Electronics and Ritian show a highly concentrated market competition pattern. Compared with industry leaders, the company is still in its infancy, and is at a disadvantage in terms of operating income, scale of net profit, research and development personnel and patents. From the product level, the international leading enterprise products have a complete product layout on the two transmission media of Ethernet Copper and Fiber, and the company's establishment time is still short. At present, the product is mainly based on the Ethernet physical layer chip based on the copper line, and The transmission rate only covers 100M, Gigabit, 2.5GPhy products have not been sold, and the 10G rate is still at the technical pre -research stage.

Because customers choose Ethernet chip suppliers, they will still consider the convenience and reliability brought by the industry leaders when they choose Ethernet chip suppliers. There is a certain degree of inertia and viscosity, which will not easily change the chip supplier. The products are at a disadvantage when marketing, and there are risks of mature manufacturers such as Broadcom, Miyan Electronics, and Ruyu, using their premier advantages to squeeze the company's market share.

(3) Product development risk

The company focuses on the research and development, design and sales of high -speed cable communication chips. During the reporting period, the company's operating income was 13.262 million yuan, 129.508 million yuan, and 2540.861 million yuan. The sales revenue of chip products accounted for 67.71%, 93.08%, and 98.07%of main business revenue, respectively. The company currently sells products that are concentrated in 100M and Gigabit products, and car regulations -level chips are still in the market development period. The company's 2.5GPHY chip, car gigabit chip, switching chip and network card chip have not yet been sold. If the company's development of the product market fails or mass production failed, it will lead to adverse affected the company's product layout and income growth.

(4) The risk of higher customer concentration

During the reporting period, the company mainly sold chip products through dealers. The total sales revenue of the top five customers accounted for 98.92%, 67.58%, and 60.39%of the current operating income, respectively, with high concentration. In the future, if the company cannot continue to obtain the recognition of major customers and continues to obtain orders, or the cooperative relationship between the company and major customers is replaced by other companies, or the company's main customers' operations, procurement strategies have changed significantly, or the company's own reasons for product quality and other reasons The loss of major customers, or the company's main customers' operations have undergone adverse changes, and cannot continue to maintain the cooperative relationship with major customers, which will adversely affect the company's operations.

(5) The risk of high concentration of suppliers

The company uses Fabless mode to operate, including the wafer manufacturing plant and packaging testing plant. During the reporting period, the company maintains a stable procurement relationship with major suppliers. Due to the particularity of the integrated circuit industry, wafer fabry and sealing and testing plants are heavy asset companies and have a high market concentration. In the industry, a single integrated circuit design company often chooses only individual wafers and sealing and testing plants to cooperate with the consideration of the advantages of process stability and batch procurement costs. Therefore, it is restricted by the company's current scale. Show a more concentrated state.

During the reporting period, the total purchased amount of the company's five major suppliers accounted for 100.00%, 100.00%, and 99.92%of the amount of procurement, respectively, accounting for relatively high. At the same time, the proportion of the total procurement of SMICs during the reporting period of the company accounted for 24.70%, 74.36%, and 61.71%, respectively. In the future, if the company's main supplier business, including SMIC's main supplier business, has undergone adverse changes, limited production capacity or tight cooperative relationships, may cause suppliers to not ship in time in a timely manner, which will adversely affect the company's production and operation.

(6) The raised funds and investment projects failed to achieve the expected risk of economic benefits

The demonstration and research of the fundraising projects are based on factors such as the current market environment, technical capabilities and development trends. The construction period of this fundraising project is 4-5 years. In the process of the project's actual implementation, uncertain factors such as the overall economic situation, the industry market environment, and technological innovation may be failed to achieve the key in the research and development process. The breakthrough of technology or the performance of the development of the R & D cannot meet the expectations, which will adversely affect the implementation of the company's fundraising projects.

The company's raising funds and investment projects include car Ethernet chip development and industrialization projects, Netcom's Ethernet chip development and industrialization projects, R & D center construction projects, etc. According to the plan, the company's future investment in vehicle chips will be at a high level. However, during the reporting period, the company's car -level chip income is small. In the future, there may be factors that the R & D products cannot be achieved due to verification, the development of the downstream vehicle industry, and the fierce industry competition. Operations bring adverse effects.

(7) New Crown pneumonia risk

Since the end of 2021, the new crown epidemic has erupted in many regions in China. The company's already products have been affected by the current delivery of some products, and customers have slowed procurement due to epidemic prevention measures.Since March 2022, the number of new infections in Shanghai has a huge number of infections. The company's main office location is located in Shanghai. The company's new product streaming and customer product debugging and promotion have been affected to a certain extent.The risk of slowing.If the global and domestic new crown pneumonia epidemic continues or worsen for a long time, it may not affect the company's research and development and production, material and accessories, and customer sales services. It may also greatly reduce the company's procurement plan and the company's main supply.The supply capacity of business will be adversely affected, and it may have a significant adverse effect on the company's business, business results and financial conditions.

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