More than half net profit comes from subsidies?There is a gross profit margin of Silicon Silicon IPO far lower than the average value of the company

During the reporting period, the comprehensive gross profit margin of silicon research was lower than the average value of the company, and the main business income and net profit continued to fluctuate.

"Investment Times" researcher Li Muyang

The silicon wafer is the smallest unit of the semiconductor industry chain, which has a vital impact on chip manufacturing. Benefiting from the rapid development of new energy vehicles, the Internet of Things and 5G infrastructure, the chip market has gradually expanded, and the demand for semiconductor silicon materials has continued to improve steadily.

Research and development, production and sales of semiconductor silicon materials (hereinafter referred to as Related Silicon) also submitted a prospectus to the Shanghai Stock Exchange to apply for logging in to the GEM. The latest news shows that the start of silicon -research is in line with the issuance conditions, listing conditions and information disclosure requirements.

In this IPO, there are no more than 187 million shares of ordinary shares (A shares) of RMB (A shares). "Silicon material project for integrated circuit etching equipment", the remaining funds will be used to have research and development and operating funds for research and development and operating funds.

Check out the prospectus of Silicon Silicon. Researchers of "Investment Times" noticed that in 2019, 2020, and 2021 (hereinafter referred to as the reporting period), the main business income and net profit fluctuations in the main business of silicon research have greatly fluctuated, and the gross profit margin level is low. Customer concentration is relatively high.

In response to the aforementioned situation, the researcher of the "Investment Times" e -mailing outline was out of the relevant departments of Silicon Silicon, and as of the press time, the company had not received a reply from the company.

The average value

Youli Silicon is one of the earliest units in China to develop semiconductor silicon materials. It is one of the few domestic enterprises that can stabilize 8 -inch semiconductor silicon polishing sheets in the production area and the production area melt. The main products include semiconductor silicon polishing tablets, integrated circuit etching equipment for silicon materials, and semiconductor region melting silicon single crystals. Products are mainly used for the manufacture of semiconductor products such as integrated circuits, separate devices, sensors, and integrated circuit etching equipment components.

According to the prospectus data, during the reporting period, the main business revenue of Silicon research was 606 million yuan, 514 million yuan, and 821 million yuan, respectively, and the net profit of the deduction of non -returnees was 116 million yuan, 78.3848 million yuan, and 135 million yuan, respectively. The main business income and net profit have greatly fluctuated, especially the company's operating performance in 2020 is very obvious. Among them, the company's main products are semiconductor silicon polishing sheets and etching equipment, and the proportion of main business income is 97.45%, 95.67%, and 95.38%, respectively. The product structure is relatively single.

It is worth noting that a large part of the net profit of Silicon research comes from government subsidies. During the reporting period, the company's subsidy for other income and external income was 9.9043 million yuan, 37.6852 million yuan, and 98.691 million yuan, respectively, accounting for 7.90%, 33.10%and 52.90%of the company's total profit, respectively, accounting for accounting for 7.90%, 33.10%and 52.90%, accounting for accounting Rap the rapid and more than half.

At the same time, the comprehensive gross profit margin of Silicon Research has shown a decline in volatility. During the reporting period, the company's comprehensive gross profit margin was 31.82%, 37.17%, and 32.25%. However, the average value of comprehensive gross profit margins of the Shanghai Silicon Industry, Lion Micro, Marsk, Divine Industry, Central Technology, and Zhongjing Technology, respectively during the same period. The comprehensive gross profit margin is about 5 percentage points higher than the comprehensive gross profit margin.

Check out the prospectus of Silicon Silicon. Researchers in the Investment Times also noticed that the company's customers concentrated higher. During the reporting period, the proportion of sales revenue in the previous five customers accounted for 59.91%, 59.89%, and 65.66%of the current operating income, and the proportion gradually increased. Customers are concentrated over the stable operation of the company. If there is a problem with the operating conditions of the main customer or the customer loss, it will directly affect the company's operating performance.

Main financial data during the reporting period of Silicon Research

Data source: company prospectus instructions

Low market share

It is understood that some of the industrialization of 6 -inch, 8 -inch silicon wafers and the technical breakthrough of 12 -inch silicon wafers in China have been the first in China, and the industrialization of silicon materials for integrated circuit etching equipment is achieved. However, as a leading domestic semiconductor material company, the international and domestic market share of silicon research is only about 1%.

In addition, during the reporting period, there were 57.15%, 54.34%, and 42.89%of the income in silicon research. North China, East China and other downstream semiconductor manufacturing companies were more concentrated areas of the company's main revenue sources. Overseas revenue accounted for 42.85%, 45.66%, and 57.11%, respectively. The proportion of overseas revenue increased significantly, and gradually became the main source of income for research silicon.

However, the market concentration of the upper semiconductor silicon wafers in the international market is high, and a few major manufacturers occupy the vast majority of market share and master advanced production technology. At present, the global silicon wafer market is mainly occupied by overseas manufacturers, with a high market concentration, and dragon silicon bar manufacturers monopolize more than 90%of the global market share. According to estimates, in 2021, the international market share of silicon research was only 0.69%, which lacks core competitiveness and it is difficult to continue to develop the international market.

反观国内市场，半导体硅片市场规模2021年已增长至250.5亿元人民币，沪硅产业、中环股份、立昂微、麦斯克、中晶科技的硅板块资产的国内市场占有率分别为9.85%、 8.12%, 5.82%, 1.00%, 1.74%. In the 2021, the business income of semiconductor silicon polishing films was 345 million yuan, and the shipments were 98.49 million squarects. The domestic market share was about 1.38%. There was still a large gap with the remaining head companies. Under the condition of relatively low market share, the proportion of the advantages of silicon -research products has gradually declined, and it is not a good trend.

There are research on the production of 8 -inch and below size of silicon semiconductor silicon polishing film. However, the number of shipments in the global 8 -inch and 12 -inch silicon wafers in 2021 accounted for about 25%and 69%, respectively. The proportion of shipping area and sales in the global silicon wafer market has gradually increased, and the proportion of 8 -inch silicon wafers has gradually decreased.

It can be seen that the 12 -inch silicon wafer began to gradually replace the 8 -inch silicon wafer, becoming the mainstream product of global semiconductor silicon wafers. However, due to technical problems such as technology, there is no ability to independently develop 12 -inch silicon wafers. It can only be deployed in the way to participate in Shandong Yoshishaye's 12 -inch silicon wafer business. The 12 -inch silicon wafer project is still in the stage of research and development and certification. The lack of mainstream products in the international market has further reduced the core competitiveness of research silicon.

Not only that, the average sales price of 8 -inch polishing films has continued to decrease. During the reporting period, the average sales price of 8-inch polishing films was 252.73 yuan/piece, 220.32 yuan/piece and 210.85 yuan/tablet, respectively, with a variable ratio of -2.33%,-12.82%and -4.30%.

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