The New Third Board delisting is seeking to turn on the board!IPO IPO is accepted by the IPO

Recently, Capital State learned that Wuxi Medica Microelectronics Co., Ltd. (hereinafter referred to as "Micromio Micro") Capital Cross Customs Board Listing Application was accepted by the Shanghai Stock Exchange, and this time it was planned to raise 600 million yuan.

Picture source: Shanghai Stock Exchange official website

The main business of the medium -sensing micro company is the development, design and sales of SOC chips for sensing networks. The main products are Bluetooth audio sensing network SOC chips, lithium battery power management chips, and video sensing network chips. Among them, the Bluetooth audio sensing network SOC chip is applied to low -power smart audio terminals such as Bluetooth speakers, Bluetooth headsets, Bluetooth vehicles; lithium battery power management chips for functional mobile phones, smartphones, wearable smart devices and electric tools Management and protection of lithium battery power supply; video sensor network chips are used in vehicle recorders, industrial endoscopes, etc.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 239 million yuan, 203 million yuan, and 239 million yuan, respectively; the corresponding net profit corresponding to the mother-in-law at the same time was 250.909 million yuan, -26.204 million yuan, and -178.82 million Yuan.

According to the listing conditions of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules", the company meets the "estimated market value of not less than RMB 1.5 billion in the market value of RMB 1.5 billion, and the operating income in the past year is not less than RMB 200 million, and recently Three -year R & D investment accounts for not less than 15%of the operating income in the past three years. "

1. The estimated market value is not less than RMB 1.5 billion

According to the recent valuation of the issuer's comparable company in the domestic market, the total market value of the company is expected to be less than RMB 1.5 billion after issuance.

2. In the past year, operating income has not less than RMB 200 million, and the total R & D investment in the past three years has accounted for not less than 15% of the recent three years of operating income.

According to the 2019, 2020 and 2021 Audit Report issued by the "Wuxi Medicine Microelectronics Co., Ltd." issued by the accountant of Rong Cheng (Rong Cheng's Trial [2022] 200Z0145) It is less than RMB 200 million; and the cumulative investment in R & D in the past three years has been RMB 167.072 million, accounting for 24.51%of the cumulative operating income in the past three years, not less than 15%. In summary, the medium -sized financial indicators meet the above listing standards.

This time, the development and industrialization project of wireless sensing network chip for the field of intelligent federation, industrialization projects, low -power and high -performance multi -function lithium battery power management chip upgrade projects, and the first generation of artificial intelligence supporting the Internet of Things voice entrance SOC chip research and development and industrialization projects, research and development center construction projects, supplementary funds.

In January 2016, medium -sighted micro was listed on the national stock transfer system. In June 2018, medium -sized micro -listing was terminated in the national stock transfer system.

During the listing of the national stock transfer system, the company had not disclosed the 2017 annual report and 2017 non -public offering of stocks raised funds. The administrative penalties of the Securities Regulatory Commission and its dispatch institutions and national stock transfer companies.

Picture source: company prospectus

As of the signing of this prospectus, the issuer's controlling shareholder and actual controller Yang Xiaodong. Yang Xiaodong directly held 8 million shares of the company, accounting for 15.24%of the company's total shares. In addition, Yang Xiaodong is the actual controller of Zhuhai Zhongwei, and Zhuhai Zhongxian Weixi holds 11.375 million shares of the company, accounting for 21.67%of the company's total share capital.

In summary, Yang Xiaodong's proportion of shares directly held and through Zhuhai Zhongwei's actual control was 36.91%. Yang Xiaodong, as the company's controlling shareholder and the actual controller, did not change the actual controller status during the reporting period.

Middle sense admits that the company has the following risks:

(1) The risk of not profitable

The company's current main product positioning and terminal product positioning is the mid -to -high -end market. The main customers are the world's leading Bluetooth audio terminal supplier. The main application areas are the consumer electronics market. High requirements. In order to ensure that the product can quickly respond to the terminal market and customers' requirements for new products, new technologies, and new applications, the company will keep up with the development of new applications in technology development trends to maintain the company's continuous profitability. Essence In each period of the reporting period, the company's R & D investment accounted for 20.66%, 26.36%, and 26.79%of the operating income of the same period.

While maintaining a high R & D investment, due to the more concentrated and relatively single in the field of company customers, the company's operating income scale is still low compared with the comparable company in the same industry, and the company has not yet achieved profitability. During the reporting period, the company's net profit that belonged to the owner of the parent company after deducting non-recurring profit or loss was -83.795 million yuan, -157.701 million yuan, and -21.8058 million yuan, respectively.

Since the company's Bluetooth audio sensing network chip design involves simulation and logical circuit design, algorithm, Bluetooth radio frequency and other technologies, and the increasing requirements for process technology and chip integration requirements, artificial intelligence algorithms belong to the technical accumulation of continuous technical accumulation in the cutting -edge field. Technical breakthroughs, from "consumer" to "car regulations" chip expansion, requires integration of advanced car electronic controller platform resources to jointly develop and develop. Therefore, the company will still maintain a large R & D period during the reporting period and foreseeable future period. expenditure. If the company fails to achieve the expansion of the sales scale as planned, the delayed R & D progress or the failure of the R & D result will not cause the research and development to achieve industrialization as expected, or the overall market demand of the product has declined significantly. The company's operating income and operating profit may not reach the expected scale Essence If the company cannot be profitable in the future, after the first public offering of stocks and listing, it may cause the company's cash flow, which will have a negative impact on the company's business expansion, talent introduction, team stability, R & D investment, and market development.

If the company has triggered the financial status of Article 12.4.2 of the Listing Rules of the Stocks of the Shanghai Stock Exchange Science and Technology Innovation Board, that is, the audit deduction unless the net profit (including traceability) before and after recurring profit or loss is negative and operating income (Re -remarkable by being traced back) below 100 million yuan, or the audited net assets (including retrospective) are negative, which may cause the company to trigger the delisting conditions. According to the "Continuous Supervision Measures for the Science and Technology Innovation Board Listed Companies (Trial)", the company directly terminates the listing of the stock when the company touches the listing standards.

(2) Product iteration risk caused by technological upgrades

The company's main products cover the Bluetooth audio sensing network SOC chip, lithium battery power management chip, and video sensing network chip. It is currently mainly used in consumer electronics products, IoT devices and other terminals. The development of terminal products and consumer demand has changed rapidly. If In the future, the company cannot make correct judgments on the development trend of technology, products and industries, decision errors, or failed to match the rhythm of the industry and company development, which will cause the company to be unable to quickly and timely launch new new new market demand Products, thereby missing new market opportunities, which has adversely affected the company's market competitiveness and continuous future business development.

(3) The risk of intensified market competition

With the rapid development of the Bluetooth audio SOC chip market and the maturity of the industrial chain, the number of domestic chip design companies has continued to increase, its technical level has also matured, the homogeneous competition of some chip products has intensified, and the price competition continues to be fierce. On the other hand,, on the other hand,, on the other hand,, on the other hand At present, the company's main products are mainly positioned in the mid -to -high -end market. Terminal brands have high requirements for the company's technical strength and technical indicators of the product. The company needs to continue to invest in R & D expenses to maintain technological advanced.

Although under the influence of integrated circuit production capacity and the international trade pattern, domestic mid -to -high -end Bluetooth audio terminal brands have gradually adopted more domestic and high -end mid -to -high -end Bluetooth audio chips with more technology, facing competition from international leading chip design companies such as Qualcomm and MediaTek In the short term, domestic chip design vendors still have a certain gap in the overall scale of assets and product lines in the field of cutting -edge chips.

During the reporting period, the company's Bluetooth audio sensing network SOC chip realized revenue of 1999,461,900 yuan, 175.5686 million yuan, and 207.095 million yuan, respectively, accounting for 86.25%, 86.45%, and 87.11%of the main business income, which were the company's revenue formed by the company's revenue. One of the main sources is that if the market competition is intensified in the future, the international leading competitors can provide more advanced and cost -effective products for terminal mid -to -high -end brands in terms of technology and price. It will be adversely affected.

(4) The risk of high concentration of terminal brand customers

In each period of the reporting period, the company's sales revenue for the first five customers accounted for current operating income of 84.94%, 94.74%, and 96.95%, respectively. Among them, the largest customers' sales revenue accounted for 66.20%of the current operating income, respectively. , 84.18%and 85.69%, the corresponding main end brand customers are Harman International, a world -renowned professional audio equipment manufacturer, with relatively high concentration. Both the company and major customers have established long -term stable cooperative relationships, but if the main customers have decreased or terminated from the company's procurement due to major adverse changes due to their own operations and major adverse changes in the international trade environment, or the company's new product development, new customers and new markets The failure to achieve results in time and other aspects will adversely affect the company's operating performance.

(5) The risk of high concentration of suppliers

The company's wafer suppliers are mainly SMIC and China Resources Micro. The packaging and testing suppliers are mainly Sun Moonlight Group and Huatian Technology. Because the wafer manufacturing and packaging tests are all capital and technology -intensive industries, the industry concentration is high. In various periods of the reporting period, the company's five major suppliers purchase the five major suppliers of 125.4494 million yuan, RMB 10,423,300, and 19,675,300 yuan. Procurement accounted for 87.48%, 88.79%, and 89.63%, respectively, and the purchasing concentration was high. If the company's main supplier has an over -resistant event, major adverse changes have occurred in production and operation, changes in the international political and economic environment, or the intense cooperative relationship with the company may cause suppliers It has a adverse effect on the company's production and operation. (6) The risk of tension for wafers and rising foundry prices

The company adopts Fabless's operating model, which is mainly engaged in the research and development, design, and sales of integrated circuit products. The company's wafer suppliers are mainly SMIC and China Resources Micro. In recent years, with the acceleration of the national production process of the semiconductor industry chain and the changes in the international industrial chain pattern, the wafer demand in the semiconductor industry has risen rapidly, the wafer capacity has tightened, and the overall procurement price has shown an upward trend. At present, 55nm and 40nm of 12 -inch wafers are the most tense. The procurement of this type of wafer accounts for about 53.64%of all wafers purchased by the company.

In the future, as the company's sales scale increases wafer demand will rise. If the shortage of supply shortage of 12 -inch wafers in the future will continue to intensify, it will have a greater impact on the company's product shipments, which will cause the company's operating performance and the implementation of the fundraising project. Major adverse effects. If the wafer factory changes to the company's credit policy, it will have a certain impact on the company's cash flow; if the price of the wafer rises sharply, it will adversely affect the gross profit margin of the company's product, and then cause a significant adverse effect on the company's operating performance.

(7) Risk of inventory price decline

The company mainly formulates procurement plans based on customer expected demand, upstream and downstream production capacity and company inventory, and dynamically adjust the stock preparation level according to market changes. Due to the long chip production cycle and tight upstream production capacity, in order to ensure the smooth progress of product production, the company needs to prepare moderate stocking according to the expected situation of the market in the future. At the end of the reporting period, the company's inventory book value is 6,572,100 yuan and 3,7824,400 yuan, respectively. With 76.9388 million yuan, the proportion of mobile assets was 16.57%, 10.33%, and 20.38%, mainly including outsourced processing materials and inventory goods. The inventory price decline preparation rates were 9.62%, 12.70%, and 7.89%, respectively.

Because the company's products are mainly used in terminals such as consumer electronics products, IoT devices, terminal products are faster, and single chip integration is high. Individual models need to pack Flash storage wafer and other outsourcing wafers. Customer demand changes, the company's failure to accurately judge downstream demand, supplier's production capacity tension cause delayed delivery, technical iteration and other reasons to make the company's inventory unable to sell smoothly, or increasing market competition, and the lack of competitive competition in the company's product performance. , There will be a risk of further calculating the preparation of inventory impairment.

(8) The risk of fluctuations in gross profit margin

In each period of the reporting period, the company's comprehensive gross profit margin is 29.66%, 39.16%, and 34.90%. With the development of industry technology and market competition, the company must continuously upgrade and innovate in technology according to market demand. If the company is due to the company due to the company Failure to correctly judge the changes in downstream demand, the technical strength is stagnant, the cost of product market is not effectively controlled, and the product market competition pattern has changed. Due to the rising procurement price due to the tight production capacity, the company's product price decreases, the product income structure is low, and the product revenue structure is low. Disadvantages such as gross profit margin products tilt and rising costs do not rule out the possibility of the company's comprehensive gross profit level fluctuations or even decline, bringing certain risks to the company's operations.

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