5G IoT products will produce production in mass production.

Text/Yang Jianyong

The Jiejie technology on the popular chip track has attracted many heavyweight shareholders including Alibaba, Xiaomi, Midea, OPPO. Among them, Ali is a single largest shareholder with a shareholding ratio of 15.43%. With the shareholders of the luxury lineup, Nujie Technology has been eye -catching. It is planned to raise 2.38 billion yuan in the capital market. It is used for new communication chip design, smart IPC chip design projects, multiple wireless protocol fusion, high -precision navigation under multiple fields, high -precision navigation under multiple fields Positioning the overall solution and platform projects and the construction of R & D centers and supplement liquidity funds. However, under the Internet of Things boom, the actual net raised funds in the end reached 6.546 billion yuan, exceeding 4.2 billion yuan.

Because of the super -raising, it was pushed up to the issue price of Zujie Technology, which led to a significant decline in the first trading day of listing. It closed down 33.75%on the same day, and then shocked all the way down. As of July 15, the stock price was 65.3 yuan, a issuance price of 164.54 yuan, a decrease of 60%. In half a year, the market value shrinkage exceeded 41.5 billion yuan, and the current market value is 27.3 billion yuan. This also shows that the market needs to repair and make a valuation of its price.

Revenue increases, and the baseband chip of Zujie technology mobile phone depends on the function phone

As an important player on the chip track, Cijie Technology has developed rapidly. It must be known that it was only established in 2015, and revenue was doubled. The revenue in 2017 was 115 million yuan, an increase of 2.137 billion yuan by 2021, with a compound annual growth rate of 107%. It is mainly due to the rapid expansion of the acquisition, including the acquisition of Alphean, Jiangsu Zhiduoxin, Marvell mobile communication department, and Zhiqing information.

It should be pointed out that the Cijie technology chip is mainly honeycomb -based band chips and non -honeycomb IoT chips. Among them, the honeycomb base band chip is the core sector. In 2021, the honeycomb baseband chip realized sales revenue of 1.763 billion yuan, accounting for 82.5%of the total revenue, and maintained a high -speed growth trend, an increase of 121.5%year -on -year. Specifically, the main two major businesses of honeycomb base band chips are now, which are baseband communication chips and mobile smart terminal chips.

The baseband communication chip is suitable for various scenarios such as connected car, smart payment, industrial Internet of Things, smart security, and smart grids. It has become an important supplier of mainstream module manufacturers at home and abroad, such as Shigan Communications, Rita Smart, Fangfang Technology, Gao Xinxing, U-Blox AG and other mainstream module manufacturers at home and abroad, and entered the national large power grid company, ZTE, HITACHI, TP-Link, etc. Supply chain system of well -known domestic and foreign brand enterprises.

Mobile smart terminal chips are mainly used in mobile phones, smart wearable devices, smart payment, smart home and other scenarios. However, the baseband chip of Cijie Technology mobile phone is only used for function phones. It has not yet formed a smartphone baseband chip income, nor has it launched a mature 5G smartphone chip, which is temporarily in an unfavorable position in competition. It is pointed out in the previous prospectus that smartphone chips will directly affect the quality of smartphone performance. Smart mobile phone manufacturers have high requirements for the performance and quality stability of smartphone chips. Customers have high stickiness.

In the context of the head effects of the smartphone industry, the development of potential cooperation between Lujie Technology is more difficult, and there is a risk of product promotion failure when promoting its own smartphone chip products. At the same time, various types of new products that are currently developing, including 5G chips, smartphone chips, etc., have not been fully verified and achieved large -scale sales by customers. Risk of market development failure. It is understood that at present, Cijie Technology 4G smartphone products have completed the engineering flow earlier this year. At the end of April, the test was returned to the test.

In the Internet of Things opportunities, Zujie Technology actively develops 5G IoT chips

After successfully landing in the science and technology board, 1.059 billion were used for the design of new communication chips, including the research and development of commercial 5G enhanced mobile broadband terminal chip platforms, 5G industrial IoT chip projects, and commercial WIFI6 chip projects. Among them, it is intended to invest 700 million to commercially use 5G to enhance the development of mobile broadband terminal chip platform research and development and 5G industrial Internet of Things chip project. This will help enhance the core competitiveness of Zujie technology, and can complete the expansion of the 4G product line to the 5G product line to promote product upgrades, thereby consolidating the position in the design industry in the communication chip.

With the large -scale construction of 5G commercial networks in my country, applications in the fields of downstream consumer electronics, industrial Internet, autonomous driving, and remote medical care have flourished, which will further expand the demand for 5G terminal chips, and the industry has ushered in a new round of opportunities. In the face of a specific object of the object, Zujie Technology told investment institutions that 5G IoT products are expected to start mass production at the end of this year. It is also pointed out that the degree of improvement of the 5G network and the problem of tariffs is estimated that the short -term 5G IoT chip has a high proportion of the sales revenue of the company's chip.

In addition, in terms of non -honeycomb IoT chips, its high integration WIFI chip has passed the harsh supply chain quality test of Midea Group, breaking the Midea Group to only purchase mid -to -high -end non -honeycomb IoT chips from international giants in the past. In addition to WiFi products, it also has a variety of high -performance non -cellular Internet chips based on LoRa and Bluetooth technology. A variety of chip products launched on the client have gradually achieved mass production. In various application scenarios, in 2021, non -honeycomb IoT chips achieved sales revenue of 177 million yuan, an increase of 99.53%year -on -year. at last

The Internet of Things is the direction of information technology. From smart cars, smart buildings, smart medical care to corporate asset management equipment to industrial equipment, tens of billions of smart devices and edge smart devices are in all corners. Then, the demand for chips suitable for various smart devices has increased, which can bring tens of billions of dollars in market opportunities. For chip manufacturers, it is this wave of intelligent waves. Cijie Technology's honeycomb and non -honeycomb products can cover the application scenarios of various transmission distances of the intelligent Internet of Things market. The development of the 5G IoT trend is expected to promote the continuous growth of revenue. Unfortunately, long -term continuous losses have caused market worry.

In 2021, Zujie Technology lost 589 million yuan. Although the loss of 2.327 billion yuan in 2020 was significantly narrowed, it has been in a state of losses for a long time. Of course, in 2020, a large share payment fee was raised by 1.767 billion yuan, resulting in a large amount of losses in 2020. Because the chip is a typical technology, capital -intensive industries, and high investment in funds. For Zujie Technology, the establishment time is short, and the accumulation of large R & D investment guarantee technology and the development of products are required, so it is in a state of loss.

The profitability of the profitability is difficult to support the high valuation of long -term losses, but the IoT market has a broad prospect. Various consumer electronics and intelligent IoT markets will usher in various new applications. The Internet of Things market will usher in an outbreak. Growth, honeycomb base band chips will have great development and demand space as the basic hardware of the Internet of Things.

Yang Jianyong, a Forbes Chinese writer, is committed to in -depth interpretation of cutting -edge technologies such as the Internet of Things, cloud services and artificial intelligence.

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