In recent years, with the birth Kechuang plates and registration system, prompting more and more high-tech companies and manufacturing enterprises to log A-share capital market, especially in the smartphone-driven semiconductor and mobile phone industry chain company, is to become Upstart in the capital market.
Recently, according to the statistics of JW Insights on mobile phone/semiconductor IPO submissions in the third quarter of 2021 (according to recent IPO prospectus statistics), in this quarter, a total of more than 50 companies submitted IPO prospectuses, of which funds were raised The largest amount is undoubtedly the two major operators China Telecom and China Mobile, both of which raised more than 200 billion yuan of funds.
Data from JW insights shows:
- From the perspective of the industry attributes of IPO companies in Q3, the mobile phone industry is far more than the semiconductor industry; at the same time, mobile phone/semiconductor companies mainly choose ChiNext, and the "regional" option may become a future trend;
- From the perspective of the industrial chain links of IPO companies, most of the materials and equipment companies, and the overall gross profit margin is low;
- In terms of the number of funds raised, the polarization trend is still very serious;
- Due to the concentration of smartphone terminal shipments, the level of concentration in the supply chain is also increasing.
50 mobile phone/semiconductor companies plan to go public, 84% of companies choose ChiNext
Judging from the above-mentioned more than 50 companies in the third quarter, most companies have chosen to list on the ChiNext, the number is as high as 43; the number of companies on the Science and Technology Innovation Board and the main board of the Shenzhen Stock Exchange is 4 and 3 respectively. This shows that Q3 mobile phone/semiconductor industry companies choose ChiNext to dominate.
According to the statistics of JW Insights, the companies that choose to list on GEM are mainly upstream material and equipment companies in the mobile phone industry. This is also the advantage of Shenzhen and Dongguan in Guangdong; at the same time, some semiconductor companies in Guangdong also chose GEM as not a sci-tech innovation board, such as audio chip company Zhuhai Jie Li Technology Co., Ltd., memory chip company Shenzhen Longsys Electronics Co., Ltd.
The companies that choose sci-tech innovation boards are mainly semiconductor companies, such as EDA software company Shanghai Guowei Sierxin Technology Co., Ltd., RF chip company Nanjing Guobo Electronics Co., Ltd., and power chip company Anhui Anxin Electronic Technology Co., Ltd.
The number of funds raised was 46.6 billion yuan, with an average of more than 900 million yuan per fundraising
From the perspective of the number of funds raised, except for China Telecom and China Mobile which raised 102.1 billion yuan and 156.9 billion yuan respectively, the majority of the rest of the enterprises are below 2 billion yuan. Among them, 13 companies have raised funds of less than 500 million yuan, accounting for 25.50%, 24 companies have raised funds of 500 to 800 million yuan, accounting for 47.05%, and 14 companies have raised funds of more than 1 billion yuan, accounting for It is 27.45%.
A total of 51 companies raised a total of 46.6 billion yuan (excluding China Telecom and China Mobile), and the average raised funds exceeded 900 million yuan.
According to the statistics of JW insights, the amount of funds raised by semiconductor companies is generally high. For example, Beijing Huada Jiutian Technology Co., Ltd. raised 2.551 billion yuan, and Shanghai Guowei Sierxin Technology Co., Ltd. raised 1.315 billion yuan. Yuan, Nanjing Guobo Electronics Co., Ltd. 2.674 billion yuan, Shenzhen Longsys Electronics Co., Ltd. raised 1.511 billion yuan, Zhuhai Jie Li Technology Co., Ltd. raised 2.5 billion yuan, etc.; in addition, some subdivided materials and equipment manufacturers The amount of funds raised by Shenzhen Suijing Optoelectronics Co., Ltd. is relatively low. For example, Shenzhen Suijing Optoelectronics Co., Ltd. only raised 238 million yuan, and Longyang Electronics (Kunshan) Co., Ltd. raised only 372 million yuan. The products of these companies are mainly used In the consumer electronics market such as smartphones and tablets.
The average gross profit margin is only 36.8%, with the highest being 88.68%
From the perspective of gross profit margin, there is no doubt that the gross profit margin of equipment and semiconductor companies is relatively high, while the gross profit margin of structural parts and some material manufacturers is relatively low.
Among the 51 companies mentioned above, 47% (24) have a gross profit margin of less than 30% in 2020, 35% (18) have a gross profit margin of 30%-50%, and only 18% have a gross profit margin. (9 companies) The gross profit margin is higher than 50%.
Among them, the semiconductor EDA software manufacturer Beijing Huada Jiutian Technology Co., Ltd. has the highest gross profit margin, reaching 88.68%, and Hangzhou Guangli Microelectronics Co., Ltd., which is also an EDA software manufacturer, has a gross profit margin of 85.25%.
In addition, Shanghai Yeying Microelectronics Technology Co., Ltd. has a gross profit margin of 70.33%, and nanomaterials manufacturer Jiangsu Feiwotai Nano Technology Co., Ltd. has a gross profit margin of 77.83%.
The top five customers accounted for relatively concentrated revenue, with an average of 52.5%
For companies in the mobile phone industry and the mobile phone semiconductor industry, the top five customer revenue ratios are critical. As the concentration of large customers of smartphone manufacturers continues to increase, this means that we need to be vigilant about customer risk control issues.
From the perspective of mobile phone and semiconductor companies with IPOs in Q3, there are 18 companies with the top five customers accounting for less than 40% of revenue in 2020, accounting for 35.30%, and the top five customers accounting for 40%-70% of revenue. There are 19 companies in, accounting for 37.25%, and 14 of the top five customers account for more than 70% by hand (9 of which are more than 80%), accounting for 27.45%.
JW Insights found that overall, affected by the concentration of downstream customers, the customer concentration of the entire industry is also increasing. In addition, the top five customers accounted for the top companies in the mobile phone industry chain and some semiconductor industry chain companies. For example, among the top five customers accounting for more than 50% of the companies, the number of companies in the mobile phone industry chain has reached 70%.
JW Insights believes that from the perspective of Q3, the pace of IPOs in the entire semiconductor and mobile phone industry has accelerated significantly; but in the long run, the increase in customer concentration in the entire mobile phone industry will be accompanied by a slowdown in the total market shipments in the future. The IPO pace of the entire industry may eventually fall back.
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