Otro fabricante de semiconductores de potencia salió a bolsa, con un aumento del precio de sus acciones de más del 208% y un valor de mercado que superó los 8.3 millones de yuanes.
Macro Micro Technology’s net profit surged 189% in 2020, with Infineon becoming the largest supplier.
Xinxi informó el 1 de septiembre que el fabricante nacional de semiconductores de potencia Jiangsu Acer Micro Technology Co., Ltd. (en adelante, "Acer Micro Technology", código bursátil: 688711) logró cotizar en el Mercado de Innovación Científica y Tecnológica. MacroMicro Technology se suma así a China Resources Micro y Galaxy Micro, otras empresas de semiconductores de potencia que han logrado ingresar al Mercado de Innovación Científica y Tecnológica.
The issue price of Macro Micro Technology was 27.51 yuan/share, and the opening price was 78 yuan/share, an increase of 183%. As of the time of writing of the core article, the latest stock price of Macro Micro Technology is 85 yuan per share, with a stock price increase of 208%, and a total market value of 8.3 billion yuan.
Macro Micro Technology was founded in 2006 by Jin Shitong, Century Dongxu and Zhao Shanqi, with a registered capital of 20 million yuan. Its main business of Macro Micro Technology is power semiconductor chips, single tubes, modules and power modules, mainly IGBT and FRED.
Según los cálculos basados en datos de la empresa de investigación de mercado Yole, durante el período del informe, el volumen de ventas de los productos de la serie IGBT de Acer Micro Technology representó el 1.43%, el 1.47% y el 1.81% de la demanda total del mercado nacional, respectivamente.
Los productos de Hongwei Technology se utilizan principalmente en tres sectores: control industrial y suministro de energía, energías renovables, electrodomésticos con convertidores de frecuencia y otros. El sector de control industrial y suministro de energía abarca principalmente la industria de convertidores de frecuencia y la de motores de bajo consumo; el sector de energías renovables incluye sistemas de aire acondicionado para autobuses, sistemas de control electrónico para vehículos eléctricos, estaciones de carga para vehículos eléctricos, redes inteligentes y energías limpias como la eólica y la fotovoltaica.
As the problem of core shortages fermented, some power semiconductor companies such as ON Semiconductor, BYD Semiconductor, and Nexperia acquired by Wingtech Technology announced price increases. With the current outbreak of the epidemic in Southeast Asia, automotive power semiconductors such as IGBT have also been affected to a certain extent.
Sin embargo, en comparación con los semiconductores de potencia para automóviles, la principal fuente de ingresos de Acer Micro Technology es la industria de control industrial y suministro de energía; su proveedor Infineon no ha aumentado los precios de suministro de chips, lo que mantiene estables los precios de los productos de Acer Micro Technology.
In recent years, Macromicro Technology has established relatively stable supporting cooperative relationships with industry leaders or well-known corporate customers such as Delta Group, Inovance Technology, Jasic Technology, Aotai Group, Suzhou Goodtech, Shenghong Co., Ltd., Inkerui, and Costar. From 2018 to 2020, Macro Micro Technology’s total revenue was 262 million yuan, 260 million yuan and 332 million yuan respectively.
En esta oferta pública inicial, Macro Micro Technology planea recaudar 557.5 millones de yuanes, que se destinarán a tres proyectos: una nueva base industrial para dispositivos semiconductores de potencia, la construcción de un centro de I+D y el pago de préstamos bancarios y la ampliación del capital circulante. La empresa tiene previsto emitir públicamente 24.62 millones de acciones.
▲Macro Micro Technology Fundraising Project Plan
Zhao Shanqi, fundador de Macro Micro Technology, posee directamente el 23.7236% de las acciones de Macro Micro Technology y es el accionista mayoritario y controlador efectivo de Macro Micro Technology.
▲Hongwei Technology’s equity structure
Beneficios de este artículo: La versión completa del prospecto de Macro Micro Technology se puede obtener respondiendo a la palabra clave [Core East and West 173] en la columna de chat de la cuenta pública.
El beneficio neto se disparó un 189% en 2020.
Module business is the main source of income
The prospectus shows that Macro Micro Technology’s revenue in each period from 2018 to 2020 was 262 million yuan, 260 million yuan and 332 million yuan respectively. The larger revenue growth of Macro Micro Technology in 2020 also drove its net profit to soar.
In 2020, Macro Micro Technology's main business revenue increased by 27.56% year-on-year, with a rapid growth rate. This was mainly due to factors such as the increase in downstream market demand in 2020, the impact of the COVID-19 epidemic on the output of some manufacturers, and the trend of domestic substitution.
En términos de beneficios, las ganancias netas de Macro Micro Technology en 2018, 2019 y 2020 fueron de 7.36 millones de yuanes, 9.18 millones de yuanes y 26.54 millones de yuanes respectivamente.
▲Hongwei Technology’s revenue and net profit changes from 2018 to 2020
If divided by product type, Acer Micro Technology's main business income can be divided into five categories: modules, single tubes, chips, power modules and entrusted processing services.
Among them, chips and single tubes can be divided into three types: IGBT, FRED, and MOSFET. Modules are power semiconductor modules including customized modules, including IGBT, FRED, MOSFET, rectifier diodes, thyristors, customized modules, etc. Acer Micro Technology's entrusted processing services mainly include silicon wafer thinning and backside metallization.
In 2020, module revenue accounted for 75.64% of Hongwei Technology's total revenue, with a sales amount of 249 million yuan, making it the main source of income for Hongwei Technology.
▲Hong Kong Technology’s revenue changes by business in 2020
Delta Group es el cliente más grande
El mayor proveedor, Infineon, tiene una relación competitiva.
En lo que respecta a clientes, Delta Group e Inovance Technology son empresas líderes en el sector del control industrial en mi país. A medida que la demanda del mercado nacional de control industrial sigue aumentando, las ventas de Acer Micro Technology, Delta Group y Suzhou Huichuan continúan expandiéndose.
During the reporting period, Delta Group and Inovance Technology have been the top five suppliers of Acer Micro Technology, and Delta Group has been Acer Micro Technology's largest customer.
At the same time, due to the impact of changes in the national new energy bus subsidy policy, the company's downstream customers of the power module business, such as automotive air-conditioning customers Songzhi Co., Ltd. and Guangzhou Jingyi Automotive Air-Conditioning Co., Ltd., have experienced a decline in market demand and are no longer among the top five customers of Macro Micro Technology.
Chengdu Hongwei Technology Co., Ltd. es el distribuidor de Hongwei Technology, y ambas partes no tienen ninguna relación. Dado que los productos de la marca "Hongwei" gozan de gran visibilidad e influencia en el sector, el uso de esta marca por parte de Chengdu Hongwei Technology Co., Ltd. contribuirá a la promoción de sus productos y servicios, y tendrá un impacto positivo en la producción y las operaciones de Hongwei Technology.
▲Los cinco principales clientes de Acer Micro Technology entre 2018 y 2020
In terms of procurement, because Acer Technology is a Fabless (fabless) model, its main raw materials are outsourced chips, self-developed chips, copper base plates, silicon wafers, DBC substrates, power converter components, etc.
El principal proveedor externo de chips de Acer Micro Technology es Infineon. Desde 2018, Infineon ha sido el mayor proveedor de Acer Micro Technology. El folleto informativo indica que los módulos personalizados de Delta Group, el mayor cliente de Macro Micro Technology, están diseñados para usar chips de Infineon, lo que conlleva cierto riesgo de interrupción del suministro.
During the reporting period, the sales proportion of self-developed chip products in Acer Micro Technology's IGBT series products accounted for 32.36%, 37.14%, and 53.69% respectively, and the proportion continued to increase. The amount of imported chips purchased from Infineon also decreased from 21.01% in 2018 to 16.71% in 2020.
Dado que Infineon también es un competidor de Acer Micro Technology en el mismo sector, esta relación de oferta y demanda también expone a Acer Micro Technology a ciertos riesgos.
As of the signing date of the prospectus, the chip procurement business between Acer and Infineon was being performed normally, and no supply interruptions had occurred. According to the supply agreement signed by Acer Micro Technology and Infineon, the agreement will take effect from the date of signature by the authorized representatives of both parties, and will be valid indefinitely thereafter unless terminated by either party with 6 months' written notice in advance.
Los chips IGBT de Acer Micro Technology son fabricados principalmente por Huahong Grace y Newport Wafer Fab Limited. Acer Micro Technology solo se encarga de proporcionar soluciones de diseño para los chips IGBT. Los chips FRED de Acer Micro Technology son fabricados principalmente por Huarong Huajing, y Acer Micro Technology se encarga de proporcionar soluciones de diseño de chips y obleas de silicio.
At present, Newport Wafer Fab Limited has been acquired by Nexperia Semiconductor, a subsidiary of Wingtech Technology, and all transaction procedures have been completed.
▲Los cinco principales proveedores de Acer Micro Technology entre 2018 y 2020
Se invertirán cerca de 25 millones de yuanes en I+D en 2020.
Chip R&D Director previously worked at ON Semiconductor and Infineon
From the perspective of the entire market, Acer Micro Technology’s foreign competitors include Infineon, Mitsubishi Electric Co., Ltd., Fuji Electric Co., Ltd., Semikron, etc., while domestic power semiconductor manufacturers include Star Semiconductor, Silan Micro, Yangjie Technology, China Microelectronics, and TSMC.
Fabricantes como Infineon, Mitsubishi, Fuji y Semikron representan casi el 70% de la cuota de mercado global. Las macro y microtecnologías presentan ciertas deficiencias en tecnología, acumulación de procesos, variedad de productos, escala corporativa, reconocimiento de marca, etc.
Compared with local manufacturers, Acer Micro Technology has certain advantages in the product chain. At present, most domestic power semiconductor companies focus on back-end packaging and testing. They purchase chips and sell finished products to the market after packaging. There are few companies that can independently develop IGBT and FRED chips. According to the prospectus, Acer Micro Technology integrates chip, module design, module packaging and testing, and has large-scale production capabilities for IGBT and FRED. In addition, Acer Micro Technology's products include IGBT, FRED chips, single tubes and modules, rectifier diodes, thyristors and other module products. The product structure is relatively rich and can provide a variety of solutions.
En términos de margen de beneficio bruto, en comparación con los fabricantes nacionales que cotizan en bolsa en el mismo sector, el margen de beneficio bruto de Macro Microelectronics solo es superior al de Huawei Electronics y Silan Microelectronics.
▲Comparison of gross profit margin and industry status between Macro Micro Technology and listed companies in the same industry
In 2020, Acer Micro Technology's R&D investment reached 24.5596 million yuan, which is higher than Taiji but lower than other competitors in the same industry. The number of R&D personnel of Macromicro Technology is 85, accounting for 19.91% of the total number of employees.
As of December 31, 2020, Acer Micro Technology has a total of 95 authorized patents, including 35 invention patents.
▲Comparison of R&D investment, R&D personnel, and patents between Hongwei Technology and listed companies in the same industry
Actualmente, Macro Micro Technology cuenta con 6 miembros clave del personal técnico: Zhao Shanqi, presidente y director general de Macro Micro Technology; Liu Lifeng, director y subdirector general; Wang Xiaobao, subdirector general; Yu Yichang, director de I+D de chips; Qi Lina, supervisora y gerente de I+D de chips; y Ma Changsheng, director de I+D de módulos.
Specifically, Zhao Shanqi graduated from Jilin University with a major in semiconductors. He is the recipient of the "Special Allowance for Experts with Outstanding Contributions of the State Council". He has won 1 National Invention Award, 1 ministerial and provincial science and technology award, published more than 30 academic papers, and published 2 monographs.
▲Zhao Shanqi, Presidente y Director General de Hongwei Technology
Wang Xiaobao se graduó de la Universidad de Lanzhou con una licenciatura en física de semiconductores y fue miembro del Comité Técnico Nacional de Estandarización de Dispositivos Semiconductores. Actualmente, lidera el equipo de redacción y organiza la formulación de cinco estándares industriales. Ha recibido dos premios de tercer nivel al progreso científico y tecnológico del Ministerio de Maquinaria (predecesor del Ministerio de Industria y Tecnología de la Información) y ha publicado más de 20 artículos.
Yu Yichang graduated from Nanyang Technological University in Singapore and has more than 13 years of working experience in well-known domestic and foreign semiconductor companies. He has served as development manager of ON Semiconductor and technical manager of Infineon Technology Department. At Acer Micro Technology, Yu Yichang presided over the R&D and design of domestic IGBT, FRED, and MOS devices.
▲PERSONAL TÉCNICO CLAVE DE TODAS LAS TECNOLOGÍAS
Chairman and General Manager Zhao Shanqi
Como accionista mayoritario y controlador efectivo
Currently, as Zhao Shanqi serves as the chairman and general manager of Macromicron Technology, he has nominated and elected four non-independent directors. He has an important influence on the company's operation and management and can actually control or decide major business strategies. Therefore, Zhao Shanqi is the controlling shareholder and actual controller of Macro Micro Technology.
Antes de esta emisión, Zhao Shanqi poseía el 23.72% del capital social de Macro Micro Technology. Tras la finalización de la emisión, su participación accionarial se reducirá a aproximadamente el 17.79%.
In addition, shareholders holding more than 5% of the shares before the issuance include Shenzhen Ivy, Huatai Strategy, Huiyou Chuangjia, Jiuzhou Venture Capital, as well as individual shareholders Li Fuhua, Kang Lu, and Ding Ziwen.
▲List of the top ten shareholders of Macro Micro Technology
Conclusión: La salida a bolsa de Macro and Micro Technology acelera la sustitución nacional.
Infineon is the largest supplier and there are risks
Acer Micro Technology es una de las pocas empresas nacionales capaces de integrar chips, diseño de módulos, empaquetado y pruebas, y cuenta con una gran capacidad de producción de IGBT y FRED. Su salida a bolsa favorece la renovación de la oferta de semiconductores de potencia en el mercado nacional. La evolución del precio de sus acciones también refleja el optimismo actual del mercado respecto a este sector.
But at the same time, Macro Micro Technology has deficiencies in technology research and development investment, product gross profit margin, etc., and is in the middle and lower position compared with listed companies in the same industry. At the same time, Infineon, as an industry giant, is both a competitor and supplier of Acer Technology. This situation may limit the future development of Macro and Micro Technology.
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