It was reported on April 22 that just now, the leading enterprise of domestic signal chain chipsNano Core MicroListed on the Science and Technology Innovation Board, its issue price is 230 yuan / share,The first issue price for a semiconductor company.
The opening price of Naxinwei was 250 yuan per share, and the stock price rose after the opening. As of the writing of Xindongxi, Naxinwei’s share price was 271.99 yuan per share, an increase of 18.26%, and the total market value was 27.4 billion yuan.
Nanochip’s main products include signal sensing chips, isolation and interface chips, driver and sampling chips, etc., and can provide customized services.Nanochip Microelectronics is an earlier layout in ChinaAutomotive grade chipIts automotive-grade chips have been mass-loaded in terminal manufacturers such as BYD, Dongfeng Motor, Wuling Motor, Great Wall Motor, SAIC Maxus, FAW Group, Ningde Times, Yunnei Power, etc., and entered SAIC Volkswagen, United Automotive Electronics , Sensata and other terminal manufacturers supply system
At the same time, Nanochip is also an early company in my country to develop digital isolation and interface chips. In terms of pressure sensor chips, from 2018 to 2020, Nanochip was recognized by the China Semiconductor Industry Association as one of the “Top Ten Chinese Semiconductor MEMS Enterprises” for three consecutive years. Its customers include industry leaders such as ZTE, Inovance, Honeywell, Sungrow, Hikvision, and Weir.
▲ Nanochip products involve application fields
During the reporting period, Nanochip’s revenue grew rapidly. The revenue of each period from 2018 to the first half of 2021 was 40.2233 million yuan, 92.1032 million yuan, 242 million yuan and 341 million yuan respectively.
Wang Shengyang, chairman and general manager of Nanochip Microelectronics, Sheng Yun, deputy general manager and head of R&D, and Wang Yifeng, deputy general manager, are the controlling shareholder and actual controller of the company. In this IPO, Nanochip plans to raise 750 million yuan, which will be used for three projects: “signal chain chip development and system application”, “R&D center construction” and “supplementary working capital”. Nanochip expects to raise 5.811 billion yuan, an increase of 4.831 billion yuan over the original plan and 6.44 times more than the amount raised.
▲ Nanochip Fundraising Plan
Approved for listing in less than a year, with a compound annual growth rate of 145% in revenue
Nanochip was established in May 2013. Its founders are Wang Shengyang and Sheng Yun, focusing on analog and mixed-signal chips.
In 2014, Nanochip started mass production of its first chip and achieved profitability. In 2017, Nanochip’s digital isolation chip achieved mass production. It is reported that this is an earlier domestic manufacturer of mass-produced digital isolation chips.
The digital isolation chip is a safety device that converts and outputs the input signal to achieve electrical isolation between the input and output ends. Compared with traditional optocouplers, digital isolation chips are smaller in size, faster, consume less power, have a wider temperature range, and have higher reliability and longer life.
At the end of May 2021, Nanochip’s IPO was accepted. As of today’s listing, Nanochip’s listing queue has lasted about 11 months.
▲ The IPO progress of Nanochip Technology Innovation Board
During the reporting period, Nanochip’s revenue grew rapidly. From 2018 to the first half of 2021, the revenue of each period was 40.2233 million yuan, 92.1032 million yuan, 242 million yuan and 341 million yuan, with a compound annual growth rate from 2018 to 2020. The rate reached 145.28%.
With the growth of revenue, Nanochip’s net profit has also increased from 2.3 million yuan in 2018 to nearly 90 million yuan in the first half of 2021. In each period of the reporting period, Naxinwei’s net profit was 2,308,500 yuan, -9,108,500 yuan, 50,907,700 yuan and 89,994,400 yuan respectively.
▲ Nanochip’s revenue and net profit changes from 2018 to the first half of 2021
In each period of the reporting period, Nanochip’s R&D investment was 10.2477 million yuan, 29.582 million yuan, 41.2608 million yuan and 38.9837 million yuan respectively, accounting for 25.48%, 32.12%, 17.05% and 11.44% of operating income.
Nanochip has deep technical accumulation in domestic mixed-signal chips.It is the leading enterprise of domestic digital isolation chips and signal chain chips. Specifically, Nanochip’s products include three types of signal sensing chips, isolation and interface chips, driver and sampling chips, and can provide customized services.
Among them, signal sensing chips and isolation and interface chips are the main source of income of Nanochip, accounting for more than 90% of the income from 2018 to 2020.
▲ Nanochip’s revenue share of each business from 2018 to the first half of 2021
From the perspective of product application, Nanochip’s revenue in consumer electronics has gradually decreased, and its revenue in the fields of information communication and industrial control has gradually increased. Its automotive electronics revenue accounted for 15%-6.95% between.
This change in revenue share is also reflected in Nanochip’s top five customers. In 2018, four of Nanochip’s top five customers sold signal sensing chips. In contrast, among the top five customers of Nanochip Microelectronics in 2020, only two companies have purchased its signal sensing chips, and the remaining three companies have purchased isolation and interface chips.
Among them, customer A is a first-tier manufacturer in the domestic information and communication industry. In 2018, Nanochip provided bulk supply to Customer A through its distributors Avnet Hong Kong and Amystone. With the expansion of the transaction scale, Nanochip will directly supply to Customer A in 2020, and Customer A will become Nanochip’s largest customer that year, contributing 17.38% of its revenue.
▲ Nanochip’s top five customers
As a chip company that adopts the Fabless (fabless) model, Nanochip’s procurement projects mainly include wafer and test packaging services. Its main wafer suppliers include SMIC, TSMC and Dongbu HiTek, and the main packaging and testing suppliers are ASE and Changdian Technology.
▲ Nanochip’s top five suppliers
The gross profit margin is higher than the average level, and most of the core technical personnel are from ADI Shanghai
In the global analog chip industry, international chip giants such as Texas Instruments (TI), Analog Devices (ADI), Skyworks (Skyworks), STMicroelectronics (ST), and NXP (NXP) have dominated the market. According to the market analysis agency IC Insights, the top ten analog chip manufacturers such as Texas Instruments and ADI account for about 62% of the market share.
In the signal sensing chip market, Nanochip’s products include ASIC chips such as pressure sensors, acceleration sensors, and silicon microphone signal conditioning, as well as integrated sensor chips. According to the market research agency Transparency market research, Nanochip’s pressure sensor and acceleration sensor signal conditioning ASIC chips have a market share of 32.19% and 23.06% in the domestic market, respectively.
▲ The main application areas of nanochip products
In the field of pressure sensors, various product markets are occupied by companies such as Bosch, Denso, NXP, and Infineon, and the market share of domestic companies is extremely low. At present, Nanochip has been able to provide full-scale MEMS pressure sensor chips covering micro pressure to medium and high pressure and core device solutions for ceramic capacitive pressure sensors.
In the isolation and interface chip market, the main suppliers are European and American semiconductor companies such as ADI, Texas Instruments, and Silicon Labs. Nanochip is an early mass-produced digital isolation chip company in China. Related isolation and interface products have successfully entered the supply system of first-line customers in many industries and have been supplied in batches.
According to the data of Markets and Markets, the global shipment of digital isolation chips in 2020 is 701 million, and the shipment of digital isolation chips of Nanochip Microelectronics reached 35.8671 million in the same year, with a market share of 5.12%.
In the driver and sampling chip market, the main international chip giants include Infineon, Texas Instruments, ROHM, STMicroelectronics, ADI, etc. Since the isolation driver chip requires chip companies to have both high-voltage isolation and driver technology, domestic Fewer companies own the product. In the field of sampling chips, the main suppliers in the industry include Broadcom, ADI, Texas Instruments, etc.
Nanochip’s isolated driver and isolated sampling chips will be shipped in batches in the third quarter of 2020, and have entered the new energy vehicle supply system of domestic mainstream terminal manufacturers such as BYD, Wuling Motor, Great Wall Motor, FAW Group, and CATL, and have achieved mass production. loading.
Compared with domestic companies in the same industry, Nanochip has advantages in quality control, product category, customer resources and supply chain. Provide customized services.
In terms of gross profit margin, due to differences in product structure, Nanochip’s comprehensive gross profit margins from 2018 to 2020 were 56.73%, 58.35%, 54.32%higher than the average level of comparable companies in the same industry in China.
▲ Comparison of gross profit margin between Nanochip and comparable companies in the same industry
As of June 30, 2021,Nanochip has a total of 307 employeesAmong them, there are 127 R&D personnel, most of them from well-known universities such as Fudan University and University of Science and Technology of China.
There are 5 core R&D personnel in Nanochip MicroelectronicsThey are Sheng Yun, Deputy General Manager and Head of R&D, Ma Shaoyu, Director of IC Design Center, Chen Qihui, Chairman of the Supervisory Board and Technical Expert, Zhao Jia, Director of Signal Conditioning Product Line, and Ye Jian, Director of Isolation and Interface Product Line. Among them, Sheng Yun, Ma Shaoyu, Zhao Jia, and Ye Jian have all worked in Analog Devices (Shanghai).
Sheng Yun is a graduate student of Fudan University. In June 2008, he was appointed as a senior design engineer at Analog Devices (Shanghai) Co., Ltd.; in October 2011, he joined Wuxi NASDAQ Microelectronics Co., Ltd. as the R&D director. In 2013, Sheng Yun became one of the founders of Nanochip.
Shaoyu Ma is a Ph.D. from Zhejiang University. He has worked in companies such as Analo Devices (China), Analog Devices (Shanghai) and Hangzhou Xinyun Optoelectronics Technology. In 2020, Ma Shaoyu will be the director of Nanochip IC Design Center.
Chen Qihui holds a master’s degree from Fudan University and worked as an analog design engineer in companies such as Meiman Electronics (Shanghai) and Shanghai Danyu Sensor. In March 2015, Chen Qihui joined Nanochip and served as design manager, senior engineer of IC design center, technical expert, supervisor, chairman of the supervisory board and other positions.
Jia Zhao is a Ph.D. of the Chinese Academy of Sciences, and worked as an IC design engineer for Analog Devices (Shanghai), Legg Mason Semiconductor (Shanghai) and other companies. Since October 2016, he has been the Director of Signal Conditioning Product Line at Nanochip.
Ye Jian holds a master’s degree from the University of Electronic Science and Technology of China. In July 2011, he was an application engineer at Analog Devices (Shanghai). In January 2016, Ye Jian was the director of Nanochip’s isolation and interface product line.
Wang Shengyang, Sheng Yun, Wang Yifeng hold shares, Xiaomi Changjiang holds shares
The actual controllers of Naxinwei are Wang Shengyang, Sheng Yun, and Wang Yifeng. Wang Shengyang directly holds 14.60% of the shares of Nanochip, and indirectly controls 6.15% of the shares through the actual controller holding platform Ruixi Consulting, and indirectly controls 6.90% of the company’s shares through three employee shareholding platforms. In addition, Sheng Yun directly holds a 13.60% stake in Nanochip, and Wang Yifeng directly holds a 5.10% stake.
Since the three signed the “Agreement of Persons Acting in Concert”, they can control 46.35% of the equity of Nanochip Microelectronics in total, and are the controlling shareholder and actual controller.
▲ Nanochip’s shareholding structure
It is worth noting that due to the number of abandoned shares signed by Nanochip Microelectronics in the online issuance of 3.3815 million shares, the amount of abandoned purchases reached 778 million yuan, and the abandonment rate reached 38.76%. Since its sponsor, Everbright Securities, will underwrite the shares, Everbright Securities will become Nanochip’s majority shareholder.
In addition, Xiaomi Changjiang, Juyuan Juxin, an investment company of SMIC, and Hongtu Shanli, which has a stake in Huawei Hubble, all hold shares in Nanochip.
▲ Naxin Micro’s share capital
Conclusion: Nanochip goes public or accelerates the expansion of its operation scale, but it still needs to face competition from international giants
As a domestic leader in signal sensing, isolation and interface segments, Nanochip’s listing will help it expand its operation scale, increase R&D investment, and play an important role in the market share and voice of domestic chips in the segment.
However, in the field of analog chips, veteran chip giants such as Texas Instruments and ADI have made industry barriers higher through their huge business lines and technologies. But at the same time, Nanochip has a certain gap with established IDM manufacturers such as Texas Instruments in terms of supply chain control and other aspects, and there are operational risks.
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