Recently, MEMS sensor giant Innosilicon made its debut on the Science and Technology Innovation Board. According to the prospectus, Corelink was established in 2012. Its main business is the research and development, testing and sales of high-performance silicon-based MEMS inertial sensors. Its main products are high-performance MEMS inertial sensors, including MEMS gyroscopes and MEMS accelerometers.
The application areas of Xindonglianke products include industrial production, industrial equipment monitoring and maintenance, unmanned system navigation and control, ocean monitoring, weather forecasting, above and underwater unmanned equipment navigation and control, oil exploration, measurement and mapping, and bridge monitoring. , geological exploration, disaster early warning and other fields.
In terms of future product development, Innosilicon pointed out that its application areas will expand to include autonomous driving, robotics, civil aviation, commercial aerospace, etc. The company also repeatedly emphasized in its prospectus that its product parameters have competitive advantages over international MEMS sensor giants and can achieve the localization process in high-end application areas of MEMS sensors.
According to the financial data in the prospectus, in 2019, 2020, 2021 and January to June 2022, Innosilicon achieved operating income of 79.891 million yuan, 109 million yuan, 166 million yuan and 67.9703 million yuan respectively; Net profits of the parent company were 37.9258 million yuan, 51.8991 million yuan, 82.6051 million yuan and 31.0644 million yuan.
Among them, Innosilicon's gross profit margin is extremely high: 90.66%, 88.25% and 85.47% in 2019, 2020 and 2021 respectively, comparable to liquor, biopharmaceutical and software companies. Not only that, Innosilicon's gross profit ranks first among A-share sensor concept companies, nearly 20 percentage points higher than the second-ranked Donghua Testing.
Regarding the listing of Insilicon, Yang Shengjun, a partner at Cornerstone Capital, one of the company's investors, said: "Insilicon is one of the representatives with the highest technical level in the industrialization of local high-end MEMS gyroscope products and has technical advantages in the field of MEMS gyroscopes: It has three core technical teams: front-end MEMS design, dedicated control ASIC design, and MEMS chip packaging and testing; innovative MEMS inertial devices and process design ensure high yield and low cost; the completely independently designed MEMS overall algorithm control ASIC gives full play to the performance of MEMS devices ; Optimized packaging technology and testing process specifications ensure the mass production of MEMS products.”
China's sensor industry is generally weak. Therefore, in the field of MEMS inertial sensors, there are very few domestic companies that can engage in the design and development of high-performance, industrial-grade MEMS inertial sensor chips, and the gap with foreign companies is huge.
According to statistics from Yole, well-known international manufacturers such as Honeywell and ADI account for nearly half of the market share. However, domestic MEMS inertial sensor manufacturers, Innosilicon, Mattel Technology and other companies have smaller market shares and still have relatively large market shares. Big gap. Therefore, the company explained the reason for the high gross profit as "the technical indicators have reached the international advanced level, it has localization advantages, and has changed the situation where high-performance MEMS inertial sensors are controlled by foreign manufacturers, and it has strong sales bargaining power."
Domestically, there are not many A-share companies focusing on MEMS sensors. Among them, Minxin, the only company on the Science and Technology Innovation Board that focuses heavily on MEMS sensors for general consumer electronics needs, has a gross profit of only 38.62% and 35.52% from 2019 to 2021. and 35%.
In addition, the prospectus also lists Ruichuang Microna, Xingwang Yuda, Ligong Navigation and other companies involved in the research and development of MEMS sensors or sensors with the same function, but the gross profits of related companies are also much lower than the company. In this regard, Xindonglianke said that the functional requirements of the aforementioned company's products are significantly different from those of the company, and the gross profit has its own industry characteristics.
In this IPO on the Science and Technology Innovation Board, Xindong Lianke plans to issue no more than 114,933,333 shares and raise 1 billion yuan, of which 230 million yuan will be used for high-performance and industrial-grade MEMS gyroscope development and industrialization projects; 147 million yuan will be used for high-performance and industrial MEMS accelerometer design, development and industrialization projects; 157 million yuan will be used for high-precision MEMS pressure sensor development and industrialization projects; 222 million yuan will be used for MEMS device packaging and testing base construction projects; and 245 million yuan will be used to supplement working capital. The sponsor is CITIC Construction Investment.
During the listing review, the Listing Committee of the Shanghai Stock Exchange inquired about the product yield rate of Innosilicon and its self-built packaging and testing survival line. Among the matters that need further implementation, it once again urged Innosilicon to implement "request the issuer to supplementally disclose in the prospectus the economic considerations of self-built packaging and testing production lines and the impact on stable product yields."
