Tianyue Advanced IPO is priced at RMB 82.79 per share, and the subscription will start tomorrow

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On December 30, Shandong Tianyue Advanced Technology Co., Ltd. (hereinafter referred to as “Tianyue Advanced”) issued an announcement that the company and joint sponsors (co-lead underwriters) will comprehensively consider the company’s fundamentals and this time based on the preliminary inquiry results. The number of publicly issued shares, the company’s industry, the valuation level of comparable listed companies, market conditions, fund-raising requirements, and underwriting risks have been negotiated and determined to be 82.79 yuan per share, and offline issuance will no longer be carried out. Cumulative bidding inquiries.

Investors are requested to make online and offline subscriptions at this price on December 31, 2021 (T day). There is no need to pay subscription funds when subscribing. The subscription date for the offline issuance and the online subscription date are the same on December 31, 2021 (T day). The offline subscription time is 9:30-15:00, and the online subscription time is 9:30-11:30. , 13:00-15:00.

According to the previously disclosed letter of intent, the public issuance of approximately 42,971,100 shares, accounting for 10% of the total share capital after the issuance. This issuance is all new share issuance and does not involve the public offering of shares by the original shareholders. After the issuance, the total share capital is approximately 430 million shares.

The issuer is expected to use the raised funds for this investment project of 200 million yuan. Based on the issuance price of 82.79 yuan per share and the number of new shares issued of 42,971,105 shares, if the issuance is successful, it is estimated that the issuer will raise a total of 355,577,783 million yuan, deducting about 354.1964 million yuan After the issuance expenses (excluding tax), the net amount of funds raised is estimated to be approximately 3,203,471,300 (if there is a difference in the mantissa, it is due to rounding).

According to Veken Electronic Engineering, Tianyue Advanced was established in 2010. Its main business is the research and development, production and sales of silicon carbide substrate materials for wide-bandgap semiconductors (third-generation semiconductors). The products can be applied to microwave electronics, Power electronics and other fields. At present, the company’s main products include semi-insulating and conductive silicon carbide substrates.

During the reporting period, the company’s net profits attributable to the owners of the parent company were RMB -42,139,600, -200,083,600, -641.6132 million, and 47,098,800. Earnings have been realized by the month; as of June 30, 2021, the cumulative undistributed profit of the company was -109.6729 million yuan, and the company had accumulated unrecovered losses at the end of the most recent period.

The company expects to achieve operating income of 465 million yuan to 505 million yuan in 2021, an increase of 9.46% to 18.88% over 2020; net profit attributable to shareholders of the parent company is 65 million yuan to 105 million yuan; deducted After non-recurring gains and losses, the net profit attributable to shareholders of the parent company is approximately 12 million to 25 million yuan.

It is worth noting that the Tianyue Advanced Prospectus also revealed the high degree of customer concentration and the risk of major customer dependence. During the reporting period, the revenue of the company’s top five customers accounted for 80.15%, 82.94%, 89.45%, and 91.68% of operating revenue, respectively, indicating a high degree of customer concentration. Among them, the company’s top two major customers, Customer A and Customer B, accounted for a relatively high proportion of revenue, which were 55.68%, 65.96%, 78.75%, and 65.74% during the reporting period, respectively. Due to the limited early-stage production capacity of the company, the above-mentioned major customers are leading enterprises in the downstream industry, with high market share and good credit, and the products give priority to meeting the needs of existing customers.

The author noticed that during the reporting period, the revenue of the company’s top two customers, customer A and customer B, continued to grow, and the number of purchases from customer B to the company increased rapidly. During the reporting period, the company’s sales revenue to customer B accounted for 1.11%, 6.08%, 33.32%, and 49.31%, respectively. After customer B became a related party of the company, the transaction amount and proportion increased significantly . The increase in the purchase of the company’s products by the above-mentioned major customers is mainly due to the impact of Sino-US trade frictions on the global industrial chain, the company’s product performance advantages to meet the strong import substitution demand for semi-insulating silicon carbide substrates, and the development of the semiconductor industry to promote silicon carbide linings The bottom line is the result of the superposition of many factors such as the continuous growth of demand in downstream applications.

If in the future the company relies on the above-mentioned customers for business development, or the expansion of new customers is not as expected, and at the same time it cannot continue to obtain the qualified supplier certification of existing major customers and continue to obtain orders, or the company’s partnership with major customers is replaced by other suppliers, or If in the future the company’s major customers’ operations and procurement strategies undergo major changes, or the company’s product quality and other reasons lose major customers, or the current major customers’ operating conditions and credit status have major adverse changes, the company cannot provide supply to major customers. Continuing to maintain advantages in the business system and the inability to continue to maintain cooperative relationships with major customers will have an adverse impact on the company’s operations.

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