Core microelectronics research and development personnel accounted for only 11.1% of the total net profit of $75 million in dividends

2022-06-12 0 By

● CAI Jia, reporter of Changjiang Business Daily, was born in Huangshan Electronics Factory, Huangshan Microchip Co., LTD. (hereinafter referred to as “Microchip”), sprint for GEM IPO.Twenty years ago, it was privatized by its director, Wang Rixin, and it has been a sole proprietorship of Wang Rixin.Until 2019, Wang Rixin introduced investors such as employee stock ownership platform and private equity to optimize the equity structure of the company.Changjiang Business Daily reporters noted that in the above capital increase and share expansion, Wang Rixin, external investors and employee stock holding platform have set IPO and performance betting commitments, and in 2019 surprise dividend 75 million yuan, 2.56 times of the current chip microelectronics net profit.In March 2022, MICROCHIP’s IPO application for GEM was accepted.However, as a power semiconductor chip company, the technology attribute of core microelectronics is questioned by the market.As of the end of September 2021, of the nearly 800 employees of SmIC, only 16 have a bachelor’s degree, accounting for 2.02%, while high school education or below accounts for 82.47%.Only about 11% of the company’s employees work in research and development.By the end of September 2021, Chip microelectronics has a total of 20 patents, including 6 invention patents, which is far behind other companies in the industry.According to the prospectus, core microelectronics, formerly known as Huangshan Electrical appliances, was restructed from Huangshan electrical factory.In 2001, Huangshan electric appliance changed to private enterprise, property right belongs to factory director Wang Rixin personal all.Until 2019, Huangshan Electric Appliance has been 100% owned by Wang Rixin.In June 2019, or in order to prepare for listing, Huangshan Electric Appliances began intensive capital increase and equity transfer.Wang Rixin introduced shareholders Wang Min ‘an (son of Wang Rixin) and Wang Gouxin through equity transfer.In September of the same year, Huangshan Electric Carried out equity incentive, and huangshan Xinpeng and Huangshan Hongxin, the employee shareholding platforms, were added to the company’s shareholder list.Three months later, the company increased capital and shares, and introduced gaoxin Yida, Huangshan Xinbao, Jing Yaxuan, Shenzhen Huaqiang and other new shareholders.In August 2020, Huangshan Electric was changed into a joint-stock company and renamed as “Chip Microelectronics”.In December of the same year, Microchip again increased its capital, including Gaoxin Yida, Huangshan Xinbao, Jing Yaxuan, Shenzhen Huaqiang, Qianhai Blue Dot and other original shareholders continue to increase capital, the company also introduced new shareholders Optics Valley Fiberhome, Ningbo Fenghe.At present, Wang Rixin still holds 44.4% of chip microelectronics shares, as the company’s controlling shareholder.Wang Rixin, Wang Min ‘an and his son hold 59.5% of the company’s shares and are the actual controllers of the company together.Huangshan Xinpeng, Gaoxin Yida and Optics Valley Fiberhome hold 13.02%, 5.75% and 5.48% of the company’s shares respectively, and are all shareholders holding more than 5% of the company’s shares.The top ten shareholders, including the above shareholders, hold 97.28% of the shares of Chip Microelectronics, and their equity is relatively concentrated.Reporters from Changjiang Business Daily noticed that in December 2019, when SmIC first introduced five external shareholders, including Gaoxin Yida and Huangshan Xinbao, it signed a betting agreement.In terms of IPO, the parties agree that SmIC shall apply for or be accepted for a qualified IPO before June 30, 2022, and realize a qualified IPO before June 30, 2023. If the IPO fails to be completed, the investors have the right to ask the actual controller of the company to carry out share repurchase at an annual rate of 10%.Moreover, in terms of performance betting, the parties agreed that from 2019 to 2022, the target net profit of Microchip after deducting non-recurrent gains and losses is 32 million yuan, 35 million yuan, 40 million yuan and 50 million yuan respectively.If the net profit of the Company in any year is less than 80% of the target net profit, or if the net profit in any year from 2020 to 2023 decreases by more than 30% compared to the previous year, the actual controller of the Company may also conduct share repurchase in accordance with the above proportion.In addition, Wang rixin also promised all partners of employee-holding platforms Huangshan Xinpeng and Huangshan Hongxin that the company would conduct A domestic IPO and list on A-shares within the next five years (starting from 2019), or it would buy back its partnership shares.It is worth mentioning that in 2019, when the intensive introduction of outside investors, microchip paid 75 million yuan in dividends, 2.56 times of the net profit of the current period.In 2018 and 2020, Microchip did not implement dividends.Super 80% employees engaged in production work listed and performance against the body, want to impact gem core microelectronics in the end how?According to the introduction, Chip microelectronics is a focus on power semiconductor chips, devices and materials research and development, production and sales of high-tech enterprises, the main products of thyristor, is one of the earliest high-power thyristor square chip manufacturers.In recent years, the operating performance of core microelectronics shows a fluctuating trend.From 2018 to the first nine months of 2021, Microchip achieved operating income of 153 million yuan, 169 million yuan, 229 million yuan, 275 million yuan respectively, and net profit of parent was 30.1723 million yuan, 29.3119 million yuan, 42.2862 million yuan, 79.1722 million yuan, respectively.After deducting non-recurrent gains and losses, the net profit returned to the mother was 27.2794 million yuan, 23.6305 million yuan, 38.563 million yuan and 73.1387 million yuan respectively.Since the second half of 2020, benefiting from the improvement of industry prosperity, the company has achieved the mass production of 6-inch silicon epitaxial chip and 5-inch thyristor chip, and the performance of core microelectronics has grown rapidly.According to the reporter of Changjiang Business Daily, as an IDM (vertical integration) enterprise, the company independently completes the process from upstream material epitaxial chip and ceramic chip production to chip design, wafer manufacturing and packaging test.But from the perspective of staff structure, as of the end of September 2021, the total number of registered employees of SmIC is 793, including 655 production personnel, accounting for 82.6%, and 88 R&D personnel, accounting for 11.1%.In the technology-intensive semiconductor chip industry, microchip employees are generally not highly educated.Among the nearly 800 employees of the company, there are only 16 employees with bachelor’s degree, accounting for 2.02%;654 employees have high school education or below, accounting for 82.47%;There are 123 employees with college degree, accounting for 15.51%.In addition, from the perspective of r&d investment intensity, from 2018 to the first nine months of 2021, the r&d expenses of microchip were 10.928,400 yuan, 15.589,200 yuan, 18.718,900 yuan and 16.892,700 yuan, accounting for 7.12%, 9.23%, 8.16% and 6.14% of the operating revenue, respectively.Among them, employee compensation accounted for the proportion of r & D costs in about 45%.By the end of September 2021, Chip microelectronics has a total of 20 patents, including 6 invention patents.However, there is still a gap compared with jiejie Micro electronics, Yangjie Technology, Hua Microelectronics, Leon Micro and other peers.By the end of 2020, the above-mentioned peer companies have 99, 285, 74 and 62 patents respectively, and the number of r&d personnel is 208, 676, 616 and 273 respectively.