The shareholders of Fengdao Technology raised a large amount of funds to purchase land, and the cash flow was sufficient and reversed.

The sponsoring shareholders of IPO companies all require a three-year lock-up commitment. Because they are optimistic about the development of the company after listing, the shareholders of IPO companies are often reluctant to transfer their equity before listing, and those IPO companies that operate against the trend are often eye-catching. For example, in April 2020, Yao Jianhua and Zhu Chongyun, their husbands and wives, suddenly transferred the equity of IPO companies held by their subsidiary Bright Venture Capital at the end of the reporting period, and cashed out as much as 50 million.

The equity party involved is Fengdao Technology (Shenzhen) Co., Ltd. (referred to as Fengdao Technology), which plans to be listed on Chongke. The proposed public offering of shares is not more than 23,090,850 shares, which is not less than 25% of the total share capital after the issuance. It is planned to raise 555 million yuan for the research and development and industry of high-performance motor drive control chips and control systems. projects, R&D and industrialization projects of high-performance drives and control systems, and projects to supplement working capital.

The controlling shareholder of Fengdao Technology is foreign capital, and the two brothers among the actual controllers are Singaporeans; the growth rate of net profit is much higher than that of revenue, and the market share of products is low; the quality of the top five customers is average, and the concentration of suppliers is high; fundraising projects The proportion of site investment is high, or the money is still raised to supplement the flow.

The controlling shareholder is foreign capital, and the two brothers in the actual controller are Singaporean

Fengdao Technology, the predecessor of Fengdao Technology Co., Ltd., was established by Fengdao Hong Kong with a subscription of 5 million yuan. It was established in 2010 with a total registered capital of 5 million yuan. As of the date of signing the prospectus, Fengdao Hong Kong directly holds 35,154,430 shares of the company, accounting for 50.7480% of the company’s total share capital, and is the company’s controlling shareholder.

The upper-level shareholders of Tongsheng Investment, the legal person shareholder of Fengkuang Hong Kong, finally penetrated into Yao Jianhua and Zhu Chongyun. The two are husband and wife, each holding 50% of the equity of Bo Rui Caizhi, and Bo Rui Caizhi holds 100% of Qize Co., Ltd. through overseas investment. % equity, Qi Ze Co., Ltd. holds 100% equity of Tongsheng Investment, and Tongsheng Investment is the only legal person shareholder of Fengdao Hong Kong. At the same time, Yao Jianhua and Zhu Chongyun are the actual controllers of the company’s original shareholders, Bright Venture Capital.

It is worth noting that the original shareholder of the company, Bright Venture Capital, is a wholly-owned subsidiary of Bright Caizhi, the upper-level shareholder of the controlling shareholder, Fengxue Hong Kong, and both belong to enterprises under the joint control of Yao Jianhua and Zhu Chongyun. In April 2020, due to the need for funds, Brilliance Ventures decided to withdraw from Fengdao Limited, and transferred the entire investment amount of 2.937882 million yuan (4.2410%) held by Fengdao Limited, and the transfer price was 56.618 million Yuan. Through this transfer and the introduction of Shenzhen Venture Capital and Xiaomi Changjiang, Yao Jianhua and Zhu Chongyun cashed out as much as 50 million yuan during the reporting period. After that, the two still indirectly held the limited investment of 6.639797 million Fengkuo through Bo Rui Caizhi. Yuan (9.5850%).

The actual controllers of Fengdao Technology are natural persons BI LEI (Bi Lei), BI CHAO (Bi Chao) and Gao Shuai, BI LEI (Bi Lei) and BI CHAO (Bi Chao) are siblings, BI LEI (Bi Lei) and Gao Shuai is a husband and wife relationship. BI LEI (Bi Lei) and BI CHAO (Bi Chao) hold a total of 65.80% of the shares of the controlling shareholder Fengtai Hong Kong. Holds 100% of the shares of Chipwin Technology, and controls 1.9499% of the company’s voting rights through Chipwin Technology. The actual controllers BI LEI (Bi Lei), BI CHAO (Bi Chao) and Gao Shuai control a total of 52.6979% of the company’s voting rights.

It is worth noting that the company’s controlling shareholder, Fengdao Hong Kong, has a negative net profit from January to June in 2020 and 2021, and is in a state of loss. In addition, Xiaomi Changjiang holds 1,406,600 shares, with a ratio of 2.03%, and Shenzhen Venture Capital holds 440,600 shares, with a shareholding ratio of 0.64%.

Net profit growth is much higher than revenue growth, and product market share is low

Fengdao Technology is engaged in the research and development, design and sales of BLDC motor drive control chips. The company’s products are widely used in home appliances, power tools, computer and communication equipment, sports travel, industry and automobiles and other fields. The company’s chips have been widely used in Midea, Xiaomi, Dayang Electric, Haier, Fangtai, Vantage, Joyoung, Emmet, Panasonic, Among the products of well-known domestic and foreign manufacturers such as Philips and Nidec.

From 2018 to January to June 2021, Fengdao Technology’s operating income was 91.4287 million yuan, 143 million yuan, 234 million yuan and 182 million yuan respectively, an increase of 56.6% in 2019 compared with 2018. 29%, an increase of 63.72% in 2020 compared with 2019; net profit is 13.3859 million yuan, 35.0512 million yuan, 78.3511 million yuan and 81.8275 million yuan, the net profit increase in 2019 and 2020 were 161.85% and 123.53%, respectively.

From 2018 to January to June 2021, the gross profit margin of the company’s main business was 44.55%, 47.53%, 50.10% and 54.75% respectively, and the gross profit rate increased year by year. In 2019, 2020 and 2021 From January to June of the year, it was higher than the average level of its peers.

If the growth of downstream demand slows down, or competitors propose more targeted competition strategies, or the industrial policy of the company in which the company operates has significant adverse changes, or the company’s technology research and development is difficult to meet customer needs, etc., the company’s high-speed growth in operating performance will be difficult to sustain. risks of.

From 2018 to January to June 2020, the main business income of Fengdao Technology mainly comes from the sales income of the motor main control chip MCU and the motor driver chip HVIC products. 69%, 88.70% and 87.59% of the main business income, which has an important impact on the company’s main business income. During the reporting period, the sales revenue of MCU products in each period accounted for 43.08%, 58.04%, 67.02% and 62.61% respectively; the sales revenue of the company’s motor drive chip HVIC products accounted for 44.79% respectively , 27.65%, 21.68% and 24.98%, the decline in HVIC sales from 2018 to 2020 is mainly due to the rapid growth of MCU chip sales and passive decline.

During the reporting period, Fengdao technology products were mainly used in the field of smart small household appliances, and the cumulative sales in the first phase of the three-year period accounted for 56.16%, which was the main service target of the company’s products. In addition, in the fields of power tools and sports travel, their cumulative sales accounted for more than 10%.

The company’s chip products are dedicated to BLDC motor drive control, and the product demand is closely related to the horizontal expansion of BLDC motors in the downstream terminal field and the vertical penetration rate of BLDC motors to traditional motors. The field of motor drive control chips has long been dominated by major international manufacturers such as Texas Instruments (TI), STMicroelectronics (ST), Infineon (Infineon), and Cypress (Cypress), while domestic enterprises started late, and their market share lower. The market size of BLDC motor drive control chips is huge. Compared with well-known international manufacturers, the company has a relatively short history, a small business scale, and a low global market share. From 2018 to 2020, the company’s market share is 0. .46%, 0.68% and 1.05%.

The quality of the top five customers is average, and the concentration of suppliers is high

From 2018 to January to June 2021, Fengdao Technology’s revenue from product sales to the top five customers accounted for 60.13%, 52.35%, 65.85% and 64.37% of its revenue, respectively. The main customers of the company are relatively concentrated, and the sales model is mainly based on distribution and supplemented by direct sales. The top five customers are the main dealer customers. The proportion of distribution revenue in the main business is 82.35%, 79.08%, 88.75% and 89.66%, respectively, and the distribution ratio is relatively high; if the dealer does not purchase the company’s products, he chooses competitors in the same industry. Products, the sales ability of the company’s products will be directly affected, thereby affecting the company’s performance.

Zhongshan Somei Electronic Technology Co., Ltd. is one of the top five customers of Fengdao Technology from January to June in 2018 to 2021, with transaction amounts of 6.2693 million yuan, 9.6517 million yuan, 13.2414 million yuan and 9.5771 million yuan. According to the public information, this customer was established on July 22, 2015, with a registered capital of only 500,000 yuan and no actual payment. The number of social security contributors from 2018 to 2020 is 4, 3 and 3 respectively.

The third and fifth largest customer of Fengdao Technology in 2018 and 2019 was Shenzhen Mitao Technology Co., Ltd. The transaction amount in each phase was 8,164,400 yuan and 9,253,500 yuan respectively. It is worth noting that, This customer was established in 2018, the registered capital is 1 million yuan, and the paid-in is 0 yuan, which means that it became the top five customers of the company in the year of establishment. The number of social security contributors in 2018 and 2020 is 0.

Shenzhen INFIER Electronics Co., Ltd. is the company’s fifth largest customer in 2018, with a contribution of 5.4232 million yuan. According to public information, the number of social security payers in the company in 2018 and 2019 was 8, and it will become 0 in 2020. .

Shenzhen Taikeyuan Trading Co., Ltd. is one of the company’s top five customers from January to June in 2019-2021, with transaction amounts of 10.9155 million yuan, 13.1324 million yuan and 14.2985 million yuan respectively. According to public information, there were 85 social security contributors in 2019 and 0 in 2020.

Shenzhen Andis electronic Technology Co., Ltd. is one of the company’s top five customers from January to June in 2020 and 2021, with transaction amounts of 9,103,300 yuan and 8,918,400 yuan respectively. This customer was established in 2014 with a registered capital of 1 million yuan and paid 1 million yuan. The number of social security contributions in 2020 is 0.

In addition, Weighing Finance noticed that the company’s purchases from the top five suppliers accounted for a relatively high proportion. From 2018 to January to June 2021, the company’s total purchases from the top five suppliers were 47.3873 million yuan and 8.38 million yuan respectively. 9.5646 million yuan, 105 million yuan and 64.586 million yuan, accounting for 87.85%, 91.19%, 88.19% and 84.69% of the purchase amount in the same period.

The production links such as wafer manufacturing, packaging and testing of Fengdao Technology’s products are completed by domestic and foreign industry-leading wafer manufacturing and packaging and testing manufacturers. During the reporting period, the company’s main wafer manufacturing supplier is GlobalFoundries (GF) And TSMC, the company mainly purchases wafers through imports; the main packaging and testing service providers are Huatian Technology, Changdian Technology and ASE, and the concentration of suppliers in each link is relatively high.

The company adopts the Fabless operation model, that is, it is mainly engaged in the design and sales of chips, and the production links such as wafer manufacturing, packaging, and testing are handed over to wafer manufacturers and packaging and testing manufacturers to complete. In view of the fact that the company has not built its own production line, all related products are processed by outsourced manufacturers, and it does not have the ability to adjust its production capacity independently. If the relationship between production capacity and demand in the manufacturing process of the integrated circuit industry fluctuates, it will lead to insufficient production capacity of wafer manufacturers and packaging and testing manufacturers, or due to policy influences such as intensified trade frictions, which will cause upstream suppliers to reduce or even stop supplying products. will be directly affected, thereby affecting the future performance of the company.

The proportion of investment in fundraising projects is high, or the funds are still raised to supplement the flow

Fengdao Technology plans to raise 555 million yuan this time for the research and development and industrialization projects of high-performance motor drive control chips and control systems, the research and development and industrialization projects of high-performance drives and control systems, and to supplement working capital. Among them, the investment in the R&D and industrialization project of high-performance motor drive control chips and control systems is 189 million yuan, accounting for 54.99% of the total project investment. The research and development of high-performance drives and control systems And in the industrialization project, the investment amount for the site is 53.52 million yuan, accounting for 53.34% of the project investment.

Fengdao Technology plans to use the raised funds of 110 million yuan to supplement working capital. In addition, the initial working capital in the other two projects is 24.607 million yuan and 9.272 million yuan respectively. The total amount is 144 million yuan. It is worth noting that the company may not be short of money. From 2018 to the end of June 2021, the company’s asset-liability ratios were 39.33%, 30.6%, 12.34% and 10.46%, declining year by year. The average asset-liability ratio is between 30% and 35%. Compared with peers, the company’s asset-liability ratio in June 2020 and 2021 is much lower than the peer average by nearly 20 percentage points.

At the end of each period of the reporting period, the scale of the company’s monetary funds increased significantly. As of June 2021, the company’s bank deposits amounted to 317 million yuan. The quality of the company’s sales receipts for each period of business activities is relatively good, the operating results continue to expand, and the balance of monetary funds obtained from operations is relatively large at the end of the period. In addition, the company’s capital increase and share expansion in January 2020 led to an increase of 135 million yuan in bank deposits.

Tomorrow’s exam will be held. Whether Fengdao Technology, a company controlled by foreign residents, can successfully reach the top with the help of the current hot chip market, it is worth observing whether the surprise cash-out by shareholders at the end of the reporting period is a “spring river and water cold”.

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