at present, xinjieneng's market value is nearly 2 billion. its main products include semiconductor chips and power devices such as trench power MOSFET, super junction power MOSFET, shielded gate power MOSFET and IGBT, which are widely used in consumer electronics, automotive electronics, industrial electronics, new energy vehicles/charging piles, intelligent equipment manufacturing, internet of things, photovoltaic new energy and other fields. The semiconductor industry has the characteristics of high division of labor. From the perspective of industrial chain, the semiconductor discrete device industry mainly includes chip design, chip manufacturing, packaging and testing, and external sales. Xinjie can focus on design, chip manufacturing and packaging test outsourcing.
According to the prospectus, Xinjieneng is one of the semiconductor power device design companies with the largest investment in 8-inch process platform chips in China. Its outsourcing is mainly chip OEM, packaging and testing. The company is a high-tech enterprise jointly recognized by Jiangsu Science and Technology Department, Finance Department, State Taxation Administration of The People's Republic of China and Local Taxation Bureau. He is also a member of China Semiconductor Industry Association and a director of China Power Supply Society. In addition, as of September 19, 219, it has 92 patents, including 33 invention patents, 56 utility models and 3 designs. The company's scientific and technological content seems to be high, but the company's R&D expenditure seems to be inconsistent with the company's technological progress. In the first half of 219, the company's R&D expense ratio was significantly lower than that of its peers. Among comparable companies in the same industry, Furman Electronics and Yangjie Technology have higher R&D expenses in the first half of 219, accounting for 6.74% and 5.23% respectively. In the first half of 219, the average R&D expenditure of comparable listed companies was 4.33%, which was higher than that of Xinjieneng. By the end of 218, half of the top five customers of Xinjieneng were related parties of the company. Among them, Changdian Technology is the largest customer of Xinjieneng in 215-218. In the first half of 218, four new customers were small and micro enterprises, and three of them were related to Xinjieneng. And has had many contacts with Dachen Venture Capital, the shareholder of Xinjieneng. In addition, Changdian Technology has long been a sealing and testing service provider of new clean energy, and it has been the third largest supplier of the company from 217 to the first half of 219. Before Xinchao Group withdrew from Changdian Technology, Xinjieneng made long-term purchases with related parties. The decline in profitability and uncertain performance will finally depend on the company's performance in the future.
Valuation and market value have different meanings. No matter how high the valuation is, it may collapse instantly or the market value will be upside down after listing.