According to the report of (Wen / Liu Jing), on June 13, the IPO of kawaite technology innovation board was accepted by Shanghai Stock Exchange. It plans to issue no more than 18.42 million shares and raise 530million yuan. The sponsor is Huatai United Securities.

Kawaite is a technical semiconductor enterprise focusing on R & D and sales of high-performance power semiconductors. Its main products include power devices and power ICs. Its products are widely used in consumer electronics, industrial control and high reliability applications.

In 2021, 15.56 million power ICs will be sold, and the sales of power devices will even reach 62.069 million. According to omdia data, kawaite’s share in the global MOSFET Power Device Market in 2020 is about 0.23%.

The revenue scale is small, turning losses into profits in 2021

From the perspective of revenue and net profit, the prospectus shows that the revenue of kawaite in 2019, 2020 and 2021 will be 107million yuan, 137million yuan and 210million yuan respectively, and the revenue will grow steadily and continuously. However, the net profit can not continue to grow like the revenue. The loss in 2020 is as high as RMB 1967 million, and it will turn into profit in 2021.

From the perspective of main business, power device products contribute nearly 90% of the revenue. The sales revenue from 2019 to 2021 accounted for 86.81%, 90.65% and 87.51% of the main business revenue respectively.

In terms of power devices, kawaite products mainly focus on high-voltage planar MOSFET, and has designed and developed integrated fast recovery high-voltage power MOSFET (frmos) series products on the basis of planar MOSFET process platform. In terms of power IC, it mainly includes power drive IC and power management IC.

Kawaite’s power MOSFET products are based on the plane technology route. They adopt the vertical vertical structure, combined with the independently developed new composite terminal structure and implementation technology, effectively reduce the high-temperature leakage and the drop of breakdown voltage after continuous switching action, and have outstanding high-temperature reliability.

Based on the process design platforms of 0.8um 700V BCD, 0.5um 600V SOI BCD and 0.18um 40V BCD, power IC kawaite has successfully developed nearly 40 power IC products.

Raised 530million yuan, with a gross profit margin higher than that of Shilan micro electronics, China micro electronics and xinjieneng

In 2021, 15.56 million power ICs will be sold, and the sales of power devices will even reach 62.069 million. Although the product sales volume is not too high, kawaite is superior to peer enterprises in terms of gross profit margin. In 2021, the gross profit of main business was 80.6888 million yuan, and the gross profit margin of main business was 39.71% respectively. The gross profit margin is higher than that of Shilan micro, Huawei microelectronics, xinjieneng and Dongwei semiconductors.

In terms of market competition, the main competitors at home and abroad include Infineon, ansenmey, Toshiba, Italy France semiconductor, Renesas, Alpha & Omega, Weishi semiconductor, China Resources micro, ANSYS semiconductor, Shilan micro, China microelectronics, new clean energy, Dongwei semiconductors and other power device enterprises. The top ten manufacturers account for 78.34% of the global market share.

Kawaite, established in 2015, has a large gap with these leading enterprises in terms of power semiconductor production capacity, sales volume, revenue scale, etc. In order to cope with the fierce market competition of power semiconductors, kawaite continued to increase its R & D investment. From 2019 to 2021, kawaite’s R & D expenses were RMB 08million, RMB 14million and RMB 19million respectively. The three-year cumulative R & D investment was RMB 40million, accounting for 8.92% of the cumulative revenue. Kawaite is deeply engaged in the fields of smart power semiconductor consumer electronics and industrial control. In the future, kawaite will expand to new energy vehicles, photovoltaic energy, rail transit, smart grid and other fields, expand its product coverage, and compete for greater market share.

Kawaite will raise 530million yuan for “Intelligent Power Semiconductor R & D and upgrading project”, “SiC power device R & D and upgrading project”, “Power Semiconductor R & D and Engineering Center upgrading project” and supplementary working capital.

For future strategic planning, kawaite still takes high-performance and highly integrated power semiconductor products as the main direction of R & D, strengthens the upgrading and construction of R & D technology, high-end talent team and R & D Engineering Center, strengthens the construction of market development capacity and sales system, and gives full play to the platform role of fund-raising and capital market. It is expected that after kawaite’s listing, it will help replace high-end power semiconductors in China and break the monopoly situation by foreign countries.

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