A few days ago, the Shanghai Core Guide Electronic Technology Co., Ltd. (hereinafter referred to as "Core Guide Technology") in Science and Technology Innovation Board IPO once again disclosed the reply to the inquiry.
For the company's important product ESD protection devices and the process of cooperation with Xiaomi, the Shanghai Stock Exchange has paid close attention to it.
According to the reply, from January to June this year, the company's TVS products achieved sales revenue of 173 million yuan (unaudited), an increase of 79.72% over the same period last year. IC products achieved sales revenue of 33.1912 million yuan (unaudited), an increase of 154.89% over the same period last year; power MOSFET products achieved sales revenue of 20.7416 million yuan (unaudited), reaching 106.01% of last year's power IC revenue, an increase of 261.12% over the same period last year.
As of the end of June 2021, the amount of orders on hand is 152 million yuan, of which the corresponding outstanding order amount for Xiaomi Communications is 41.9954 million yuan.
Weir shares is the main competitor in ESD's domestic market.
The main business of core guide technology is the R & D and sales of power semiconductors, and its main products include transient voltage suppression diodes (TVS), MOSFET, Schottky barrier diode (SBD), voltage regulator diode (ZENER), transistor (Transistor) and other power devices. From 2018 to 2020, TVS products accounted for 79.65%, 77.63% and 74.13% of the revenue, respectively.
The TVS products of core guide technology are mainly ESD protection devices, which is a new type of TVS, developed rapidly in recent years, which has higher requirements in product performance and size, and is mainly used in the field of consumer electronics.
Core guide technology said in the first round of reply that small-size, high-performance ESD protection devices are mainly products of European, American and Japanese enterprises, and the next round of inquiry continues to explain whether the company's ESD protector products are small-size, high-performance ESD protectors, the reasons why domestic enterprises are relatively few.
According to Core Guide Technology, the relatively small number of domestic enterprises is mainly due to high technical difficulties. According to the company, it is not easy for ordinary enterprises to enter the power semiconductor industry, and it is relatively more difficult to enter the field of ESD protection device design.
In addition, even if we enter the field of ESD protection device design, since ESD protection devices are mainly used in the consumer electronics field, which is mainly mobile phones, terminal mobile phone brand manufacturers and ODM manufacturers have a strict terminal authentication system. "before establishing cooperation between terminal mobile phone manufacturers and suppliers, they will evaluate the overall qualifications of suppliers and understand the relevant situation from multiple dimensions of the supplier's overall scale, product structure and existing customer structure. And by a special person to conduct on-site audit, after the examination and approval, can enter the terminal manufacturer's qualified supplier system.
Core guide technology also explained that the relatively small number of domestic enterprises does not mean that the market space for ESD protection devices is small. Because ESD is used to prevent sensitive circuits in electronic devices from being affected by Static and Discharge, the company said that with the rapid development of consumer electronics, the linewidth and size of integrated circuits are getting smaller and smaller, reducing the power consumption of integrated circuits, but also making integrated circuits become more sensitive and fragile, the demand for Static protection is increasing.
At present, the ESD protection devices of core guide technology are mainly used in the field of consumer electronics such as mobile phones and tablet computers, and this part of ESD protection devices are small-size and high-performance products. During the reporting period, the revenue of the above-mentioned products was 219 million yuan, 192 million yuan and 243 million yuan respectively, accounting for 99.06%, 98.63% and 99.21% of the company's ESD protection device revenue, respectively.
A reporter from Science and Technology Innovation Board Daily learned that in the ESD protection device market, the domestic competitors of Core Guide Technology are mainly Weir shares. In 2020, Weir shares ranked first in China in terms of shipments in the TVS consumer market, with sales of 503 million yuan. In addition, there are also some domestic listed companies and non-listed companies involved in the field of ESD protection devices, but the company said that it has advantages in core technology, product categories, production capacity and so on.
Data show that from January to June of 2021, sales revenue of core guide technology's TVS products reached 173 million yuan (unaudited), reaching 67.06% of last year's annual TVS revenue, an increase of 79.72% over the same period last year.
Customer: Xiaomi Communications growth, Wen Tai Technology decline
During the reporting period, the sales of the top five major customers of Core Guide Technology accounted for 60.19%, 54.07% and 54.18% of the total sales respectively. Among them, Xiaomi Communication Technology Co., Ltd. (hereinafter referred to as "Xiaomi Communication"), one of the company's top five customers, has sales of 12.6958 million yuan, 26.2579 million yuan and 38.0048 million yuan respectively.
In this regard, the Shanghai Stock Exchange asked the company to explain the cooperation background and cooperation between the company and Xiaomi Communications, as well as the orders on hand between the company and Xiaomi Communications.
A reporter from Science and Technology Innovation Board Daily learned that in the first half of 2014, Xiaomi Communications needed to purchase ESD and other power device products due to the development of mobile phone business. At the beginning of this year, some power device products, including ESD, have been applied in Huaqin, Longqi, Wentai, TCL and other mobile phone ODM manufacturers and brand manufacturers.
Since then, in mid-2014, both parties confirmed the performance and parameters of the relevant products, and sent samples and verification. After several batches of verification, core guide technology began to supply Xiaomi Communications in bulk in September 2014 and applied to Xiaomi Communications's red rice series and other mobile phones.
The reply shows that in addition to ESD products, core guide technology's MOSFET products, Schottky and other products have also been gradually introduced into Xiaomi Communications, and the end products include red rice series (red rice Note, etc.) and MI series (such as MI11Pro, MI11Ultra, etc.).
From January to June this year, sales of core guide technology to Xiaomi Communications were 22.1651 million yuan (unaudited), an increase of 34.11% over the same period last year. As of June 30, 2021, the existing orders between issuers and Xiaomi Communications are in good condition, and the corresponding outstanding orders are 41.9954 million yuan.
In addition to Xiaomi Communications, the company's end customer Wentai Technology mainly purchases through Shenzhen Shouke, and the sales amount of Core Guide Technology to Shenzhen Shouke during the reporting period was 31.2544 million yuan, 18.5222 million yuan and 29.8967 million yuan respectively. Among them, after Wentai acquired Anshi Semiconductor in 2019, the company's income from Wentai fluctuated, declined in 2019, increased in 2020, and declined slightly in the first half of 2021.
The company said that the decline in revenue from Wentai Technology in 2021 was mainly due to the company's adjustment of the prices of some products, and other customers were more willing to accept the company's price adjustment, resulting in a phased reduction in shipments to Wentai Technology.
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