Domestic MLCC manufacturer IPO, fundraising plans to increas

Releasing Time:2018-12-08
International Electronic Business Report, Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. recently disclosed the prospectus on the website of the China Securities Regulatory Commission. The IPO plans to raise 745 million yuan, of which 486 million yuan will be used for electronic components production projects, 150 million yuan. In order to supplement the working capital, the remaining fundraising will be used for DC filters, direct sales networks and information system upgrades.

International Electronic Business Report Recently, Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. ("Yuanliu Hongyuan") disclosed the prospectus on the website of the China Securities Regulatory Commission. The company intends to publicly issue no more than 41.34 million shares on the Shanghai Stock Exchange. More than 165 million shares, the sponsor institution is Guotai Junan Securities.

According to the prospectus, Yuanliu Hongyuan plans to raise 745 million yuan of IPO, of which 486 million yuan will be used for electronic component production projects, 150 million yuan will be used to supplement working capital, and the remaining fundraising will be used for DC filters and direct sales. Network and information system upgrade 2 major projects.

According to public information, Yuanliu Hongyuan is engaged in the research and development of electronic components based on multi-layer ceramic capacitors (MLCC), which are divided into two categories: self-produced business and agency business. It is understood that the main raw materials required for the production of Yuanliu Hongyuan's self-produced business are ceramic powder, electrode materials and chips.

During the reporting period, the ratio of the purchase amount of the top five suppliers to the purchase amount of the self-produced business was 67.08%, 71.89%, and 62.25%, respectively. In the same period, the purchase amount of the top five suppliers of the company's agency business accounted for the purchase amount of the agency business. The proportions are 86.45%, 80.76%, and 77.50%, respectively. The business mainly focuses on buying and selling electronic components products of international famous brand manufacturers.

Main business and its specific situation
Self-produced products and uses

The company's self-produced products mainly include chip multilayer ceramic capacitors, leaded multilayer ceramic capacitors, metal stent multilayer ceramic capacitors, DC filters and so on. Among them, ceramic capacitors are widely used in electronic equipment as basic passive components, which play the role of filtering, coupling, energy storage, bypass, resonance, phase shifting and holding in electronic circuits. DC filters are mainly in circuits. It plays a role in suppressing electromagnetic interference and is applied to electronic equipment power supplies that need to suppress or eliminate electromagnetic interference, such as radar systems, missile launch vehicle start-up modules, and the like. The company's products are widely used in aerospace, aviation, shipbuilding, weapons, electronic information, rail transit, new energy and other industries to meet the technical requirements and application requirements of military and civilian high-end engineering products.

Main products and uses of the agency business

The company's main business products are a variety of electronic components, including ceramic capacitors, aluminum electrolytic capacitors, film capacitors, tantalum electrolytic capacitors, varistors, filters, super capacitors, chip resistors, thermistors, sensors, Inductive transformers, circuit breakers, relays, etc., mainly for industrial and consumer civil markets. The company has a large number of agency customers, a wide range of industries, and thousands of stable and cooperative customers. The industry covers automotive electronics, rail transit, new energy, smart grid, communications, consumer electronics, medical equipment and other fields.

Self-produced business and agency business income in half, 2017 first half revenue of 374 million yuan
During the reporting period, the company's main business developed rapidly. In 2014, 2015, 2016 and January-June 2017, the company realized main business income of RMB 442,979,400, RMB 512,180,900, RMB 640,890,900 and RMB 372,199.0 million, respectively. Among them, the company's main business income in 2015 increased by RMB 79,190,500 compared with 2014, an increase of 17.87%; in 2016, the company's main business income increased by RMB 127,709,900 compared with 2015, an increase of 24.36%.

From the income structure of the main business, the company's self-production business and agency business income amount is close. In 2014, 2015, 2016 and January-June 2017, the revenue from self-production business accounted for 51.42%, 52.35%, 49.44% and 46.27%, respectively, and the agency business revenue accounted for 48.58%, 47.65% and 50.56 respectively. % and 53.73%.

During the reporting period, the specific composition of the company's main business income is as follows:


During the reporting period, the company's profit mainly came from the main business income, and the proportion of operating profit in each period to total profit exceeded 80%. Since its establishment, the company has focused on technology research and development, product production and sales of electronic components based on multilayer ceramic capacitors.

In 2014, 2015, 2016 and January-June 2017, the company realized main business income of RMB 442,979,400, RMB 520,180,900, RMB 648,095,900 and RMB 372,199.0 million, accounting for more than 99% of the operating income of each period. . The income from other businesses was mainly the rental income generated by the small number of houses rented out, and the amount was small. The proportion of each period in the report period was less than 1%.


Fundraising is mainly used for electronic component production projects

The company has long been committed to the research and development and production of electronic components such as multilayer ceramic capacitors. The company's multilayer ceramic capacitors are widely used in aerospace, aviation, shipbuilding, weapons, electronic information, rail transit, new energy and other industries. Technical requirements and usage requirements for military and civilian high-end projects. Through the implementation of the project, the company will expand the production scale of multi-layer ceramic capacitors. The high-reliability multilayer ceramic capacitor products will have an additional capacity of 75 million/year, and the new multi-layer ceramic capacitor products will have an additional capacity of 19.25 million/year. .

A DC filter is an important electronic device installed between an electronic device and its power source. Its main purpose is to reduce electromagnetic interference between the electronic device and the power supply. The DC filter is mainly composed of a capacitor and an inductor. DC filters are widely used in aerospace, aviation, electronics, weapons, ships and other fields. High-end customers in related fields have high requirements for the reliability of electronic devices, and pay attention to the electromagnetic compatibility of electronic devices, and some areas are mandatory, so the demand for DC filters continues to grow. It will effectively expand the production scale of the company's DC filter, improve the service and product lines, enhance the company's market competitiveness, and better meet the needs of customers.

In addition, the company plans to invest 60 million yuan for marketing network and information system upgrades to enhance the company's operational capabilities. The project includes two parts: marketing network upgrade and information system upgrade, and invests 150 million yuan to supplement working capital to ensure future production and operation of the company.
Need.

Product development planning for the next three years
Based on the existing multi-layer ceramic capacitor series, according to the needs of different application fields, the company plans to organize research and development teams to focus on technical problems and develop high-quality, sophisticated and sophisticated products in the field of multilayer ceramic capacitors in order to speed up The localization process of a full range of military multilayer ceramic capacitor products guarantees the autonomy of China's military multilayer ceramic capacitors. These include: high-reliability multi-layer ceramic capacitors, including aerospace grade, national military standard and other quality grades of chip products, lead products and metal stent products; RF microwave multilayer ceramic capacitors for RF, microwave and millimeters Wave circuit; pulse energy storage multilayer ceramic capacitor for laser, high-power inverter and converter; high-density mounting multilayer ceramic capacitor for micro-assembly.

The company plans to increase the research and development and production capacity of porcelain materials, further increase investment in the research and development of porcelain materials, develop porcelain formulas and serialized products with independent intellectual property rights, and transform the research and development results into porcelain products as soon as possible to form various porcelain materials. The mass production scale meets the development needs of the company's multi-layer ceramic capacitor production for personal use and export. The specific porcelain materials are: medium and high pressure porcelain materials, energy storage porcelain materials, high dielectric porcelain materials, high anti-reduction type porcelain materials, microwave porcelain materials, and the like.

The DC filter is the first step for the company to carry out diversified products. The company plans to expand production line capacity based on existing DC filter products, enrich product categories, and improve product quality to meet weapons and high-end industrial users. The need for high reliability of the product.
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