On April 12, the domestic RF PA leader Weijie Chuangxin was listed on the Science and Technology Innovation Board. As of the close of noon today, the total market value of Weijie Chuangxin was 16.975 billion yuan.
The list of shareholders and the lineup of customers are revealed
According to public information, Weijie Chuangxin is one of the representative enterprises in the field of domestic RF front-end, the main business is rf and high-end analog chips research and development, production and sales, products include intelligent terminal RF power amplifier chips, RF antenna switch modules, RF front-end integrated circuit modules, etc., widely used in smart phones, tablet computers, wireless routers, smart wearable devices and other terminal products with wireless communication functions.
According to the prospectus, during the reporting period (2018-2021), the operating income of Weijie Chuangxin was 284.0163 million yuan, 581.4227 million yuan, 1810.4470 million yuan and 1701.8918 million yuan, an increase of 104.71%, 211.38% and 136.75% year-on-year.
△Source: Screenshot of the prospectus of Weijie Chuangxin
On March 22 this year, Weijie Chuangxin released the first quarter of 2022 performance forecast, the company expects the operating income of 850 million yuan to 950 million yuan in January to March 2022, an increase of 1% to 13% over last year; the net profit attributable to the shareholders of the listed company is expected to be 36 million yuan - 86 million yuan.
Looking closely at the prospectus, the shareholder list and customer lineup of Weijie Chuangxin are more interesting.
Shareholders
Judging from the list of the top ten shareholders of Weijie Chuangxin, it covers mediatek, Huawei Hubble, OPPO and other corporate giants. According to the prospectus, after the issuance of Weijie Chuangxin, The shareholding of Gaintech, a wholly-owned controlling entity of MediaTek, is 25.31%, the shareholding of Hubble Investment under Huawei is 3.21%, and the shareholding of OPPO Mobile is 3.05%.
△Source: Screenshot of the prospectus of Weijie Chuangxin
Customer lineup
From the perspective of the customer structure of Weijie Chuangxin, in 2015, Weijie Chuangxin was listed on the new third board, and the company took transsion shares, Lenovo and other terminal brand manufacturers as the main sales objects in the early stage of development; from 2016 to 2018, Weijie Chuangxin began to enter a period of transformation, which vigorously expanded mobile phone head manufacturers, and successively introduced xiaomi, OPPO, VIVO, Glory and other brand customers in 2018-2021, as well as leading ODM manufacturers such as Huaqin Communications, Longqi Technology, and Wingtech Technology.
The prospectus shows that at present, the company has gradually realized the transformation of customer structure, customers or end customers are mainly well-known brand manufacturers, and gradually realized the import substitution of similar products of international leading manufacturers.
PA module revenue accounted for a large proportion of Wi-Fi 6
In 2021, the operating income of Weijie Chuangxin grew rapidly, with a year-on-year increase of 93.80%. In this regard, Weijie Chuangxin said that it is mainly due to the sharp increase in unit price and sales of 4G model PA modules, the large-scale shipment of 5G model PA modules and the company's new Wi-Fi 6 RF front-end modules, RF switches, receiver modules and other products in 2021.
From the perspective of product structure, the company's current products are mainly PA modules, RF switches, WiFi FEM and so on. According to the prospectus, in 2021, the revenue of H1 PA modules, RF switches, Wi-Fi RF front-end modules and receiver modules accounted for 97.27%, 0.90%, 1.61% and 0.22% respectively.
△Source: Screenshot of the prospectus of Weijie Chuangxin
4G RF power amplifier modules contribute greatly to the company's revenue. During the reporting period, Weijie Chuangxin's 4G RF power amplifier modules shipped more than 1.2 billion units. In addition, in recent years, 5G and WiFi 6 have become the driving forces for the growth of the mobile phone RF front-end market, and Weijie Chuangxin has a deep layout in these two areas.
Since the mainland officially opened 5G commercial use in 2019, Weijie Chuangxin launched a 5G PA module in the same year and mass production and sales in 2020, the current 5G RF power amplifier module has shipped more than 100 million pieces, and the company's 5G RF front-end products have been applied to the high-end products of well-known end customers.
In terms of WiFi technology, Weijie Chuangxin has realized the sales of RF front-end modules under Wi-Fi LAN communication technology to meet the two generations of Wi-Fi 5 and Wi-Fi 6 communication standards. At present, the first generation of products supporting the Wi-Fi 6 standard has achieved mass production, and the linear power has reached the high level in the industry. Its second-generation product, Wi-Fi 6E, is in the development and design phase.
It is reported that the actual funds raised by Weijie Chuangxin this time are 2.669 billion yuan, and the funds raised will be invested in the following projects after deducting the issuance costs: 1.321 billion yuan is planned to be used for integrated circuit production and testing projects; 679 million yuan is used for R&D center construction projects; and 500 million yuan is used for supplementary working capital projects.
△Source: Screenshot of the prospectus of Weijie Chuangxin
Among them, the R&D center construction project will deliver important technical achievements for the development of the company's RF-related products and gather a large number of high-end R&D talents. The main research and development directions include 5G mobile terminal equipment RF front-end device performance upgrade research and development, Wi-Fi RF front-end module research and development, RF switch research and development, communication small base station RF related product research and development, millimeter wave RF front-end product development, medical/automotive related product development, packaging and reliability research.
Weijie Chuangxin said in the prospectus that the investment project of the raised funds revolves around the company's main business, extends and upgrades the company's existing business, which is conducive to enriching the company's business and product structure and increasing the company's core competitiveness.
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