China Economic Net, Beijing, September 11 Today, Huihan Microelectronics Co., Ltd. (stock abbreviation: Huihan shares, stock code: 301600. SZ) is listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. The stock opened at 67.00 yuan and closed at 61.23 yuan, an increase of 53.69%, with a turnover of 831 million yuan, an amplitude of 37.95%, a turnover rate of 71.19%, and a total market value of 4.295 billion yuan.
Huihan Co., Ltd. is a technology service provider dedicated to providing intelligent network solutions for intelligent vehicles and industrial Internet of Things customers, mainly engaged in the research and development, production and sales of Internet of Vehicles intelligent terminals and Internet of Things intelligent modules, as well as providing customers with software and technical services.
The controlling shareholder of the company is Fujian Guomai Group Co., Ltd. As of the signing date of the listing announcement, Guomai Group directly held 23.625 million shares of the company, accounting for 33.68% of the company's total share capital after the issuance. The actual controller of the company is Chen Guoying, who directly holds 19.8125 million shares, accounting for 28.24% of the company's total share capital after issuance; Indirectly controlled 23.625 million shares through Guomai Group, accounting for 33.68% of the company's total share capital after issuance. Chen Guoying directly and indirectly controls a total of 61.92% of the company's shares.
Huihan shares held its first meeting on June 1, 2023, and the main questions asked by the 38th review meeting of the Shenzhen Stock Exchange Listing Review Committee in 2023 are:
1. Major customer issues. According to the issuer's application materials, the proportion of the issuer's sales to SAIC in each period of the reporting period was 43.40%, 43.35% and 44.63% respectively. At the end of the reporting period, SAIC Venture Capital, a related party of SAIC Group, held 2.85% of the issuer's shares. Major manufacturers of new energy vehicles such as SAIC-GM-Wuling and BYD have independently developed intelligent terminals for the Internet of Vehicles.
The issuer is requested to: (1) explain the reasons and reasonableness of the issuer's relatively high proportion of SAIC's sales revenue, and whether the transaction price is fair; (2) Explain whether the business cooperation between the issuer and SAIC is stable and sustainable based on the orders in hand, fixed-point models and dimensions of SAIC; (3) Explain the competitive advantages and disadvantages of the issuer's technical level compared with the self-produced manufacturers of Internet of Vehicles intelligent terminals, and whether there is a risk of substitution. At the same time, ask the sponsor to give a clear opinion.
2. Outsourcing processing issues. According to the issuer's application materials, during the reporting period, the issuer's Internet of Vehicles intelligent terminal products were mainly produced by entrusting outsourcing manufacturers to process, and the proportion of outsourcing output to the total output was 86.67%, 76.04% and 74.07% respectively. The capacity utilization rate of the intelligent terminal products of the Internet of Vehicles was 33.47%, 52.79% and 64.86% respectively.
The issuer is requested to explain the reasons and reasonableness of the production of the Internet of Vehicles intelligent terminal products mainly through outsourcing under the condition that the issuer's capacity utilization rate is generally not high, and whether the purchase price is fair and in line with industry practice. At the same time, ask the sponsor to give a clear opinion.
Further matters for implementation:
Not.
According to the prospectus, the main products and services of Huihan Co., Ltd. are divided into three categories: Internet of Vehicles intelligent terminals, Internet of Things intelligent modules and software and services according to their functional properties and application scenarios, of which the company's Internet of Vehicles intelligent terminal product revenue in 2023 will be 636.9446 million yuan, accounting for 78.52% of the main business income.
Huihan shares in the Shenzhen Stock Exchange GEM public offering of 17.55 million shares, accounting for 25.02% of the total share capital after the issuance, the issued shares are new shares, the company's shareholders do not carry out public offering of shares, the issue price is 39.84 yuan / share. The sponsor (lead underwriter) of Huihan shares is GF Securities Co., Ltd., and the sponsor representatives are Jiang Di and Yang Huachuan.
The total amount of funds raised by Huihan shares in this new share issuance was 699.192 million yuan, and the actual net amount of funds raised after deducting the issuance expenses was 627.0727 million yuan. The company's final net funds raised were 86.3873 million yuan less than the original plan. According to the prospectus disclosed by Huihan shares on August 29, 2024, the company plans to raise funds of 713.46 million yuan for the R&D and industrialization project of intelligent vehicle safety system, 5G Internet of Vehicles TBOX R&D and industrialization project, and R&D center construction project.
The total issuance expenses (excluding VAT) of Huihan shares were 72.1193 million yuan, of which 52.3013 million yuan were sponsored and underwritten.
From 2021 to 2023, Huihan shares will achieve operating income of 421.7805 million yuan, 580.0757 million yuan and 813.1421 million yuan respectively; the net profit/net profit attributable to shareholders of the parent company was 59.1964 million yuan, 85.6261 million yuan and 127.5783 million yuan respectively; The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 58.3827 million yuan, 83.3304 million yuan and 123.8296 million yuan respectively.
During the same period, the cash received from the sale of goods and the provision of labor services were 312.5424 million yuan, 520.492 million yuan and 666.1512 million yuan respectively, and the net cash flow from operating activities was 46.590 million yuan, 77.7757 million yuan and 119.6343 million yuan respectively.
From January to June 2024, the company's operating income was 429.8455 million yuan, a year-on-year increase of 31.13%; net profit/net profit attributable to shareholders of the parent company was 74.267 million yuan, a year-on-year increase of 40.03%; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 71.5834 million yuan, a year-on-year increase of 38.51%; The net cash flow from operating activities was 37.0269 million yuan, a year-on-year decrease of 29.90%.
From January to September 2024, the company expects to achieve operating income of 651.9399 million yuan to 726.3681 million yuan, a change of 17.93% to 31.39% from the same period last year; It is estimated that the net profit attributable to shareholders of the parent company will be 111.3408 million yuan to 124.7684 million yuan, a change of 19.47% to 33.88% over the same period last year; It is estimated that the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses will be 108.7493 million yuan to 122.1157 million yuan, a change of 20.42% to 35.22% over the same period last year.