Change a big customer a year! Talk about this light carving company in Hefei, the "most bullish venture capital" Hefei

In the past few days, a news about Hefei was run away from the entire network. Netizens said that the most popular venture capital investment in the country was non -Hefei City Government. In 2007, Hefei invested one -third of the city's fiscal revenue to invest in BOE, and finally earned 100 More than 100 million; in 2011, more than 10 billion yuan invested in Hefei Changxin/Zhaoyi Innovation. It is estimated that the floating profit of more than 100 billion yuan is estimated; in 2019, Hefei City took another 10 billion yuan to invest in Weilai Automobile. Essence God's operation continues, and netizens bluntly said that the Hefei Municipal Government has "hidden stock gods".
The actually not only "Panel One Brother", "BOE," Maste "Hefei Changxin, but also an optical carved machine company such as Hefei cores, and the shareholders of this company also emerged in Hefei Innovation Science and Technology Risk Investment Co., Ltd., like a venture capital institution with a government background, is really not a mess.
The application for the listing of the listing of the science and technology board was accepted by the Shanghai Stock Exchange on May 13th. The review status on June 10 was displayed as the inquiry. According to the listing process of the science and technology board, the next step was the resolution of the Listed Commission.

before the core of the core, we talked about this company.
The main business of core micro -micro -engraved machines, but this light carving machine is different from the semiconductor lithography machine that is deeply concerned by the Chinese people. Direct imaging equipment and direct -writing optical equipment are developed, manufactured, sold, and corresponding maintenance services. The main products and services include PCB direct imaging equipment and automatic line systems, pan -semiconductor direct -writing light carvings and automatic line systems, other laser direct imaging Equipment and after -sales maintenance services of the above products, the product function covers the multi -field light -engraving links from micron to nanometers.
The business description in the core of the core of the core of the core of the core of the core is really in the clouds in the clouds. I do n’t know what to say. The following is one by one.
First of all, talk about direct imaging technology. The author is in "Two Dilemma! Nikon has fallen behind and ASML's unique. Is it still not copying domestic photocopies? 》 This article mentioned that the light carved machine is divided into a mask carving machine and an unminstable light engraving machine. The biggest difference is that the mask carvings need to use the light cover with the carved circuit graphics Templates, and then through the process of showing, etching, gum, etc., to achieve the purpose of transferring the circuit to the surface of the wafer surface. The non -mask light carving machine does not need to cover the template. Theoretically, it not only reduces production costs, but also reduces defects such as packaging errors and improves the rate of good products. Of course, the company specifically mentioned in the prospectus.
The direct imaging technology of core micro -micro -micro -micro -micro -image design is converted into a machine -recognized graphic data, and the computer controls the beam modulator to realize the real -time display of the graph. The surface of the substrate on the coating of the sensor to complete the direct imaging and exposure of the graphic. According to different luminous elements, direct imaging technology can be divided into two types: laser direct imaging and non -laser ultraviolet light direct imaging. Laser direct imaging is LDI, which is emitted by ultraviolet laser, which is mainly used for the exposure process of the line layer in the PCB manufacturing; non -laser direct imaging like ultraviolet LED direct imaging technology. The exposure of the welding layer in PCB manufacturing:

of course, the direct imaging technology still uses the step -by -step scanning technology of the semiconductor front -to -light carving machine to improve the exposure efficiency. In terms of optical precision, pairing accuracy, and good product rate, direct imaging technology crushes traditional exposure technology in all directions:

It, let's talk about the core micro products.
In June 2015, the core micro -micro development has formed two categories: PCB direct imaging equipment and automatic line system and pan -semiconductor direct -writing light carvings and automatic line systems. The PCB series and pan -semiconductor series, of which the PCB series revenue reached 192 million yuan in 2019, accounting for 95%of the company's total revenue:

The core technology of Xinyi's micro. There are two main categories of non -masculating mold light engraving equipment: optical non -mask carving equipment based on space -based light -based making and non -mask carvings of electrical particles. There are many non -mask carvings based on spatial light -based makers, such as laser direct -writing equipment, ripotherapy array light carvings (ZPAL), surface plasma excitement imaging system, and DMD -based lens reduction projection equipment that has emerged in recent years Core micro -optical equipment is based on DMD technology. The inductive particles have no mask light engraving equipment mainly include electron beam direct (EBL), and multi -electronic beam -based equipment (MEBL) based on electrostatic ethical and retractable optics. This article will not be expanded.
The exposure principle of direct -writing optical technology based on DMD is similar to traditional exposure technology, but the difference is that it uses computer technology to lose the corresponding photoc -carved pattern to the DMD chip. Adjust the corresponding microscope corner, and at the same time are accurate to the surface of the DMD microscope array, generate the hungry light image that is consistent with the photoresistic pattern. Complete the scanning action and graphic stitching to achieve high -precision light engravings:

of course, the core micro -micro -micro solving graphics stitching, big data quantity graphic data generation and high -speed real -time non -distorted transmission, different exposure of different exposure The lens lithography line width consistency and other issues, in fact, there is no similar problem in the technique of not covering the mold light engraving technology, and it is also something that the equipment manufacturer must solve.

. The establishment of core micro -establishment has only been established so far. In the development direction, the company seized the opportunity of the downstream PCB product structure upgrade and direct imaging equipment to gradually replace traditional equipment. While constantly breaking through key technical technologies, in 2019, it has successfully launched a direct imaging online automatic line system, which has made great breakthroughs in equipment automation. In the field of pan -semiconductors, especially panel fields, the company's independently developed cover -up template -carved board light carvings and IC manufacturing direct -writing light carvings for 500nm and above. R n
If the replacement of the semiconductor manufacturing front apex use of the light carved machine, imagine how much the core technology that needs to be overcome, how difficult it is.
In 2017-2019 core technology products accounted for 97.35%, 98.19%, and 96.49%of revenue, respectively. Compared with the peers, Xinyi's equipment is quite width and the accuracy of the pairing level, and even leading the production capacity is quite ahead of the peers. As a company that has been established in only five years, the post -development advantage appeared, and it has also entered the deep. The supply chain of the first -line PCB manufacturers such as the South Circuit:

The business and core technologies of core micro -micro -business, and talk about the company's customers.
The business is divided into two categories: PCB series and pan -semiconductor series. The corresponding customers can be divided into two categories: PCB customers and pan -semiconductor customers. Jingwang Electronics, Chongda Electronics, Pinorway, and Taiwan -funded enterprises such as Jianding Technology, Taiwan Soft Electric Power; Pan -semiconductor enterprise customers are mainly Victoria's Guoxian Optoelectronics and China Electronic Technology Group 11 Research Institute. In general, the company's PCB business expansion is relatively smooth.
The client groups look luxurious, but the largest customers have changed three years in three years, and the author found that some customers have various risks.
The first five customers. The revenue of the top five customers in 2017-2019 reached 117 million yuan, 151 million yuan, and 113 million yuan, respectively, accounting for 76.16%, 59.14%, and 55.89%of the total revenue of Xingei Micro. The concentration of the top five customers declined significantly. During the reporting period, the company's largest customers were Guangzhou Junyao Electronics Department, Kunshan Guoxian Optoelectronics, and Zhejiang Richthach, with sales of 28.32%, 34.27%, and 35.76%. One, it looks very unstable:

The following is some of the top five customers of the top five customers that cannot be ignored:
① the largest customers in 2017, Guangzhou Junyao Electronics and the fourth largest. Customer Shenzhen Jie Teng Micro Electronics was included in the list of people who were dishonesty; ; In 2019, the company's equity and real estate are out of quality or mortgage. During the period, it has become the defendant many times. It is estimated that the operating status is not good. The property is mortgaged.
In 2017-2019 Xinyi's minimum account receivable balance was 12.47 million yuan, and 106 million yuan, accounting for 12.51%, 30.02%and 23.31%of mobile assets. In terms of science and technology companies in the expansion period, it is normal for account receivables to receive a higher proportion; the balance of account receivables accounts for 44.48%, 53.38%, and 52.47%of operating income. It has accumulated too much bad debt risk.
In 2017-2019 Xinye Micro Tutoring Microcompction is 581,600 yuan, 2.4495 million yuan, and 7.631 million yuan, respectively, of which the 22.958 million yuan of the former customers of Guangzhou Junyao was receivable in 2019. All bad debts are prepared. In terms of the proportion of preparing for bad debts for accounts receivable, the company's withdrawal ratio is also relatively cautious. For example, the accounts receivable of 4-5 years and 5 years of accounts are calculated according to the ratio of 80%and 100%, respectively. In the case of the large -scale laser, the age of more than 3 years or more is accused by 50%. Is this indicating that the core of the core is very cautious or the laser is radical. You product:

The proportion of micro -receivables accounting for mobile assets has fallen to about 23%, but on the other hand, the company's long -term receivables are relatively large. The long -term receivables during the reporting period are 8.387 million yuan, 5.391 million yuan, and 5.309 million yuan and and 5.309 million yuan. 233.842 million yuan, the proportion of non -current assets at the end of the period was 38.38%, 25.28%, and 51.89%, and the bad debt rate was very high. According to data disclosed by the company, 29%and 8.9%in 2019 and 2019 became bad debts:

In 2018 Xinyei Micro's prepared for the customer's bad debt of 2.16 million yuan in the customer's Shenzhen Jetteng Electronics. In 2019, the company's long -term receivables increased by 18.0752 million yuan. Customers are caused by installment collection products.
If the accounts receivable and long -term receivables are merged, the amount will reach 200 million yuan, 52 million yuan and 124 million yuan, accounting for 20.9%, 31%and 26.6%of the total assets, accounting for the proportion Still higher.
In 2017 cores' revenue increased from 022 million yuan to 202 million yuan, almost tenfold, but its cash income ratio fell from 1.32 to 0.78, combined with account receivables and long -term receivables, etc. The amount of amount is changing, the company's revenue has grown rapidly, but the repayment capacity is poor. Some customers also use installment payment to explain that there are still some problems in the customer expansion and sales models. The current business model of Xingei Micro may make the company's financial data look good, but in the long run, because some accounts receivables become bad debts, cash flow and performance will face certain pressure.