Change a big customer every year! Tell me about this mask aligner company that Hefei "the best venture capitalist" has taken a fancy to.

In recent days, a news about Hefei has spread all over the Internet. Netizens said that the most powerful venture capital in the country belongs to Hefei Municipal Government. In 2007, Hefei invested one-third of the city's fiscal revenue in BOE, and the final income exceeded 654.38+0 billion. 20 1 1 Investment in Hefu Changxin/Zhao Yi Innovation exceeds 100 billion yuan, and it is estimated that the floating profit of listing will exceed 100 billion yuan; In 20 19 years, Hefei invested 10 billion yuan in Weilai Automobile, thus, Volkswagen's new energy sector landed in Hefei. God is constantly operating, and netizens bluntly say that the Hefei municipal government has a "hidden stock god."

In fact, there are not only mask aligner enterprises such as BOE, Hefei Changxin and Hefei Xinwei in Hefei, but also venture capital institutions with government background such as Hefei Innovation and Technology Venture Capital Co., Ltd. among the shareholders of this company. "The best venture capital institution in China" is really not built indiscriminately.

The listing application of Core Qiwei Science and Technology Innovation Board was accepted by Shanghai Stock Exchange on May 13, and the review status in June 10 showed inquiry. According to the process of listing on the science and technology innovation board, the next step is to go to the municipal party Committee for resolution.

Before Core Micro went public, we talked about this company.

Core Qiwei's main business is mask aligner, but this mask aligner is different from the semiconductor mask aligner, which is deeply concerned by Chinese people. The company is engaged in the research and development, manufacturing, sales and corresponding maintenance services of direct imaging equipment and direct writing lithography equipment with micro-nano direct writing lithography as the core technology. The main products and services include PCB direct imaging equipment and automatic line system, pan-semiconductor direct writing lithography equipment and automatic line system, other laser direct imaging equipment and after-sales maintenance services of the above products. The product function covers multi-field lithography from micron to nanometer.

This business description in the core micro prospectus is really confusing. I don't know what I said. Let's take a look at them one by one.

First of all, talk about direct writing image technology. The author is in a dilemma! Nikon was left behind, and ASML was the only one. Lithography opportunities will not be copied? As mentioned in this paper, mask aligner can be divided into masked mask aligner and unmasked mask aligner. The biggest difference is that the mask mask aligner needs to use a photomask engraved with circuit patterns in lithography, and then transfer the circuit patterns to the wafer surface through processes such as development, etching and glue removal. Maskless mask aligner does not need photomask, which not only reduces the production cost in theory, but also reduces the defects such as overprint error and improves the yield. Of course, this point is specifically mentioned by the company in the prospectus.

The direct imaging technology of core micro is to convert the circuit design graphics into machine-recognizable graphics data, and the computer controls the beam modulator to realize the real-time display of the graphics, and then focuses the graphics beam on the surface of the substrate coated with photosensitive materials through the optical imaging system to complete the direct imaging and exposure of the graphics. According to the different light-emitting elements used, direct imaging technology can be divided into laser direct imaging and non-laser ultraviolet direct imaging. Laser direct imaging (LDI), the light emitted by ultraviolet laser, is mainly used for the exposure process of circuit layer in PCB manufacturing; Non-laser ultraviolet direct imaging technology, such as ultraviolet LED direct imaging technology, with ultraviolet LED as the light source, is mainly used for the exposure process of solder mask in PCB manufacturing:

Of course, the direct imaging technology still uses the step-by-step scanning technology of semiconductor front mask mask aligner to improve the exposure efficiency. In terms of lithography accuracy, alignment accuracy and yield, direct imaging technology has completely defeated the traditional exposure technology:

Secondly, core micro-products.

Core Micro was founded in June, 20 15. After five years' development, it has formed two categories: PCB direct imaging equipment and automatic line system and pan-semiconductor direct writing lithography equipment and automatic line system, which are called PCB series and pan-semiconductor series by the company, among which the revenue of PCB series reached1920,000 yuan in 20 19 years, accounting for 95% of the company's total revenue:

After talking about the product, let's talk about the core technology of Core Micro. Maskless lithography equipment is mainly divided into two categories: optical maskless lithography equipment based on spatial light modulator and charged particle maskless lithography equipment. There are many maskless lithography equipment based on spatial light modulator, such as laser direct writing equipment based on DMD, zone plate array lithography (ZPAL), surface plasma imaging system, lens reduction projection equipment, etc. The core lithography equipment is based on DMD technology. The maskless lithography equipment for charged particles mainly includes direct electron beam writing (EBL) and multi-electron beam lithography equipment based on electrostatic telescope optics (MEBL), which will not be developed in this paper.

The exposure principle of direct-write lithography based on DMD is similar to the traditional exposure technology, but the difference is that it uses computer technology to input the corresponding lithography pattern into the DMD chip, and the DMD micromirror array adjusts the rotation angle of the corresponding micromirror according to the lithography pattern, and at the same time, the collimated light source illuminates the surface of the DMD micromirror array to produce a hungry image consistent with the lithography pattern. The optical image is imaged to the surface of the substrate through the projection exposure lens, and the substrate completes scanning action and pattern stitching on the controlled motion platform, thus realizing high-precision lithography.

Of course, in the research and development of technology, the core micro has solved the problems of graphic stitching, the generation of a large number of graphic data and its high-speed real-time lossless transmission, and the consistency of lithography linewidth of different exposure lenses. In fact, similar problems have always existed in maskless lithography technology and must be solved by equipment manufacturers.

It has only been established for five years. In the development direction, the company seized the opportunity of upgrading the downstream PCB product structure and gradually replaced the traditional equipment with direct imaging equipment. While continuously breaking through the key technology of direct writing mask aligner system module, the direct writing image online automatic line system was successfully launched on 20 19, which achieved a major breakthrough in equipment automation. In the pan-semiconductor field, especially in the panel field, the mask lithography equipment and IC manufacturing direct writing lithography equipment independently developed by the company have also been replaced by imports. At present, the company has eight core technologies:

If mask aligner is used before semiconductor manufacturing, you can imagine how many core technologies need to be overcome and how difficult it is.

From 20 17 to 20 19, the proportion of core technology products in revenue was 97.35%, 98. 19% and 96.49% respectively, and the industrialization effect of core technology achievements was quite obvious. Compared with peers, the core micro equipment is equivalent to or even ahead of peers in terms of minimum line width and alignment accuracy, and its production efficiency is equivalent to or even ahead of peers. As a company established only five years ago, it has obvious advantages as a latecomer and has also entered the supply chain of first-line PCB manufacturers such as Shennan Circuit:

After talking about core micro's business and core technology, I will talk about the company's customers and get off work.

Core Qiwei's business is divided into PCB series and pan-semiconductor series, and its customers can be divided into PCB customers and pan-semiconductor customers. Among them, PCB customers mainly include domestic PCB-1 Shennan Circuit, Wangjing Electronics, Punovi under Chongda Electronics, and Taiwan-funded enterprises such as Ding Jian Science and Technology and Taiwan Soft Power. The clients of Pan-semiconductor enterprises are mainly Guo Xian Optoelectronics, a subsidiary of Visionox, and research institutes such as China Electronics Technology Group 1 1. Overall, the company's PCB business has developed smoothly.

Core Qiwei's customer base looks luxurious, but the number of the first customers has become three in three years, and the author finds that some customers have various risks.

Let's start with the top five customers. From 20 17 to 20 19, the income of the top five customers reached 0.1700 million yuan, 0.51300 million yuan and1.1300 million yuan respectively, accounting for 76./of the total revenue of SMIC. During the reporting period, the largest customers of the company were Guangzhou Junyao Electronics Department, Kunshan Guo Xian Optoelectronics and Zhejiang Rochet Ke, accounting for 28.32%, 34.27% and 35.76% of the sales amount respectively. The number of the largest customers has changed by three in three years, which is very unstable:

The following are some pits that can't be ignored among the top five customers of Core Micro:

① Guangzhou Junyao Electronics, the largest customer in 2065438+2007, and Shenzhen Tengjie Microelectronics, the fourth largest customer, were included in the list of untrustworthy executors; ② Shenzhen Zhichuang Jieyu, the third largest customer on 20 17, was included in the business exception list on June 20 14 and moved out on June 20 15; In 20 19, the company's equity and movable property were in the state of pledge or mortgage, and during this period, they became defendants many times, and their operating conditions were not well estimated; ③ Hongban (Jiangxi) Co., Ltd., the third largest customer in 20 19, has had a number of chattel mortgages since May 2019.

During the period of 20 17-20 19, the ending balance of accounts receivable was100000 yuan, 47 million yuan and160000 yuan respectively, accounting for 12.5 1% and 30% of current assets respectively. The balance of accounts receivable accounts for 44.48%, 53.38% and 52.47% of operating income respectively, and half of the income becomes bad debts, accumulating too many bad debt risks.

In 20 17-20 19 years, the bad debt reserves accrued by Core Micro were 58160,000 yuan, 2,449,500 yuan and 7631/kloc-0,000 yuan respectively, of which 20 19 years were receivable. The company is also relatively cautious about the proportion of bad debt provision for accounts receivable. Accounts receivable aged 4-5 years and more than 5 years are accrued by 80% and 100% respectively. In contrast, all accounts receivable with a laser reconciliation age of more than 3 years are accrued at a rate of 50%. Is this core caution or laser radicalism?

On the surface, the proportion of accounts receivable of Qixiwei in current assets has dropped to about 23%, but on the other hand, the proportion of long-term accounts receivable of the company is relatively large. During the reporting period, the net long-term receivables were 8,387,700 yuan, 5,309,654,300 yuan and 23,384,200 yuan respectively, accounting for 38.38%, 25.28% and 565,438+0.88% of the non-current assets at the end of the period.

In the year of 20 18, Xin Qiwei made provision for bad debts of RMB 2160,000 for its customer Shenzhen Teng Jie Electronics. In 20 18075200, the company's long-term receivables increased by 180752 million yuan, mainly due to the installment payment of products by customers such as Shenzhen Xinshunhua Electronics and Hubei Jiuxiang Electronics.

If the accounts receivable and long-term accounts receivable are combined, their amounts will reach 20 million yuan, 52 million yuan and 654.38+24 million yuan respectively, accounting for 20.9%, 3 1% and 26.6% of the total assets, which is still on the high side.

In 20 17, the revenue of core micro increased from 22 million yuan to 202 million yuan, almost tenfold, but the cash income ratio decreased from 1.32 to 0.78. Combined with the changes of accounts receivable and long-term accounts receivable, the company's income grew rapidly, but its repayment ability was poor. Some customers also use installment payment, which shows that core micro is still poor in customer expansion and sales model. Core Qiwei's current business model may make the company's financial data look good in the short term, but in the long run, due to some accounts receivable becoming bad debts, cash flow and performance will face certain pressure.