市值超400亿!刚刚!绍兴冲出一个晶圆代工IPO-深圳泰克光电

今天，国内晶圆代工厂中芯集成正式挂牌上市。

According to the company's previous prospectus disclosure, SMIC is a leading domestic specialty wafer foundry enterprise, mainly engaged in wafer foundry and module packaging testing in the fields of MEMS and power devices, providing customers with one-stop system foundry solutions. The company's process platform covers ultra-high voltage, vehicle mounted, advanced industrial control and consumer power devices and modules, as well as vehicle mounted, industrial, and consumer sensors. Its application areas cover industries such as smart grids, new energy vehicles, wind power generation, photovoltaic energy storage, consumer electronics, 5G communication, Internet of Things, and household appliances.

The company is one of the few wafer foundry enterprises in China that currently provides automotive grade chips. It has established a full process automotive grade quality management system from research and development to large-scale production, and has passed a series of international quality management system certifications such as ISO9001 (Quality Management System) and IATF16949 (Automotive Quality Management System). At the same time, it has implemented ISO26262 (Road Vehicle Functional Safety System) and has established cooperative relationships with multiple leading customers in the industry.

Wafer foundry is the main source of the company's main business revenue, accounting for 92.11%, 86.07%, and 92.09% of the main business revenue during the reporting period, respectively. The main business income structure of the company during each reporting period is as follows:

According to what SMIC said in the prospectus, the company has progressiveness performance in technology. In their view, the company attaches great importance to the construction of its research and development system, adheres to the path of independent research and development, deeply integrates with terminal applications, configures a complete product chain in segmented markets, and continuously develops advanced manufacturing process technologies. The company has established three major technologies and application directions: sensing, power, and connection, and can provide diversified wafer foundry and module packaging solutions.

SMIC pointed out that the company is currently one of the few wafer foundries in China that provide automotive grade chips. The company has overcome various technical difficulties in reliability and safety, established a full process vehicle level quality management system from research and development to large-scale production, passed a series of international quality management system certifications such as ISO9001 (Quality Management System) and IATF16949 (Automotive Quality Management System), and implemented ISO26262 (Functional Safety System for Road Vehicles). The manufactured products have successfully entered the core application fields of new energy vehicles, such as main drive inverters, on-board chargers, DC/DC systems, and auxiliary systems.

At the same time, in the field of MEMS, the company has the largest and most advanced MEMS wafer foundry in China, and has taken the lead in undertaking the key project of the 14th Five Year Plan of the Ministry of Science and Technology, "MEMS Sensor Batch Manufacturing Platform". The company has the ability to process both bulk and surface silicon, and has developed standardized manufacturing processes for mainstream applications. It focuses on researching and overcoming a series of common key technologies, such as high-precision film deposition/growth, high-strength bonding technology, high compatibility low-temperature processes for sensitive components, and MEMS sacrificial layer release technology for non-destructive integrated devices. This provides strong support for the rapid development of MEMS sensor chip demand in the fields of the Internet of Things, new energy vehicles, 5G communication, and other fields in the country. The company's MEMS products have been widely used in communication and consumer applications, and multiple advanced in vehicle sensors have entered the new energy vehicle supply chain.

In the field of power devices, the company has formed a complete technology and product layout, accumulated rich research and development and production experience, and established a leading domestic process platform.

In terms of IGBT, the company has high-end process technologies such as deep groove etching, ultra-thin thinning process, high-energy injection, planarization process, laser annealing, double-sided alignment, proton injection, local carrier lifetime control, embedded sensors, diversified metal layers, high-performance dielectric layers, high and low temperature CP testing, etc. The manufactured IGBT products have excellent performance in reliability, switching efficiency, product consistency, and other aspects;

In terms of MOSFET, the company has mastered key process technologies such as ultra-thin wafer processing, hydrogen injection, and epitaxial growth of super junction products. The MOSFET products manufactured have the characteristics of low conduction resistance, fast switching speed, and low switching loss.

The power device products manufactured by various process platforms of the company have been mass-produced and widely used in multiple downstream fields. Among them, the 750V to 1200V high-density advanced IGBT and advanced main drive inverter modules used in the electronic control and electric system of new energy vehicles have formed large-scale mass production; High density advanced IGBTs ranging from 600V to 1700V for industrial control have also been mass-produced; The ultra-high voltage 3300V and 4500V IGBTs used for smart grids, as well as the low-voltage MOSFETs used for lithium battery protection, have achieved import substitution.

In the field of RF front-end, the company has taken the lead in achieving breakthroughs in the manufacturing process of high-frequency filter chips and integrated system modules in multiple frequency bands of 4G and 5G, achieving large-scale production with high yield and high reliability. The performance of the manufactured products is leading domestically and has entered the mainstream mobile communication market.

According to the proposal on investment projects and feasibility analysis of the company's initial public offering of stocks raised funds, which was approved at the first extraordinary general meeting of shareholders held on July 30, 2021, and the proposal on adjusting investment projects and feasibility analysis of the company's initial public offering of stocks raised funds, which was approved at the annual general meeting of shareholders held on January 24, 2022, the company plans to publicly issue no more than 169.2 million shares to the public (before exercising the over allotment option), and the net amount of the actual raised funds after deducting issuance fees is planned to be invested in the following projects:

SMIC pointed out that if the raised funds exceed the total amount of the above-mentioned investment projects, the company will follow the necessary procedures in accordance with relevant regulations and use the excess funds for the company's main business. If the funds raised in this issuance are insufficient, the company will solve the funding gap of the investment project through self raised funds. Before the funds raised in this round are in place, the company can use its self raised funds to invest in advance based on the progress of the project. After the raised funds are in place, the company will first replace the self raised funds invested in the early stage, and the remaining funds will be used for the subsequent construction of the fundraising project in accordance with the relevant regulations on the use of the raised funds.

在招股说明书中，中芯集成还对募资资金投资项目进行了详细介绍。

（1） Technical Renovation Project for MEMS and Power Device Chip Manufacturing and Packaging Testing Production Base

1. Basic information of the project

The total planned investment for this project is 6.564 billion yuan, and it is planned to use raised funds to invest 1.50 billion yuan. By completing the construction of basic factories and facilities to promote process technology research and development, the production capacity will be expanded from a monthly output of 42500 wafers to a monthly output of 100000 wafers.

2. Necessity of the project

(1) Improve MEMS manufacturing process and achieve import substitution

As the world's largest electronic product production base, China consumes the largest number of MEMS devices in the world. The rapid growth of consumer electronics and automotive electronics has driven the development of domestic sensor markets such as MEMS acceleration sensors, gyroscopes, and silicon microphones. At present, there is a huge gap between China's MEMS sensor products and foreign countries in terms of performance indicators such as accuracy and sensitivity, and the application scope is mostly limited to traditional fields. The vast majority of mid to high end sensor products are imported from abroad. With the increasing attention of Chinese electronic product manufacturers to supply chain security, import substitution in the MEMS industry has become a trend.

The implementation of this project will upgrade the company's existing MEMS process production line, further enhance the company's MEMS chip production capacity and manufacturing process level, enhance the company's business competitiveness, and increase the market share of high-end products, thereby driving the company's performance growth and achieving import substitution.

(2) Improve the production capacity of power devices to meet market demand

Power devices are the core components of power system applications, which utilize the unidirectional conductivity of semiconductors to achieve power switching, voltage and frequency, DC/AC conversion, and other functions in electronic devices. In recent years, with the rapid development of power device applications such as industrial control and consumer electronics markets, the market size has shown a continuous growth trend. In order to further meet market demand and enhance the production capacity of power devices, this project plans to expand the company's production capacity by building new factories and supporting buildings, introducing advanced production equipment, and constructing supporting production lines. This will effectively meet the continuous growth of customer market demand, improve scale production efficiency, enhance industrial technology level, continuously expand the company's market share, and enhance the overall competitive strength of the company.

The total planned investment for this project is 6.564 billion yuan, and the specific investment estimate is as follows:

（2） Phase II wafer manufacturing project

1. Basic information of the project

The total planned investment for this project is 11 billion yuan, and it is planned to use raised funds to invest 6.66 billion yuan. It will build a silicon based 8-inch wafer processing production line with a monthly output of 70000 pieces. The implementation entity of this project is SMIC Yuezhou.

On December 31, 2021, SMIC Integrated signed an investment agreement with its affiliated party Binhai Xinxing and 14 other shareholders to jointly invest in the establishment of SMIC Yuezhou Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. Each shareholder subscribed to the total registered capital of SMIC Yuezhou for a total investment of 6 billion yuan, with a subscription price of 2 yuan per registered capital. Among them, SMIC Integrated invested 1.66 billion yuan and held 27.67% of the shares; Binhai Xinxing invested 1.50 billion yuan and holds a 25.00% stake. Within 3 years from the establishment of SMIC Echizen, SMIC Integrated has the right to subscribe to the newly registered capital of SMIC Echizen within a total investment amount of RMB 5.00 billion. The specific implementation plan, such as subscription price, will be reviewed and determined by SMIC Echizen's shareholders meeting.

The total planned investment for this project is 11 billion yuan, and the specific investment estimate is as follows:

SMIC emphasizes that the semiconductor industry is a fundamental, strategic, and leading industry that supports national economic and social development. It is also a high-tech industry that is capital intensive, technology intensive, and talent intensive. Semiconductor manufacturing is the core link of the semiconductor industry. The company will continue to adhere to the direction of independence, marketization, and internationalization, committed to the research and development and production capacity layout of characteristic processes and advanced analog circuit chips and modules, committed to continuous optimization and efficiency improvement of research and development, production, and related services, and strive to become a reliable partner for domestic and foreign customers. We will provide high-quality and large-scale system OEM services, create greater value for customers, achieve our own development and growth, and strive to become a world-class analog integrated circuit system OEM enterprise, making positive contributions to the development of the entire industry and the progress of society.

Market value exceeds 40 billion! Just now! Shaoxing launches an IPO for wafer foundry

分享至微信