These days a news about Hefei stormed the whole network, netizens said the country's most bullish venture capital non-Hefei municipal government, Hefei City in 2007 to take one-third of the city's financial income invested in BOE, and finally earned more than $10 billion; 2011 took out more than $10 billion invested in Hefei Changxin / Zhaoyi innovation, listed estimated surplus of more than $100 billion; Hefei City in 2019 and put out 10 billion investment in azure car, the results of Volkswagen Automotive new energy plate landed in Hefei. God operation constantly, netizens bluntly said Hefei City Government has "hidden stock god".
In fact, the city of Hefei not only has a "panel brother" BOE, "memory brother" Hefei Changxin, and Hefei core Acer micro-photolithography companies like this, and the company's shareholders also emerged Hefei Innovation and Technology Venture Capital Company Limited such as the government background of the venture capital institutions, "the best venture capital institutions" is not a mess cover.
Acer Micro's application for listing on the KTB was accepted by the SSE on May 13th, and the audit status was shown as an inquiry on June 10th, according to the KTB listing process, the next step is the resolution of the City Council.
Before AOpen went public, we talked about the company.
Acer Micro's main business is lithography, but this lithography and semiconductor lithography is different from the depth of attention of the country, the company is engaged in the micro-nano lithography as the core of the technology of direct imaging equipment and direct writing lithography equipment, research and development, manufacturing, sales, and maintenance services, the main products and services, including PCB direct imaging equipment and automated systems, pan-IPC, and other equipment and services. The main products and services include PCB direct imaging equipment and automated systems, pan-semiconductor direct writing lithography equipment and automated systems, other laser direct imaging equipment and after-sales maintenance services of the above products, product features cover micron to nanometer multi-disciplinary lithography link.
This business description in the Acer Micro prospectus does make people look at the cloud, do not know what is said, the following one by one to run through.
First of all, the direct direct writing into like technology. The author in the "Dilemma! Nikon fell out with ASML a dominant under the domestic photolithography copy or not copy? As mentioned in this article, lithography is divided into masked lithography and maskless lithography, the biggest difference is that there is a masked lithography in lithography need to use the photomask template engraved with circuit graphics, and then through the development, etching, debinding and other processes, to achieve the purpose of the circuit pattern transferred to the surface of the wafer. Maskless lithography does not require a photomask template, which theoretically not only reduces production costs, but also reduces nesting errors and other defects, and improves yields, which, of course, is specifically mentioned in the company's prospectus.
Acer's direct imaging technology is to convert the circuit design graphics into machine-recognizable graphics data, and computer-controlled beam modulator to achieve real-time display of graphics, and then through the optical imaging system will be the graphics beam focused imaging to the surface of the substrate has been coated with light-sensitive materials, to complete the graphics of direct imaging and exposure. According to the use of different light-emitting components, direct imaging technology can be divided into laser direct imaging and non-laser ultraviolet direct imaging. Laser direct imaging or LDI, the light is issued by the UV laser, mainly used for PCB manufacturing in the line layer of the exposure process; like UV LED direct imaging technology such as non-laser UV direct imaging, the light source is a UV LED, mainly used for PCB manufacturing in the solder layer of the exposure process:
Of course, the direct imaging technology is still with the help of semiconductor front-channel lithography, step scanning technology to improve exposure efficiency. In terms of lithography accuracy, alignment accuracy, and yield rate, direct imaging technology crushes traditional exposure technology in all aspects:
Secondly, let's talk about AOpen's micro-products.
Founded in June 2015, after five years of development, Acer Micro has formed two categories of PCB direct imaging equipment and automated line systems and pan-semiconductor direct-write lithography equipment and automated line systems, which the company calls the PCB series and the pan-semiconductor series, of which the revenue of the PCB series reaches 192 million yuan in 2019, accounting for 95% of the company's total revenue:
After talking about the products, let's talk about the core technology of Acer Micro. Maskless lithography equipment is divided into two main categories: spatial light modulator-based optical maskless lithography equipment and charged particle maskless lithography equipment. There are many spatial light modulator-based maskless lithography devices, such as laser direct writing devices, ZPAL (Zone Piece Array Lithography), surface plasmonic excitation source imaging systems, and DMD-based lens reduction projection devices, which have emerged in recent years, and AOpen's lithography devices are based on DMD technology. Charged particle maskless lithography devices are mainly electron beam direct writing (EBL), multi-electron beam lithography (MEBL) based on electrostatic scalable optics, etc., which will not be expanded in this paper.
DMD-based direct-write lithography exposure principle is similar to the traditional exposure technology, but the difference is that it uses computer technology, the corresponding photolithography pattern into the DMD chip, DMD micromirror array according to the photolithography pattern to adjust the corresponding micromirror angle, at the same time, collimated light source irradiation to the surface of the DMD micromirror array, resulting in the photolithography pattern consistent with the starving light image, the light image through projection is the equipment manufacturers must be resolved.
Acer Micro was founded only 5 years ago, in the direction of development of the company seized the downstream PCB product structure upgrading as well as direct imaging equipment to gradually replace the traditional equipment opportunities, in direct writing lithography system module key technology breakthroughs continue at the same time, but also in 2019 successfully launched the direct imaging inline automated line system in the automation of the equipment to achieve greater breakthroughs. In the pan-semiconductor, especially in the panel field, the company's independent research and development for 500nm and above line width mask template plate lithography equipment and IC manufacturing direct-write lithography equipment has also achieved import substitution, the company currently has eight core technologies:
If it is replaced by a semiconductor manufacturing front-channel with lithography, imagine how many core technologies need to be overcome and how difficult it is.
2017-2019 core technology products accounted for 97.35%, 98.19% and 96.49% of revenue, respectively, WNC Micro's technological achievements industrialization effect is quite obvious. Compared with peers, Acer Micro's equipment in the minimum line width, alignment accuracy is quite even leading, capacity efficiency is also quite even ahead of peers, as a company founded only five years ago, the advantages of latecomers appeared, it also entered the supply chain of first-tier PCB manufacturers, such as SZDL:
After talking about Acer Micro's business and core technology, down to talk about the company's customers, said the end of the day.
Acer Micro's business is divided into PCB series and pan-semiconductor series of two categories, accordingly, its customers can be divided into PCB customers and pan-semiconductor customers in two categories, which PCB customers are mainly domestic PCB brother of SZDL, Jingwang Electronics, Chonda Electron's Pnovation, etc., as well as the Jian Ding science and technology, Taiwan, such as Taiwan's soft power and other Taiwan-funded enterprises; pan-semiconductor enterprise customers are mainly the Visinex's National Display Optoelectronics and China Electronics Technology Group 11th Research Institute and other research institutes, the overall point of view of the company's PCB business development is relatively smooth.
Acer Micro's customer base looks very luxurious, but the first major customer three years changed three, and I found that some of the customers have a variety of risks.
Let's start with the top five customers. 2017-2019 the revenue of the top five customers reached 0.17 billion yuan, 0.51 billion yuan and 113 million yuan, accounting for 76.16%, 59.14% and 55.89% of the total revenue of Acer Micro, and the concentration of the top five customers decreased significantly. During the reporting period, the company's first major customers were Guangzhou Junyao electronic system, Kunshan Guoxian photoelectric and Zhejiang Rochtek, the sales amount accounted for 28.32%, 34.27% and 35.76%, respectively, the first customer three years changed three, appears to be very unstable:
The following is the Acer Micro's top five customers of the pit some can not be ignored:
① the first largest customer in 2017, Guangzhou Junyao Electronics and the fourth largest customer, Shenzhen Jieteng Microelectronics, were included in the list of executives in breach of trust; ② the third largest customer in 2017, Shenzhen Holding Chuangjieyu, was included in the list of business anomalies in June 2014 due to the registered domicile or place of business could not be contacted, and was moved out of the list in June 2015; in 2019, the company's shareholdings and movable assets were in the pledged or mortgaged status, and also became a defendant several times during the period, and the business condition is estimated to be not too good; (iii) the third largest customer in 2019, Redboard (Jiangxi) Limited, has several movable assets in mortgaged status from May 2019 to date.
2017-2019 Acer Micro's ending accounts receivable balance of 0.01 billion yuan, 0.47 billion yuan and 106 million yuan, accounting for 12.51% of current assets, 30.02% and 23.31%, as a business is still in the expansion period of the science and technology business accounts receivable accounted for a little bit more normal; accounts receivable balance accounted for a proportion of operating income of 44.48%, 53.38% and 52.47%, half of the revenue has turned into outstanding accounts, which accumulates too much risk of bad debts.
In 2017-2019, Acer Micro made bad debt provisions of 581,600 yuan, 2,449,500 yuan and 7,631,100 yuan, of which 2,295,800 yuan of accounts receivable from Guangzhou Junyao system, once the number one customer, was fully provisioned for bad debts in 2019. In the accounts receivable bad debt provisioning ratio, the company's provisioning ratio is also relatively cautious, such as the age of 4-5 years and more than 5 years of accounts receivable by 80% and 100% of the proportion of the provisioning, compared to the large group of lasers for the age of more than 3 years and above in accordance with the 50% of the provisioning, which is an illustration of the core micro prudent it or the large group of lasers radical it, you guys fine:
The surface of Acer Micro's Accounts receivable as a percentage of current assets has fallen to about 23%, but on the other hand the company has a large proportion of long-term receivables, the net long-term receivables during the reporting period of 8,387,700 yuan, 5,309,100 yuan and 23,384,200 yuan, accounting for the proportion of non-current assets at the end of the period of 38.38%, 25.28% and 51.89%, and the bad debt rate is very high, in accordance with the company's disclosure of the Data, 29% and 8.9% in 2018 and 2019 became bad debts:
In 2018, Core Acer Micro made a provision of 2.16 million yuan for bad debts to the customer Shenzhen Jieteng Electronics, and the company's long-term receivables increased by 18,075,200 yuan in 2019, mainly due to the fact that the customers of Shenzhen Xinshunhua Electronics Hubei Jiuxiang Electronics and other customers are using installment collections to sell products.
If the accounts receivable and long-term receivables are combined, the amount will reach 0.2 billion yuan, 0.52 billion yuan and 124 million yuan, accounting for 20.9%, 31% and 26.6% of the total assets, which is still a high percentage.
In 2017, WNC Micro's revenue grew from 0.22 billion yuan to 202 million yuan, almost ten times, but its cash-to-income ratio fell from 1.32 to 0.78, combined with the change in the amount of accounts receivable and long-term receivables and other amounts, the company's revenue growth is very fast but the ability to pay back is poor, and some of the customers also use the installment payment method, which indicates that in the aspects of customer expansion, sales model, etc., WNC Micro is still There are some problems. WNC's current business model may make the company's financial data become very good-looking in the short term, but in the long term because part of the accounts receivable into bad debt, cash flow and performance will face some pressure.