The IPO declaration draft of Infineon Electronics (Hangzhou) Co., Ltd. (hereinafter referred to as "Infineon"), which is mainly engaged in high-power LED driver power, has been pre-disclosed on the official website of the CSRC. It is worth noting that Infineon is closely related to the listed company's Maoshuo power supply, not only for the shareholders of Maoshuo Power, but also to provide technical support to Maoshuo Power. In addition, Infinity is also at risk of falling product prices.
Product price decline trend
According to the Infineon prospectus, the proportion of LED driver power generation in the main business income from 2013 to 2015 was 96.94%, 96.85% and 97.77%, respectively, which was the main source of revenue for the main business. Its sales revenue increased by 57.68%, 16.24% and 17.96% in 2013-2015, respectively. Among them, medium and high power products are the main sources of revenue for LED drive power. The sales growth rate in 2013-2015 is 62.41%, 17.15% and 18.37% respectively. From the data point of view, the sales revenue of the company's LED driver power supply continued to grow during the reporting period, but the growth rate fluctuated greatly.
LED drive power is an important part of LED lighting. It is worth mentioning that in 2015, global LED lighting entered a low growth channel. According to statistics, the global LED lighting market reached 309.9 billion yuan, a year-on-year increase of 15.9%. In the previous 2010-2014, the annual global compound growth rate (CAGR) of the global LED lighting market was as high as 32.8%. It is estimated that the global LED lighting market will have a CAGR of only 5.1% from 2015 to 2020.
Inf's risk warning in the prospectus of the prospectus also stated that “electronic products generally show a trend of decreasing prices of the same products year by year. In the long run, with the increase of market competition, the influence of supply and demand, and the improvement of production efficiency. And the decline in production costs, the company's LED drive power product prices have a downward trend."
When the reporter called Maoshuo Power as an investor and asked about the company's LED driver power business situation, Ms. Mao Shuo Power Securities Affairs said to the reporter: "How to wait until the semi-annual report is disclosed."
Closely related to Maoshuo Power
In addition to the main business income including LED drive power, technology licensing development is another piece of Infinity's revenue. According to the company's prospectus, the company's technology license development revenue for Maoshuo Power Supply from 2013 to 2015 was 7,547,200 yuan, 6,603,800 yuan and 5,660,400 yuan, accounting for 7.27% and 10.12% of operating profit respectively. 5.88%.
According to public information, Moso Power, which was launched on March 16, 2012, is a main product that includes consumer electronics power supplies and high-power LED driver power supplies.
According to the previous prospectus of Moso Power, Infineon and Moso Power are closely related. Infineon has held 3.315 million shares before the listing of Moso Power, with a shareholding ratio of 4.55%.
In addition to holding a stake in Moso Power, Infinity also provides technical support to Moso Power. According to the prospectus of Maoshuo Power, the company's LED power products are required to pay technical fees to Infineon from 2008 to 2010. Since 2011, the company has only constant voltage source, high voltage single channel constant current source and low. The voltage multi-channel constant current source series products are subject to technical usage fees.
According to the latest Infinex prospectus, the company signed a cooperation agreement with Maoshuo Power. Maoshuo Power paid the company the following in the following ways: 7 million yuan in 2014 and 6 million yuan in 2015. In 2016, the company will pay 5 million yuan, the 2017 annual payment will be 4 million yuan, the 2018 annual payment will be 3 million yuan, and the 2019 annual payment will be 1.5 million yuan. The Maoshuo power supply will stop producing LED driving power supply within the above payment period, that is, the date of production stoppage. Stop paying the company for technical usage fees.
Although Infineon no longer holds the shares of Maoshuo Power, considering the relationship with Moso Power, it has to be worried that there will be other forms of interest arrangements after Moso Power has deactivated its technology.
The reporter asked Maoshuo Power Supply, "If Infineon is listed, will it affect the company?" The company said: "I don't understand."
Huarui's PE figure emerges
Looking through the Infinex prospectus, the company's shareholders include Huagui Chao, Shangzhi Investment, Huarui Taixin, Yuheng Investment, Shangquan Investment, Qunying Investment, Zhongke Donghai, Huarui Haiyue and Hengying. Come.
It is worth mentioning that Shangzhi Investment, Huarui Taixin and Huarui Haiyue are the funds of Zhejiang Huarui Holdings Co., Ltd. According to public information, as of November 2015, Huarui Investment has more than 60 venture capital funds and market capitalization management funds with a capital scale of more than 10 billion yuan. It is currently one of the largest investment institutions in Zhejiang Province.
Interestingly, in addition to the phase of Infineon, the Huarui Department also has a power supply. According to the previous prospectus of Moso Power, Huarui Investment holds the shares of Moso Power by directly or indirectly holding Bluestone Entrepreneurship, Thai Banking Entrepreneurship and Infineon.
Maoshuo Power's announcement on May 14, 2013 shows that from March 22 to May, 2013, the company's shareholders Zhejiang Lanshi Venture Capital Co., Ltd. and Zhejiang Taiyin Venture Capital Co., Ltd. jointly reduced the company's 3.8% stake. .
This also means that the limited sales period is just over, Huarui Department has chosen to withdraw from Maoshuo Power. So, if Infineon is listed in the future, will it encounter the same situation?
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