This year's revenue may reach 3 billion, and profits have soared by more than 200%.
**: Straight through IPO, Wen Wangfei
The photovoltaic industry will give birth to another IPO.
On December 27, photovoltaic equipment manufacturer Laplace New Energy Technology Co., Ltd. (hereinafter referred to as Laplace) successfully passed the meeting and will be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with plans to raise 1.8 billion yuan, which will be used for the R&D and production of high-end photovoltaic equipment headquarters base projects, semiconductor and photovoltaic high-end equipment R&D and manufacturing base projects and supplementary working capital.
Laplace plans to issue no more than 4053260,000 shares, not less than 10 of the company's total share capital after the completion of this offering00%, according to this calculation, the company's issuance market value is up to about 18 billion yuan.
According to the statistics of PV-2005, 43 photovoltaic companies have updated the IPO process since the beginning of this year, with a total of more than 95 billion yuan to be raised.
It should be noted that the photovoltaic industry is now facing an industry reshuffle, with overcapacity, extreme involution, and obvious industrial chain in 2023, and it is expected to continue to decline.
As a result, under various influencing factors, Laplace, which has gradually gained a firm foothold in the photovoltaic field, began to lay out in advance and entered the field of semiconductor discrete devices, which not only gained the recognition of BYD and Basic Semiconductor, but also received the investment and stake of Juyuan Xinchuang, a subsidiary of SMIC.
Born in 1983, Lim Jiaji is a Chinese national with permanent residency in Singapore. He graduated from Xiamen University with a bachelor's degree in physics in July 2004He graduated from Nanyang Technological University in Singapore with a doctorate degree in August 2008.
Lin Jiaji, 40, has 15 years of research and work experience in the photovoltaic field.
After completing his studies in Applied Physics at Nanyang Technological University, Lim joined the Singapore Solar Energy Research Institute (SERIS) to develop high-efficiency solar cell technology until February 2012Later, he joined Hanwha Q CELLS (Qidong) as R&D Director, and worked for Shanghai Shenzhou New Energy Development, hereinafter referred to as Shenzhou New Energy), as the General Manager of R&D Center.
In fact, as early as when he was employed by Shenzhou New Energy, 33-year-old Lin Jiaji had quietly started a business layout.
In May 2016, Chen Wansheng, Shanghai Chunhe and Feng Wei jointly established Laplace, the predecessor of Laplace Co., Ltd. At that time, Lin Jiaji was still working in Shenzhou New Energy, so in order to facilitate industrial and commercial registration, his brother-in-law Chen Wansheng held the shares on his behalf until February 2017.
Since then, Lin Jiaji has taken the helm of Laplace and is now the chairman and general manager.
It is worth mentioning that Lin Jiaji, who has formed an indissoluble bond with physics, named the company Laplace, which is derived from the French physicist Laplace, the "father of celestial mechanics" more than 100 years ago. The name of the company's employee stock ownership platform is also taken from well-known physicists such as Fourier, Planck, and Descartes.
Under the leadership of Lin Jiaji, it has only been established for 7 years, and Laplace is only one step away from going public.
According to the prospectus, Lin Jiaji directly holds 94972%, indirect shareholding 102475%, with a consolidated shareholding of 197447%, with a total control of 3320% of the voting rights;His spouse, Chen Xiaoyan, indirectly holds 33369%；Chen Xiaoyan's cousin, Lin Yiting, who is also Laplace's director and head of finance, indirectly holds 05179%。
*: Laplace prospectus.
According to the issue market value of 18 billion yuan, Lin Jia's successor is worth about 355.4 billion yuan;If you include the spouse and his cousin, the total family wealth is about 424.8 billion yuan.
According to the prospectus, Laplace is a provider of high-efficiency photovoltaic cell core process equipment and solutions, whose main business is the research and development, production and sales of high-performance thermal process, coating and supporting automation equipment required for photovoltaic cell manufacturing, and can provide customers with semiconductor discrete device equipment and supporting products and services.
According to the prospectus, from 2020 to 2022 and the first half of 2023 (hereinafter referred to as the reporting period), Laplace's operating income will be about 4072330,000, 10.4 billion, 126.6 billion, 108.6 billion yuan;The net profit after deducting non-attributable to the parent company was about -4853710,000, -6550860,000, 10.8 billion, 10.6 billion yuan, and turn losses into profits in 2022.
*: Laplace prospectus.
Laplace expects the company's operating income in 2023 to be 2.9-3.1 billion yuan, an increase of 129 percent from 202210%-144.89%；It is estimated that the net profit after deducting non-attributable to the parent company will be 36-4.0 million yuan, an increase of 233 compared with 202234%-270.38%。
During the reporting period, Laplace's R&D expenses were 2731780,000, 3906860,000, 11 billion, 11 billion yuan, with a compound growth rate of 100 from 2020 to 202280%；The proportion of R&D investment in operating income has increased slightly after a sharp decline, respectively. 12%。
As of June 30, 2023, Laplace has a total of 3,038 employees and 358 R&D personnel, accounting for about 1178%；The company has obtained a total of 372 patents, including 39 invention patents.
The continuous R&D investment has also created a second growth point for Laplace.
With the accumulation of technology and the needs of market customers, Laplace has gradually entered the field of semiconductor discrete device equipment, and has developed a series of new semiconductor discrete device equipment products such as oxidation, annealing, coating and brazing furnace equipment.
According to the prospectus, Laplace's semiconductor discrete device equipment is in the customer introduction and verification stage, and it did not generate revenue from 2020 to 2021, while the revenue in 2022 and the first half of 2023 will be 564 respectively600,000, 620200,000 yuan, has not yet formed a sustainable, stable and large-scale sales revenue.
Perhaps it is for this reason that in December last year, Laplace attracted an investment of 50 million yuan and 30 million yuan respectively from Juyuan Xinchuang under SMIC and The Link Cornerstone under Cornerstone Capital.
Before the IPO, Juyuan Xinchuang held about 064%；The Link Cornerstone holds about 039%。
As the basic business of Laplace, photovoltaic equipment contributed more than 93% of its revenue during the reporting period, and its photovoltaic cell process equipment has entered many photovoltaic companies, including LONGi Green Energy and JinkoSolar.
It should be noted that Laplace has a high concentration of customers. During the reporting period, the total proportion of the main business income of the company's top five customers was as follows. 92%。
*: Laplace prospectus.
However, as the top three customers since 2020, LONGi Green Energy and JinkoSolar's first share Laplace are deeply bound to it.
Among them, Liancheng CNC held 16 shares before the IPO87%, second only to Lin Jiaji, is the second largest shareholder of Laplace. Zhong Baoshen, one of the actual controllers of Liancheng CNC, is the chairman of LONGi Green Energy.
In addition, Zhong Baoshan, who is hidden in the ranks of small shareholders holding less than 5% of the shares, is Zhong Baoshen's brother, holding about 020%。
In 2022, JinkoSolar also invested in Laplace through Rao Changxin, its investment platform, holding about 236%。
In the year of its shareholding, Laplace's sales from JinkoSolar surged more than 10 times to 61.3 billion yuan, accounting for 4855%；In the first half of 2023, the transaction volume of the two parties reached 62.8 billion yuan exceeded the whole year of 2022, and the proportion of sales also climbed to 5807%。
And this is another risk for Laplace – a single customer accounts for more than 50% of its revenue. In 2021 and the first half of 2023, the company's sales revenue from JinkoSolar accounted for more than 50%.
The prospectus suggests that a high concentration of customers and a single customer revenue accounting for more than 50% may lead to the company's weak position in business negotiations, and at the same time, changes in the customer's own operating conditions may also have a greater impact on the company.
In addition, Laplace's new fifth-largest customer in 2022, Linyang Energy, holds about 026%。