Text: Cao Gangqiang, researcher at IQHCJ
Editor: Xu Hui
Proposed a new concept of labless and sprinted to the first listed analytical laboratory
At the end of 2020, Li Xiaomin proposed the fourth operation model of the semiconductor industry: the new concept of labless (labless operation), which separates the "necessary non-core" R&D links in the industrial chain from the industry and becomes a new independent industry track. In recent years, with the further strengthening of the professional division of labor in the semiconductor industry chain, semiconductor third-party testing and analysis has become a specialized subdivision of the industry track.
Li Xiaomin, who is the founder of Sembcorp Nano (Suzhou) Co., Ltd., the "Chip General Hospital", referred to as Sembcorp Nano; Born in April 1975, Chinese nationality, he studied at Peking University from September 1994 to July 1998 and obtained a bachelor's degree in microelectronics. From September 1998 to April 2001, he studied at the National University of Singapore and obtained a master's degree in electronic engineering. Three years after graduation, he successfully entered the Institute of Microelectronics of the Agency for Science, Technology and Research, Singapore as a R&D engineer. Since October 2004, he has served as the General Manager of Sembcorp Nano in Singapore; On July 28, 2012, Li Xiaomin, together with Fu Qingtai and Gui Cifeng, established Sembcorp Nano, a domestic entity to be listed, in Suzhou Zhongxin Industrial Park. Li Xiaomin has been authorized more than 20 patents, and has published more than 80 scientific and academic articles and co-authored books.
According to the official website, Sembcorp Nano currently has laboratories with teams of more than 500 people in Suzhou, Nanjing, Fujian, Singapore and Malaysia, with CMA CNAS laboratory certification, and has been rated as a high-tech enterprise, a specialized and special new small and medium-sized enterprise in Jiangsu Province, a service-oriented manufacturing demonstration platform in Jiangsu Province, a pilot enterprise for strategic emerging industries and service industry standardization in Jiangsu Province, a R&D enterprise in Jiangsu Province, an engineering technology research center for semiconductor chip analysis and testing in Jiangsu Province, a public service platform for small and medium-sized enterprises in Jiangsu Province, Suzhou Producer Service Industry Leading Enterprise, Suzhou Gazelle Enterprise and Unicorn Cultivation Enterprise and other honorary titles. On May 18, 2023, Sembcorp Nano's Sprint to the Science and Technology Innovation Board was accepted, and it also became the first semiconductor third-party analysis laboratory reviewed by the Science and Technology Innovation Board.
Since 2020, the company has won the favor of many investment institutions, and has successively introduced more than a dozen external institutions such as Fengnian Junhe, Fengnian Xinxiang, Dekai Yuantai, Shenzhen Gaojie, Oriza Chongyuan, Haitong New Energy, Guoke Dingzhi, Yida Department, Boya Junzilan and Jiangsu Yuanxiang, and the company's valuation has increased from 32 billion yuan all the way to 2.5 billion yuan. As of the date of signing of the prospectus, Mr. Li Xiaomin, the actual controller of the Company, and his persons acting in concert controlled the Company for a total of 6063% of the shares, based on the valuation alone, Mr. Li Xiaomin and his concert parties have a commercial value of 1.5 billion yuan.
From the perspective of asset scale, at the end of 2020, the end of 2021 and the end of 2022, the company's total assets were 323.9 billion yuan, 741.1 billion yuan and 102.2 billion yuan. During the reporting period, due to the continuous increase in the scale of the company's performance and the continuous investment in machinery and equipment, the accounts receivable, inventory, fixed assets and projects under construction showed an overall upward trend. In general, the size of the company's assets and their changes are in line with the actual business development situation and the characteristics of the company's development stage.
Serving more than 2,000 customers around the world, the compound growth rate of operating income exceeds 50%.
Sembcorp Nano's main business is third-party semiconductor testing and analysis, which can provide failure analysis, material analysis, reliability analysis and other testing and analysis services for customers in the semiconductor industry chain. The company's main services include failure analysis, material analysis and reliability analysis. Semiconductor testing and analysis is an important link in the semiconductor industry chain, and testing and analysis services help accelerate the R&D process of customers, improve product performance indicators and yield rates, and play an important role in the development of semiconductor technology and process evolution.
Through professional and accurate testing and analysis services, the company judges the defects in the customer's product design or process, helps customers improve product yield and performance, and becomes a key technical support platform for R&D, manufacturing and quality monitoring in the semiconductor field, and plays an important role in assisting customers in R&D. With diversified testing and analysis projects and professional and accurate diagnostic capabilities, the company is vividly described as a "chip general hospital".
At present, Sembcorp Nano has served more than 2,000 customers around the world, covering the entire semiconductor industry chain, including chip design, wafer foundry, packaging and testing, IDM, raw materials, equipment manufacturers, module and end application customers, scientific research institutions and universities.
During the reporting period, benefiting from the continuous growth of the market demand for testing and analysis driven by the rapid development of the domestic semiconductor industry, as well as the continuous improvement of the company's own testing and analysis capabilities, the company's revenue grew rapidly. In 2020, 2021 and 2022, the company's operating income will be 120.5 billion yuan, 167.6 billion yuan and 287.2 billion yuan, with a compound growth rate of 5440%；Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 2,195400,000 yuan, 2,273690,000 yuan and 5,127870,000 yuan, the compound growth rate of net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses from 2020 to 2022 is 5283%。
The R&D expense rate is higher than that of peers, and the core technical personnel have a number of patents
During the reporting period, Sembcorp Nano's R&D expenses were 1,309490,000 yuan, 2,253$880,000 and $3,622440,000 yuan, accounting for the proportion of operating income respectively. 45% and 1261%。Average with comparable companies. 36% and 8Compared with 20%, the company's R&D expense rate is close to that of Liyang chips, radio and television metering, and Weice Technology, which is higher than the average R&D expense rate of comparable companies in the same industry. The company's R&D expense rate is relatively high, on the one hand, the company attaches great importance to R&D and continues to increase R&D investment during the reporting period; On the other hand, compared with comparable companies in the same industry, the company's revenue scale is relatively small.
The company has been authorized 24 patents, including 17 invention patents, four core technical personnel have patents and participate in the writing of academic **, of which Li Xiaomin, chairman and general manager, has been authorized 17 invention patents; He has published 80 academic papers in international journals such as IEEE-ISTFA and IEEE-IPFA and participated in the writing of 2 semiconductor analysis books. At present, Huayounan has authorized 10 invention patents; After joining the company, he has published 79 academic papers in international journals such as ISTFA, IEEE-IPFA and ICEPT, and participated in the writing of 1 semiconductor analysis book. At present, Zhangxi has authorized 4 invention patents; After joining the company, Qiao Mingsheng has published 15 academic articles in international journals such as IEEE-IPFA, the top conference forum on global failure analysis, and has authorized 1 invention patent. Participated in the formulation of the National Microbeam Analysis Standardization Technical Committee "Determination Method of Functional Film Layer Thickness in Integrated Circuit Chips" standard, and all four of them are high-tech talents in Suzhou.
According to the Guidelines for the Evaluation of Science and Technology Innovation Attributes (Trial) and the Interim Provisions on the Application and Recommendation of the Issuance and Listing of Enterprises on the Science and Technology Innovation Board of the Shanghai ** Stock Exchange, the company's science and technology innovation attributes meet the positioning requirements of the Science and Technology Innovation Board.
The semiconductor testing and analysis business has the characteristics of high technical requirements, high precision requirements, and high response speed requirements, and high-end instruments are important supporting tools for conducting business. During the reporting period, Sembcorp Nano has established good cooperative relations with world-renowned instrument manufacturers such as Thermo Fisher Scientific Group and Hitachi Group, and the channel is stable and smooth. During the reporting period, Thermo Fisher Scientific Group was the company's largest businessman, and the company's purchase amount to Thermo Fisher Scientific Group accounted for the proportion of total procurement. 67% and 6023%。
As the founder, Li Xiaomin is optimistic about the company's development prospects, and has repeatedly increased the capital of Sembcorp Nano with the same shares of external investors, which also shows the high confidence of the actual controller in the company's future development, and is also a strong response to the original intention of China's capital market to work with listed companies to build a good investment environment with investor value as the core goal.