38.8 billion yuan market value! This domestic RF chip leader is listed on the Science and Technology Innovation Board
Today, Guobo Electronics was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with an issue price of 70.88 yuan per share and an issue price-earnings ratio of 80.78 times. As of writing, the company's stock price was 98.58 per share, up 39.08% , with a market value of 38.8 billion yuan.
Source: Tonghuashun
China Electronics Technology Group Corporation, a subsidiary of the company, raised 2.8 billion yuan to invest in RF
Founded in 2000, Guobo Electronics is mainly engaged in the research, development, production and sales of active phased array T/R components and RF integrated circuit related products. It has established a technical system and serialized product layout with compound semiconductors as the core. Its products mainly include active phased array T/R components, GaAs base station RF integrated circuits, etc., covering military and civilian fields. It is currently a leading company in China that can provide active phased array T/R components and serialized RF integrated circuit related products in batches.
According to the prospectus, the company's direct controlling shareholder is Guoji South, which holds 39.81% of the company's shares. China Electronics Technology Group Corporation indirectly controls 61.62% of the company's shares through Guoji South, China Electronics Technology Group Corporation 55th Institute and China Electronics Technology Group Corporation Investment, and is the actual controller of the company.
In this IPO, Guobo Electronics publicly issued 40.01 million shares and raised 283,590.88 million yuan, of which 1.475 billion yuan was invested in RF chip and component industrialization projects, and the remaining 1.2 billion yuan was used to supplement working capital.
Revenue has been rising year after year, and customer concentration is high
According to the announcement, from 2018 to June 30, 2021, the company achieved revenues of RMB 1.724 billion, RMB 2.225 billion, RMB 2.212 billion, and RMB 1.132 billion, respectively, and net profits attributable to the parent company's owners were RMB 252 million, RMB 367 million, RMB 308 million, and RMB 193 million, respectively. The gross profit margins of the main businesses were 29.12%, 32.69%, 29.77%, and 36.94%, respectively.
Guobo Electronics' customers are relatively concentrated, mainly due to the relatively concentrated industry distribution of downstream customers, mainly scientific research institutes or complete machine units under major military industrial groups, Company B and its affiliates. Among them, in the field of civilian products, Guobo Electronics' RF integrated circuit products are currently mainly used in mobile communication base stations. However, there are relatively few mobile communication equipment manufacturers in my country, resulting in concentrated customers.
During the reporting period, the sales revenue of the company's top five customers were RMB 1.46 billion, RMB 2.059 billion, RMB 1.972 billion, and RMB 1.081 billion, respectively, accounting for 84.68%, 92.53%, 89.15%, and 95.48% of the current operating income, respectively. (Text: Compiled by Amber of Topology Industry Research )
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