On the evening of March 27th, the Shanghai Stock Exchange announced the second batch of 8 IPO applications for the acquisition of the list of accepted enterprises: Huaxing Yuanchuang, Weixin Bio, Tebao Bio, Guodun Quantum, ArcSoft Technology, Century Space , Guangfeng Technology, Besida. The total amount of funds to be raised by 8 enterprises is 6 billion yuan. Together with the first batch of enterprises in the science and technology sector, 17 companies have raised funds of 17 billion yuan. Among the 8 companies, 3 companies accounted for more than 30% of R&D investment revenue in 2018, the highest of which was 56%; 4 companies had a gross profit margin of over 70% in 2018, the highest of which was 96.27%.
A number of A-share listed companies have placed these companies directly or indirectly. For example, Tonghua Dongbao directly holds a 33.94% stake in Tebao Bio. Zhejiang Dongfang, Yinlun shares and Shenzhou Information indirectly hold shares in Guodun Quantum. Yili, Huafu Fashion, Guangzhou Automobile Group, Guangri, Zhujiang Piano, Yuanguang Software, Huachang Chemical, etc. indirectly hold shares in ArcSoft Technology. Beijing Urban Construction holds shares in Century Space.
Overall R&D investment accounts for more than 15% of revenue
Overall, compared with the first batch of accepted companies, these 8 companies accounted for a considerable proportion of R&D investment. The total investment in research and development of 8 enterprises in 2018 was about 750 million yuan, accounting for 15.7% of the total revenue. Prior to this, the first batch of 9 companies accepted the 2018 R&D investment totaled more than 1.1 billion yuan, accounting for a slightly over 10% of the total revenue.
In 2012, Microchip's R&D investment revenue accounted for the highest proportion, reaching 55.85%. The company's prospectus (declaration draft) shows that in 2016-2018, the company's R&D investment accounted for 60.52%, 62.01% and 55.85%, respectively.
The total investment in research and development of Guodun Quan from 2016 to 2018 was 53.108 million yuan, 73.434 million yuan, and 96.209 million yuan, accounting for 23.41%, 25.89% and 36.35% respectively.
In 2016-2018, ArcSoft's R&D investment was 90.268 million yuan, 109 million yuan and 149 million yuan, accounting for 34.59%, 31.43% and 32.42% of the current operating income.
Huaxing Yuanchuang, Weixin Bio, Century Space, Guangfeng Technology and Besida selected the first set of listing standards; Tebao Bio and ArcSoft Technology selected the fourth set of listing standards; Guodun Quantum chose the second set of listing standards.
The gross profit margin of the two companies is over 90%
Among the 8 companies, there are 6 companies with a gross profit margin of over 50% in 2018, namely Huaxing Yuanchuang, Weixin Bio, Tebao Bio, Guodun Quantum, ArcSoft Technology, and Century Space. In addition, the gross profit margin of Bestar and Guangfeng Technology in 2018 is also above 40%.
The gross profit margin of both ArcSoft and Microchip is maintained at over 90%. The gross profit margin of ArcSoft's main business in 2016-2018 was 92.65%, 93.94% and 94.24% respectively. According to the company, the higher gross profit margin is mainly determined by the software industry and the characteristics of the company's sales model. Since the company's licensed algorithm software package generally does not require the production, packaging and transportation of physical hardware, the main business cost is lower and the gross profit margin is higher.
The gross profit margin of Microchip's 2016-2018 was 97.46%, 95.24% and 96.27% respectively. According to the company, the sale of sidaben tablets and the technology licensing of sidabenamine provide the company with a stable source of profit. With the increase in accessibility of Sidaben tablets, the expansion of new indications and the launch of the second original innovative drug, sigridastat, the company's continued R&D investment provides a strong guarantee for future profitability.
The gross profit rate of Guodun Quantum in 2018 reached 74.33%. According to the company's prospectus (declaration), the total length of the practical optical fiber quantum secure communication network that has been built in China is more than 7,000 kilometers, of which more than 6,000 kilometers use the products provided by the company and are in online operation. Shenzhou Digital System Integration Service Company, a subsidiary of Shenzhou Information, is the No. 1 customer of Guodun Quantum. From 2016 to 2018, the company's sales revenue accounted for 34.21%, 21.14% and 57.90% respectively.
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