Smartsens Progresses with IPO at Valuation of $4.4B

EE-Ofweek (Google automatic translation): Smartsens plans to go public and has been accepted by the SSE Science and Technology Innovation Board on June 28. The sponsor is China Securities. It is proposed to publicly issue no more than 49.1 million shares, not less than 10%, and plan to raise 2.82 billion yuan for the equipment and system construction project of the R&D center, the image sensor chip test project, CMOS sensor chip upgrade and industrialization project and supplementary working capital (790 million yuan).

These numbers put Smarsens valuation at 28.2 billion yuan, or $4.4 billion.

Smartsens CEO and founder Xu Chen (Richard Xu) is the controlling shareholder and actual controller of the company, and the CTO Mo Yaowu is the second largest shareholder. Among them, Xu Chen directly holds 15.23% of the company’s shares, with 47.32% of the voting rights, and Mo Yaowu directly holds 6.66% of the company’s shares, with 4.14% of the voting rights, and the two together Holds 21.89% of the company’s shares, with a total of 51.46% of the company’s voting rights and these voting rights are owned or controlled by Xu Chen.

Revenue has grown by leaps and bounds, but compared with peers, the scale is still small, and the gross profit margin is lower than the peer average.

Smartsens products are used in many high-tech applications such as security monitoring, machine vision, and intelligent vehicle electronics. From 2018 to 2020 and from January to March 2021, the company's operating income was 325 million yuan, 678 million yuan, 1.527 billion yuan and 541 million yuan, respectively, with a year-on-year increase of 92% and 124.89% in 2019 and 2020; net profits were 166 million yuan, 242 million yuan, 121 million yuan and 69 million yuan, respectively, with a total loss of 408 million yuan in 2018 and 2019 Yuan, starting to turn losses into profits in 2020.

From 2018 to 2020 and from January to March 2021, the company's FSI series sales were 56 million units, 86 million units, 139 million units, and 49 million units, with revenues of 284 million yuan, 480 million yuan, 880 million yuan and 288 million yuan, accounting for 87.45%, 70.61%, 57.66% and 53.3% of revenue, respectively, and their proportions continued to decline. ; The company’s sales of BSI-RS products were 2.0483 million, 9.243,900, 27,624,400, and 11.11 million, respectively, with revenues of 0.36 billion yuan, 149 million yuan, 473 million yuan and 157 million yuan, the proportion of revenue increased from 10.99% in 2018 to 30.97% in 2020.