GPixel (Changguang Chenxin) files for an IPO

Original article (in Chinese): https://finance.eastmoney.com/a/202307032768592891.html

English translation using Google Translate:

In this IPO, Changguang Chenxin intends to raise 1.557 billion yuan to invest in machine visionSerialized CMOS image sensor in the fieldR&D and industrialization projects for scientific instruments, R&D and industrialization projects for serialized CMOS image sensors in the field of scientific instruments, R&D and industrialization projects for serialized CMOS image sensors in the field of professional imaging , serialized CMOS image sensors for medical imaging Sensor research and development and industrialization projects, high-end CMOS image sensor research and development center construction projects and supplementary working capital.

According to the prospectus, Changguang Chenxin focuses on the research and development, design, testing and sales of high-performance CMOS image sensors, as well as related customized services.

The company includes customers D, Teledyne, Vieworks, Adimec and other overseas manufacturers, Hikvision Robotics, Huarui Technology, Xintu Optoelectronics, Eco OptoelectronicsAnd other domestic manufacturers, as well as scientific research institutes such as the Changchun Institute of Optics and Mechanics of the Chinese Academy of Sciences, the Shanghai Institute of Technology of the Chinese Academy of Sciences, the Xi’an Institute of Optics and Mechanics of the Chinese Academy of Sciences, and the National Astronomical Observatory of the Chinese Academy of Sciences.

In terms of performance , from 2020 to 2022, the company's operating income will be 198 million yuan, 411 million yuan, and 604 million yuan; the net profit attributable to the parent during the same period will be 59.3872 million yuan, -33.1685 million yuan, and -83.1481 million yuan.

It is worth noting that Changguang Chenxin has overseas business risks. In the context of global cooperation in the integrated circuit supply chain, overseas procurement and overseas sales are an important part of the company's business activities. During the reporting period, the company's overseas procurement accounted for more than 80%, and overseas sales accounted for more than 30%.

In addition, the company also has a high proportion of inventory and the risk of falling prices. At the end of each reporting period, the book values ​​of inventories were 80.1680 million yuan, 224 million yuan and 304 million yuan respectively, accounting for 23.59%, 40.94% and 29.05% of the total assets respectively, maintaining a relatively high level overall.