On June 29, Beijing Huada Jiutian Technology Co., Ltd. (hereinafter referred to as Huada Jiutian), a leading enterprise of EDA (Electronic Design Automation, electronic design automation) in China, was approved for registration on the Growth Enterprise Market.According to the prospectus, the domestic EDA market is monopolized by foreign capital, and Huada Jiutian occupies 6% of the market share, ranking first among local companies.
Previously, Gaolun Electronics (SH688206, stock price of 32.90 yuan, total market value of 14.272 billion yuan) successfully landed on the Science and Technology Innovation Board at the end of 2021, becoming the first EDA stock in the A-share market.
The "Daily Economic News" reporter noticed that Huada Jiutian described itself in the prospectus as "the largest EDA tool provider with the most complete product line and the strongest comprehensive technical strength in China".However, the company currently mainly has existing analog circuit design full-process EDA tool systems. Except for circuit simulation tools that support the most advanced 5nm mass production process, Huada Jiutian has not yet supported 16nm and below advanced processes.
No controlling shareholder and actual controller
Huada Jiutian was established in 2009, mainly engaged in the development, sales and related services of EDA tool software. The main products include the full-process EDA tool system for analog circuit design, and EDA tools for digital circuit design.
Although China Electronics Group indirectly holds 39.6223% of the shares of Huada Jiutian through its wholly-owned subsidiaries, because no single shareholder can control the majority of the board of directors, Huada Jiutian has no controlling shareholder or actual controller.
It is worth mentioning that Shanghai Jianyuan Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as Shanghai Jianyuan), as the third largest shareholder, holds 13.81% of the equity of Huada Jiutian.The first and second largest shareholders of Shanghai Jianyuan are Shentong Metro and Shanghai Tunnel Engineering Co., Ltd. (hereinafter referred to as Shanghai Tunnel), with a shareholding ratio of 70% and 21.5% respectively, while Shanghai Tunnel is the owner of the tunnel project. subsidiary company.In other words, Shentong Metro and Tunnel Engineering indirectly hold 9.667% and 2.969% of the equity of Huada Jiutian, respectively.
From 2019 to 2021 (prospectus reporting period), the operating income of Huada Jiutian was 691 million yuan, 1.341 billion yuan and 1.802 billion yuan respectively, and its net profit attributable to the parent was 57 million yuan, 104 million yuan and 139 million yuan respectively. Yuan.
However, from 2019 to 2021, the government subsidies included in other income of BGI Jiutian were 54 million yuan, 70 million yuan and 108 million yuan respectively, accounting for 95.00%, 67.99% and 77.48% of the total current profits, respectively.Therefore, the net profit of BGI Jiutian in each period after deduction is only RMB 13 million, RMB 40 million and RMB 53 million respectively.
In the first quarter of 2022, BGI Jiutian’s operating income increased by 51.86% year-on-year to 97.0066 million yuan, and its net profit after deducting non-returned to the parent’s net profit was 10.4514 million yuan, a loss of 4.7491 million yuan compared with the same period last year.
Occupy about 6% domestic market share
According to BGI Jiutian, it is "the EDA tool provider with the largest scale, the most complete product line and the strongest comprehensive technical strength in China".
According to CCID think tank statistics, in 2020, the three major international EDA giants Synopsys, Kaideng Electronics and Siemens EDA will together occupy about 80% market share in the domestic EDA industry, and Huada Jiutian will occupy about 6% market share, ranking in the local market. Enterprise first.
In terms of research and development intensity, from 2019 to 2021, the research and development expenses of Huada Jiutian were 135 million yuan, 183 million yuan and 305 million yuan respectively, accounting for 52.50%, 44.22% and 52.57% of operating income respectively.As of the end of 2021, BGI Jiutian has a total of 150 authorized invention patents and 67 software copyrights.
Not only that, BGI Jiutian also purchased 4 non-patented technologies during the reporting period, costing a total of about 251 million yuan.Therefore, as of the end of 2021, Huada Jiutian had a net book value of intangible assets of 279 million yuan, including non-patented technology of 259 million yuan, but did not recognize invention patents as intangible assets.
"The (planned) listed company generally does not recognize the intangible assets of the company's invention patents, because the asset requirements can be quantified, and the patent is usually not acceptable, and the supervision is very strict." An anonymous certified public accountant from Southwest Securities told the "Daily Economic News" "The reporter said that the purchased technology has a price, so it will be recognized as an intangible asset, but it will also be strictly demonstrated.
It is worth mentioning that, compared with the world's most advanced EDA tool products that support 5nm mass production process, Huada Jiutian currently mainly has existing analog circuit design full-process EDA tool systems, only circuit simulation tools support the most advanced The 5nm mass production process, other analog circuit design EDA tools only support the 28nm process.
In contrast, the EDA tools of Genetron Electronics support the design and manufacture of large-scale complex integrated circuits under advanced process nodes such as 7nm/5nm/3nm.On June 30, 2022, a reporter from "Daily Economic News" sent an interview letter to Huada Jiutian to understand the reason for the gap between Huada Jiutian and Gaolun Electronics in meeting the technological process. Reply.
Every reporter Wang Lin every editor Liang Xiao
(Editor in charge: Jiang Ninglu)
