创业板又一单未盈利IPO来了

Core Viewpoint - The article discusses the recent IPO applications of unprofitable companies in the ChiNext market, specifically focusing on Guangdong Chip Semiconductor Technology Co., Ltd. (referred to as "Guangdong Chip"), which is expected to face significant challenges in achieving profitability compared to its peers [3][5]. Group 1: Company Overview - Guangdong Chip is a semiconductor manufacturing company providing 12-inch wafer foundry services and specialized process solutions, with applications in consumer electronics, industrial control, automotive electronics, and artificial intelligence [6]. - The company operates two 12-inch wafer fabs with a planned capacity of 80,000 wafers per month and plans to build a third fab with an additional capacity of 40,000 wafers per month, aiming for a total capacity of 120,000 wafers per month [7]. Group 2: Financial Performance - Guangdong Chip's revenue for the reporting period (2022 to mid-2025) was 1.545 billion, 1.044 billion, 1.681 billion, and 1.053 billion, with a significant year-on-year decline of 32.46% in 2023, followed by a projected growth of 61.09% in 2024 [8]. - The company reported net losses of 1.043 billion, 1.917 billion, 2.253 billion, and 1.2 billion, with a cumulative unallocated profit of -8.936 billion, indicating a trend of increasing losses [8]. - Government subsidies received during the reporting period amounted to 424 million, 535 million, 241 million, and 144 million, which include project initiation awards and special funds [8]. Group 3: Market Position and Risks - Guangdong Chip is the first 12-inch wafer manufacturing enterprise in Guangdong Province to enter mass production, receiving substantial government support [8]. - The company has a high asset-liability ratio of 76%, which is significantly above the industry average, primarily due to heavy reliance on bank and shareholder loans for initial funding [12]. - The semiconductor industry is characterized by strong cyclicality, influenced by global economic fluctuations and demand changes, which has led to a down cycle in inventory since 2022 [10][11]. Group 4: IPO and Future Outlook - Guangdong Chip is the second unprofitable company to apply for an IPO on the ChiNext, following Dapu Microelectronics, and has chosen the third listing standard, requiring a market value of no less than 5 billion and revenue of at least 300 million in the last year [7][15]. - The company anticipates achieving profitability by 2029, which raises concerns about its ability to meet the financial thresholds set by the ChiNext, potentially leading to delisting risks if it fails to achieve the required financial performance post-IPO [15].