There is significant dependence on company

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Comparison of gross profit margins of companies in the same industry, source: prospectus

from 2021 to 2023, qiangyi semiconductor’s r&d investment was 19.9925 million yuan, 46.0411 million yuan and 92.9713 million yuan respectively, with a total r&d investment of 159 million yuan; the company’s cumulative r&d investment in the past three years accounted for 22.13% of its cumulative operating income in the past three years. %.

The company plans to raise 1.5 billion yuan in this listing. The funds raised will be used for the nantong probe card r&d and production project and the suzhou headquarters and r&d center construction project, aiming to enhance technical strength and improve production capabilities.

During the reporting period, the total number of qiangyi student data semiconductor's individual customers exceeded 370 , which relatively comprehensively covered domestic chip design manufacturers, wafer foundries, packaging and testing manufacturers and other core industry participants.

The company's typical customers include company b, puran technology, fudan microelectronics, gigadevice, ziguang guowei, jingchen technology, loongson zhongke, zhuosheng micro, enrui micro, weill technology, moore thread, horizon, and aojie technology and other chip design manufacturers, huahong group and other wafer foundry manufacturers.

During the reporting period, the company's sales to its top five customers accounted for 49.11%, 62.28%, 75.91% and 72.58% of operating revenue respectively, indicating a high degree of concentration.

However, the company's accounts receivable are continuing to grow . During the reporting period, the book balances of accounts receivable were 46.1683 million yuan, 125 million yuan, 170 million yuan, and 154 million yuan respectively. The accounts receivable turnover rate has also declined.

At the same time, because some packaging and testing manufacturers or wafer foundries among the company's customers purchase probe cards and related products from the company when providing wafer testing services to company b, if the above situation is considered in the merger, the company comes from company b and it is known that the revenue from providing testing services for its chips accounts for 25.14%, 50.29%, 67.47% and 70.79% of operating revenue respectively. The company is heavily dependent on company b.