In the first three quarters, Lianyun Technology achieved revenue of 0.825 billion yuan, an increase of 20.31% year-on-year. The company stated that on the one hand, it was due to the growth in revenue from data storage main control chip; on the other hand, sales of the MAV0103 series products continued to increase.
"Star Daily" November 29th news (Reporter Qiu Siyu) Today (November 29th), N Lianyun (Lianyun Technology) officially landed on the Star Market. Lianyun Technology's IPO project is the first successful IPO project after the new "National Nine Articles".
Lianyun Technology's issue price is 11.25 yuan per share. On the first day of listing, N Lianyun opened nearly 500% higher, rising by 353.2% as of the time of publication, to 50.98 yuan per share, with a total market value of 23.45 billion yuan.
Expected net income for the whole year is expected to more than double year-on-year.
Lianyun Technology is a platform-based chip design company that provides data storage main control chips, AIoT signal processing and transmission chips. Currently, the company has established a full-process chip R&D and industrialization platform including SoC chip architecture design, algorithm design, digital IP design, analog IP design, back-end design, packaging and testing design, and system solution development.
In terms of performance, from 2021 to the first half of 2024, Lianyun Technology's revenue was 0.579 billion yuan, 0.573 billion yuan, 1.034 billion yuan, and 527 million yuan respectively; while the net profit attributable to shareholders was 45.1239 million yuan, -79.1606 million yuan, 52.2296 million yuan, and 41.1629 million yuan for the same period.
In the latest updated prospectus, Lianyun Technology disclosed its performance for the first three quarters of this year. The company achieved revenue of 0.825 billion yuan in the first three quarters, a year-on-year increase of 20.31%; the net profit attributable to shareholders was 73.1844 million yuan.
Regarding the reasons for the year-on-year revenue growth, Lianyun Technology stated that on the one hand, it was due to the increase in revenue from data storage main control chips. With the company's continued market expansion, PCIe Gen3 SSD and PCIe Gen4 SSD main control chips further increased in volume, and downstream leading customers such as Jiangbolong, Biwic Storage, and Time Creative continued to increase their purchases; on the other hand, sales of the MAV0103 series products continued to increase, and revenue from perception signal processing chips increased significantly compared to the same period last year.
For the full year performance this year, Lianyun Technology is expected to maintain a growth trend, with an estimated annual revenue of 1.11 billion yuan to 1.21 billion yuan, a year-on-year change of 7.38% to 17.05%; net income attributable to equity shareholders is expected to be 81 million yuan to 0.105 billion yuan, with a year-on-year change of 55.08% to 101.04%.
From a product perspective, during the reporting period, the company's data storage main control chip has successfully achieved large-scale sales, with cumulative shipments of data storage main control chips exceeding 0.11 billion units; AIoT signal processing and transmission chips have been mass-produced and applied.
In this IPO, Lianyun Technology plans to raise 1.52 billion yuan. Of this, 0.466 billion yuan will be used for the research and industrialization project of the new generation of data storage main control chip series product; 0.445 billion yuan will be used for the research and industrialization project of AIoT signal processing and transmission chip; 0.61 billion yuan will be used for the industrialization base project of Lianyun Technology's data management chip.
Qian Xiaofei, Secretary of the Board of Directors and Chief Financial Officer of Lianyun Technology, stated at a previous investor communication meeting that the establishment of a storage main control chip laboratory will be part of the research and industrialization project of the new generation of data storage main control chip series products. After the project reaches production, it will form an industrial scale of producing 39.6 million pieces of new generation storage main control chips annually.
8 companies listed on the Star Market this year saw a first-day increase of over 100%.
Since the introduction of the "Nine Articles on the National Securities Market", the "Guidelines for Evaluating the Attributes of Science and Technology Innovation (Trial)", the "Eight Articles on Science and Technology", and the supporting policies, the requirements for Science and Technology Innovation Board IPOs have become stricter, focusing on evaluating the "hard technology" credentials of companies seeking listings.
A senior investment banking professional previously told the Science and Technology Innovation Board Daily reporter that as the first company to go public under the new regulations, Lianyun Technology's IPO review result reflects the capital market's prioritization in supporting IPOs of companies with strong scientific and technological innovation attributes like Lianyun Technology. The company's IPO application successfully passing review demonstrates the Shanghai Stock Exchange Star Market's value in serving technological innovation and industrial development, sending bullish signals to the capital markets.
According to statistics from the Science and Technology Innovation Board Daily, the number of companies listed in the Star Market this year is 13, significantly lower compared to 67 in 2023.
However, despite the shrinking number of listings, the enterprises listed this year experienced significant first-day increases in stock prices. Apart from Shanghai HiChip, the share prices of other listed companies are on an upward trend, with as many as 8 companies having a first-day increase of over 100%.
Regarding the current market situation, Luo Pan, the Executive Dean of the Practical Finance Business School, told the Science and Technology Innovation Board Daily reporter, "The resurgence of IPO fever is mainly due to the slowdown in the number of new stock issuances. In this situation, due to the price difference between the primary and secondary markets, there is still a good arbitrage space for new stock listings to a certain extent. Therefore, since the beginning of this year, the number of new IPOs on the STAR Market has slowed down relative to the previous few years, prompting some funds to once again chase new stocks, leading to a new wave of IPOs."
In the view of Yuan Shuai, the Deputy Secretary-General of the Beijing Centergate Technologies Internet of Things Industry Alliance, raising the listing threshold, strengthening audit mechanisms and processes, the policies help to select high-quality companies with true innovative capabilities and growth potential. At the same time, these policies also help prevent market risks and protect the legitimate rights and interests of investors.
