Canrui Technology's IPO registration application was approved, and LED lighting driver chip revenue increased year by year

On September 6, Shanghai Canrui Technology Co., Ltd. (hereinafter referred to as: Canrui Technology) was approved for IPO registration on the Science and Technology Innovation Board. The company will publish prospectus materials and start the issuance work.

According to the prospectus, Canrui Technology specializes in the R&D, design, packaging testing and sales of high-performance digital-analog hybrid integrated circuits and analog integrated circuits. Currently, it has formed an industrial layout in which chip design and packaging and testing services are synergistic. Among them, the chip design business has formed a rich product system with two major segments, six major series, and more than 550 models.

The two major product segments are smart sensor chips and power management chips. Smart sensor chips mainly include magnetic sensor chips and light sensor chips. Power management chips mainly include screen bias driver chips, flash backlight driver chips, LED lighting driver chips, and power driver chips.

Among them, power management chips are a major source of revenue for Canrui Technology. From 2019 to 2021, the revenue from power management chips was 79.2751 million yuan, 142.1359 million yuan, and 280.5886 million yuan respectively. The revenue proportions were 41.44%, 49.87%, and 52.55% respectively. The revenue and revenue proportion increased year by year.

Sales revenue of Canrui Optoelectronics’ main products and services

Among power management chips, the revenue of LED lighting driver chips is also increasing year by year. From 2019 to 2021, LED lighting driver chips achieved revenue of 13.9756 million yuan, 15.5464 million yuan, and 19.2573 million yuan respectively.

Sales revenue of power management chip business

It is reported that Canrui Technology’s LED lighting driver chips are mainly used in indoor and outdoor lighting fields. In the prospectus, Canrui Technology pointed out that in 2020, the company's shipments of highly integrated LED lighting driver chips continued to grow, driving an increase in overall sales. In 2021, due to the tight supply of upstream wafer production capacity, the company comprehensively considered the focus of business development and reduced its investment, resulting in lower product sales. However, due to the tight supply of upstream wafer production capacity and the continued rise in raw material costs, the sales unit price of Canrui Technology's LED lighting driver chips has increased, and revenue has increased.

This time, Canrui Technology plans to raise 1.55 billion yuan, which will be invested in the following projects after deducting issuance expenses:

Among them, the research and development directions of high-performance sensor R&D and industrialization projects include magnetic sensor chips and optical sensor chips. Magnetic sensor chips mainly include gallium arsenide (GaAs) magnetic sensor chips, indium antimonide (InSb) magnetic sensor chips, TMR magnetic switch sensors, current sensor chips, three-axis programmable linear magnetic sensor chips, and high-precision programmable angle sensor chips.

The power management chip research and development and industrialization project plans to strengthen the research and development of screen bias driver chips and power driver chip products based on the existing power management chips, and carry out the research, development and industrialization of new products such as lithium battery charging chips and lithium battery protection chips.