Hezhu took a science board, valued 13.3 billion, I am the first share of China’s laser radar

Laser radar listed tide welcomes a new member.

On January 7, the Laser Radar Technology Company Hesheng Technology officially submitted to the Subcommitto Listing Prosperity.

According to the disclosure of the prospectus, Hespel this proposed to finance about 2 billion yuan, and the issued share capital is not more than 63.6 million shares. The total share capital of the share capital will not exceed 15.01%.

With this calculation, the estimate of Hero is about 13.3 billion yuan (about $ 2 billion).

At the same time, this prospectus also disclosed more about the latest developments in product development and commercialization.

1. Multi-line laser radar sales have been formed, one year research and development investment nearly 200 million yuan

Hesheng was established in the US Silicon Valley San Jose in 2013, moved to Shanghai.

Prior to 2016, the main products of Haiyi were laser gas sensors (laser methane telemetors and laser oxygen sensors).

At the beginning of 2016, Hai was started to find laser radar and gradually entered the field of automatic driving laser radar.

Prosperity disclosure, Hesheng 2020 (JP 200), 2019, 2018 revenue:

253.2 million yuan

34847 million yuan

1.3287 billion yuan

Compared with the net profit:

Loss of 93.79 million yuan

Loss of 1.4973 billion yuan

Profit 16.11 million yuan

The above revenue is mainly from the two parts of Hero:

Part of the laser radar product;

The other part is gas detection products.

Among them, the laser radar product takes advantage of most of the revenue.

Taking January to September 2020 as an example, the sales of laser radar products in Hai, accounting for 75.27% of total revenues.

In the laser radar product of Haiyi, its multi-line mechanical rotary laser radar Pandar64 and Pandar40P are absolute main products.

According to the information disclosed by the statement:

From January to September 2020, Heyi sold 2132 sets of laser radar, and its corresponding revenue was 1905.8 billion;

In 2019, Hai was sold 2890 sets of laser radar, and its corresponding revenue was 3284.3 billion yuan.

In the past two years, the net profit of Herpet is negative, leading to the cause of the loss mainly from two aspects:

First, research and development is huge

Hesheng was in 2020 (J), 2018, 2018, R & D investment is 1.631.2 billion yuan, 168.39 billion yuan and 61.83 million yuan.

Second, the relevant patent license fee is paid.

Hesheng reached a patent dispute in 2019 with Velodyne, and Hesi paid about 160 million yuan for patent licensing fees in the past.

June 24, 2020, Hesheng and Velodyne signed the “Litigation and Patent Cross License Agreement”.

Based on the Laws and Veloductual Cross-License Agreement, Herpet and Velodyne denied the presence of infringement on the other party in the agreement, and agreed to cross the existing and future patents for cross-license within a global scale.

Considering the initiating and responding to the cost and opportunity cost of international lawsuits, Herbi agrees to pay a solution to Velodyne, including a one-time patent license compensation and a second-year-old license fee.

Taking 2020 (J) as an example, the patent license fee paid by Haiyi is 15 million yuan.

This protocol is valid until February 26, 2030. During the validity period of the agreement, the two sides promised to make any patent lawsuit against the other party in the field of rotary laser radar.

In fact, if there is no case with Velodyne’s related patent disputes about rotary laser radar, Hero has been profitable in 2019.

2, where is the fundraising of 2 billion funds?

R & D personnel are the foundation of Hesheng product innovation.

Prospective disclosure, as of September 30, 2020:

The total number of employees from Herbi is 502, including 270 R & D personnel, accounting for 53.78% of the total number of employees.

In 2019 and 2020, the Hero was invested by about 160 million yuan annually.

Due to only 2020 years from September, the actual research and development investment in 2020 may exceed 200 million yuan.

According to statistics, as of September 30, 2020, Hesheng has 177 patents, including 167 domestic patents, 10 overseas patents.

Specific to the product level:

Peki started independently developed laser radar from early 2016.

The previous product strategy is to centralize resource polishing high line numbers mechanical rotary laser radar products, and further promote the development of chipping technology through high-performance mechanical laser radar, which further promotes the development of chipping technology, so that high-performance laser thunder is reduced, reliability improve.

After Pandar64 and Pandar40p, Hero also launched a higher line of Pandar128 products.

At the end of 2017, the Herbond settled the chip department and began to develop chip technology.

It is reported that the direction of R & D directions of the Herbate interior chip department includes:

Laser drive chip

Analog front-end chip

Digital technology and chip

SOC chip

Herpet self-developed laser radar transceiver system chip

At present, Hero has completed the V1.0 laser radar chip architecture, including two chips of the transmitter and receiving ends, and the upgrade architecture V1.5 will be used in 2021 to be used in the ADAS market.

In the frontier research direction, in addition to the chipping and existing mechanical rotary laser radar positions, Hero is also invested in the microscopic mirror, the semi-solid laser radar of the mirror scheme, and the FMCW laser radar technology.

The fundraising will be put into the three directions of this fundraising, respectively:

Intelligent manufacturing center, intended to invest over 1.3 billion yuan

Laser radar exclusive chip, proposed to invest 650 million yuan;

Laser Leunda Algorithm R & D, intended to invest 150 million yuan.

Among them, the investment in the intelligent manufacturing center occupies 65% of the fundraising quota, and it is also a high input project that Hero attaches great importance.

From January to September 20020, the laser radar production of Haiyi is 4,270, and production capacity is 50,70.

This capacity clearly does not meet the high-speed growth stage of the automatic driving market in the next 5 to 10 years.

It is reported that the intelligent manufacturing center of Haiyai is located in Shanghai Jiading and the land area is about 40,000 square meters. After comprehensive completion, the production capacity of Herpet will reach 2652,500 units.

3. What is the first stock of laser radar in China?

At present, the laser radar products of Haiyai are mainly used in 4 areas:

Autopilot

Advanced auxiliary driving

robot

Network

From the past four years, the main customers of Hesi concentrated most of them in the automatic driving area.

such as:

Two of the three major car manufacturers in North America

One of Germany’s four major automakers

Automatic driving company in the top 15 in the first 15 midperent DMV road test miles in California 2019

Most China’s leading automatic driving company

In the top 5 customers in Hero 2017 to 2020, we can see some very familiar names:

Just acquired the Uber Atg’s Aurora, the United States, the United States, drove hundreds of billions of dollars in the United States;

Bosch Group, Bosch is also one of the main investors of Hi.

Baidu, is also one of the main investors of Hero;

Jingyi Group, that is, the current automatic driving company Wenyuan is known;

Lyft, Drive.ai (acquired by Apple), etc.

From the 2-year product sales, North America is the first big market of Hai, followed by the Chinese market, and Europe is the third largest market.

From the above data, Hero has opened the market in the United States.

This may also be one of the reasons why 2019 triggered with Velodyne patent procedures.

This lawsuit finally led to the payment of Patent licensing of billion yuan, and also directly affected the profitability of 2019.

In addition, if we summarize the characteristics of these customers of Hai, it will find that these businesses come from the back-mounted market.

In 2019, Hero launched the laser radar product Pandagt for the car ADAS market, but from the current statement, there are fewer people in the industry know the production information of this product and potential customers.

However, from the progress of the laser radar chip of Hesheng, Heyi will launch a new chip architecture for the ADAS market in 2021.

Let’s see how other peers look at this market:

Innoviz believes that the L2 + level automatic driving in the next 10 years is the biggest opportunity of laser radar.

Of course, it is believed that the ADAS market will usher in new boom, not only innoviz.

Velodyne, Luminar and Aeva also pair in this market.

These laser radar companies hopes to enter their laser radar into the ADAS market, so they have a competitive ADAS scheme like Ttersra AutoPilot.

4. Who is the biggest beneficiary?

Since its establishment, Peki has completed more than 23 million in financing, and the investors include the world-renowned industry companies and investment institutions such as Bosch Group, speed, Baidu.

In addition, shareholders who have more than 5% of shareholders have light speed China, Baidu, and Bosch Group.

External investors:

Light Speed ​​China passes LightspeedopportunityFund, LIGHTSPPPEEDHS (HK) Limited holds 7.98% and 4.86% shares, with a total share of 12.84%, and investors in the largest agency.

Baidu and Bosch Group holds 7.88% and 7.65% of shares, respectively.

After the listing, he will receive more than 1 billion yuan of book returns after listed.

The joint controlling shareholders of Haiyi Technology, the actual controller is Sun Wei, Li Yifan, to Shaoqing, three people directly hold 10.23%, 9.9%, 9.9% equity.

The three-person shareholding ratio is not large. Before this release, the three-person total-held shareholding ratio was 30.03%.

According to the valuation of 13.3 billion yuan, the shareholders held by the three have about 4 billion yuan.

5, laser radar listed tide kicked off

Is the golden age of laser radar?

In 2020, a number of laser radar companies welcomed the listing of the listing of the listing through the Special Purpose M & A Corporation (SPAC).

Velodyne, Luminar has been launched in Nasdaq, AEVA, INNOVIZ is expected to be completed in the first quarter of 2021, OUSTER is expected to be completed in the first half of 2021.

If there is no accident, in 2021, Heyi will become the first stock of China’s automatic driving laser radar.

From 2010 to 2020, laser radar, including Velodyne, and Hai, completed the original accumulation through mechanical laser radar.

In the next 10 years, laser radar will be carried out in accordance with tens of thousands of smart cars, which will be a new goal of most laser radar companies.

According to Yole’s research report, the permeability of automatic driving in the new car market in the 2025 global passenger car will reach about 6%, that is, nearly 6 million new cars will be equipped with laser radar every year.

This is undoubtedly a good news for the laser radar industry.

Laser radar is an indispensable part of smart car safety redundancy. In the future, it will be able to be the same as the airbag.

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