On November 16th, the Simo chip supplier Takle Micro Delivery Table Shenzhen Stock Exchange, intended to impact the GEM. The IPO plan raised 2.56 billion yuan.

Toper Micro -based 5 types of chips and chip -based modules (airflow sensors and MCU scheme boards) are mainly used for electronic cigarettes (including Simo International, Zhuoli, Hanqingda), set -top boxes, routers, TV, security defense Camera and sweeping machines, downstream customers in various fields in various fields.

Among them, electronic cigarette customers contributed most of Torner's revenue. From 2019 to 2022 H1, the contribution accounts for more than 70 %.

From 2019 to 2022 H1, Tuer's micro-income was 388 million yuan, 809 million yuan, 1.563 billion yuan, and 919 million yuan; in 2020 and 2021, they achieved almost doubled growth; net profit was 142 million yuan, respectively. , 256 million yuan, 597 million yuan and 339 million yuan, net profit in 2021 increased by 133.63%.

The main reason for the surge in income and net profit in 2020 and 2021 was the outbreak of the downstream electronic cigarette market. For example, the airflow sensor (also the main product of Toper Micro) used on electronic cigarettes doubled in 2020; in 2021, due to the shortage of chip shortages, the volume and price increased.

Compared with performance, the valuation rises faster. At the end of 2019, Tuole Micro valuation was 2 billion yuan. In 2021, it continued to raise funds in just a few months, and the valuation also doubled. In September 2021, the cornerstone Jingyun (cornerstone capital) invested 50 million yuan, corresponding to 10 billion yuan; less than a month, Toper micro -investment Zhanlu 12 million yuan (ZTE Newsletter), Huawei and micro -micro -micro -micro -micro -micro -micro -micro Holdings (China Resources Micro) Investment of 100 million yuan, valuation reached 15 billion yuan; by the end of 2021, institutions such as Shaanxi Integrated Circuit Fund invested in the valuation of 20 billion yuan.

Note: In the financing in October 2021, Zhongjiang Lu and Huawei Holdings were priced at the valuation of 8 billion yuan, and other institutions were priced at the valuation of 15 billion yuan.

But such a rise may not last. In 2020, the FDA of the United States launched the "Taste Band". In 2022, the State Tobacco Administration issued the "Administrative Measures for Electronic Cigarettes" to prohibit the flavoring electronic cigarette outside the sales of tobacco flavors, which affected the continued penetration of the electronic smoke market. As of now, Simo International (06969.HK )'s stock price is less than 13 yuan.