A year up 335.2%, the global gallium nitride leader opened the IPO

In recent years, due to the traditional semiconductor process process gradually approaching the physical limit, the evolution of "Moore's law" began to slow down, the semiconductor industry has sought breakthroughs in new materials and devices, and the "third generation semiconductor" has become the focus of market attention. Compared with traditional silicon-based devices, the third-generation semiconductors represented by gallium nitride have outstanding performance advantages from material end to device end, and have excellent high-frequency characteristics and high efficiency, so they have broad application prospects.

Since its inception, Innosecco has been at the forefront of the global power semiconductor revolution, driving innovation and application of gallium nitride technology. After years of research and development, Innoseco has accumulated rich technical experience in the field of gallium nitride chip design, has independent intellectual property rights, and formed a complete technical system. As of the latest practicable date, the company has approximately 700 patents and patent applications worldwide, covering a number of key areas such as chip design, device architecture, wafer fabrication, packaging and reliability testing.

At the same time, as the world's first 8-inch silicon-based gallium nitride wafer production company, not only has industry-leading manufacturing capabilities, but also the world's only large-scale supply of full-voltage spectrum silicon-based gallium nitride semiconductor products IDM company. Its products cover discrete devices, integrated circuits, wafers and modules and other forms, widely used in consumer electronics, renewable energy, industrial, automotive electronics and data centers and other fields, for all walks of life to provide customers with diversified, customized services, strong competitive strength.

Technological innovation is the core competence of Innoseco. Through deep cooperation with well-known enterprises in consumer electronics, automotive, renewable energy and other industries, the company has continuously expanded the application boundaries of gallium nitride products, and launched a series of innovative products, such as bidirectional gallium nitride chip V-GaN series, which has brought unique value to the industry. Innosecco's 8-inch silica-based gallium nitride wafers, compared to traditional 6-inch wafers, increase grain output by 80% and reduce cost by 30%, reflecting its absolute advantage in cost control and production efficiency, earning the company the title of "world's largest gallium nitride production capacity".

With strong technological innovation and leading mass production capabilities, Innosecco has become a global leader in gallium nitride power semiconductor products. According to the shipment statistics of gallium nitride discrete devices, the company ranked first among the global gallium nitride power semiconductor companies in 2023, with a market share of 42.4%.

Third generation semiconductor localization speed up, Innosecco is expected to "ride the wind"

In recent years, the state attaches great importance to the development of the third-generation semiconductor industry, and has intensively introduced a number of policies to encourage the in-depth layout of enterprises. In July 2016, The State Council's Notice on issuing the "13th Five-Year Plan" National Science and Technology Innovation Plan clearly developed third-generation semiconductor chips; In November 2019, the Ministry of Industry and Information Technology wrote the third-generation semiconductor products into the First batch of Key New Materials Application Demonstration Guidance Catalog; In March 2021, the "14th Five-Year Plan" specifically proposed the development of third-generation semiconductors; In August 2021, the Ministry of Industry and Information Technology included the third-generation semiconductor in the "Fourteenth Five-Year Plan" industrial scientific and technological innovation related development plan, and a series of policy dividends created a favorable growth environment for enterprises. In 2022, a total of 29 relevant policies have been issued by governments at all levels, which are involved at the provincial level, city and district levels, and the strength of policy support highlights the country's determination to localization of third-generation semiconductors.

On the other hand, with the rise of domestic new energy vehicles, wind power, photovoltaic and other advantageous industries, it has also brought huge market opportunities for the development of gallium nitride power semiconductors. According to authoritative forecasts, the scale of gallium nitride power semiconductor industry has grown rapidly from 139.4 million yuan in 2019 to 1.8 billion yuan in 2023, with a compound annual growth rate of 88.5%, and is expected to further accelerate growth at a compound annual growth rate of 98.5%. It will grow from 3.228 billion yuan in 2024 to 50.142 billion yuan in 2028, with broad space for development. Among them, segments such as consumer electronics, renewable energy, new energy vehicles and data centers all show good growth potential.

As an industry pioneer, Innosecco is expected to accompany the rapid development of the industry. According to the prospectus, the company's gallium nitride products have gained customer recognition in various application areas, enabling the company to achieve strong revenue growth during the track record period, and the company's revenue increased 99.7% from RMB 68 million in 2021 to RMB 136 million in 2022. And a further increase of 335.2% to RMB 592 million in 2023.

Enter the international capital market and start the journey of globalization

At present, Innosecco has the world's largest gallium nitride production base, with a production capacity of 10,000 wafers per month by the end of 2023, establishing a significant advantage on the supply side. Its strong mass production capabilities combined with advanced manufacturing processes give the company a significant first-mover advantage. According to Frost and Sullivan, in terms of revenue, in 2023, Innosecco ranks first among all gallium nitride power semiconductor companies in the world.

In addition, in terms of converted gallium nitride discrete devices, the cumulative shipments of the company have exceeded 500 million, and revenue has increased by 99.7% from $68 million in 2021 to $136 million in 2022, and further increased by 335.2% to $593 million in 2023.

In terms of industrial layout, in addition to the establishment of factories in Suzhou and Zhuhai, the company has set up subsidiaries in Silicon Valley, Seoul, Belgium and other places, and the company has continuously expanded overseas markets while developing the Chinese mainland market. In 2023, Innosecco has provided gallium nitride products to about 100 customers at home and abroad (including Asia, Europe and North America), of which overseas sales revenue was nearly RMB 58 million, accounting for about 10% of the total revenue in the same period.

With the advantage of Hong Kong as an international financial center, Innosecco can better connect with international capital and further lay a solid foundation for subsequent overseas expansion and international cooperation. Looking to the future, the company said that it will continue to promote the application development of consumer electronics, data and computing, new energy, intelligent vehicles, industry and home appliances and other fields, improve the market penetration of gallium nitride, promote the development of the industry, become a leading enterprise in the field of global power semiconductors, and contribute to the high-quality development of China's third-generation semiconductor industry.

Fountyl Technologies PTE Ltd, is focusing on semiconductor manufacturing industry, main products include: pin chuck, ring groove chuck, porous ceramic chuck, ceramic end effector, ceramic beam&guide, ceramic structural part, welcome to contact and negotiation！