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交易项目-Trading Pipeline-2025.1.12-Neuralink脑芯片 Neuralink：公司情况:Neuralink是由Elon Musk于2016年创立，希望建立人脑与外部设备的通信通道的公司。计划通过在大脑内植入超细线，并将这些线程连接到一个定制设计的芯片上，该芯片包含可以读取神经元组信息的电极。目前本公司在微细加工、材料科学和人工智能方面取得了无可比拟的成就。公司的脑芯片比现有的脑机接口产品能力高出100倍。公司在脑机接口（BMI）、人工智能和机器人自动手术领域占据世界领先地位。公司网站：http://neuralink.com交易结构：新股份额交易，E轮；交易规模：15million USD：交易估值: Around 10billion USD；退出方式: IPO或老股份额转让；股权获得方式: 新股发行；预期收益: MOIC:10(假设2030年上市退出);如果需要更多资料，请联系我。联系方式：何志强Bradley He手机: +86 13671273860微信: bradleyhe微信小程序：AA投资交易Email: zhiqiangho@hotmail.com -
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交易项目-Trading Pipeline-2024.11.11-摩尔线程 摩尔线程智能科技（北京）股份有限公司：公司情况:摩尔线程成立于2020年10月，是一家以全功能图形处理器（GPU）芯片设计为主的集成电路高科技公司，摩尔线程创始人张建中曾在英伟达任职15年，系原英伟达全球副总裁兼中国区总裁，带领英伟达中国从无到有成为英伟达全球的半壁江山.2020年张总带领一批英伟达精英在北京创立摩尔线程，历时近四年，目前已形成了一支涵盖原创GPU芯片IP研发、系统软硬件设计、生态建设的1300多名工程师的成建制队伍，已成功开发出四代类英伟达的全功能GPU产品并实现量产，是国内唯一一家真正实现从产品和生态上可替代英伟达的国产GPU高端芯片设计公司，解决了国内全功能GPU无芯可替的国家安全问题。经过近4年的艰苦努力，摩尔线程己逐渐成长为名符其实的“中国英伟达”，并已成为国家在算力和AI领域的一家核心战略企业，被誉为“独角兽”企业，主要竞争力和特点如下：（1）成功研发了四代类英伟达全功能GPU产品，7nm制程（目前TSMC和SMIC代工），并落地应用，成为国产替代英伟达中高端产品A100、H100的稀缺标的。（2）自研的MUSA软件平台对标并全兼容英伟达最核心的护城河MUSA软件平台，以此独立自主全兼容方式去打造生态和竞争的平台在国内外绝无仅有。（3）对标英伟达NVLink互联技术，通过自研MTLink，实现千卡互联智算集群产品夸娥（KUAE），并实现千卡千亿智算集群在全国多地商用化落地，创国内智算中心大规模集群布署能力的先河，今年预计还将落地夸娥万卡智算集群。（4）在智能消费级GPU显卡方面，已成功研发并于2022年双十一在京东商城开始销售国内第一张全国产消费级显卡，时至今日也是唯一一张可畅玩黑神话悟空的国产游戏显卡，该领域国产替代市场空间巨大。（5）结合自研高性能GPU芯片，已成功研发并即将发布应用于AI PC的国内首个自主产权SOC芯片，功能强大，预计将为中国AI PC及AI笔记本带来巨大的竞争力。同时已研发成功用于智能汽车的SOC芯片，性能可比肩该领域目前最强的汽车芯片，市场前景非常广阔。（6）此外，因为摩尔线程开发的是类英伟达的全功能GPU芯片架构和产品（不同于国内多数同行涉及的只是算力加速芯片或专用GPGPU芯片），可广泛适用于目前英伟达已应用的千行百业，如信创电脑、数字人和机器人、文生图和AIGC、云桌面、云游戏、云计算、数字孪生、物理仿真、生物医药、智慧城市、国防军工等等，在每个细分领域和应用场景都具有很强的国产化竞争力并拥有很广阔的市场替代空间。（7）摩尔已经拿到绿色通道上市，同类的寒武纪市值2000亿，此轮为摩尔上市前最后一轮融资。（公司网址：https://www.mthreads.com）历史股东如下：交易结构：Pre-IPO；交易规模：1亿人民币：交易估值: 246亿人民币；退出: IPO：公司预计明年上科创板；股权获得方式: 新股增发；预期收益:MOIC:2.5(假设2027年退出);如需更多详细信息，请与我联系。联系方式：何志强Bradley He手机: +86 13671273860微信: bradleyhe微信小程序：AA投资交易Email: zhiqiangho@hotmail.com
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SMCI Stock Analysis-2024.11.3 As we know, this stock halfed during last two months due to fake financial and delisting and DOJ investigation. My gut feeling is that this company would not be bancrupt, but it may be delisted from Nasdaq for quite a while. So I am thinking to bet to buy the stock at low price and bet it would rebound.First, i took a look at the short sell report by hindenburg research, which is very detailed about potential problems of the company.https://hindenburgresearch.com/smci/This kind of opportunity is hard to handle. Although the company has previously audited income statement, but it is skeptical how reliable this income statement would be. I did take a look at its income statement. Assuming their income statement is oversated. I did some adjustment to its revenue and net income. Then I carry out their financial forecast and did DCF model to calculate the firm's total equity value. Then I deducted the value by potential fines from SEC and other US department(assuming total 200million USD fines). I come to the theoritical long term value for SMCI is about USD68-99 per share. Currently its share is trading around USD18. So the company may be undervalued.However, given the potential risk of fines and lawsuits and lost of reputation, I would put a buy order for this company below current price, at USD10 level. Let's see how trading would playout.Continue:Market developments:{timeline}{timeline-item color="#19be6b"}2024.10.30 Ernst & Young resigned as auditor of SMCI, SMIC down by 32% to USD33{/timeline-item}{timeline-item color="#ed4014"}2024.10.31 Fear of delisting by Nasdap, investor continue to dump SMCI, SMIC down by 12% to USD29{/timeline-item}{timeline-item color="#19be6b"}2024.11.1 Tianfeng Securities said SMCI may face the worst result to be delisted, SMIC down by 11% to USD26{/timeline-item}{timeline-item color="#ed4014"}2024.11.6 SMCI Q2 25 guideline missed expectation, SMCI down by 18% to USD22{/timeline-item}{timeline-item color="#19be6b"}2024.11.13 SMCI postponed submit 10-Q report due to lack of auditor and said need more time to find auditor. SMCI down by 6% to USD20.33{/timeline-item}{timeline-item color="#ed4014"}2024.11.15 SMCI promised it will find neew qualified auditor and prevent from delist. SMIC up by 3% to USD18.58{/timeline-item}{timeline-item color="#19be6b"}2024.11.18 SMCI find proper auditor as BDO, SMCI up by 16% to USD21.54{/timeline-item}{timeline-item color="#ed4014"}2024.11.19 SMCI filed compliance plan to Nasdaq, SMCI up by 31% to USD28.27 {/timeline-item}{timeline-item color="#19be6b"}2024.12.02 Independent auditing committee issued their investigation result and claimed their didn't find any wrongdoing. SMCI up by 28% to USD42.{/timeline-item}{timeline-item color="#ed4014"}2024.12.6 Nadaq permited SMCI to continue its trading till 2025 February, SMCI up by 6% to USD43{/timeline-item}{timeline-item color="#19be6b"}2024.12.9 There is rumors said SMCI maybe dumped by Nadaq 100 index and incurs massive sales by index funds. SMCI down by 8% to USD40.5 (bought){/timeline-item}{timeline-item color="#ed4014"}2024.12.11 SMCI CEO David Liang said he is confident that company will not be delisted by Nasdaq. SMCI down by 5% to USD38 {/timeline-item}{timeline-item color="#19be6b"}2024.12.16 SMCI was kicked out by Nadaq 100 index and incurs massive sales by index funds. SMCI down by 8% to USD33{/timeline-item}{timeline-item color="#19be6b"}2025.2.12 SMCI said the new auditor BDO is fully engaged in completing the Audit process. SMCI is confident that they will fill the 10k and 10Q on Feb 25, 2025 on time. SMCI is also managed to issue a new convertable bond for 700mn USD. SMCI up by 7.33% to USD41.44 in after trading period.{/timeline-item}{timeline-item color="#ed4014"}TBC{/timeline-item}{/timeline}My investment decision:2024.11.13:Company said they would need more time to find auditor. I keep my purchasing price at USD102024.11.19: Given it submitted the compliance plan to Nasdaq, I would raise the purchasing price to USD18 level.The market price is USD28.72024.12.16: Given SMCI is kicked out by Nasdaq 100 index and there are potential liquidity issue for SMCI, I would decrease the purchasing price to USD29.5. The marekt price is USD33.442025.2.12 Given SMCI is able to issue new convertable bond, I would raise the purchasing price to USD30. The market price is about USD41.44
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交易项目-Trading Pipeline-2023.6.14-江苏固立得光电公司融资需求 B轮融资：江苏xxx光电公司：1.行业前景：光电子器件（国内简称光芯片）是全球半导体行业的一个重要细分赛道，随着光电半导体产业的蓬勃发展，光芯片作为产业链上游核心元器件，目前已经广泛应用于通信、工业、消费等众多领域。产品适用领域仍在快速增加，行业前景广阔。2.公司投资亮点：公司是一家专业从事第三代化合物(氮化镓 GaN、氮化铝镓AIGaN、碳化硅Sic)光电半导体的高新技术企业。总部位于江苏，研发中心位于台湾，并在欧洲、美国、东南亚设立营销中心。 公司产品历经17年研发积累和可靠性验证，多款芯片技术国际领先(P光功率密度 DUV12倍于竞品芯片，UVB19倍于竞品芯片)且已规模化生产，目前已联合中国科学院、中国检测院、中国粮科院、中国药材研究院进行产业合作。公司产品集芯片外延、芯片制程、芯片封测、 芯片模组封测、驱动技术、数字集成技术、二次光学技术等，奠定全球领先的地位。 已合作客户有宁德时代，特斯拉、苹果，华为，三星，比亚迪，佳能、中国移动等。3.本轮估值逻辑和合理性；本轮融资公司投前10亿人民币，融资1亿人民币。按照2023年0.37亿净利润计算，本轮PE为26.83倍。公司22年0.4亿收入，0.08亿净利润，净利润率20%；2023年预1.5亿收入，0.37亿净利润，净利润率25%；2024年预测3.5亿收入，0.9亿净利润，净利润率26%；2025年预测4.5亿收入，1.2亿净利润，净利润率26%；26年和27年收入预测为5.7亿和7.2亿，净利润预测为1.6亿和2亿。4.可比公司；瑞丰光电有相关紫外线业务。2022年瑞丰光电动态市盈率范围在70-140倍之间。5.上市确定性；公司预计2025年申报科创板，2026年登陆科创板。6.预计投资回报率：MOIC：4.1； IRR：42%。（假设27年退出时PE为40x）MOIC：6.1； IRR：57%。（假设27年退出时PE为60x）7.截止日期；2023年9月8.现有投资机构：创始人、常州龙城英才创业投资有限公司（国资）等9.本轮融资用途：固定资产、研发、材料等联系人：何志强电话：13671273860微信：bradleyhe9.融资用途：芯片制程、封测等固定资产投入2.2亿；研发0.45亿，材料投入0.6亿，市场0.3亿。为了满足资金需求，本轮融资交割后，会开始下一轮融资。
