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Product Attributes

2.1 FPGA chips focus on high-reliability applications and are expected to continue high growth

Shanghai Fudan’s FPGA products are mainly used in the field of high reliability. Ordinary civil FPGA products prioritize performance, power consumption, and cost, and are mostly mass-produced. The main application scenarios of high-reliability FPGAs are more demanding and usually do not require the most advanced process technology, and the requirements for product reliability and stability are particularly outstanding. In 2018, Shanghai Fudan released a new generation of billion-gate FPGA products with fully independent intellectual property rights, becoming the first Chinese design house to launch ultra-large-scale billion-gate FPGA products. At present, Shanghai Fudan focuses on SRAM-type FPGAs, mainly including 10 million gates, billion gates FPGA chips, and embedded programmable devices PSoC three categories, the mass production process covers 65nm-28nm. 14nm billion gates FPGA chip is expected to complete the flow of chips at the end of 2022 and is expected to enter the mass production stage in 2023-2024.

28nm FPGA technology level is leading in China. Shanghai Fudan released a billion-gates FPGA product with a 28nm process in 2018, which contains about 700k capacity logic cells with a SerDes rate of up to 13.1Gbps, and the core technical parameters are better than those of major Chinese vendors. Data disclosed in the company’s prospectus shows that in 2019 and 2020, the company’s FPGA chip revenue will be 0.84 billion yuan and 153 million yuan, up 22.2% and 82.7% year-on-year, with gross margins of 97.22% and 95.26%, respectively. According to the company’s 2022H1 earnings announcement, the company has reached dozens of FPGA product types and has supplied high-reliability level FPGA products to more than 500 customers. The high growth of FPGA business revenue. According to the company’s announcement, Shanghai Fudan’s revenue from FPGA and other chips in 2021 will be RMB 427 million, up 109% year-on-year. 2022H1 revenue will be RMB 378 million, up 121% year-on-year, close to the annual revenue in 2020, and Shanghai Fudan’s revenue related to FPGA chips is expected to exceed RMB 800 million in 2022, maintaining a 100% annual growth rate. By 2023-2024, the company’s 14nm billion-gate FPGA chips are expected to be in mass production, and the company is expected to maintain its technological advantage in the field of highly reliable FPGAs, driving the company’s related revenue to continue to grow. We expect the revenue of FPGA business to be 1.658 billion yuan by 2024, accounting for 35% of revenue and 45% of gross profit, and the CAGR of revenue and gross profit of FPGA business will be 57% and 62%, respectively, from 2021 to 2024, which will be the core driver to boost the overall performance of Shanghai Fudan.

The company has its development tools, and FPGA design is not restricted by foreign EDA and IP companies. In the process of FPGA nationalization, Shanghai Fudan has the strength to provide an independent and complete FPGA application design system (including IC design, IP, and EDA), which has opened up the key links in FPGA design. The world’s leading FPGA companies are providing their own EDA tools to customers. Celeris is currently pushing the Vivado software suite, which was launched earlier, has a large user base, has formed a good ecology, can achieve timely product iteration, software and hardware collaboration technology is more mature, and the available IP library is relatively rich. Shanghai Fudan launched a new generation of billion gate FPGA development tool Procise in 2019, which is self-developed by the company and can provide full-flow automatic design services for ultra-large-scale FPGAs and integrate a large number of IP resources to help users quickly realize the development of application solutions. However, Procise is late compared with Ceres’ Vivado and Altera’s Quartus Prime, the number of version iterations is relatively small, and the EDA functions and IP library resources need further improvement.

2.2 The only domestic 28nm PSoC supplier, actively expanding more industry customers

According to Frost & Sullivan data, the market size of FPGA in China’s artificial intelligence field will maintain a growth rate of 12%-20% in the future and is expected to reach 1.25 billion yuan by 2025. The company is actively laying out PSoC to expand the revenue space of FPGA. More and more application scenarios require chips to perform complex control tasks in addition to algorithmic processing of large amounts of data and high-speed co-processors, which will be very common in the future in the fields of artificial intelligence and high reliability. Therefore, PSoC with fusion architecture will become an important development direction. The company’s self-developed Qinglong series products have been gradually shipped, and are the first embedded programmable PSoC products introduced to the market in China, with a 28nm process, embedded with large-capacity own eFPGA modules, and equipped with APUs and multiple AI acceleration engines, mainly for communication, signal processing, image processing, industrial control, and other applications. At present, Shanghai Fudan is the only domestic 28nm PSoC supplier in China, and its products are well-received in the market. According to the company’s 2022Q1 earnings announcement, the Qinglong series PSoCs (mainly including FMQL45T and FMQL45AIT) have achieved a 10 million sales volume.

(1) FMQL45T has an on-chip integrated high-performance SoC processor and billion gates programmable unit, which can achieve 1TOPS of end-to-end AI algorithm with the “Fuyu Microchips” acceleration softcore. (2) In addition to the high-performance SoC processor and billion gates programmable unit, the FMQL45AIT chip also integrates an AI acceleration engine based on the “Fotomicro Tendon Cloud” architecture, which can provide 2TOPS of AI computing power alone. PSoC products help industrial vision, intelligent surveillance, and other edge-end platform applications. The company cooperated with Shanghai Shentong Metro Group and Shanghai Gaojing Inspection Technology Co. The upgraded system can complete high-precision image recognition within 0.1s and has been put into trial in 11 metro stations in Shanghai.