Core Viewpoint - Shenghui Integrated is a leading Taiwanese electronic cleanroom company, experiencing accelerated growth due to its strong positioning in packaging and precision manufacturing sectors [1] Company Overview - Shenghui Integrated has established a significant leadership position in the cleanroom sector, accumulating high-quality client resources including Daylight (Siliconware Precision Industries), Foxconn, Pegatron, and Wistron [1] - The company's revenue is projected to steadily expand to 2 billion yuan from 2018 to 2024, with a compound annual growth rate (CAGR) of 14% [1] Financial Performance - In Q1-Q3 of 2025, the company is expected to continue its rapid expansion, achieving revenue of 2.1 billion yuan, representing a year-on-year growth of 46% [1] - Forecasted net profits attributable to the parent company for 2025-2027 are 144 million, 230 million, and 347 million yuan, reflecting year-on-year growth rates of 26%, 59%, and 51% respectively [1] - Corresponding earnings per share (EPS) are projected to be 1.44, 2.30, and 3.47 yuan per share for the same period, with current price-to-earnings (PE) ratios of 77, 48, and 32 times [1] Market Dynamics - Strong capital expenditure in AI in the U.S. has led to a significant mismatch in cleanroom supply and demand [1] - The establishment of a U.S. subsidiary is expected to contribute significantly to the company's performance [1] - High demand in Southeast Asia, particularly in PCB and other capital expenditures, is anticipated to drive growth [1] - The backlog of orders at the end of Q4 has increased by 46%, which is expected to accelerate this year's performance growth [1] Investment Outlook - The company is viewed positively due to the anticipated breakthroughs in the U.S. market, leading to performance growth, and has been given a "buy" rating for the first coverage [1]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [4][6]. Core Insights - The company is a leading Taiwanese semiconductor cleanroom provider, with significant advantages in the packaging sector. It has established a strong position in cleanroom system integration, serving key clients in the semiconductor and precision manufacturing industries [1][14]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 14% from 2018 to 2024, reaching a revenue of 2 billion yuan in 2024. The first three quarters of 2025 continued this trend with a revenue of 2.1 billion yuan, a year-on-year increase of 46% [1][4]. - The establishment of a subsidiary in the United States is expected to significantly contribute to the company's revenue, with potential orders from major clients like TSMC estimated to bring in 17.5 billion yuan in total contracts [3][4]. Company Overview - The company was founded in 2003 as a subsidiary of Taiwan's Shenghui and specializes in cleanroom system integration, covering the entire EPCO (Engineering, Procurement, Construction, and Operation) value chain [14]. - The business structure is primarily focused on cleanroom system integration, with downstream sectors including semiconductors (59%), precision manufacturing (31%), and others [1][14]. Financial Analysis - The company experienced a decline in net profit in 2024 due to fluctuations in gross margin, but it is expected to recover in 2025 with a projected net profit of 144 million yuan, a year-on-year increase of 26% [4][28]. - The gross margin has been under pressure, decreasing from 16% in 2020 to 13% in 2024, but is anticipated to improve as project structures optimize [28][35]. - The company has maintained a strong order backlog, with orders reaching 2.54 billion yuan by the end of Q4 2025, a 46% increase year-on-year, which is expected to drive revenue growth [4][47]. Industry Insights - The U.S. semiconductor capital expenditure is robust, with significant investments from major players like TSMC and Samsung, leading to a mismatch in cleanroom supply and demand [2][3]. - The Southeast Asian market is experiencing high demand for cleanroom services, driven by the expansion of semiconductor-related industries, with the company seeing substantial revenue growth from this region [3][4].

Group 1 - The company Shenghui Integration announced that its third board meeting for the year 2026 was held on January 30, 2026, combining in-person and communication methods [1] - The meeting reviewed the proposal regarding the internal audit work plan for the year 2026 [1] Group 2 - The article discusses the development of China's autonomous driving sector, highlighting its expansion into Abu Dhabi [1]

Core Viewpoint - Shenghui Integration (603163.SH) announced a plan to issue convertible bonds to unspecified objects, with a total fundraising amount not exceeding 550 million yuan, which will be used for high-tech industry special project construction [1] Group 1: Fundraising Details - The total amount of funds raised from the issuance of convertible bonds will not exceed 550 million yuan, including 550 million yuan [1] - The net amount of funds raised, after deducting issuance costs, will be allocated to high-tech industry special project construction [1] Group 2: Project Breakdown - The special project includes multiple sub-projects, specifically: - Clean electromechanical engineering (Project Code: 543/250100026) - Cleanroom engineering (Project Code: 331/250200031) - Electromechanical package (Project Code: 298/250400039) - Electromechanical engineering (Project Code: 019/T251200002) [1]

证券代码：603163 证券简称：圣晖集成 圣晖系统集成集团股份有限公司 ACTER TECHNOLOGY INTEGRATED GROUP CO., LTD （江苏省苏州高新区浒墅关经济开发区石林路189号） 向不特定对象发行可转换公司债券方案的 论证分析报告 二〇二六年一月 第一节 本次发行证券及其品种选择的必要性 圣晖系统集成集团股份有限公司（以下简称"圣晖集成"或"公司"）系上海 证券交易所主板上市公司。为满足公司发展的资金需求，扩大公司经营规模，增强 公司的综合竞争力，提升盈利能力，公司结合自身实际状况，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）以及《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"）等相关规定，拟通过向不特定对象发行可转换公司债券（以下简称"本 次发行"；可转换公司债券以下简称"可转债"）的方式募集资金。 本论证分析报告中如无特别说明，相关用语具有与《圣晖系统集成集团股份有 限公司向不特定对象发行可转换公司债券预案》相同的含义。 一、本次发行证券种类 本次发行证券的种类为可转换为公司A股股票的可转换公 ...

关于向不特定对象发行可转换公司债券预案披露的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圣晖系统集成集团股份有限公司（以下简称"公司"）于 2026 年 1 月 30 日 召开了第三届董事会第四次会议，审议通过了关于公司向不特定对象发行可转换 公司债券的相关议案。《圣晖系统集成集团股份有限公司向不特定对象发行可转 换公司债券预案》等相关公告及文件于 2026 年 1 月 31 日在上海证券交易所网站 （www.sse.com.cn）披露，敬请广大投资者注意查阅。 证券代码：603163 证券简称：圣晖集成 公告编号：2026-004 圣晖系统集成集团股份有限公司 特此公告。 圣晖系统集成集团股份有限公司董事会 2026 年 1 月 31 日 公司向不特定对象发行可转换公司债券预案等相关公告披露事项不代表审 核、注册部门对于本次发行相关事项的实质性判断、确认或批准。预案所述本次 发行相关事项的生效和完成尚需公司股东会审议及上海证券交易所发行上市审 核并报经中国证券监督管理委员会同意注册。公司将根据该事项的进展情况 ...

圣晖系统集成集团股份有限公司 ACTER TECHNOLOGY INTEGRATED GROUP CO., LTD 证券代码：603163 证券简称：圣晖集成 （江苏省苏州高新区浒墅关经济开发区石林路189号） 向不特定对象发行可转换公司债券预案 二〇二六年一月 1 公司声明 一、本公司及董事会全体成员保证公告内容真实、准确、完整，并确认不 存在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、 完整性承担个别和连带的法律责任。 二、本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变 化由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险 由投资者自行负责。 三、本预案是公司董事会对本次向不特定对象发行可转换公司债券的说明， 任何与之相反的声明均属不实陈述。 四、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师 或其他专业顾问。 五、本预案所述事项并不代表审批机关对于本次向不特定对象发行可转换 公司债券相关事项的实质性判断、确认、批准或注册。本预案所述本次向不特 定对象发行可转换公司债券相关事项的生效和完成尚待公司股东会审议及上海 证券交易所发行上市审核，并经 ...

第二条 本规则项下的可转换公司债券为公司依据《圣晖系统集成集团股份 有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）约定发行的可转换公司债券（以下简称"本次可转债"），债券持有人为通 过认购、交易、受让、继承或其他合法方式取得本次可转债的投资者。 公司将聘请本次可转债发行的保荐机构（主承销商）或其他经中国证券监督 管理委员会（以下简称"中国证监会"）认可的机构担任本次可转债的受托管理人 （以下简称"债券受托管理人"或"受托管理人"）。 第三条 债券持有人会议由全体债券持有人依据本规则组成，债券持有人会 议依据本规则规定的程序召集和召开，并对本规则规定的权限范围内的事项依法 进行审议和表决。 圣晖系统集成集团股份有限公司 可转换公司债券持有人会议规则 第一章 总则 第一条 为规范圣晖系统集成集团股份有限公司（以下简称"公司"）可转换 公司债券持有人会议（以下简称"债券持有人会议"）的组织和行为，界定债券持 有人会议的职权、义务，保障债券持有人的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司证券发行注册管理办法》《公司债券 发行与交易管理办法》《可转换 ...

圣晖系统集成集团股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第二章 离职情形与生效条件 第一条 为规范圣晖系统集成集团股份有限公司（以下简称"公司"）董 事、高级管理人员离职管理，保障公司治理稳定性及股东合法权益， 根据《中华人民共和国公司法》《上市公司章程指引》《上海证券交 易所股票上市规则》等有关法律、法规、规范性文件及《圣晖系统集 成集团股份有限公司章程》（以下简称"《公司章程》"）的规定， 制定本制度。 第二条 本制度适用于公司全体董事（含独立董事、职工代表董事）、高 级管理人员的辞任、任期届满、解任以及其他导致董事、高级管理人 员实际离职等情形。 第三条 本制度所称董事、高级管理人员是指由股东会、职工代表大会或 董事会批准任命的全体董事、总经理、董事会秘书、财务总监或其他 《公司章程》规定的高级管理人员。 第四条 董事、高级管理人员任期按《公司章程》、股东会决议及董事会 决议相关规定执行，董事、高级管理人员可以在任期届满前辞任。 第五条 董事在任期届满前辞任，应向公司提交书面辞职报告，辞职报告 中应说明辞职原因，公司收到辞职报告之日辞任生效，公司将在两个 交易日内披露有关情况。如因董 ...

圣晖系统集成集团股份有限公司 章 程 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | | 经营宗旨和经营范围 4 | | 第三章 | 股 份 | 5 | | | 第一节 | 股份发行 5 | | | 第二节 | 股份增减和回购 6 | | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 | 8 | | | 第一节 | 股 东 8 | | | 第二节 | 控股股东和实际控制人 10 | | | 第三节 | 股东会的一般规定 11 | | | 第四节 | 股东会的召集 15 | | | 第五节 | 股东会的提案与通知 16 | | | 第六节 | 股东会的召开 17 | | | 第七节 | 股东会的表决和决议 20 | | 第五章 | 董事和董事会 | 25 | | | 第一节 | 董事的一般规定 25 | | | 第二节 | 董事会 28 | | | 第三节 | 独立董事 33 | | | 第四节 | 董事会专门委员会 36 | | 第六章 | 高级管理人员 | 38 | | 第七章 | | 财务会计制度、利润分配和审计 39 | | 第一节 | | 财 ...