Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading third-party testing and analysis laboratory in the semiconductor industry, providing failure analysis, material analysis, and reliability analysis services, which are crucial for clients' R&D processes [4]. - In 2024, the company is projected to achieve revenue of 415 million yuan, with a compound annual growth rate (CAGR) of approximately 36% from 2020 to 2024 [4]. - The company has a strong focus on advanced process nodes, with revenue from advanced processes (28nm and below) increasing significantly over the years, indicating a growing market share [5]. - The semiconductor third-party testing and analysis market in China is expected to exceed 100 billion yuan by 2024, with a projected CAGR of over 10% until 2027 [6]. - The company is expanding its laboratory capabilities across multiple locations in China and has established a presence in Singapore to enhance its service offerings and collaboration with global semiconductor giants [6]. Financial Projections - The company is expected to generate revenues of 543 million yuan, 706 million yuan, and 919 million yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 110 million yuan, 161 million yuan, and 235 million yuan [8][10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 105, 72, and 49, respectively, indicating a favorable valuation trend as the company grows [8][10].

Core Insights - A total of 51 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange from January to June 2025, raising a total of 37.3 billion yuan [1] - Among these, 7 companies were listed on the Sci-Tech Innovation Board, collectively raising 5.619 billion yuan [1] Listing Details - The 7 companies that chose the first set of listing standards include: - Ying Shi Innovation (688775.SH) listed on June 11, 2025, raising 1.93807 billion yuan with underwriting fees of 158.3475 million yuan [1] - Han Bang Technology (688755.SH) listed on May 16, 2025, raising 500.94 million yuan with underwriting fees of 37.2891 million yuan [1] - Sheng Ke Nano (688757.SH) listed on March 25, 2025, raising 366.21 million yuan with underwriting fees of 43.9448 million yuan [1] - Hai Bo Si Chuang (688411.SH) listed on January 27, 2025, raising 861.1 million yuan with underwriting fees of 66.4722 million yuan [1] - Xing Fu Electronics (688545.SH) listed on January 22, 2025, raising 1.168 billion yuan with underwriting fees of 82.0755 million yuan [1] - Si Kan Technology (688583.SH) listed on January 15, 2025, raising 568.82 million yuan with underwriting fees of 46.0744 million yuan [1] - Sai Fen Technology (688758.SH) listed on January 10, 2025, raising 215.89 million yuan with underwriting fees of 25.283 million yuan [1] Listing Standards - The listing standards for the Sci-Tech Innovation Board require either: - An expected market value of no less than 1 billion yuan, positive net profits for the last two years, and a cumulative net profit of no less than 50 million yuan, or - An expected market value of no less than 1 billion yuan, positive net profit for the last year, and operating revenue of no less than 100 million yuan [1]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.86%, closing at 994.80 points, with a total trading volume of 3.163 billion shares and a turnover of 111.999 billion yuan, resulting in a weighted average turnover rate of 1.78% [1] - Among the tradable stocks on the STAR Market, 284 stocks closed higher, with 7 stocks rising over 10%, including Qianyan Biology and Kaiweite, which hit the daily limit [1] - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 12 stocks between 10% and 20%, 66 stocks between 5% and 10%, 112 stocks between 3% and 5%, 278 stocks between 1% and 3%, and 117 stocks with turnover rates below 1% [1] High Turnover Stocks - The stock with the highest turnover rate was Shengke Nano, which closed up by 1.34% with a turnover rate of 40.88% and a trading volume of 384 million yuan [1] - Xinyu Ren also saw a rise of 1.62% with a turnover rate of 30.86% and a trading volume of 551 million yuan [1] - Other notable stocks with high turnover rates include Naike Equipment, Jintian Titanium Industry, and Kaiweite, with turnover rates of 20.68%, 19.24%, and 17.96% respectively [1] Sector Analysis - In terms of sector performance, among stocks with turnover rates exceeding 5%, the electronics and pharmaceutical industries had the most stocks, each with 23 stocks listed [2] - The stocks with the highest net inflow of funds included Kexing Pharmaceutical, Weixin Bio, and Yingshi Innovation, with net inflows of 97.8036 million yuan, 90.8112 million yuan, and 78.2145 million yuan respectively [2] - Conversely, the stocks with the highest net outflows included Yuanjie Technology, Huafeng Technology, and Huqiang Technology, with net outflows of 68.8015 million yuan, 65.4406 million yuan, and 61.7524 million yuan respectively [2] Recent Trading Data - Recent trading data shows that 55 stocks received net purchases from leveraged funds, with notable increases in financing balances for Tailin Micro, Liyuanheng, and Juxin Technology, which increased by 132 million yuan, 104 million yuan, and 94.717 million yuan respectively [2] - Stocks with significant decreases in financing balances included Guoda Special Materials, Juhua Materials, and Yingshi Innovation, which decreased by 58.7649 million yuan, 42.0492 million yuan, and 38.6720 million yuan respectively [2] Notable Stocks - Key stocks with significant daily performance include Qianyan Biology, which rose by 20.02%, and Kaiweite, which increased by 19.99% [5] - Other notable performers include Kexing Pharmaceutical, which rose by 15.62%, while stocks like Haitan Ruisheng and Anheng Information saw declines of 6.95% and 6.59% respectively [2][5]

Group 1 - The stock of Victory Nano (688757) closed at 29.71 yuan on June 27, reaching the daily limit with a turnover rate of 48.38% and an amplitude of 21.27%, resulting in a transaction volume of 446 million yuan [2] - The stock was listed on the trading board due to a daily turnover rate exceeding 30% and a daily closing price increase of 15% [2] - The top five trading departments accounted for a total transaction volume of 108 million yuan, with a net buying amount of 42.56 million yuan [2][3] Group 2 - The main capital inflow for the stock was 86.17 million yuan throughout the day [3] - The leading buying department was Guotai Junan Securities Co., Ltd. Shanghai Xuhui District Wanping South Road Securities Department, with a buying amount of 26.12 million yuan [3] - The top selling department was Guotai Junan Securities Co., Ltd. Headquarters, with a selling amount of 8 million yuan [3]

Group 1 - The core viewpoint of the articles highlights the fundraising activities of companies listed on the STAR Market, with a total of 7 companies raising 7.901 billion yuan this year, averaging 1.129 billion yuan per company [1][2] - The company with the highest fundraising amount is Yitang Co., Ltd., which raised 2.497 billion yuan primarily for technology development and reserve funds [1] - Other notable companies include Yingshi Innovation, which raised 1.938 billion yuan for its R&D center and production base, and Xingfu Electronics, which raised 1.168 billion yuan [1] Group 2 - The average initial offering price for STAR Market stocks this year is 21.73 yuan, with Yingshi Innovation having the highest price at 47.27 yuan [1] - The issuance price of Yitang Co., Ltd. is the lowest at 8.45 yuan, while other companies like Sikan Technology and Hanbang Technology have initial prices of 33.46 yuan and 22.77 yuan respectively [1] - The issuance price-earnings ratio for the listed companies ranges from 6.14 to 51.55, with an average of 30.03 and a median of 26.35 [2] Group 3 - Geographically, the majority of the issued STAR Market companies are concentrated in Beijing, Jiangsu, and Hubei, with fundraising amounts led by Beijing at 3.359 billion yuan [2] - The companies with issuance price-earnings ratios above the industry average include Yitang Co., Ltd. and two others, while five companies fall below the industry average [2] - The detailed fundraising data for the listed companies includes their codes, names, issuance dates, prices, price-earnings ratios, and total funds raised [2]

Group 1 - The stock of Shengke Nano increased by 19.99%, reaching the daily price limit of 15% for stocks with price fluctuation limits [1] - The trading volume showed a significant net buying amount of 4256.28 million, with total buying of 7515.07 million and selling of 3258.80 million [1] - Major buying institutions included Guotai Junan Securities and Huatai Securities, with the top three buying amounts being 2612.35 million, 1685.23 million, and 1266.73 million respectively [2] Group 2 - The largest selling amounts came from Guotai Junan Securities, with a sell amount of 800.00 million, followed by Guoxin Securities and Goldman Sachs (China) with sell amounts of 732.89 million and 585.88 million respectively [2] - The data indicates a strong interest from institutional investors in Shengke Nano, as evidenced by the high net buying figures [1][2]

Group 1 - The investment rating for the company is not explicitly stated in the provided documents [1] - The core viewpoint of the report highlights that the company is a leading semiconductor third-party testing enterprise in China, often referred to as the "chip general hospital" [1][9] - The company has achieved a compound annual growth rate (CAGR) of 35% in revenue and 43% in net profit from 2021 to 2024, with a market share of 7.86% in failure analysis and material analysis in 2023 [1][13][35] Group 2 - The semiconductor third-party testing industry is experiencing growth driven by rapid technological iterations, domestic industrialization, and increased process tolerance requirements [2][33] - The market for third-party laboratory testing is expected to reach 180-200 billion yuan in China by 2027, with a global market size projected to reach 6.677 billion USD [35][36] - The industry is characterized by a fragmented competitive landscape, but leading companies are expected to benefit significantly from the growth in demand and the deepening of the Labless model [2][40] Group 3 - The company has a strong technical capability, covering advanced process testing down to 3nm, and serves over 2,000 global clients, including major semiconductor firms like Qualcomm and Broadcom [3][9] - The company focuses on high-margin services such as failure analysis (FA) and material analysis (MA), which accounted for 97.09% of its revenue in the first half of 2024 [10][44] - The company maintains a high gross margin of 46.86% in 2024, supported by a robust revenue structure and effective cost management [13][24]

证券代码：688757 证券简称：胜科纳米 公告编号：2025-021 胜科纳米（苏州）股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/27 | 2025/6/30 | 2025/6/30 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 16 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本403,311,486股为基数，每股派发现 金红利0.149元（含税），共计派发现金红利60,093,411.41元（含税）。 是否涉及差异化分红送转：否 每股分 ...

上海市锦天城律师事务所 关于胜科纳米（苏州）股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于胜科纳米（苏州）股份有限公司 法律意见书 致：胜科纳米（苏州）股份有限公司 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查和验证，核查了本所认为出具该法律意见书所需的相关文件、 资料，并参加了公司本次股东会的全过程。本所保证本法律意见书所认定的事实 真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性 陈述或者重大遗漏，并愿意承担相应法律责任。 本所同意将本法律意见书与本次股东会的决议一并进行公告，并依法对发表 的法律意见承担相应法律责任。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准 ...

股东类型 比例 比例 比例 票数 票数 票数 | 普通股 | | 304,028,929 | （%） 99.9850 | 40,678 | （%） 0.0133 | 4,929 | 0.0017 | （%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 审议结果：通过 | | | | | | | | | | 表决情况： | 同意 | | 反对 | | | 弃权 | | | | 股东类型 | | 比例 | | 比例 | | | 比例 | | | | 票数 | | 票数 | | 票数 | | | | | | | （%） | | （%） | | | （%） | | 普通股 | | 304,028,929 | 99.9850 | 40,678 | 0.0133 | 4,929 | 0.0017 | | | | 审议结果：通过 | | | | | | | | | | 表决情况： | | | | | | | | | | | 同意 | | 反对 | | | 弃权 | | | | 股东类型 | | 比例 | | 比例 | | | 比例 | | | ...