Core Insights - Shengke Nano officially listed on the Sci-Tech Innovation Board on March 25, 2024, with a focus on semiconductor failure analysis and material analysis, achieving significant revenue and profit growth over the years [1][2][5] Company Overview - Shengke Nano was established in 2012, with its technology roots tracing back to a semiconductor testing laboratory founded in 2004. The company has focused on specialized and high-value-added directions, leading to rapid revenue growth, with a compound annual growth rate (CAGR) of over 30% in revenue and over 40% in net profit from 2020 to 2024 [1][5] - The company raised approximately 366 million yuan through its IPO, exceeding its initial fundraising target of 297 million yuan, primarily to enhance its testing and analysis capabilities in Suzhou [1][10] Business Segments - The company operates in the semiconductor third-party testing and analysis market, providing services such as failure analysis (FA), material analysis (MA), and reliability analysis (RA). FA is the main revenue contributor, accounting for 66.10% of total revenue in the first half of 2024 [2][3] - The revenue from MA has been growing rapidly, with its share reaching over 30% in recent years, indicating its increasing importance within the company's portfolio [2][3] Market Position - Shengke Nano holds a significant market share in the failure analysis and material analysis segments, achieving a 7.86% market share in 2023, with total revenue from these segments amounting to 326 million yuan [4][5] - The overall market for semiconductor testing and analysis in China is projected to grow from approximately 8 billion yuan in 2023 to 18-20 billion yuan by 2027, with a CAGR exceeding 20% [3][4] Financial Performance - From 2020 to 2024, Shengke Nano's revenue increased from 120 million yuan to 415 million yuan, with a CAGR of 36.26%. During the same period, net profit rose from 19 million yuan to 82 million yuan, with a CAGR of 44.17% [5][6] - The company's gross margin has consistently outperformed its peers, with an average gross margin of 45.04% in the first half of 2024, compared to the industry average of 31.44% [5][6] R&D and Future Plans - Shengke Nano maintains a strong commitment to R&D, with R&D expense ratios consistently above the industry average, indicating a focus on enhancing its testing and analysis capabilities [7][8] - The company plans to deepen its focus on semiconductor failure analysis and material analysis while expanding into new fields such as automotive, aerospace, and biomedicine [9][10] - Recent collaborations with major companies in the automotive and aerospace sectors, as well as ongoing projects in reliability testing, highlight the company's strategic growth initiatives [9][10][13] Expansion and Capacity Building - The IPO proceeds will be used to upgrade existing capacities and expand testing capabilities, with plans to establish new laboratories in Shenzhen and Qingdao, which are expected to achieve profitability by 2025 [10][11] - The company has developed a business layout centered in Suzhou, extending its reach to key regions in China and Southeast Asia through its Singapore subsidiary [11][12]
胜科纳米IPO：20年挖掘“护城河”收获营利双高 产销研三线同步布局保障未来成长