中国最大湿制程镀层材料提供商创智芯联正式递表港交所

Core Viewpoint - Shenzhen Chuangzhi Xinlian Technology Co., Ltd. has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading provider of metallization interconnection plating materials and key process technologies in China [2] Business Overview - Chuangzhi Xinlian focuses on the development of supply chains for plating materials in wafer-level and chip-level packaging, as well as PCB manufacturing [2] - According to Frost & Sullivan, by 2024, Chuangzhi Xinlian is projected to be the largest domestic wet process plating material provider and the largest one-stop plating solution provider in the Chinese market [2] Revenue Breakdown - The company's revenue primarily comes from two business segments: 1. Plating materials business segment, which generates income through the manufacturing and sales of plating materials for the semiconductor and PCB industries [2] 2. Plating services business segment, which provides plating services for silicon wafers, silicon carbide wafers, packaging substrates, and PCBs, charging service fees [2] Industry Impact - The synergy between the two business segments enhances Chuangzhi Xinlian's influence within the industry ecosystem, allowing it to supplement customer production capacity and undertake key tasks in innovative process development [3] - As of December 31, 2024, Chuangzhi Xinlian's chemical nickel-gold and chemical nickel-palladium-gold materials and plating services have been adopted by 4 out of the top 5 power device manufacturers in China, achieving an 80% coverage rate [3] Financial Performance - Chuangzhi Xinlian's total revenue for 2022, 2023, and 2024 was RMB 319.6 million, RMB 311.7 million, and RMB 409.9 million, respectively [4] - The net profit for the same years was RMB 27.3 million, RMB 19.4 million, and RMB 52.7 million, respectively [4] - Revenue from plating materials for the semiconductor industry grew from RMB 31.7 million in 2022 to RMB 48.6 million in 2023, and is expected to reach RMB 75.0 million in 2024, with a compound annual growth rate of 53.8% from 2022 to 2024 [4]