芯密科技拟科创板IPO 中国半导体耗材赛道跑出"加速度"

Core Viewpoint - Shanghai Xinshi Technology Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 785 million yuan, highlighting its focus on semiconductor-grade perfluoroether rubber seals and its significant market position in the semiconductor equipment sector [1][2]. Group 1: Business Overview - Xinshi Technology specializes in the R&D, design, manufacturing, and sales of semiconductor-grade perfluoroether rubber seals, with core products including seals and functional components used in critical semiconductor manufacturing processes [2]. - The company has achieved a breakthrough in domestic production, becoming the only Chinese enterprise to offer a full range of sealing solutions, addressing a market previously dominated by foreign companies [2]. Group 2: Financial Performance - From 2022 to 2024, Xinshi Technology's revenue is projected to grow from 42 million yuan to 208 million yuan, with net profit increasing from 1.73 million yuan to 68.94 million yuan, marking nearly a fivefold increase in revenue and over 38 times in net profit [3]. - The gross margin for its core product, perfluoroether rubber seals, is expected to rise from 39.93% in 2022 to 61.61% in 2024, significantly above the industry average of 30%-40% [3]. Group 3: Market Position and Client Base - Xinshi Technology's products are utilized by nine of the top ten wafer manufacturers in mainland China and four of the top five semiconductor equipment manufacturers, indicating a strong market presence [2]. - The company faces a high customer concentration risk, with the top five clients accounting for 79% of revenue in 2022 and 2023, and 77% in 2024 [3]. Group 4: Investment and Strategic Partnerships - Since its establishment in 2021, Xinshi Technology has completed five rounds of financing, raising over 500 million yuan, with significant participation from leading investment firms and strategic investments from major semiconductor equipment companies [4]. - The company's controlling shareholder, Xie Changjie, holds 46.98% of the voting rights and has over 20 years of experience in the semiconductor industry, enhancing the company's strategic direction [4]. Group 5: Future Plans and Developments - The funds raised from the IPO will primarily be allocated to the R&D and industrialization of semiconductor-grade perfluoroether rubber seals and the establishment of a research center [5]. - In December 2024, Xinshi Technology plans to acquire 100% of Shanghai Lintu for 170 million yuan, securing 20,000 square meters of industrial land and facilities to support its growth [6].