Venture(US:VEMLY) 3 6 Ke·2025-06-18 02:28Core Viewpoint - Chipmi Technology, a key supplier of semiconductor wafer manufacturing components, has had its IPO application accepted by the Shanghai Stock Exchange, aiming to raise 785 million yuan for R&D and industrialization projects [1][3]. Company Overview - Chipmi Technology was established in January 2020 with a registered capital of 51.83 million yuan and is recognized as a national-level "little giant" enterprise specializing in high-end perfluoroether rubber sealing rings for semiconductor equipment [3][5]. - The company has become the leading domestic manufacturer in this field, breaking the monopoly of foreign companies [3]. Market Position - According to Frost & Sullivan, Chipmi ranks third in sales of semiconductor-grade perfluoroether rubber sealing rings in China for 2023 and 2024, and first among domestic companies [3]. - The core product is used in critical processes of semiconductor front-end manufacturing, covering advanced and mature process technology nodes [3]. Financial Performance - Revenue for Chipmi Technology has shown rapid growth, with figures of 42 million yuan in 2022, 130 million yuan in 2023, and projected 208 million yuan in 2024. Net profits were 2 million yuan, 36 million yuan, and 69 million yuan for the same years respectively [7][10]. - The company’s R&D expenses have also increased, from 7 million yuan in 2022 to 22 million yuan in 2024 [7]. Product Application - The perfluoroether rubber sealing rings are essential components in semiconductor etching, film deposition, thermal treatment, and cleaning processes, directly impacting wafer manufacturing yield and production continuity [5][13]. - Chipmi's products have been certified by major domestic semiconductor manufacturers, with nine of the top ten wafer manufacturers in China as clients [13]. Customer Concentration - The top five customers accounted for 77.06% of the company's revenue in 2024, indicating a high customer concentration [15]. Supply Chain and Raw Materials - The main raw material, perfluoroether rubber, is primarily sourced through imports, with the top five suppliers accounting for over 90% of total procurement [17][18]. - The company is actively working on developing domestic suppliers for perfluoroether rubber to ensure stable and secure supply chains [25]. Future Prospects - The IPO proceeds will enhance R&D capabilities and expand production capacity for perfluoroether rubber sealing rings, facilitating the domestic substitution process in the semiconductor industry [25]. - Chipmi is focusing on strategic collaborations with leading semiconductor equipment manufacturers to assist in the precise application and customization of its products [25].