“芯片首富”虞仁荣第二家芯片公司明日上市，能否带给投资者惊喜？

Company Overview - New Henghui focuses on the research, production, sales, and testing services of chip packaging materials, with main products including smart cards, etched lead frames, and IoT eSIM chip packaging [1][2] - The company is controlled by Yu Renrong and Ren Zhijun, with Yu holding 31.94% and Ren holding 19.31% of the shares [1][2] - New Henghui is the only domestic company to achieve mass production of core packaging materials for flexible lead frames, leading the global market share [2] Industry Insights - The global smart card industry is entering a mature phase, with stable market growth, and the Chinese smart card market is also maturing [3] - The global lead frame market was approximately 26.9 billion yuan in 2022, expected to grow to 27.92 billion yuan in 2023, with a compound annual growth rate of 3.8% from 2023 to 2029 [3] - China's semiconductor lead frame market has grown from 6.42 billion yuan in 2016 to 11.48 billion yuan in 2022, driven by domestic semiconductor localization [3] Financial Performance - New Henghui's revenue for 2022, 2023, and 2024 is projected to be 684 million yuan, 767 million yuan, and 842 million yuan, with year-on-year growth rates of 24.77%, 12.13%, and 9.83% respectively [4] - The net profit attributable to shareholders for the same years is expected to be 110 million yuan, 152 million yuan, and 186 million yuan, with growth rates of 9.38%, 38.58%, and 22.07% respectively [4] - In Q1 2025, the company achieved revenue of 241 million yuan, a year-on-year increase of 24.71%, but net profit decreased by 2.26% to 51 million yuan [4] IPO and Market Performance - New Henghui's IPO raised 767 million yuan by issuing 59.89 million new shares, with funds allocated to two projects: 456 million yuan for high-density QFN/DFN packaging material industrialization and 6.266 million yuan for R&D center expansion [5] - The company's IPO price is set at 12.80 yuan per share, which is considered low compared to peers, with a price-to-earnings ratio of 16.59 times, while comparable company Kangqiang Electronics has a P/E ratio of 68 times [6][7] - Recent new stocks have shown strong performance, with an average first-day increase of 180% in the past month, suggesting potential for New Henghui to achieve a similar performance [6][7]