神秘B公司贡献超八成收入！强一股份IPO关联交易疑云调查

Core Viewpoint - The company Qiangyi Semiconductor (Suzhou) Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, revealing significant reliance on a single client, referred to as "Company B," which contributes 81.84% of its revenue, raising concerns about customer concentration risk and financial sustainability [1][18][22]. Group 1: Financial Performance - Qiangyi Semiconductor's revenue has surged from 254 million yuan in 2022 to 641 million yuan in 2024, with net profit increasing from 15.62 million yuan to 233 million yuan, marking a nearly 14-fold growth [5][6]. - The company's gross margin has increased from 40.78% in 2021 to 61.66% in 2024, contrasting with the declining margins of industry leaders like FormFactor and Technoprobe [24][25]. - In 2024, the company reported total assets of 1.28 billion yuan and a debt-to-asset ratio of 12.07% [6]. Group 2: Customer Concentration - In 2024, sales to the top five customers accounted for 81.31% of total revenue, with "Company B" alone contributing 34.93% directly and 81.84% when including related transactions [5][20][22]. - The dependency on "Company B" raises concerns about the company's future growth potential, as it is already a major supplier of probe cards to this client [22]. Group 3: IPO Plans - Qiangyi Semiconductor submitted its IPO application on December 30, 2024, aiming to raise 1.5 billion yuan, with 1.2 billion yuan allocated for R&D and production of probe cards [7][9]. - The company is backed by CITIC Securities, which indicates confidence in its market potential, although it faces scrutiny due to being selected for an on-site inspection [9][11]. Group 4: Supply Chain and Related Transactions - The actual controller of Qiangyi Semiconductor, Zhou Ming, has connections to multiple companies, including a newly established supplier, which has raised questions about the transparency of procurement practices [12][15][17]. - The procurement from the newly established company, which is controlled by Zhou Ming, has significantly increased, raising concerns about the legitimacy of these transactions [15][17]. Group 5: Technical and Operational Concerns - The company has reported unusual fluctuations in gross margins and inventory levels, with a significant drop in the procurement of key raw materials, raising questions about its manufacturing processes [30][31]. - The sudden cancellation of its South Korean subsidiary has sparked speculation about potential operational setbacks following a commercial secret investigation [32]. Group 6: Strategic Partnerships - Huawei's Hubble Technology holds a 7.7% stake in Qiangyi Semiconductor, providing a strong endorsement, but also raising questions about potential connections to "Company B" [34].