CFMEE(SH:688630) Zhi Tong Cai Jing·2025-09-12 02:37Core Viewpoint - Chip Microelectronics Equipment Co., Ltd. (referred to as "Chip Micro") is set to launch an A+H listing on the Hong Kong Stock Exchange, following its successful listing on the A-share Science and Technology Innovation Board in 2021, with a current market capitalization of nearly 20 billion RMB as of September 11 [1][2]. Group 1: Company Overview - Founded in 2015, Chip Micro is a leading supplier of direct imaging equipment for PCB and semiconductor applications, with a complete R&D technology system covering various aspects of the equipment [1]. - As of June 30, 2025, Chip Micro is the only company globally with business coverage in PCB, IC substrates, advanced packaging, and mask applications [1]. Group 2: Financial Performance - The revenue from PCB direct imaging equipment and automatic line systems accounted for 80.8% to 81.0% of total revenue during the reporting period, indicating that it is the core revenue source for the company [2]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was 652 million RMB, 829 million RMB, 954 million RMB, and 654 million RMB, respectively, showing a compound annual growth rate (CAGR) of 20.9% from 2022 to 2024 [2]. - Net profit figures for the same period were 137 million RMB, 179 million RMB, 161 million RMB, and 142 million RMB, with a notable 40.59% year-on-year growth in the first half of 2025 [2]. Group 3: Profitability and Challenges - Chip Micro's gross margin was approximately 41.31% to 40.49% during the reporting period, with semiconductor direct imaging equipment achieving a gross margin of 63.4% in 2022 and 2025 [3]. - However, the company faces high accounts receivable, with net accounts receivable as a percentage of total revenue reaching 171.56% in the first half of 2025, which poses cash flow challenges [3][4]. Group 4: Market Potential - The global direct imaging equipment market is projected to grow from approximately 11.2 billion RMB in 2024 to about 19 billion RMB by 2030, with a CAGR of 9.2% [7]. - The PCB direct imaging equipment market is expected to increase from around 4.6 billion RMB in 2024 to approximately 6.7 billion RMB by 2030, with a CAGR of 6.6% [7]. - Chip Micro holds a 15% market share in the global PCB direct imaging equipment sector, making it the largest supplier in this field [7]. Group 5: Industry Dynamics - The demand for high-end PCBs is driven by the rapid development of AI and emerging technologies, leading to increased demand for direct imaging equipment [6]. - The company is positioned to benefit from domestic substitution and industry upgrades, particularly in the PCB direct imaging equipment market, which is crucial for the manufacturing of printed circuit boards [6][8]. - Despite its leading position, Chip Micro faces competition from both domestic and international players as it expands into the broader semiconductor field [7][8].