Workflow
强一股份IPO：华为产业链贡献营收逾八成 维修业务毛利率如同“过山车”
Xi Niu Cai Jing·2025-09-14 03:18

Core Viewpoint - Qiangyi Co., Ltd. is focused on the research, design, production, and sales of probe cards for wafer testing, with a significant reliance on a major client referred to as "Company B" [2][4][5]. Financial Performance - From 2021 to 2024, Qiangyi's revenue is projected to grow from 110 million to 641 million yuan, while net profit is expected to rise from a loss of 13 million to a profit of 233 million yuan [2]. - In the first half of 2025, the company reported revenue and net profit growth rates of 89.53% and 237.56%, respectively, indicating a strong growth trend [2]. - Gross margin has consistently increased from 35.92% in 2021 to 68.99% in the first half of 2025, outperforming industry averages [2]. Product and Market Dynamics - The sales performance of Qiangyi's probe cards accounts for over 95% of its main business revenue [2]. - The gross margin for thin-film probe cards has shown significant volatility, with figures of 47.26%, 51.40%, 0.19%, and 54.81% from 2022 to the first half of 2025 [3]. - The company has experienced a rising concentration of sales to its top five clients, with percentages increasing from 62.28% in 2021 to 82.84% in the first half of 2025 [5]. Client Dependency - Qiangyi's revenue from Company B and its upstream enterprises has increased significantly, accounting for 50.29% to 82.83% of total revenue from 2021 to the first half of 2025 [5]. - Company B is identified as a leading global chip design firm, linked to Company A, which is speculated to be Huawei [5][7]. - The company established a business relationship with Company B in 2019, gaining supplier status in 2021 after validation of its 2D MEMS probe cards [6]. IPO and Regulatory Challenges - Qiangyi's IPO aims to raise 1.5 billion yuan for probe card R&D and production, as well as for the construction of its headquarters and R&D center [2]. - The company faced challenges during its IPO process, with its application accepted in December 2024 and undergoing an extensive review process lasting eight months [8].