强一股份IPO背后：依赖“华为系”营收超八成，毛利率波动何时稳？

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is under market scrutiny due to its IPO process on the Sci-Tech Innovation Board, primarily because of its significant reliance on a single customer [1][4] Company Overview - Qiangyi Semiconductor was established in 2015, focusing on the research, design, production, and sales of probe cards, which are essential for testing semiconductor wafers [3] - The company plans to raise 1.5 billion yuan through its IPO, aimed at enhancing probe card R&D and constructing a headquarters R&D center [3] Financial Performance - Revenue is projected to grow from 110 million yuan in 2021 to 641 million yuan in 2024, with net profit increasing from a loss of 13 million yuan to a profit of 233 million yuan [3] - In the first half of 2025, revenue growth reached 89.53%, while net profit surged by 237.56%, indicating a sustained high growth trend [3] - The sales of probe cards account for over 95% of the company's main business revenue [3] Profitability Metrics - The company's gross margin has shown a significant increase from 35.92% in 2021 to 68.99% in the first half of 2025, surpassing the average of comparable companies [3] - However, the gross margin for specific products has fluctuated dramatically, with the thin-film probe card margin dropping to 0.19% in 2024 before rebounding to 54.81% in the first half of 2025 [3] - The gross margin for probe card maintenance services increased from 4.17% to 70.62% during the same period [3] Customer Concentration - The net profit margin has also been unstable, rising from -12.17% in 2021 to 36.83% in the first half of 2025, with a low point of 5.26% between 2022 and 2024 [4] - The revenue concentration among the top five customers increased from 62.28% to 82.84%, with Company B and its affiliates accounting for 82.83% of the revenue [4] - Company B is identified as a subsidiary of a leading global chip design company, which is speculated to be Huawei, while Company A may refer to HiSilicon [4] IPO Process Challenges - Despite the backing of "Huawei-related" resources, the IPO process has faced challenges, including an 8-month duration for the first round of inquiry responses after the application was accepted on December 30, 2024 [4] - The company has acknowledged its significant reliance on Company B as a related party, raising concerns about the risks associated with this dependency [4]