PCB及半导体等离子处理设备制造商「宝丰堂」首次递表，上半年业绩翻倍增长

Company Overview - Boffotto Semiconductor Co., Ltd. (宝丰堂) submitted its IPO application to the Hong Kong Stock Exchange on September 30, 2025, with China Merchants Securities International as the sole sponsor [1] - The company specializes in the manufacturing of plasma processing equipment for PCB and semiconductor industries, with significant market presence in China, Southeast Asia, North America, and Europe [1] - In the first half of 2025, the company reported revenue of approximately RMB 79 million and a net profit of RMB 15 million, both showing over 100% year-on-year growth [1] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024 is projected to be approximately RMB 79.2 million, RMB 138.5 million, and RMB 149.7 million respectively, with the first half of 2025 showing a year-on-year increase of 104.81% [3][4] - Gross profit for the same periods is expected to be around RMB 39 million, RMB 74 million, and RMB 75 million, with a gross profit margin of 59.86% in the first half of 2025 [4] - Net profit is projected to be RMB 11 million, RMB 37 million, and RMB 39 million for the respective years, with a net profit margin of 18.36% in the first half of 2025 [4] Market Position - According to Frost & Sullivan, the company ranks among the top three in the Chinese PCB plasma stripping equipment market, holding a market share of approximately 3.9% in 2024 [1][8] - The market for semiconductor-related plasma processing equipment is expected to grow from RMB 120.4 billion in 2018 to RMB 202.7 billion in 2024, with a compound annual growth rate (CAGR) of 9.1% [6] Product Offerings - The company's equipment includes plasma stripping equipment widely used in PCB manufacturing, semiconductor dry stripping and etching equipment, and plasma cleaning equipment for semiconductor packaging [2] - Additionally, the company provides spare parts and maintenance services for its plasma processing equipment [2] Comparable Companies - Comparable companies in the industry include North Huachuang, Zhongwei Company, and Japan's SAMCO, with varying market capitalizations and financial metrics [10]