【IPO前哨】A股年内累涨62%，晶晨股份赴港能否成功？

Core Viewpoint - The semiconductor company, Jingchen Co., is preparing for an IPO on the Hong Kong Stock Exchange after successfully listing on the A-share market, aiming to enhance its capital strength and international competitiveness [2][11]. Company Overview - Jingchen Co. was established in 2003 and listed on the A-share Science and Technology Innovation Board in 2019, with a current market capitalization exceeding 468 billion RMB after a nearly 62% increase in stock price this year [3]. - The company specializes in system-level semiconductor design, providing advanced control and connectivity solutions for various applications, including smart home, smart office, and automotive sectors [3][4]. Financial Performance - Revenue and profit figures for Jingchen Co. from 2022 to 2025 show a stable performance, with revenues of 55.45 billion RMB in 2022, projected to rise to 59.26 billion RMB in 2024, and profits of 7.32 billion RMB in 2022, expected to increase to 8.19 billion RMB in 2024 [4][5]. - The gross profit margin is projected to improve from 35.1% in 2022 to 37.1% in 2024, with a notable increase in the first half of 2025 [4]. Product Segmentation - The revenue contribution from smart multimedia and display SoC chips remains significant, accounting for 75.6% in 2022 and projected to decrease slightly to 70.9% in 2025 [5][6]. - AIoT SoC products are also gaining traction, with their revenue share increasing from 23.0% in 2022 to 26.7% in the first half of 2025 [7]. Geographic Revenue Distribution - A substantial portion of Jingchen Co.'s revenue comes from markets outside mainland China, with contributions rising from 84.5% in 2022 to 92.0% in the first half of 2025 [7][8]. Customer Dependency - The top five customers account for a significant portion of total revenue, with their contributions increasing from 57.9% in 2022 to 66.3% in the first half of 2025, indicating a high dependency on a few key clients [8]. Supply Chain Considerations - As a fabless semiconductor company, Jingchen Co. relies heavily on third-party suppliers for wafers and chip packaging, with the top five suppliers accounting for over 86% of procurement in recent years [9]. - The company faces risks related to supply chain disruptions, which could impact product delivery and costs [10]. Future Plans - If the IPO is successful, Jingchen Co. plans to allocate approximately 70% of the net proceeds to support growth and enhance R&D capabilities, with additional funds directed towards customer service, strategic investments, and general corporate purposes [11].