盛合晶微冲击科创板IPO，深耕先进封测领域，客户集中度较高

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, marking a significant event in the semiconductor industry as it follows a trend of chip companies listing in Hong Kong [1] Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, with a market share second only to Changdian Technology, Tongfu Microelectronics, and Huatian Technology in mainland China [1][4] - The company was established in August 2014 in the Cayman Islands, with its main operations located in Jiangyin, Jiangsu Province [3] - The company has no actual controller or major shareholder, with its largest shareholder holding a 10.89% stake [3] Financial Performance - In 2022, the company reported a loss of 329 million yuan, but revenue has been increasing due to rising demand for advanced packaging [8] - Revenue figures for the years 2022 to 2025 (first half) are 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits turning positive in 2023 and 2024 [8] - The company's gross profit margin has improved significantly from 6.85% in 2022 to 31.64% in the first half of 2025, reflecting better cost control and product mix [14][15] Business Structure - The revenue composition has shifted from mid-stage silicon wafer processing to multi-chip integration packaging, with the latter's share increasing from 5.32% in 2022 to 56.24% in the first half of 2025 [11] - The company primarily serves high-performance computing chips, smartphone processors, RF chips, storage chips, power management chips, communication chips, and network chips [4] Market Position - Shenghe Jingwei holds approximately 1.6% of the global packaging and testing market, ranking as the tenth largest globally and fourth in mainland China [24][32] - The global integrated circuit packaging and testing market is projected to grow from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8% [29] Investment and Future Outlook - The company plans to raise 4.8 billion yuan to invest in multi-chip integration packaging projects, aiming to enhance its production capacity [36] - Despite positive cash flow from operations, the company requires external financing to cover its investment needs, indicating a reliance on both equity and debt financing [23][36]