强一股份科创板IPO通过上市委会议 对大客户存在重大依赖

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is planning to raise 1.5 billion RMB through the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on the development, design, production, and sales of probe cards essential for semiconductor testing [1][2]. Company Overview - Qiangyi Semiconductor specializes in semiconductor design and manufacturing, particularly in the research and development of probe cards, which are critical for wafer testing in the semiconductor production process [1]. - The company has proprietary MEMS probe manufacturing technology, enabling mass production and sales of MEMS probe cards [1]. Industry Context - The probe card industry has been dominated by foreign manufacturers, presenting significant domestic replacement potential for Qiangyi Semiconductor [2]. - As of 2023 and 2024, the company ranks ninth and sixth globally in the semiconductor probe card industry, respectively, establishing itself as a leading domestic player [2]. Financial Performance - The company reported revenues of approximately 254 million RMB, 354 million RMB, 641 million RMB, and 374 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Net profits for the same periods were 15.62 million RMB, 18.66 million RMB, 233 million RMB, and 138 million RMB [3]. Investment Plans - The funds raised will be allocated to two main projects: the Nantong probe card R&D and production project (total investment of 120 million RMB) and the Suzhou headquarters and R&D center construction project (total investment of 30 million RMB) [3]. Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue over the reporting periods [2]. - A significant portion of revenue is derived from a major client, referred to as Company B, which accounted for 50.29%, 67.47%, 81.84%, and 82.83% of revenue during the same periods [2].