新股前瞻|降价换量带动业绩增长提速，尚鼎芯产品结构单一错失第三代半导体浪潮

Core Viewpoint - 尚鼎芯, a power semiconductor supplier, is preparing for an IPO in Hong Kong after experiencing significant revenue fluctuations and a recent recovery in performance, raising questions about the sustainability of its growth and valuation post-IPO [1][2]. Financial Performance - 尚鼎芯's revenue for 2022, 2023, and 2024 was 167 million, 113 million, and 122 million RMB respectively, with net profits of 53.6 million, 31.0 million, and 35.1 million RMB [1]. - In 2023,尚鼎芯's revenue dropped by 32.34% to 113 million RMB, and net profit fell by 42.14% to 31.0 million RMB, primarily due to industry cycles and business structure challenges [9]. - The company reported a revenue increase of 29.09% to 105 million RMB in the first three quarters of 2025, with net profit rising by 27.17% to 30.3 million RMB [2]. Product and Market Focus - 尚鼎芯 specializes in customized power devices, with MOSFETs accounting for 99.8% of its revenue in 2024 [3]. - The company’s products are widely used in consumer electronics and industrial control, which together accounted for nearly 90% of its revenue in 2024 [5]. - The geographical revenue distribution shows that over 96% of sales are from the Chinese market, with limited international presence [8]. Customer Base and Retention - 尚鼎芯 has a diverse customer base of over 500 clients across various sectors, with customer retention rates improving from 68.3% in 2022 to 71.5% in 2024 [7]. - The number of customers increased from 385 in 2022 to 402 in 2024, indicating a growing market presence [7]. Strategic Challenges - The company faces intense competition in the MOSFET market, with its market share at only 0.3% as of 2023, while the top five manufacturers hold nearly 50% of the market [14]. -尚鼎芯's reliance on the low-growth MOSFET segment and lack of diversification into higher-growth products like IGBT and SiC/GaN could hinder its long-term growth potential [15]. Investment and Dividend Policy - Despite a significant drop in revenue, 尚鼎芯 distributed large dividends totaling over 80 million RMB from 2022 to 2024, which is 70% of its net profit, raising concerns about its focus on short-term gains over long-term sustainability [14]. - The company's R&D spending has decreased from 9.5 million RMB in 2022 to 5.8 million RMB in 2024, falling below the industry average, which may weaken its competitive edge [14].