越亚半导体再冲IPO，经得起监管“穿透式核查”吗？

Core Viewpoint - Zhuhai Yueya Semiconductor Co., Ltd. has officially submitted its IPO application to the Shenzhen Stock Exchange after a hiatus of 11 years, facing significant regulatory scrutiny and industry competition [3][20][21]. Financial Performance - The company's revenue growth has lagged behind the industry, with 2023 revenue at 1.67 billion yuan, showing only a 2.28% increase year-on-year, and a projected 5.28% increase for 2024 [4][22][23]. - In the first half of 2025, the company reported a revenue of 81.09 million yuan, down 8.06% from 84.9 million yuan in the same period of 2024 [7][25]. - The net profit attributable to shareholders has fluctuated significantly, with a sharp decline of 54.7% in 2023, followed by a modest recovery of 14.59% in 2024, but only reaching 42.3% of the previous year's total by mid-2025 [7][25][26]. Industry Comparison - Compared to peers like Shenzhen South Circuit and Xingsen Technology, which reported revenue growth rates exceeding 35%, Yueya Semiconductor's growth of 5.28% in 2024 appears particularly weak [5][23]. Product Performance - The company's core product, the RF module packaging substrate, has seen a continuous decline in sales, with a 5.4% drop in 2024 and ongoing challenges in 2025 [7][25]. - The gross margin for the embedded packaging module has shown volatility, dropping from 32.53% in 2022 to -6.96% in 2023, with a slight recovery to 27.09% in the first half of 2025 [29][30]. Regulatory Environment - The IPO regulatory environment has tightened, with a significant increase in the proportion of companies subject to on-site inspections from 5% to 20%, raising the stakes for Yueya Semiconductor's IPO attempt [16][34]. - Historical data indicates a high termination rate for companies subjected to inspections, with 72.73% of 55 companies halting their IPOs between 2022 and 2024 [17][34]. Strategic Initiatives - The company plans to raise 1.224 billion yuan, with 84.7% allocated to expanding production capacity for AI-related embedded packaging modules, aiming to increase output nearly sevenfold [9][27][12]. - The reliance on key customer Infineon for embedded packaging module revenue is significant, with Infineon contributing 12.30% of total revenue in the first half of 2025 [13][31][33].