江苏半导体材料“小巨人”，冲刺科创板，拟募资5.98亿

Core Viewpoint - Zhongke Kehua, a semiconductor packaging materials company in Jiangsu, has been accepted for IPO on the Sci-Tech Innovation Board, aiming to raise 598 million yuan for the R&D and industrialization of high-end epoxy molding compounds [1][2]. Company Overview - Established in October 2011, Zhongke Kehua has a registered capital of 66 million yuan and is controlled by Beijing Kehua, with no actual controller [2][25]. - The company is one of the few domestic manufacturers capable of independent R&D and large-scale production of mid-to-high-end epoxy molding compounds, with its ranking among domestic manufacturers steadily improving to second place [2][7]. Financial Performance - Revenue for Zhongke Kehua has shown consistent growth, with figures of 200 million yuan in 2022, 250 million yuan in 2023, and projected 331 million yuan in 2024 [9]. - The net profit has also increased, reaching 4.74 million yuan in 2022, 10 million yuan in 2023, and 34 million yuan in 2024 [9]. - The company's comprehensive gross margin has improved from 22.68% in 2022 to 30.69% in the first half of 2025, indicating a positive trend in profitability [12]. Market Position - The domestic market for semiconductor packaging materials is still largely dominated by foreign companies, with an overall localization rate of about 30%, and less than 20% in the high-end sector [4][30]. - Zhongke Kehua has successfully replaced some Japanese competitors in the domestic market, particularly in the mid-range epoxy molding compound sector [7][30]. Investment Projects - The IPO proceeds will be allocated to the industrialization of high-end epoxy molding compounds and the establishment of a R&D center, with total project investments amounting to 59.8 million yuan [3][2]. Production and Sales - The company has established long-term partnerships with leading semiconductor packaging and testing firms, ensuring a stable sales model primarily through direct sales [19][16]. - Production capacity utilization has varied, with a capacity of 6,600 tons in the first half of 2025 and a utilization rate of 72.26% [16]. Supply Chain and Customer Base - Zhongke Kehua's top five customers accounted for approximately 27.28% of its revenue in the first half of 2025, indicating a diversified customer base without heavy reliance on any single client [19][20]. - The company has a relatively high supplier concentration, with the top five suppliers making up about 61.16% of total raw material purchases [21][22]. Leadership and Governance - The chairman, Lu Xukui, has a background in the Chinese Academy of Sciences and has been with the company since its inception [23][29]. - Beijing Kehua, the controlling shareholder, has maintained a stable ownership structure for over ten years, ensuring no single shareholder has decisive influence over corporate decisions [25][30]. Industry Outlook - The epoxy molding compound industry is expected to benefit from the ongoing trend of domestic substitution in the semiconductor sector, which is crucial for the stability and development of the entire semiconductor industry in China [30].