赛英电子：北交所审议上市申请，功率半导体核心部件赛道迎标杆

Core Viewpoint - The listing application of Saiying Electronics, a national-level "specialized and innovative" enterprise in the power semiconductor sector, will be reviewed by the Beijing Stock Exchange, marking a significant milestone as it could become the first power semiconductor-related company listed on the exchange [1] Group 1: Company Performance - Saiying Electronics has demonstrated strong market competitiveness, with revenue projected to grow from 219 million yuan to 457 million yuan between 2022 and 2024, reflecting a compound annual growth rate (CAGR) of 44.50% [1] - The net profit attributable to the parent company is expected to increase from 43.92 million yuan to 73.90 million yuan during the same period, showing a cumulative growth of 68.4% [1] - In the first half of 2025, the company achieved revenue of 289 million yuan and a net profit of 43.87 million yuan, laying a solid foundation for annual performance growth [1] Group 2: Market Position - Saiying Electronics has established a leading position in its core product markets, with a global market share of approximately 30.0% and a domestic market share of about 32.6% for ceramic shell products [2] - The company’s packaging and heat dissipation substrate products are in a rapid growth phase, with global and domestic market shares of approximately 3.6% and 14.3%, respectively, indicating significant future growth potential [2] Group 3: Technological Strength - The company has significantly invested in product and technology upgrades, completing the development of advanced welding and forging techniques, and has established long-term collaborations with research institutions like Huazhong University of Science and Technology [2] - Saiying Electronics has 44 authorized patents as of June 30, 2025, including 9 invention patents and 35 utility model patents, providing a strong technical foundation for competing in the domestic substitution market [3] Group 4: Future Outlook - The company plans to raise 270 million yuan through its IPO, primarily for the construction of a production base for power semiconductor module heat dissipation substrates, upgrading its R&D center, and supplementing working capital [3] - The production base project is expected to add 12 million flat-type and 6 million pin-type heat dissipation substrates, enhancing the company's supply capacity in core product areas [3] - With the steady progress of its listing on the Beijing Stock Exchange, Saiying Electronics aims to broaden its financing channels and deepen collaborative innovation within the industry chain, positioning itself to capture market opportunities amid the domestic substitution wave and growing demand from emerging industries [3]