强一股份/688809/科创板/2025-12-19申购

Core Viewpoint - The company specializes in wafer testing probe cards, including MEMS and non-MEMS types, which are essential for connecting chips to testing equipment and detecting manufacturing defects [7][33]. Business Overview - The company was established in 2015 and is a non-state-owned enterprise, with CITIC Securities as its sponsor [3][29]. - The main revenue source is from the sales of probe cards, which accounted for 96.67% of total revenue in the first half of 2025 [4][31]. Revenue Composition - In the first half of 2025, the revenue from probe card sales was 358.93 million yuan, with a significant portion coming from 2D/2.5D MEMS probe cards, which represented 88.37% of total sales [4][32]. - The company also generates revenue from probe card maintenance and wafer test board sales, though these contribute a smaller percentage to total revenue [4][31]. Financial Performance - The company's revenue for the first half of 2025 was 374 million yuan, showing a significant increase compared to previous years, with a year-on-year growth of 80.95% from 2023 [17][43]. - The gross profit margin has improved, reaching 68.99% in the first half of 2025, up from 43.12% in 2022 [18][45]. Market Position - The global probe card market was valued at 2.625 billion USD in 2024, with MEMS probe cards holding a market share of approximately 69.77% [20][48]. - The company ranked fifth globally in MEMS probe card sales and fourth in cantilever probe card sales in 2024 [21][48]. Customer Base - The company employs a direct sales model, with major clients including domestic chip design firms and wafer foundries. The top five customers accounted for 82.84% of total sales in the first half of 2025 [9][37]. - The largest customer, referred to as Company B, contributed 25.53% of revenue in the first half of 2025 [41]. Product Details - The company’s MEMS probe cards are used for advanced process chips, with 2D MEMS probe cards being the primary revenue source, accounting for 77.81% of revenue in 2024 [8][35]. - Non-MEMS probe cards, including cantilever and vertical types, are also offered, but their revenue contribution is gradually decreasing [8][36]. Supply Chain - Key materials for production include space transition boards, PCBs, and MEMS probe manufacturing materials, with a significant portion sourced from imports [8][36]. - The company has seen an increasing reliance on KAGA FEI for MLO procurement, with the percentage rising from 11.77% in 2022 to 32.84% in 2025 [8][36].