【看新股】尚鼎芯科技港股IPO：较为依赖传统MOSFET产品 控股股东大额分红

Core Viewpoint - Shenzhen Shangdingxin Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing its transistor product R&D and industrialization capabilities [1][2]. Group 1: Company Overview - Shangdingxin Technology, established in 2011, specializes in the development and supply of customized power semiconductor devices, primarily focusing on MOSFET products, which account for over 99% of its revenue [3][8]. - The company operates without a wafer fabrication facility and serves various applications, including consumer electronics, industrial control, automotive electronics, renewable energy, energy storage, and medical devices [3]. Group 2: Financial Performance - The company's revenue for 2023 decreased to RMB 113.05 million, with a corresponding profit attributable to owners of RMB 31.017 million [5]. - Revenue is projected to recover slightly in 2024, but it is still below the levels seen in 2022. For the first nine months of 2025, revenue reached RMB 105.165 million, representing a year-on-year growth of 29.09% [5]. - The financial data indicates a decline in average selling prices for MOSFET products, with prices for various types dropping significantly from 2022 to 2025 [10]. Group 3: Product and Market Dynamics - The revenue structure is heavily reliant on traditional MOSFET products, with consumer electronics and industrial control accounting for 56.2% and 30.2% of revenue, respectively, in the first nine months of 2025 [6][8]. - The company faces potential competition from newer technologies such as IGBT, SiC MOSFET, and GaN MOSFET, which may threaten the market position of traditional silicon-based MOSFETs [8]. - As of 2023, Shangdingxin holds a market share of approximately 0.3% in a highly concentrated market where the top five manufacturers account for about 49.3% of sales [8]. Group 4: Shareholder Structure and Dividends - The company has a high concentration of ownership, with the controlling shareholder, Liu Daoguo, and his spouse holding approximately 95% of the issued share capital [12]. - Significant dividends have been distributed to shareholders, with payouts in 2022, 2024, and the first nine months of 2025 amounting to RMB 32.492 million, RMB 51.25 million, and RMB 15 million, respectively, representing high percentages of net profits [14].