Venture(US:VEMLY) Zheng Quan Shi Bao Wang·2025-12-24 11:37Core Viewpoint - Torrens Precision Manufacturing (Jiangsu) Co., Ltd. has initiated its IPO on the ChiNext board, aiming to raise 1.156 billion yuan to enhance its market position in the semiconductor precision component industry [1][4]. Company Overview - Torrens is a leading provider of precision metal components in China, focusing on the R&D, production, and sales of key process components for semiconductor equipment, including high-performance parts and system assembly products [2][3]. - The company has established a competitive advantage through a diverse range of semiconductor equipment metal components and has capabilities in laser equipment, providing essential parts like laser cavities and cooling components [2]. Technical Capabilities - Torrens ranks among the top tier of domestic manufacturers in terms of overall technical capabilities, covering high-precision mechanical manufacturing, welding, and surface treatment [3]. - The company has developed integrated capabilities for complex precision component processes and testing, enabling the production of intricate structures required in semiconductor manufacturing [3]. Client Base - Torrens serves major domestic semiconductor equipment manufacturers, with products integrated into the supply chains of companies like Northern Huachuang and Zhongwei, used in core equipment such as etching, film deposition, polishing, and annealing [3]. - The company has also successfully entered the supply chain of the internationally recognized laser equipment firm Lumentum [3]. Financial Performance - From 2022 to the first half of 2025, Torrens reported main business revenues of 279 million yuan, 287 million yuan, 606 million yuan, and 370 million yuan, with net profits of 33.95 million yuan, 15.30 million yuan, 106 million yuan, and 60.85 million yuan respectively [3]. - The company has experienced a compound annual growth rate of approximately 47.37% in revenue and 76.31% in net profit over the last three years, indicating strong growth potential [3]. IPO Details - The IPO aims to raise 1.156 billion yuan, which will be invested in the manufacturing and R&D base for precision components and to supplement working capital [4]. - The fundraising aligns with national industrial policies and the company's development strategy, enhancing its market position and innovation capabilities in the semiconductor precision component sector [4].