中图科技，再闯科创板

Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (Zhongtu Technology) has been accepted for its IPO on the Sci-Tech Innovation Board after a three-year hiatus, facing challenges such as high market competition and declining product prices despite its leading industry position [1][2]. Company Overview - Zhongtu Technology, established in December 2013, is a major manufacturer of patterned sapphire substrates (PSS) and composite material substrates (MMS), primarily used in Mini/MicroLED, automotive lighting, and display backlighting [2][3]. - The company holds a global market share of approximately 32.76% in patterned substrates, serving top LED chip manufacturers and entering supply chains of major consumer electronics and automotive companies like Apple and Samsung [3]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 1.063 billion, 1.208 billion, and 1.149 billion yuan respectively, with net profits of 44.28 million, 77.10 million, and 93.28 million yuan [3]. - In the first half of 2025, Zhongtu Technology reported revenue of 532 million yuan and a net profit of 40.84 million yuan [3]. Revenue Structure - The majority of the company's revenue comes from PSS and MMS, with PSS contributing over 61% of total revenue during the reporting period [4]. - The technology used for PSS is not new, having been widely adopted since the early 2010s, leading to high market saturation and intense competition [4][8]. R&D and Innovation - Zhongtu Technology's R&D expense ratio from 2022 to the first half of 2025 was below the average of comparable companies, indicating lower investment in R&D relative to peers [5][6]. - The company holds 44 invention patents, with a significant number acquired from its controlling shareholder [6]. Market Competition - The LED chip industry is characterized by high concentration, with some clients developing their own substrate production capabilities, posing direct competition to Zhongtu Technology [8][10]. - The average price of PSS and MMS products has been declining, with PSS prices dropping from 71.26 yuan per piece in 2022 to 52.79 yuan in the first half of 2025, a decrease of 25.92% [13]. Future Outlook - Zhongtu Technology plans to raise 1.05 billion yuan through its IPO, focusing on projects related to Mini/MicroLED and automotive LED chip substrate industrialization, as well as establishing a semiconductor substrate materials engineering research center [13].