广东东莞半导体巨头冲击IPO，已进入苹果、三星产业链，31亿估值

Core Viewpoint - The semiconductor sector is gaining attention with several companies experiencing significant stock price increases, and Guangdong Zhongtu Semiconductor Technology Co., Ltd. is seeking to go public on the STAR Market [1] Company Overview - Zhongtu Semiconductor was established in December 2013 and became a joint-stock company in September 2020, headquartered in Dongguan [2] - The actual controller, Chen Jianmin, holds 79.66% of the shares, while the top ten shareholders own 96.30% of the company [2] - The company focuses on the research, production, and sales of patterned substrate materials, particularly for GaN epitaxy [6][17] Financial Performance - The company reported revenues of 1.063 billion, 1.208 billion, 1.149 billion, and 532 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [9] - Net profits for the same periods were 42.20 million, 74.13 million, 94.46 million, and 42.13 million yuan [9] - The company’s total assets as of June 30, 2025, were approximately 2.625 billion yuan, with a debt-to-asset ratio of 36.50% [10] Product and Market Position - Zhongtu Semiconductor is a leading manufacturer of patterned sapphire substrates (PSS) and patterned composite material substrates (MMS), with an annual production capacity exceeding 18 million 4-inch substrates [6] - The company holds a global market share of approximately 32.76% in the patterned substrate sector [25] - The main applications of its products include Mini/MicroLED, automotive lighting, and various display technologies [6][17] Competitive Landscape - The company faces competition from a few downstream clients who have their own patterned substrate production capabilities, which could impact market share [16] - The company’s gross profit margins have shown an upward trend, reaching 22.51% in the first half of 2025 [12][13] - The company’s revenue from PSS has decreased from 83.12% in 2022 to 61.97% in the first half of 2025, while MMS revenue has increased significantly [11][12] Research and Development - Zhongtu Semiconductor has invested 157 million yuan in R&D over the past three years, representing 4.60% of total revenue [15] - The company’s procurement is highly concentrated, with the top five suppliers accounting for over 80% of total procurement costs [15] Future Outlook - The global demand for GaN LED epitaxial wafers is expected to grow, with production projected to reach 51.39 million units in 2025 [21] - The company’s ability to enhance its product matrix and competitive advantages will be crucial for maintaining its market position [25]