功率半导体行业规模高增，长晶科技重启IPO，年营收近20亿

Core Viewpoint - The power semiconductor industry is entering a golden period driven by the boom in new energy vehicles and AI, with the Chinese market expected to exceed 180 billion yuan by 2025 [1]. Group 1: Company Overview - Changjing Technology, a leading power semiconductor company, has restarted its IPO process after more than two years, with the China Securities Regulatory Commission confirming its filing on January 15 [1]. - Established in 2018, Changjing Technology specializes in the R&D, production, and sales of semiconductor products, and has been recognized as one of China's top ten power semiconductor companies for six consecutive years [2]. - The company has built a complete industrial chain through acquisitions, including the purchase of Haide Semiconductor and the establishment of Changjing Pulian, enhancing its capabilities in wafer manufacturing [2]. Group 2: Financial Performance - According to its 2022 prospectus, Changjing Technology's revenue from 2020 to 2022 was 1.339 billion yuan, 1.902 billion yuan, and 1.884 billion yuan, respectively, with net profits of 66 million yuan, 244 million yuan, and 127 million yuan [3]. - Despite the acquisition of New Shunwei contributing to wafer revenue growth, the company's total revenue remained stable compared to 2021, while net profit saw a significant decline due to weak demand in the consumer electronics market and cyclical factors [3]. Group 3: Market Trends and Future Prospects - The power semiconductor industry is showing signs of recovery, with revenue growth entering an upward cycle since Q4 2022, creating a favorable external environment for companies [4]. - The global power semiconductor market is projected to grow from 411.5 billion yuan in 2020 to 610.1 billion yuan by 2025, with China's market expected to exceed 180 billion yuan [4]. - Changjing Technology is actively expanding into new application markets, particularly in automotive electronics, with over 3,500 AEC-Q certified automotive-grade products [5]. Group 4: Strategic Initiatives - The company plans to use the funds raised from its IPO to expand production capacity, including projects for an annual output of 8 billion new components and 600,000 6-inch power semiconductor chips [5]. - This expansion aims to enhance self-sufficiency in packaging and testing, reduce reliance on external foundries, and improve cost control and delivery capabilities [5]. Group 5: Shareholder Structure - The controlling shareholder of Changjing Technology is Shanghai Jianghao Enterprise Management Consulting Co., Ltd., which holds 6.9% of the shares and controls 31.62% of the voting rights [6]. - Notably, the company's shareholder list includes industry giants like Xiaomi and OPPO, highlighting its significant position in the consumer electronics supply chain [6].