盛合晶微IPO闯关科创板：48亿募资引问询，客户集中与技术成色待考

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has recently received acceptance for its IPO application on the Sci-Tech Innovation Board, planning to raise 4.8 billion yuan for projects related to three-dimensional multi-chip integration packaging and ultra-high-density interconnection projects, despite facing multiple regulatory inquiries regarding fundraising necessity, customer concentration, technological leadership, and supply chain security [1][2][14]. Financial Performance - The company's revenue has shown significant growth from 1.633 billion yuan in 2022 to 3.038 billion yuan in 2023, with projections of 4.705 billion yuan in 2024 and 3.178 billion yuan in the first half of 2025 [1]. - The multi-chip integration packaging business has become a core revenue pillar, with its revenue share rising to 56.24% in the first half of 2024 [1]. Capacity Utilization and Fundraising Concerns - The company has faced scrutiny over its low capacity utilization rates, which have not reached 80% across various business lines, with the multi-chip integration packaging utilization at only 57.62% in 2024 [2][14]. - Regulatory inquiries focus on the rationale behind raising 4.8 billion yuan for expansion when current capacity is underutilized, questioning the company's ability to absorb new capacity [14]. Customer Concentration Risks - Customer concentration has increased significantly, with sales to the top five customers rising from 72.83% in 2022 to 90.87% in the first half of 2025, with the largest customer accounting for 74.40% of sales [3][4]. - The company acknowledges that high customer concentration aligns with industry characteristics but recognizes the associated risks [5]. Supply Chain and Technological Concerns - The company relies on imported key equipment, raising supply chain risk concerns, especially in the context of potential trade barriers [19]. - Regulatory bodies have questioned the company's claims of "international leading" technology, requiring quantitative data to substantiate its competitive advantages [11][19]. Business Composition and Revenue Sources - The company provides customized services for high-performance computing chips and smartphone application processors, with applications spanning high-performance computing, artificial intelligence, data centers, and automotive electronics [1]. - The revenue from the multi-chip integration packaging business has been particularly strong, benefiting from the growth in domestic smartphone shipments and the demand for high-performance computing chips [6].