2.5D封装龙头盛合晶微冲刺科创板，募资48亿元剑指3DIC

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is set to go public on February 24, 2024, aiming to raise 4.8 billion yuan for advanced packaging projects, positioning itself as a significant player in the semiconductor testing and packaging industry [1][2]. Group 1: Company Overview - Shenghe Jingwei is ranked as the 10th largest semiconductor packaging and testing company globally and the 4th largest domestically according to Gartner [1]. - The company was established in 2014 as a joint venture between SMIC and JCET, focusing on bridging the gap in the 12-inch wafer processing segment [1][2]. Group 2: Business Operations - The company specializes in advanced 12-inch wafer processing and has become a key supplier for Qualcomm, marking its entry into the market [2]. - Shenghe Jingwei has achieved significant milestones in 12-inch wafer-level chip packaging (WLCSP), with mass production starting in 2018 [2]. Group 3: Market Position - As of 2024, Shenghe Jingwei holds the largest 12-inch Bumping capacity in mainland China and is the first to provide 14nm advanced process Bumping services [3]. - The company leads the market in 12-inch WLCSP revenue in mainland China with a market share of approximately 31% [4]. Group 4: Financial Performance - The company reported a compound annual growth rate (CAGR) of 69.77% in revenue from 2022 to 2024, with projected revenues of 6.52 billion yuan in 2025, reflecting a year-on-year growth of 38.59% [9]. - Shenghe Jingwei turned a profit in 2023 after previous losses, with net profits of 340 million yuan, 2.14 billion yuan in 2024, and 4.35 billion yuan in the first half of 2025 [9]. Group 5: Research and Development - The company has significantly increased its R&D investments, with expenditures rising from 257 million yuan in 2022 to 506 million yuan in 2024 [10]. - Shenghe Jingwei's R&D encompasses various advanced processes, including CVD, CMP, and TSV, contributing to its competitive edge in the industry [11].