盛合晶微科创板IPO过会，冲刺晶圆级先进封测“第一股”

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the listing review by the Shanghai Stock Exchange for its IPO on the Sci-Tech Innovation Board, focusing on advanced packaging technology in the semiconductor industry [1][4]. Company Overview - Shenghe Jingwei was established as a joint venture between SMIC and JCET, with a focus on chiplet multi-chip integration packaging as its development direction [2]. - The company aims to optimize chip system performance through chiplet multi-chip integration packaging technology, which is recognized as a consensus in the industry as Moore's Law approaches its limits [2]. Market Position and Growth - Shenghe Jingwei plans to raise 4.8 billion yuan for investments in 3D multi-chip integration packaging projects, which will enhance its production capacity in response to the high growth demand in the mainland China's chiplet multi-chip integration packaging sector [3]. - According to Gartner, Shenghe Jingwei is projected to be the 10th largest packaging and testing company globally and the 4th largest domestically by 2024, with a compound annual growth rate (CAGR) of revenue from 2022 to 2024 ranking first among the top ten global companies [3]. - The company is expected to lead in 12-inch bumping capacity and revenue from 12-inch WLCSP and 2.5D packaging in mainland China by 2024 [3]. Customer Concentration - Shenghe Jingwei has a high customer concentration, with the top five customers accounting for 72.83% to 90.87% of total sales revenue from 2022 to the first half of 2025, and the largest customer contributing 40.56% to 74.40% during the same period [1]. - The high concentration is attributed to the dominance of a few leading firms in the downstream market of the advanced packaging industry, particularly in the chiplet multi-chip integration packaging sector [1].