芯片封测龙头，马年首家IPO过会

Company Overview - Shenghe Jingwei is an integrated circuit wafer-level advanced packaging and testing company, planning to raise 4.8 billion yuan through its IPO, with 4 billion yuan allocated for a 3D multi-chip integration packaging project and 800 million yuan for a high-density interconnect 3D multi-chip integration packaging project [3][4] Market Position - Shenghe Jingwei holds the largest market share in mainland China for 2.5D integration, with an 85% market share, and ranks first in revenue for 12-inch WLCSP with a market share of approximately 31% [5][6] Financial Performance - From 2022 to 2025, Shenghe Jingwei's revenue is projected to grow from 1.633 billion yuan to 6.521 billion yuan, while net profit is expected to turn from a loss of 329 million yuan in 2022 to a profit of 923 million yuan in 2025 [6] - The company's multi-chip integration packaging business has shown rapid growth, with revenues increasing from 86 million yuan in 2022 to 2.078 billion yuan in 2025 [6] Industry Trends - The advanced packaging industry is driven by the demand for smaller, integrated, and high-performance chips, particularly in mobile devices and high-performance computing sectors such as AI and data centers [7] - The global market for multi-chip integration packaging is expected to grow from 2.49 billion USD in 2019 to 8.18 billion USD in 2024, with a compound annual growth rate (CAGR) of 26.9% [7] Future Outlook - Shenghe Jingwei aims to continue innovation and expand its capabilities in advanced multi-chip integration packaging, leveraging its comprehensive experience in chip manufacturing to meet the growing demand for high-performance packaging solutions [8]