中芯长电孵化，江阴将迎一个半导体IPO

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has successfully passed the review for its IPO on the Sci-Tech Innovation Board, marking the first IPO approval in the Year of the Horse [2]. Company Overview - Shenghe Jingwei, previously known as Zhongxin Changdian Semiconductor (Jiangyin) Co., Ltd., is a joint venture with roots in both SMIC and Changdian Technology, focusing on advanced packaging and testing services for integrated circuits [3]. - The company aims to raise 4.8 billion yuan through its IPO, with a strong emphasis on supporting high-performance chips, including GPUs, CPUs, and AI chips [2][7]. Financial Performance - In 2022, Shenghe Jingwei reported revenues exceeding 6.5 billion yuan and a net profit of over 900 million yuan, showcasing significant growth and operational efficiency [7]. - The company has shown a trajectory of increasing revenues from approximately 1.63 billion yuan in 2022 to an expected 6.52 billion yuan in 2025, with net profits transitioning from a loss of 329 million yuan in 2022 to a projected profit of 923 million yuan in 2025 [9]. Shareholder Structure - As of the IPO, the largest shareholder is Wuxi Chanfang Fund with a 10.89% stake, followed by various stakeholders from the Zhaoyin and Huawen groups, indicating a diversified ownership structure without a controlling shareholder [5][6]. Future Projections - Shenghe Jingwei anticipates revenue growth of 9.91% to 19.91% in Q1 2026, with net profits expected to rise by 6.93% to 18.81% compared to the previous year [12]. - The company plans to utilize the funds raised from the IPO for projects focused on three-dimensional multi-chip integration packaging, enhancing its capabilities in high-end packaging services [12].