核心新股周巡礼系列7：臻宝科技招股书梳理-20250818

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The semiconductor revenue of the company is expected to account for 85.51% of its total revenue in 2024, showing a continuous increase from 67.31% in 2022 and 80.38% in 2023. Conversely, the revenue share from the display panel segment is projected to decrease from 32.69% in 2022 to 14.37% in 2024 [4][24] - The company has made significant technological breakthroughs in semiconductor equipment components, achieving domestic substitution for several key parts and enhancing its R&D investment in critical areas such as silicon carbide components and semiconductor electrostatic chucks [4][23] - The company has established strong partnerships with major domestic and international clients, ranking first in the domestic market for silicon and quartz components with market shares of 4.5% and 8.8%, respectively [5][24] Summary by Sections 1. Company Overview - The company has developed an integrated business platform combining "raw materials + components + surface treatment" over nearly a decade, focusing on vacuum chamber components for integrated circuits and display panels [18] - The company has expanded its product offerings to include components for advanced process nodes in semiconductor manufacturing, such as 14nm and below, and high-generation AMOLED products [19] 2. Semiconductor Revenue Growth - The revenue from semiconductor equipment components is projected to be the largest revenue source, accounting for 81.33% of the company's total revenue in 2024 [4][27] - The semiconductor and display panel markets are continuously expanding, driving rapid growth in surface treatment services [4][46] 3. Market Position and Collaboration - The company has established stable business relationships with leading domestic semiconductor manufacturers and has successfully expanded its client base to include international companies [23][24] - The company ranks second in the domestic market for non-metal components and fourth for surface treatment services, with a market share of 1.9% and 2.8%, respectively [6][24] 4. Product and Service Offerings - The company's surface treatment services include precision cleaning, anodizing, and thermal spraying, which enhance the performance and lifespan of components used in extreme process environments [58] - The company has achieved breakthroughs in high-density coating preparation technology, improving the corrosion resistance and stability of components in advanced process environments [58]