——注册制新股纵览20251215：强一股份：率先实现MEMS探针卡自主量产

Group 1: AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated to be 2.53 and 2.24, placing it in the 41.6% and 39.3% percentile of the AHP model, indicating a mid-to-upper level position in the market [6][7] - Assuming a 90% admission rate, the expected allocation ratios for offline A and B categories are 0.0285% and 0.0211% respectively [6][7] Group 2: Company Fundamentals and Highlights - The company has broken the foreign monopoly in the MEMS probe card market and is the only domestic enterprise among the global top ten, with a focus on high-end product volume [8][10] - The company has established three major production bases in Suzhou, Hefei, and Shanghai, with a total of four MEMS production lines, achieving initial self-control over core components [13][14] - The company is actively expanding into the storage sector, with its 2.5D MEMS probe card having completed validation and delivery [17][18] Group 3: Financial Comparison with Peers - The company’s revenue from 2022 to 2025 H1 is projected to be lower than comparable companies, but it has a compound annual growth rate (CAGR) of 58.85% in revenue and 286.27% in net profit from 2022 to 2024, outperforming peers [21][25] - The gross margin has steadily increased, reaching 68.99% by 2025 H1, which is higher than the average of comparable companies [29][30] - The company’s inventory turnover rate is relatively low compared to peers, primarily due to the customized nature of its products and longer delivery cycles [30][31] Group 4: Investment Projects and Development Vision - The company plans to raise funds through an IPO to invest in the Nantong probe card R&D and production project, as well as the Suzhou headquarters and R&D center construction project [38][39] - The investment aims to enhance product performance and increase R&D and production capabilities, thereby improving market position [38][39]