招股说明书梳理系列（一）：盛合晶微电子

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Insights - The company, Shenghe Jingwei, is advancing its listing process on the Sci-Tech Innovation Board, having submitted its prospectus and initiated the first round of inquiries [3] - The company aims to raise 4.8 billion yuan for projects related to three-dimensional multi-chip integration packaging and ultra-high-density interconnection technology, addressing the high growth demand in China's multi-chip integration packaging sector [3] - The advanced packaging industry for integrated circuits is experiencing rapid expansion, with the global market expected to grow from 101.47 billion USD in 2024 to 134.9 billion USD by 2029, driven by diverse downstream applications [3][22] - The company has established itself as a leader in the advanced packaging sector, being the largest provider of 12-inch Bumping capacity in mainland China and holding significant market shares in various advanced packaging technologies [3][23] Summary by Sections Company Overview - Shenghe Jingwei was founded in 2015 and has developed comprehensive advanced packaging services, focusing on 12-inch wafer processing and multi-chip integration packaging [7] - The management team consists of experienced professionals with extensive backgrounds in the semiconductor industry [10] Industry Development - The integrated circuit packaging and testing industry is projected to grow significantly, with a compound annual growth rate (CAGR) of 12.8% from 2019 to 2024, reaching 101.47 billion USD [22] - The advanced packaging sector is expected to see a CAGR of 10.0%, with multi-chip integration packaging being the fastest-growing segment, projected to grow from 2.49 billion USD in 2019 to 8.18 billion USD by 2024 [25] Company Position in the Industry - Shenghe Jingwei holds the largest 12-inch Bumping capacity in mainland China and ranks first in revenue for 2.5D technology in the region, with an 85% market share [29] - The company provides full-process advanced packaging services for various high-performance chips, including those used in artificial intelligence and data centers [29] Financial Performance - The company reported a revenue of 3.178 billion yuan and a net profit of 435 million yuan in the first half of 2025, indicating a steady growth trend [15] - The gross margins for the company's main business segments are 43.76% for wafer processing, 5.69% for wafer-level packaging, and 30.63% for multi-chip integration packaging [17] Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 90.87% of total revenue in the first half of 2025, highlighting the competitive nature of the advanced packaging market [20]