赛英电子（920181）：北交所新股申购策略报告之一百六十四：功率半导体陶瓷封装“小巨人”-20260327

Investment Rating - The report assigns a positive investment rating, suggesting active participation in the stock offering due to its low initial valuation and strong customer loyalty [26]. Core Insights - The company is recognized as a national-level "little giant" in the ceramic packaging sector for power semiconductors, focusing on the research, manufacturing, and sales of ceramic shells and packaging heat dissipation substrates [4][8]. - The company has established a strong technical foundation with proprietary processes and has accumulated a solid customer base, including leading firms in the power semiconductor industry [4][9]. - The global power semiconductor market is expected to grow significantly, with a projected market size of approximately $52.2 billion in 2024, driven by increasing demand in various sectors such as renewable energy and high-voltage power transmission [18][19]. Summary by Sections 1. Company Overview - The company specializes in ceramic packaging for power semiconductor devices, holding a leading position in the industry and participating in the formulation of industry standards [4][8]. - It has a dual product matrix, with ceramic shells as the core and heat dissipation substrates as a rapidly growing segment, supported by strong technical capabilities [9]. 2. Issuance Plan - The new stock issuance is priced at 28 yuan per share, with an initial offering of 10.8 million shares, representing 25% of the post-issue total shares [14][15]. - The expected total fundraising is 302 million yuan, with a projected market capitalization of 1.21 billion yuan post-issuance [15]. 3. Industry Situation - The power semiconductor industry is experiencing robust growth, with increasing applications in high-voltage power transmission, renewable energy, and industrial control [17][18]. - The demand for power semiconductors is expected to expand significantly, particularly in new applications such as intelligent computing centers, which are projected to grow at a compound annual growth rate (CAGR) of 40.4% from 2023 to 2028 [20]. 4. Competitive Advantages - The company has a strong focus on R&D, with a well-established team and numerous patents, enhancing its competitive edge in the market [22]. - It has built stable relationships with major clients, ensuring a consistent demand for its products and reinforcing its market position [22]. 5. Comparable Companies - The company is positioned in the mid-tier of the industry, with a gross margin that ranks above the industry average, indicating a solid financial performance compared to peers [24][25].