青岛藏着一家半导体核心设备巨头

Core Viewpoint - Qindao SIRUI Intelligent Technology Co., Ltd. has successfully completed a multi-billion C round financing, marking a significant milestone in its growth trajectory within the semiconductor core equipment sector, with strong backing from national-level funds and industry-leading investors [1][5]. Financing History - Since its establishment in 2018, SIRUI Intelligent has undergone six rounds of financing, showcasing a clear pattern of industry capital leading the way, followed by diverse capital participation, and culminating in national-level capital involvement [3]. - The financing timeline includes: - 2019: Angel round led by CRRC Capital and China CRRC, establishing a foundation for technology layout [4]. - 2022: A round financing with 12 participants, accelerating the domestic implementation of ALD technology [4]. - 2023: A+ round financing further strengthening R&D capabilities [4]. - 2024: B and B+ rounds, with valuations reaching 4.1 billion yuan, reflecting increased market recognition [4]. - 2025: C round financing led by national funds, enhancing the company's capital structure and industry connections [5]. Product Focus and Competitive Edge - SIRUI Intelligent targets the semiconductor front-end process equipment market, specializing in Atomic Layer Deposition (ALD) and Ion Implantation (IMP) equipment, becoming the only domestic company to achieve mass production of both technologies [6][10]. - The acquisition of Beneq Oy in 2018 enabled rapid access to 40 years of ALD technology, facilitating a transition from research to industrial applications [8]. - In the ALD sector, SIRUI's orders grew by 40% year-on-year in 2024, with successful deliveries to leading semiconductor manufacturers [8]. - In the IMP sector, SIRUI developed China's first high-energy ion implanter, filling a domestic gap and meeting advanced process requirements [10]. Market Potential and Growth - The global semiconductor equipment market is valued at $70 billion, with a projected annual growth rate of 10% over the next five years, while the domestic demand for ALD equipment is expected to grow at 20% [11]. - SIRUI's technology breakthroughs address critical "bottleneck" issues in the industry, supporting the national semiconductor supply chain and enhancing domestic production capabilities [11]. - Despite not yet achieving profitability, SIRUI's revenue for 2023 was 468 million yuan, with a net loss of 239 million yuan, which aligns with the high R&D investment typical in the semiconductor equipment sector [11]. IPO Progress - Concurrent with the C round financing, SIRUI's IPO process is advancing, with plans to submit documents to the Sci-Tech Innovation Board in early to mid-2026 [12]. - The successful completion of the C round financing is expected to optimize the capital structure and provide operational funding for the IPO, positioning SIRUI as a benchmark enterprise in the semiconductor equipment sector [12].