大基金 + 长存 + 华虹加持，半导体零部件龙头将上会

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, marking a significant milestone for this national-level specialized "little giant" enterprise in the semiconductor and display panel equipment components sector [1][3]. Industry Overview - The semiconductor equipment core precision components sector, including high-purity silicon parts, quartz products, and advanced ceramic materials like silicon carbide and aluminum oxide, has long been dominated by foreign companies from the US, Japan, Germany, and South Korea [5][7]. - These components are critical for key equipment such as plasma etching and thin film deposition, requiring high material purity, processing precision, and resistance to plasma corrosion, making them a "high-end" segment in the semiconductor supply chain [5]. Market Dynamics - The global market is highly concentrated among major international equipment suppliers, with domestic high-end demand historically reliant on imports [7]. - However, the trend towards domestic substitution and self-sufficiency in the semiconductor supply chain presents historic growth opportunities for local component manufacturers [7]. - Domestic wafer manufacturers like SMIC and Changjiang Storage are increasing their demand for localized procurement of core components, providing local companies with valuable opportunities for validation and process integration [7]. Company Profile - Established in 2016, Zhenbao Technology focuses on manufacturing semiconductor and display panel equipment components and surface treatment services, forming an integrated business platform [8]. - The company has achieved mass production of large-diameter single crystal silicon rods and CVD silicon carbide ultra-thick materials, covering four major categories of core components [8]. Market Position - Zhenbao Technology has become a leader among domestic semiconductor equipment component companies, with market shares of 4.5% for silicon components and 8.8% for quartz components in 2024 [9]. - The company ranks fourth among domestic providers of semiconductor and display panel equipment component surface treatment services, with a market share of 2.8% [9]. Financial Performance - Zhenbao Technology has shown steady growth, with projected revenues of 635 million yuan and a net profit of 145 million yuan for 2024 [10]. - The company's gross profit margin for semiconductor products has increased from 50.80% in 2022 to 56.57% in 2024, outperforming industry averages by approximately 8 percentage points [10]. Technological Development - As of June 2025, Zhenbao Technology holds 112 patents, including 57 invention patents, and is recognized for its technical research capabilities at the national level [11]. - The company faces challenges in comparison to foreign competitors, particularly in technology strength and brand reputation, especially in advanced process components [11]. Future Outlook - The upcoming IPO review of Zhenbao Technology will provide important insights into the semiconductor core component sector for the capital market [12]. - Successful listing could accelerate the company's technological development and capacity expansion, further promoting the domestic substitution process in semiconductor equipment components [12].