据港交所12月2日披露，深圳市尚鼎芯科技股份有限公司(简称：尚鼎芯)向港交所主板递交上市申请，金联资本为其独家保荐人。 尚鼎芯是一家无晶圆厂功率半导体供应商，专门从事定制化功率器件产品的开发及供应。公司为客户量身定制技术应用解决方案，提供定制的功率器件，用 于安装在终端用户最终使用的电气设备及电气产品的电路板上，旨在实现特定性能或优化该等产品的功能。公司于往绩记录期间提供的产品主要是 MOSFET，其次是IGBT、GaN MOSFET及SiC MOSFET，该等产品主要由公司的技术专家设计、定制及/或开发，专门按照客户要求量身定制，用于其下游 产品。 尚鼎芯提供的产品用途广泛，包括电源转换器和电池管理系统。应用范围涵盖消费电子、工业控制、汽车电子、新能源及储能、医疗设备等应用场景，广泛 用于扫地机器人、手持电动工具、无人机、各种消费电子适配器、LED照明、户外储能等应用产品。该广泛适用性可增强公司的增长潜力，使公司能够开拓 多样化的市场，适应不断变化的行业趋势。 ...

尚鼎芯提供的产品用途广泛，包括电源转换器和电池管理系统。应用范围涵盖消费电子、工业控制、汽 车电子、新能源及储能、医疗设备等应用场景，广泛用于扫地机器人、手持电动工具、无人机、各种消 费电子适配器、LED照明、户外储能等应用产品。该广泛适用性可增强公司的增长潜力，使公司能够开 拓多样化的市场，适应不断变化的行业趋势。 智通财经获悉，据港交所12月2日披露，深圳市尚鼎芯科技股份有限公司(简称：尚鼎芯)向港交所主板 递交上市申请，金联资本为其独家保荐人。 尚鼎芯是一家无晶圆厂功率半导体供应商，专门从事定制化功率器件产品的开发及供应。公司为客户量 身定制技术应用解决方案，提供定制的功率器件，用于安装在终端用户最终使用的电气设备及电气产品 的电路板上，旨在实现特定性能或优化该等产品的功能。公司于往绩记录期间提供的产品主要是 MOSFET，其次是IGBT、GaN MOSFET及SiC MOSFET，该等产品主要由公司的技术专家设计、定制 及/或开发，专门按照客户要求量身定制，用于其下游产品。 本文源自：智通财经网 ...

Core Viewpoint - Shenzhen Shangdingxin Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Jinyuan Capital as its sole sponsor [1] Company Overview - Shangdingxin is a fabless power semiconductor supplier focused on the development and supply of customized power device products [1] - The company specializes in tailored technical application solutions, providing customized power devices for circuit boards used in end-user electrical equipment and products [1] Product Offerings - The primary products offered by Shangdingxin include MOSFETs, followed by IGBTs, GaN MOSFETs, and SiC MOSFETs, all designed and customized according to client specifications [1] - The products are widely used in applications such as power converters and battery management systems, covering sectors like consumer electronics, industrial control, automotive electronics, new energy and storage, and medical devices [1] Market Potential - The broad applicability of Shangdingxin's products enhances its growth potential, allowing the company to explore diverse markets and adapt to changing industry trends [1]

Core Viewpoint - The company Tianyue Advanced has confirmed that its silicon carbide substrates can be widely applied in various downstream products, indicating strong industry demand and potential growth opportunities in sectors such as electric vehicles, photovoltaics, and AI technology [1] Group 1: Application Areas - Silicon carbide substrates are applicable in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and thermal components [1] - Key industries utilizing these substrates include electric vehicles, photovoltaic and energy storage systems, power grids, rail transportation, communications, AI glasses, smartphones, and semiconductor lasers [1] Group 2: Business Relationships - The company has established business partnerships with over half of the top ten global power semiconductor device manufacturers [1] - Clients primarily use the high-quality silicon carbide substrates to manufacture power and RF devices, which are ultimately utilized in electric vehicles, AI data centers, and photovoltaic systems [1]

分红方面，锴威特A股上市后累计派现1989.47万元。 机构持仓方面，截止2025年9月30日，锴威特十大流通股东中，诺安多策略混合A（320016）位居第九 大流通股东，持股39.44万股，相比上期增加7.76万股。 融资方面，锴威特当日融资买入336.42万元。当前融资余额1.24亿元，占流通市值的8.57%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，锴威特11月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，苏州锴威特半导体股份有限公司位于江苏省苏州市张家港市杨舍镇华昌路10号沙洲湖科创园 B2幢01室，成立日期2015年1月22日，上市日期2023年8月18日，公司主营业务涉及功率半导体的设 计、研发和销售，并提供相关技术服务。主营业务收入构成为：功率器件46.66%，功率IC42.65%，其 他8.57%，技术服务2.12%。 截至9月30日，锴威特股东户数7344.00，较上期增加14.04%；人均流通股5297股，较上期减少10.18%。 2025年1月- ...

Core Viewpoint - Tianyue Advanced (688234.SH) is actively engaged in the application of SiC MOS technology in power semiconductors, which are essential for various industries including electric vehicles, photovoltaics, energy storage systems, and smartphones [1] Company Collaboration - The company has established partnerships with multiple power semiconductor manufacturers and has collaborated with more than half of the top ten global power semiconductor device manufacturers [1]

Core Viewpoint - Zhonglian Development Holdings intends to acquire up to 100% of Longteng Semiconductor Co., Ltd., with a proposed transaction value between HKD 4.5 billion and HKD 9 billion, subject to final agreement [1][2] Group 1: Company Overview - Longteng Semiconductor is a leading provider of power semiconductor devices and system solutions, recognized as a key enterprise in the semiconductor and integrated circuit industry in Shaanxi Province, China [1] - The target company is also classified as a "Little Giant" enterprise by the Ministry of Industry and Information Technology of China, indicating its significance in the industry [1] Group 2: Market Context - China is the largest consumer market for power semiconductors, accounting for nearly half of the global market share, but the localization rate of mid-to-high-end products remains relatively low [2] - The target group possesses a core team with industry experience and capital vision, which can effectively expand market share in the power semiconductor consumption market [2]

Group 1: Investor Relations and Company Strategy - The company plans to establish a normalized dividend mechanism to enhance investor returns, adhering to relevant regulations and internal policies [2] - The company is focusing on core business enhancement, cost reduction, and increasing R&D efforts for new products and projects [4] - The new leadership team aims to explore mergers and acquisitions that align with the company's strategic direction to create a second growth curve [4] Group 2: Product Applications and Market Position - The company's products are primarily supplied to power semiconductor manufacturers and are being actively expanded into new application areas such as data centers and low-altitude aircraft [2] - The company has a competitive edge in product performance metrics like thermal conductivity, hardness, tensile strength, and precision compared to market peers [3] - The product development cycle from design to mass production typically takes 3-5 years, but has been reduced to 1-2 years for some products due to industry demands [3] Group 3: Cost Management and Pricing Strategy - The company has a price transmission mechanism to manage raw material cost fluctuations, but it cannot fully mitigate the impact of price volatility [3] - The company employs a "maintain market share" strategy for key domestic clients while actively expanding into overseas markets [4] - The company is committed to maintaining a reasonable gross margin through technological cost reduction and supply chain collaboration [3]

Core Viewpoint - The company is advancing the acquisition of 100% equity in Shenzhen Shangyang Tongke Technology Co., Ltd, aiming to enter the power semiconductor sector and establish a second growth curve to enhance its sustainable profitability [1] Group 1 - The acquisition project is currently in progress and requires approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1] - The completion of the transaction is subject to uncertainties regarding the approval and registration timeline [1]

Investment Rating - The report maintains a "Buy" rating for the company’s A-shares and H-shares [4][6] Core Insights - The company achieved a revenue of 18.83 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 14.9%. The net profit attributable to shareholders was 2.72 billion CNY, up 10.9%, while the net profit excluding non-recurring items reached 2.61 billion CNY, marking a significant increase of 30.9% [1][4] - The company's gross margin improved to 32.4%, an increase of 3.1 percentage points year-on-year, while the net margin slightly decreased to 15.3%, down 0.7 percentage points [1] - The rail transit equipment business showed stable growth, with revenue reaching 10.31 billion CNY, a year-on-year increase of 9.2%. The company maintained a stable market share in the bidding for train sets and locomotives, which is expected to support the annual performance [2] - The emerging equipment business experienced rapid development, with revenue of 8.43 billion CNY, reflecting a year-on-year growth of 22.3%. The company made significant progress in IGBT chip technology and is expanding its production capacity in power semiconductors [3] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 6.62 billion CNY, a 9.6% increase year-on-year, and a net profit of 1.05 billion CNY, up 7.7% [1] - The company’s projected net profits for 2025-2027 are 4.30 billion CNY, 4.81 billion CNY, and 5.35 billion CNY, respectively, with corresponding EPS of 3.17 CNY, 3.54 CNY, and 3.94 CNY [4][5] Revenue Breakdown - The rail transit equipment segment generated 10.31 billion CNY in revenue, with specific contributions from various sub-segments: electrical equipment (8.08 billion CNY), engineering machinery (0.90 billion CNY), communication signals (0.76 billion CNY), and other equipment (0.57 billion CNY) [2] - The emerging equipment segment's revenue was 8.43 billion CNY, with notable growth in basic components (3.84 billion CNY), electric drive systems for new energy vehicles (1.87 billion CNY), and renewable energy generation (1.59 billion CNY) [3] Profitability and Valuation - The company’s projected P/E ratios for A-shares are 23, 19, 16, 15, and 13 for the years 2023 to 2027, respectively [5][11] - The return on equity (ROE) is expected to improve from 8.42% in 2023 to 10.45% in 2027, indicating enhanced profitability [11]