新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针 at = 注册制新股纵览 20251215 本期投资提示: 由万宏源研究微信服务 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 AHP 得分及配售比例: 剔除、考虑流动性溢价因素后, 我们测算强一股份 AHP 得分为 2.53 ● 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位,处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 MEMS 探针卡持续放量，全球前十强唯一境内企业。公司是拥有自主 MEMS 探针制造技术 0 并能够批量生产 MEM ...

策 略 研 究 新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针卡 自主量产 ——注册制新股纵览 20251215 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算强一股份 AHP 得分为 2.53 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位，处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 ⚫ MEMS 探针 ...

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has had its IPO review status on the Sci-Tech Innovation Board updated to "suspended" due to the expiration of financial data in its application documents, necessitating resubmission [2] Financial Performance - As of June 30, 2024, the total assets of the company reached 1,024.94 million yuan, an increase from 960.01 million yuan at the end of 2023 and 933.90 million yuan at the end of 2022 [3] - The company's operating income for the first half of 2024 was 197.54 million yuan, with a net profit of 40.85 million yuan, showing significant growth compared to previous years [3] - The compound annual growth rate (CAGR) of operating income from 2021 to 2023 was 79.69% [3] Customer Concentration - The sales to the top five customers accounted for 72.58% of the total operating income in the first half of 2024, indicating a high concentration of revenue [4] - Sales to Company B, a significant customer and related party, represented 42.09% of the operating income in the first half of 2024, up from 37.92% in 2023 [6][7] Research and Development - The proportion of R&D investment relative to operating income was 15.96% in the first half of 2024, a decrease from 26.23% in 2023 [3] Related Party Transactions - The company has a significant reliance on Company B for sales, with related party sales accounting for 42.09% of operating income in the first half of 2024, reflecting a trend of increasing dependency over the years [8][11]