Core Viewpoint - The company, Shengke Nano (688757.SH), operates as a third-party testing and analysis laboratory for the semiconductor industry, providing critical analysis services to clients across the entire semiconductor supply chain, including chip design, wafer manufacturing, and PCB manufacturing [1] Group 1: Company Overview - Shengke Nano specializes in failure analysis, material analysis, and reliability analysis for semiconductor clients [1] - The company has a unique advantage in the analysis and testing of HDI (High-Density Interconnect) boards used in AI computing chips [1] Group 2: Industry Trends - The rapid development of AI technology has led to increased demands for high-frequency signal transmission, high integration of chips, complex interconnection structures, and efficient heat dissipation in AI servers [1] - This trend has resulted in significant upgrades in PCB specifications and a marked increase in the usage of high-end HDI boards [1] Group 3: Service Capabilities - The company possesses a professional technical team and advanced testing equipment, enabling comprehensive and high-precision analysis of HDI boards throughout various stages, from raw materials to production processes and final product performance [1] - Shengke Nano aims to identify potential defects and risks in HDI boards, providing clients with high-quality testing reports and optimization recommendations to enhance product quality and production efficiency [1] Group 4: Future Opportunities - The PCB analysis and testing business of the company is expected to encounter more opportunities in the future due to the growing demands in the semiconductor industry [1]

Core Viewpoint - Zhongjia Weishi has successfully completed nearly 100 million yuan in Series A financing, with participation from institutions such as Guotai Junan Innovation Investment and Guojin Dingxing [2] Company Overview - Zhongjia Weishi is a Sino-Korean joint venture high-tech company established in 2019, focusing on the research, production, sales, and service of TFT-LCD, OLED, semiconductor front-end detection equipment, and general semiconductor testing equipment [3] - The company has established significant technological and market advantages in the field of display panel front-end detection, with its self-developed high-precision online measurement equipment achieving major breakthroughs in core indicators, recognized as internationally advanced by authoritative institutions [3] Financing Purpose - The financing will primarily be used to consolidate advantages in display front-end detection, accelerate capacity expansion to meet the demand for domestic detection equipment from major panel manufacturers, and expand the layout of semiconductor front-end detection [4] - It will also focus on accelerating the research and development iteration and mass production delivery of wafer measurement equipment, as well as continuous breakthroughs in core areas such as high-precision calibration and nano-level 3D measurement [4] Investment Rationale - The project leader from Guotai Junan Innovation Investment stated that Zhongjia Weishi has achieved significant accomplishments in the display front-end detection field, covering all core processes and penetrating leading panel manufacturers [5] - The company is leveraging its advanced technology in the display field to explore a second growth curve in semiconductor front-end measurement, with strong technological transferability and team execution, instilling confidence in investors regarding its strategic layout in both fields [5] Investment Perspective - The financing event of Zhongjia Weishi is seen as an important step in the domestic substitution process in the semiconductor testing field, supported by government policies promoting independent innovation in the semiconductor industry [6] - The capital market has highly recognized the company's technological strength and market potential, with investment institutions expressing optimism about its future development [6] - Zhongjia Weishi's entrepreneurial spirit and layout in the semiconductor testing sector inject new vitality into industry development, which is commendable [6]

Group 1 - In the first half of 2025, Jiangsu had 12 companies successfully listed on A-shares, leading the nation in IPO numbers [1][3] - Suzhou led the province with 4 newly listed companies, including notable firms such as Huazhi Jie and Zhongjie Automotive [2][3] - Jiangsu accounted for approximately 23.53% of the total 51 companies that went public on A-shares in the first half of 2025 [3] Group 2 - In addition to A-shares, 6 Jiangsu companies successfully listed on the Hong Kong Stock Exchange during the same period [3] - Jiangsu has nearly 60 companies waiting for approval to list on the Shanghai, Shenzhen, and Beijing exchanges, with over 20 companies queued for the Hong Kong Stock Exchange [4]

Core Viewpoint - Beijing University, celebrating its 127th anniversary, has played a pivotal role in China's intellectual and technological advancements, producing numerous influential figures in various fields, including technology, medicine, and investment [1][2][4]. Group 1: Historical Contributions - Beijing University has been a beacon of enlightenment and national rejuvenation since its inception, promoting values of patriotism, progress, democracy, and science [1]. - The university has been instrumental in significant historical movements, such as the May Fourth Movement and the development of key technologies like nuclear physics and space exploration [1]. - Notable alumni include pioneers in various fields, such as nuclear physicist Yu Min, and Nobel laureate Tu Youyou, showcasing the university's impact on global scientific advancements [1]. Group 2: Influence in the Digital Age - In the digital era, Beijing University has produced influential entrepreneurs like Baidu's founder Robin Li and NIO's founder Li Bin, who have made significant contributions to their respective industries [2][3]. - The university's alumni are also prominent in the venture capital sector, with figures like Li Wei and Wang Qiang leading investment firms that support innovation and entrepreneurship [2]. Group 3: IPO and Investment Activities - The university's alumni continue to make waves in the stock market, with notable IPOs such as Shengke Nano, led by alumnus Li Xiaomin, marking significant milestones for Jiangsu province [4][6]. - Other alumni-led companies, like Tudatong and Naxin Micro, are also pursuing IPOs, indicating a strong presence of Beijing University graduates in the capital markets [7][8]. Group 4: Venture Capital Initiatives - Beijing University has established various funds and initiatives to support technology transfer and innovation, including the Yuanpei Fund and Yan Yuan Venture Capital, aimed at fostering early-stage startups [15][16][17]. - The university's efforts in creating a robust innovation ecosystem are evident through partnerships with local governments and the establishment of incubators to support tech startups [20][21]. Group 5: Future Directions - The university is focused on enhancing its role in national modernization and innovation, with plans to further integrate research and commercialization efforts [18][22]. - The upcoming Yan Yuan International Innovation Competition and other initiatives aim to strengthen the university's position in the tech innovation landscape [21][22].

Summary of Conference Call Records Company and Industry Overview - The company operates in the semiconductor industry, providing third-party testing services to a diverse range of clients, including over 2,000 global customers such as Qualcomm and Broadcom, as well as domestic firms and major foundries like TSMC and ASE [1][2][3] Key Points and Arguments - The semiconductor testing market is divided into two main types: third-party testing laboratories and in-house testing facilities. Third-party testing is noted for its higher economic efficiency due to lower capital investment in high-end equipment [2][3] - The global semiconductor third-party testing market is experiencing growth, with China's market size for material analysis estimated at approximately 14 billion and reliability testing at around 28 billion, contributing to an overall third-party testing market size of 60-70 billion in 2023 [4][5] - The company has a market share of approximately 4.23% in the mainland semiconductor third-party laboratory market, with a 7.9% share in the more technically demanding areas of reliability and material analysis [5][6] - The company is expanding its operations, with new laboratories established in Shenzhen and Qingdao, indicating confidence in future growth and the ability to serve new clients such as ZTE and BYD [6][7] - The company is also diversifying into new sectors such as aerospace and biomedicine, with established collaborations with major players in these fields [7][8] Financial Performance - The company's revenue is projected to grow from 290 million in 2022 to 420 million in 2024, with a forecasted net profit increase of around 40% in Q1 2025 [8][9] - The company faces potential risks from major clients establishing in-house laboratories, international trade disputes, and cyclical fluctuations in the semiconductor market [9][10] Competitive Landscape - The company is a leading domestic supplier of semiconductor probe test equipment, with a market share of 25.7% in mainland China as of 2023. The overall market for probe test equipment is valued at approximately 3.27 billion USD, with a projected growth rate of 20% [10][11] - The company has successfully broken the overseas monopoly in probe test equipment, with a strong technical team and historical expertise in semiconductor development [12][13] Product Development and Innovation - The company is focusing on developing advanced testing equipment for integrated circuits and is the first in mainland China to produce 12-inch wafer probe test equipment, which is crucial for the domestic semiconductor industry [13][14] - The company is also expanding its product line to include sorting machines and automated optical inspection devices, enhancing its capabilities in semiconductor manufacturing [14][15] Risks and Challenges - The company must navigate a competitive landscape dominated by international firms, particularly in the integrated circuit sector, where domestic market penetration remains low [15][16] - The company is also monitoring supply-demand dynamics and price volatility in the semiconductor equipment market, which could impact future performance [20][21] This summary encapsulates the key insights from the conference call, highlighting the company's position in the semiconductor testing industry, its growth strategies, financial outlook, and potential risks.

Report Summary 1. Investment Events - On March 25, 21 investment and financing events were disclosed in domestic and foreign venture capital markets, including 13 domestic and 8 foreign enterprises, with a total financing of about 8.088 billion yuan [1] - On March 24, the first phase of the "Hangtou Zhengling Shuangdongjian Low - altitude Economy Industry Investment Fund" jointly initiated by Chengdu Eastern New Area, Shuangliu District, and Jianyang City was in place, targeting the low - altitude economy and focusing on eVTOL整机 enterprises [1] - On March 25, Qi'an Investment completed a new - phase fund with a first - closing scale of 300 million yuan, investing in network, data, AI, national defense, and quantum security technologies [2][3] - On March 25, Shanghai launched the second - phase industrial transformation and upgrading fund (total scale of 5 billion yuan) and the state - owned asset M&A fund matrix (total scale over 5 billion yuan) [4] 2. Large - scale Financing - On March 25, Xinghang Internet completed a several - hundred - million - yuan Series A financing for R & D and global network expansion in aviation satellite communication [5] - On March 25, ELU.AI completed a several - hundred - million - yuan Pre - A financing for strengthening AI decision - making systems and internationalization [6] - On March 25, Changjin Photonics completed a strategic financing of over 100 million yuan for technology optimization and production capacity expansion [7] 3. Global IPOs - On March 25, Shengke Nano listed on the Shanghai Stock Exchange Science and Technology Innovation Board, providing semiconductor testing services [8] - On March 25, Nanshan Aluminum International listed on the Hong Kong Stock Exchange Main Board, planning to expand alumina production capacity from 2 million tons to 4 million tons [9] 4. Policy Focus - On March 24, Guangdong issued a three - year transportation development plan, aiming to build a modern transportation network by 2027 and achieve specific traffic and logistics circles [10][11]

证券研究报告 胜科纳米 国内半导体第三方检测分析稀缺标的 2025 年 2 月 27 日│中国内地 深耕半导体第三方检测分析，已成长为国内"芯片全科医院"龙头企业 胜科纳米专注于为半导体产业链提供第三方检测分析实验，在新加坡、苏州 等境内外地区布局 6 个实验室。公司在半导体检测领域积累深厚，客户覆盖 半导体产业链各环节的全球顶尖企业。我们看好：1）先进工艺持续迭代带 动第三方检测分析市场持续扩容；2）在自身分析能力持续提升、产能和服 务半径不断拓展推动下，公司市场份额有望保持增长。我们预计公司 24/25/26 年归母净利有望达 0.82/1.09/1.36 亿元。采用相对、绝对估值法， 我们认为公司上市后 6-12 个月远期公允价值区间 30.62-33.01 亿元。 看点#1：第三方检测分析多维度壁垒高筑，公司凭借竞争优势脱颖而出 半导体产业专业化分工催生"Labless"模式，根据 QY Research，全球半 导体第三方实验室检测分析市场规模 2021 年已突破 30 亿美元，预计在 2028 年达到 75 亿美元，2022~2028 CAGR 达 14%。行业具有技术、人才、 客户与认证等多维度 ...