唯万密封 20250924 摘要 维万密封受益于工程机械复苏和油漆密封海外突破，预计未来几年内生 增长可达 20%-30%，2025 年利润预计达 1 亿元，2026 年达 1.5 亿元 以上。 半导体密封圈国产替代空间广阔，毛利率可达 60%以上。人形机器人量 产需求提升对密封圈可靠性要求，维万密封正积极推动相关应用。 维万密封与中密控股在业务上存在差异，前者专注于橡塑高分子材料往 复动态密封，后者专注于旋转动态密封。维万密封 2024 年收入约 7 亿 元。 密封件行业盈利能力强，因下游客户对价格敏感度低，且存在前装和后 装市场需求，技术含量高的企业能保持稳定增长和较高盈利。 维万泰通过销售给终端市场，获得了更高的盈利能力和稳定性。随着后 装市场占比提升，商业模式逐渐偏向耗材属性，受经济周期影响小。 维万泰是国内液压气动密封行业龙头，国产化率较低，市场潜力大。收 购佳乐密封后，业务多元化，业绩有望逐季度改善。 全球全氟醚橡胶密封圈市场规模庞大，中国市场增长潜力巨大，半导体 领域需求旺盛，国产化率提升空间广阔。 Q&A 今年（2025 年）机械行业的整体投资方向是什么？ 今年（2025 年）机械行业的投资方 ...

Core Viewpoint - The FFKM sealing ring industry in China is experiencing rapid growth driven by increasing downstream demand, technological advancements, and favorable policies, with the market expected to reach over 17.5 billion yuan by 2029, growing from 3.44 billion yuan in 2020 at a compound annual growth rate (CAGR) of 19.5% [1][9]. Industry Overview - FFKM sealing rings are high-performance sealing materials with excellent temperature resistance, chemical corrosion resistance, wear resistance, and tear strength, widely used in semiconductor, LCD panel, photovoltaic, aerospace, and oil and gas extraction industries [1][5]. - The FFKM sealing ring market in China is projected to grow significantly, with the market size expected to increase from 3.44 billion yuan in 2020 to 7.01 billion yuan in 2024, outpacing the global market growth rate of 9.37% [1][9]. Global Market - The global FFKM sealing ring market is also on an upward trend, with the market size expected to grow from 2.692 billion USD in 2019 to 4.408 billion USD in 2024, and projected to reach 6.878 billion USD by 2028 [7]. Domestic Market - In the domestic market, the semiconductor sector is the largest application area for FFKM sealing rings, accounting for 81% of the market share, with a market size of 5.68 billion yuan in 2024 [11]. - The growth in the domestic market is attributed to technological advancements and increased procurement from semiconductor equipment manufacturers and wafer fabs [13][20]. Competitive Landscape - The FFKM sealing ring market in China is currently dominated by foreign companies such as DuPont, GT, and PPE, but domestic companies like Chipmi Technology are making significant progress in technology and product quality, leading to a trend of domestic substitution [13][20]. - Chipmi Technology, a key player in the market, has seen its revenue grow from 41.59 million yuan in 2022 to 208 million yuan in 2024, indicating strong market performance [14]. Development Trends - The industry is focusing on green and sustainable development, with companies adopting bio-based materials and clean production processes to reduce environmental pollution [19]. - The trend of domestic substitution is expected to continue, with domestic companies increasing their market share as they improve product quality and performance [20]. - There is an acceleration in technological innovation and performance enhancement, driven by the growing demands of high-end manufacturing sectors such as semiconductors and aerospace [21].

Core Viewpoint - Shanghai Xinshi Technology Co., Ltd. (referred to as "Xinshi Technology") has officially launched its IPO process for the Sci-Tech Innovation Board, aiming to raise no more than 784 million yuan for the development and industrialization of semiconductor-grade perfluoroether rubber sealing components and the establishment of a research and development center [2] Company Overview - Established on January 21, 2020, Xinshi Technology focuses on the research, design, manufacturing, and sales of semiconductor-grade perfluoroether rubber materials and sealing components, with its core product being perfluoroether rubber sealing rings [3] - The sealing rings are critical consumables in semiconductor equipment, accounting for the second-largest share of consumable value in the semiconductor wafer manufacturing process, requiring excellent vacuum sealing and low mass loss in harsh environments [3] Market Position - Xinshi Technology ranks third in sales in the Chinese market for perfluoroether rubber sealing rings for two consecutive years and is the top-ranked domestic company [3] - The company has successfully passed stringent product certifications from major domestic semiconductor manufacturers since 2021, supplying nine of the top ten wafer manufacturers and four of the top five semiconductor equipment manufacturers in mainland China [3] Product Development - As of the current stage, Xinshi Technology has developed and mass-produced over 10 types of perfluoroether rubber materials and more than 2,000 types of perfluoroether rubber sealing rings, achieving domestic substitution in all core vacuum sealing points across various semiconductor manufacturing processes [4] Supply Chain Challenges - Despite breaking the monopoly of foreign companies like DuPont and GT, Xinshi Technology's upstream raw materials remain reliant on imports, with the top five suppliers accounting for 88% to 94% of total procurement in recent years [6] - The company is actively developing domestic suppliers for perfluoroether rubber and has successfully created a mature formula system and multiple product series based on domestically sourced perfluoroether rubber [6] R&D Investment - Xinshi Technology's R&D expenses have shown a declining trend, with proportions of 16.85%, 11.33%, and 10.76% for 2022, 2023, and 2024 respectively, totaling 44 million yuan over three years [7] Key Personnel - The core technical team includes three key members: Chairman and General Manager Xie Changjie, Production Director Huang Zhonglin, and R&D Director Gao Jie, with backgrounds in semiconductor equipment and chemical materials [8][9] - Xie Changjie has over 20 years of experience in semiconductor equipment and is a key inventor of eight patents, while Huang Zhonglin has over 30 years in chemical materials production [9][10] Intellectual Property Protection - The company emphasizes the protection of core technologies and intellectual property through a dual system of patent and proprietary technology, confidentiality agreements, and strict management measures to prevent information leakage [11]

Core Viewpoint - Shanghai Xinshi Technology Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board, marking a significant step in its growth as a leading domestic manufacturer of semiconductor-grade perfluoroether rubber seals [2][3]. Company Overview - The company is a leading enterprise in the domestic semiconductor-grade perfluoroether rubber seal market, focusing on the research and application innovation of perfluoroether rubber technology [3]. - It has independently developed and achieved stable mass production of semiconductor-grade perfluoroether rubber materials and seals, breaking the monopoly of foreign companies like DuPont, GT, and PPE in this field [3][5]. Product and Market Position - The company's products are essential for vacuum sealing in semiconductor front-end process equipment, which is critical for wafer manufacturing [4]. - The perfluoroether rubber seals are classified as key consumable components, significantly impacting wafer yield and production continuity due to their performance in harsh environments [4]. - According to Frost & Sullivan, the company ranked third in sales of semiconductor-grade perfluoroether rubber seals in China for 2023 and 2024, and first among domestic companies [3]. Industry Context - The semiconductor-grade perfluoroether rubber seal market has a low domestic production rate, with less than 10% expected in 2024, indicating a significant opportunity for domestic manufacturers [5]. - The company has successfully passed stringent product validations from major semiconductor manufacturers in China, leading to stable supply and gradual market share capture from foreign competitors [5]. Financial Performance - The company projects revenues of approximately 130.47 million yuan and 207.55 million yuan for 2023 and 2024, respectively, with net profits of about 32.81 million yuan and 63.09 million yuan [5]. - The estimated post-IPO market capitalization is expected to be no less than 1 billion yuan [5]. Fundraising and Future Plans - The company plans to publicly issue up to 17.28 million shares, with at least 25% of the total shares being publicly held post-issue [6]. - The raised funds will be allocated to projects focused on the research and industrialization of semiconductor-grade perfluoroether rubber seals and the establishment of a research center [6]. - The implementation of these projects aims to enhance the company's technological advantages, product performance, and production capacity, thereby strengthening its market position and competitiveness in the semiconductor equipment components industry [6].

Core Viewpoint - Chipmi Technology, a key supplier of semiconductor wafer manufacturing components, has had its IPO application accepted by the Shanghai Stock Exchange, aiming to raise 785 million yuan for R&D and industrialization projects [1][3]. Company Overview - Chipmi Technology was established in January 2020 with a registered capital of 51.83 million yuan and is recognized as a national-level "little giant" enterprise specializing in high-end perfluoroether rubber sealing rings for semiconductor equipment [3][5]. - The company has become the leading domestic manufacturer in this field, breaking the monopoly of foreign companies [3]. Market Position - According to Frost & Sullivan, Chipmi ranks third in sales of semiconductor-grade perfluoroether rubber sealing rings in China for 2023 and 2024, and first among domestic companies [3]. - The core product is used in critical processes of semiconductor front-end manufacturing, covering advanced and mature process technology nodes [3]. Financial Performance - Revenue for Chipmi Technology has shown rapid growth, with figures of 42 million yuan in 2022, 130 million yuan in 2023, and projected 208 million yuan in 2024. Net profits were 2 million yuan, 36 million yuan, and 69 million yuan for the same years respectively [7][10]. - The company’s R&D expenses have also increased, from 7 million yuan in 2022 to 22 million yuan in 2024 [7]. Product Application - The perfluoroether rubber sealing rings are essential components in semiconductor etching, film deposition, thermal treatment, and cleaning processes, directly impacting wafer manufacturing yield and production continuity [5][13]. - Chipmi's products have been certified by major domestic semiconductor manufacturers, with nine of the top ten wafer manufacturers in China as clients [13]. Customer Concentration - The top five customers accounted for 77.06% of the company's revenue in 2024, indicating a high customer concentration [15]. Supply Chain and Raw Materials - The main raw material, perfluoroether rubber, is primarily sourced through imports, with the top five suppliers accounting for over 90% of total procurement [17][18]. - The company is actively working on developing domestic suppliers for perfluoroether rubber to ensure stable and secure supply chains [25]. Future Prospects - The IPO proceeds will enhance R&D capabilities and expand production capacity for perfluoroether rubber sealing rings, facilitating the domestic substitution process in the semiconductor industry [25]. - Chipmi is focusing on strategic collaborations with leading semiconductor equipment manufacturers to assist in the precise application and customization of its products [25].

Core Viewpoint - Shanghai Xinyi Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, focusing on the development and application of semiconductor-grade perfluoroether rubber sealing components [3] Company Overview - Xinyi Technology is a domestic enterprise specializing in semiconductor-grade perfluoroether rubber sealing components, having achieved independent development and stable mass production of these materials [3] - The company is led by its largest shareholder, Xie Changjie, who directly holds 20.26% of the shares and controls a total of 46.98% of the voting rights [4][5] Financial Performance - Projected revenues for Xinyi Technology from 2022 to 2024 are 41.59 million, 131 million, and 208 million respectively, with net profits of 1.73 million, 36.39 million, and 68.94 million [3] - For the fiscal year 2024, total assets are expected to reach 47.55 billion, with a net profit of 6.89 million and a debt-to-asset ratio of 12.18% [4] - The company has maintained a research and development expenditure ratio of approximately 10.76% of its operating income [4]

Core Viewpoint - Chipmi Technology is positioned as a leading player in the semiconductor-grade perfluoroether rubber sealing ring market in China, with significant growth in revenue and profitability projected through 2024 [1][2]. Company Overview - Chipmi Technology's main product is semiconductor-grade perfluoroether rubber sealing rings, which are critical components in semiconductor manufacturing equipment [5]. - The company has achieved the third-largest sales scale in the Chinese market for semiconductor-grade perfluoroether rubber sealing rings for two consecutive years, ranking first among domestic companies [1]. Financial Performance - Revenue and net profit have shown a consistent upward trend from 2022 to 2024, with projected revenues of 0.42 billion yuan, 1.3 billion yuan, and 2.08 billion yuan, and net profits of 1.73 million yuan, 36.39 million yuan, and 68.94 million yuan respectively [2]. - The gross margin for perfluoroether rubber sealing rings has improved significantly, reaching 61.61% in 2024, up from 39.93% in 2022, attributed to increased capacity utilization and lower raw material costs [2]. Market Position - Chipmi Technology's gross margin for its main business is notably higher than comparable companies, with an average gross margin of 62.16% in 2024 compared to 30%-40% for its peers [2][4]. - The company has a high customer concentration, with the top five customers accounting for 79% of revenue in 2022 and 77% in 2024 [6]. Supply Chain and Procurement - The primary raw material, perfluoroether rubber, is mainly imported, with the top five suppliers accounting for over 88% of total procurement costs from 2022 to 2024 [6]. - The domestic production rate for semiconductor-grade perfluoroether rubber sealing rings is less than 10%, indicating significant room for growth in local manufacturing [6]. Funding and Investment - Chipmi Technology plans to raise 785 million yuan through its IPO to enhance operational capabilities, R&D levels, and product variety, aiming to increase market share in the sealing ring industry [6]. - The company has attracted strategic investments from notable firms, including a 30 million yuan investment from Zhongwei Company and Tuojing Technology in May 2023 [8].

（原标题：芯密科技拟科创板IPO 中国半导体耗材赛道跑出"加速度"） 6月16日，上海芯密科技股份有限公司（以下简称"芯密科技"）科创板IPO申请获上交所正式受理，拟募集资金7.85亿元，保荐机构为国金证券。 这家成立仅5年的半导体设备零部件企业，凭借其全氟醚橡胶密封件的核心技术突破与市场地位，成为资本市场关注的焦点。 打破外资垄断，填补国产空白 芯密科技的主营业务为半导体级全氟醚橡胶密封件的研发、设计、制造与销售，核心产品包括全氟醚橡胶密封圈、功能部件等，广泛应用于半导 体前道制程核心工艺设备（如刻蚀、薄膜沉积、热处理、清洗等）。作为半导体设备的"耗材类"关键零部件，该类产品需满足严苛的真空密封要 求，技术门槛极高。 招股书显示，2022年至2024年，芯密科技营收分别为0.42亿元、1.3亿元、2.08亿元，净利润分别为173.38万元、3638.84万元、6893.56万元，三年 间营收增长近五倍，净利润增幅超38倍。 其核心产品全氟醚橡胶密封圈毛利率从2022年的39.93%提升至2024年的61.61%，显著高于可比公司平均水平（30%-40%）。这一增长得益于产能 利用率提升、原材料采购成本下降及 ...

Core Viewpoint - Shanghai Xinyi Technology Co., Ltd. (referred to as "Xinyi Technology") is a leading domestic enterprise in semiconductor-grade perfluoroether rubber sealing components, focusing on the research and application innovation of perfluoroether rubber, and has successfully broken the monopoly of foreign companies in this field [4]. Group 1: Company Overview - Xinyi Technology has independently developed semiconductor-grade perfluoroether rubber materials and achieved stable mass production of perfluoroether rubber sealing rings, which are key components for semiconductor equipment [4]. - The company provides a full range of perfluoroether rubber sealing rings and functional components for core process equipment in semiconductor manufacturing, effectively meeting the stringent vacuum sealing requirements across various models and process nodes [4]. - Xinyi Technology has become the top domestic enterprise in high-end perfluoroether rubber sealing rings for semiconductor equipment, ranking first among Chinese companies and third in the overall market in 2023 and 2024 [4][6]. Group 2: Market Position and Performance - According to statistics from Frost & Sullivan, the domestic market penetration rate of semiconductor-grade perfluoroether rubber sealing rings is less than 10% in 2024, indicating significant potential for domestic substitution [6]. - Xinyi Technology has successfully passed rigorous product certifications from major domestic semiconductor manufacturers since 2021, achieving stable supply to nine of the top ten wafer manufacturers and four of the top five semiconductor equipment manufacturers [6]. - The company's revenue from 2022 to 2024 is projected to be 41.59 million yuan, 130 million yuan, and 208 million yuan, with net profits of 1.73 million yuan, 36.39 million yuan, and 68.94 million yuan respectively [6]. Group 3: IPO and Future Plans - Xinyi Technology's IPO has been accepted by the Shanghai Stock Exchange, with plans to raise 785 million yuan to invest in the research and industrialization of semiconductor-grade perfluoroether rubber sealing components and the construction of a research center [6]. - The investment projects are aimed at enhancing the company's operational capabilities, improving research and development levels, and expanding product varieties, thereby increasing market share in the semiconductor-grade perfluoroether rubber sealing component industry [6].

Core Viewpoint - Shanghai Xinshi Technology Co., Ltd. has been accepted for IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 785 million yuan, positioning itself as a leading domestic enterprise in semiconductor-grade perfluoroether rubber sealing components [1][2]. Company Overview - Xinshi Technology focuses on the research and application innovation of perfluoroether rubber, having independently developed and achieved stable mass production of semiconductor-grade perfluoroether rubber sealing rings, breaking the monopoly of foreign companies in this field [1]. - The company provides a full range of perfluoroether rubber sealing rings and functional components for core process equipment in semiconductor manufacturing, meeting stringent vacuum sealing requirements across various models and process nodes [1]. Market Position - According to Frost & Sullivan, Xinshi Technology ranked third in the sales scale of semiconductor-grade perfluoroether rubber sealing rings in China for 2023 and 2024, and first among domestic companies, establishing itself as a top player in the high-end sealing ring market for semiconductor equipment [2]. Financial Performance - The company reported revenues of approximately 41.59 million yuan, 130 million yuan, and 208 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 1.73 million yuan, 36.39 million yuan, and 68.94 million yuan during the same periods [3]. - Financial data indicates total assets of 475.51 million yuan, equity attributable to shareholders of 417.61 million yuan, and a debt-to-asset ratio of 12.18% for the year ending December 31, 2024 [5]. Investment Plans - The funds raised from the IPO will be allocated to various projects based on their urgency, indicating a strategic approach to growth and development [3].