值得一提的是，该航线仅两个月即落地，其开通的绿色低空航道，成为"低空经济+高端制造"融合发展 的典型示范。按公司规划，后续将拓展浦东张江等新航线，实现年运输超2000次的常态化运营，并逐步 复制至深圳、北京等实验室基地，构建"120公里半径分钟级响应"的全国服务网络。这一布局背后，是 公司强劲的业务支撑。2025年三季报显示，公司前三季度营收3.86亿元，同比大增31.22%；服务全球超 2000家客户，涵盖高通、博通等国际巨头及华虹集团等国内产业链核心企业。 前端效率升级的底气，源于深厚的业务积淀与技术壁垒。公司主营失效分析、材料分析、可靠性分析三 大核心业务，2024年主营业务收入4.15亿元，其中失效分析与材料分析领域国内市占率达7.44%。核心 的失效分析业务2024年国内收入占比超50%，2021-2023年案件量年均复合增长率超35%，可覆盖3nm先 进制程与Chiplet封装；材料分析业务为第三代半导体、大硅片等国产材料提供关键验证支持。首创 的"Labless模式"通过共享实验室理念，帮助企业降低自建成本，已延伸至"轻实验室"模式，全产业链服 务优势持续巩固。 转自：中国证券报·中证网 中证报 ...

Investment Rating - The report assigns a fair value range of 30.62 to 33.01 billion RMB for the company within 6-12 months post-IPO, indicating a positive investment outlook [4][31]. Core Insights - The company has established itself as a leading player in the semiconductor third-party testing and analysis sector, often referred to as the "chip general hospital" in China, with a strong focus on advanced process testing [1][17]. - The global semiconductor third-party laboratory testing market is projected to grow from over 3 billion USD in 2021 to 7.5 billion USD by 2028, with a CAGR of 14% from 2022 to 2028, driven by the increasing complexity of semiconductor processes [2][24]. - The company is well-positioned to benefit from the domestic semiconductor industry's push for advanced process localization, with 59% of its revenue in 2023 coming from advanced processes [3][24]. Summary by Sections Company Overview - The company was founded in 2012 in Suzhou and focuses on providing third-party testing and analysis services for the semiconductor industry, achieving a revenue of 394 million RMB in 2023, with a net profit of 98.54 million RMB [17][19]. - It operates six laboratories in regions including Singapore and Suzhou, and has developed over 20 core technologies in testing and analysis [18][19]. Financial Forecast - Revenue is expected to grow from 415 million RMB in 2024 to 640 million RMB in 2026, with corresponding net profits projected at 81.51 million RMB and 135.63 million RMB respectively [6][31]. - The company anticipates a gross margin improvement from 46.7% in 2024 to 48.1% in 2026, driven by increased revenue from advanced process testing and a growing client base [24][31]. Industry Analysis - The semiconductor third-party testing market is characterized by high barriers to entry, including technology, talent, and certification, which the company has successfully navigated [2][24]. - The report highlights the increasing demand for failure analysis and material analysis services, particularly as the complexity of semiconductor designs increases [3][24]. Competitive Advantages - The company has a significant competitive edge due to its advanced technology capabilities, including the ability to analyze down to 3nm processes, and a strong client portfolio that includes leading global semiconductor firms [2][19]. - The company has established long-term relationships with major clients, which is expected to drive future revenue growth [26][27].