Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. is set to launch an IPO on the Sci-Tech Innovation Board, showcasing significant growth in performance, transitioning from a net loss in 2022 to a profit exceeding 400 million yuan in the first half of this year. However, the company exhibits a high dependency on its largest customer, which accounts for over 70% of its revenue, raising concerns about its revenue stability and bargaining power [1][3][4]. Group 1: Financial Performance - Shenghe Jingwei's revenue has shown explosive growth, with figures of approximately 16.33 billion yuan in 2022, 30.38 billion yuan in 2023, 47.05 billion yuan in 2024, and 31.78 billion yuan in the first half of 2024. Corresponding net profits were -3.29 billion yuan, 341.3 million yuan, 2.14 billion yuan, and 435 million yuan [3][4]. - The company's reliance on its top five customers has increased, with their combined sales revenue percentages being 72.83%, 87.97%, 89.48%, and 90.87% over the reporting periods. Specifically, the revenue from customer A constituted 40.56%, 68.91%, 73.45%, and 74.4% [3][4]. Group 2: Customer Dependency - The high customer concentration is a notable concern, as the semiconductor packaging industry is characterized by a few dominant players. Shenghe Jingwei has established long-term relationships with major clients, which may mitigate risks but also places the company in a vulnerable position if customer A faces operational issues [4][5]. - The company has signed long-term framework agreements with key clients, which aids in ensuring business stability and enhancing competitive advantages [4]. Group 3: Capacity Expansion Plans - Shenghe Jingwei plans to raise approximately 4.8 billion yuan for capacity expansion, with 4 billion yuan allocated to a 3D multi-chip integration packaging project and 800 million yuan for a high-density interconnect project [5][6]. - Despite the planned expansion, the company’s current capacity utilization rates have not reached saturation, with figures of 65.61%, 75.22%, 77.76%, and 79.09% for the years 2022 to 2024 and the first half of 2024 [6][7]. Group 4: Research and Development - The proportion of R&D personnel at Shenghe Jingwei has been declining, with figures of 18.13%, 14.11%, 13.77%, and 11.11% over the reporting periods, nearing the minimum requirement for the Sci-Tech Innovation Board [8][9]. - Although R&D expenditures have increased, the R&D expense ratio has decreased from 15.72% in 2022 to 11.53% in the first half of 2024, attributed to faster revenue growth compared to R&D spending [9]. Group 5: Corporate Governance - Shenghe Jingwei has a dispersed shareholding structure with no controlling shareholder, which may lead to challenges in decision-making due to differing interests among shareholders [9][10]. - The company asserts that it has established a clear and effective corporate governance structure to ensure efficient strategic decision-making and operational management [10].

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, showcasing significant revenue growth from a net loss in 2022 to over 400 million yuan in profit in the first half of 2025, despite increasing reliance on a major client for revenue [1][5]. Financial Performance - Shenghe Jingwei's revenue for the years 2022 to 2025 (first half) is reported as approximately 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits of -329 million yuan, 34.13 million yuan, 214 million yuan, and 435 million yuan [5][8]. - The company has seen a significant increase in revenue concentration from its top five clients, with sales to the largest client (Client A) accounting for 40.56%, 68.91%, 73.45%, and 74.4% of total revenue during the same periods [5][6]. Client Dependency - The high dependency on Client A raises concerns about operational stability, as any issues with this client could severely impact revenue [7]. - Shenghe Jingwei has established long-term cooperative relationships with major clients, which may help mitigate risks associated with client concentration [6][7]. Capital Expenditure and Capacity Expansion - The company plans to raise approximately 4.8 billion yuan for capacity expansion, with 4 billion yuan allocated to a 3D multi-chip integration packaging project and 800 million yuan for a high-density interconnect project [8][9]. - Despite the planned expansion, the current capacity utilization rates for various segments remain below saturation, with rates of 65.61%, 75.22%, 77.76%, and 79.09% from 2022 to the first half of 2025 [9]. Research and Development - The proportion of R&D personnel has been declining, with figures of 486, 624, 734, and 663 employees, leading to a decrease in the R&D personnel ratio from 18.13% to 11.11% over the reporting periods [10][11]. - Although R&D expenditures have increased, the R&D expense ratio has decreased due to faster revenue growth compared to R&D spending, with rates of 15.72%, 12.72%, 10.75%, and 11.53% [11]. Corporate Governance - Shenghe Jingwei has a dispersed shareholding structure with no controlling shareholder, which may lead to challenges in decision-making due to differing interests among shareholders [12]. - The company claims to have established a clear governance structure to ensure effective decision-making and operational efficiency [12].

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its prospectus for an IPO on the Sci-Tech Innovation Board, marking a significant event in the semiconductor industry as it follows a trend of chip companies listing in Hong Kong [1] Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, with a market share second only to Changdian Technology, Tongfu Microelectronics, and Huatian Technology in mainland China [1][4] - The company was established in August 2014 in the Cayman Islands, with its main operations located in Jiangyin, Jiangsu Province [3] - The company has no actual controller or major shareholder, with its largest shareholder holding a 10.89% stake [3] Financial Performance - In 2022, the company reported a loss of 329 million yuan, but revenue has been increasing due to rising demand for advanced packaging [8] - Revenue figures for the years 2022 to 2025 (first half) are 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits turning positive in 2023 and 2024 [8] - The company's gross profit margin has improved significantly from 6.85% in 2022 to 31.64% in the first half of 2025, reflecting better cost control and product mix [14][15] Business Structure - The revenue composition has shifted from mid-stage silicon wafer processing to multi-chip integration packaging, with the latter's share increasing from 5.32% in 2022 to 56.24% in the first half of 2025 [11] - The company primarily serves high-performance computing chips, smartphone processors, RF chips, storage chips, power management chips, communication chips, and network chips [4] Market Position - Shenghe Jingwei holds approximately 1.6% of the global packaging and testing market, ranking as the tenth largest globally and fourth in mainland China [24][32] - The global integrated circuit packaging and testing market is projected to grow from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8% [29] Investment and Future Outlook - The company plans to raise 4.8 billion yuan to invest in multi-chip integration packaging projects, aiming to enhance its production capacity [36] - Despite positive cash flow from operations, the company requires external financing to cover its investment needs, indicating a reliance on both equity and debt financing [23][36]

目前，全球范围内，只有少数领先企业具备2.5D的量产能力，其中台积电、英特尔、三星电子合计占据 80%以上的市场规模，2024年度，公司2.5D的全球市场占有率约为8%。 此外，公司亦在持续丰富完善3D集成（3DIC）、三维封装（3D Package）等技术平台，以期在集成电 路制造产业更加前沿的关键技术领域实现突破，为未来经营业绩创造新的增长点。 财务数据显示，2022年度、2023年度、2024年度及2025年1—6月，盛合晶微分别实现营业收入约16.33 亿元、30.38亿元、47.05亿元、31.78亿元；同期实现净利润分别约为-3.29亿元、3413.06万元、2.14亿 元、4.35亿元。 在主营业务领域中，公司已大规模向客户提供的各类服务均在中国大陆处于领先地位，具体而言：在中 段硅片加工领域，公司是中国大陆最早开展并实现12英寸Bumping量产的企业之一，也是第一家能够提 供14nm先进制程Bumping服务的企业，公司具备2.5D/3DIC超高密度微凸块的大规模量产能力，填补了 中国大陆高端集成电路制造产业链的空白。根据灼识咨询的统计，截至2024年末，公司是中国大陆12英 寸Bumpin ...

Core Insights - Gansu Shangfeng Cement Co., Ltd. has established a private equity investment fund, Suzhou Puyun, through its wholly-owned subsidiary Ningbo Shangrong Logistics, to invest in Shenghe Jingwei Semiconductor Co., Ltd., which has recently had its IPO application accepted by the Shanghai Stock Exchange [2][3] - Shenghe Jingwei is a leading global integrated circuit wafer-level advanced packaging enterprise, focusing on advanced 12-inch silicon wafer processing and providing comprehensive advanced packaging services for high-performance chips [2] - The investment in Shenghe Jingwei reflects Shangfeng Cement's strategic shift towards emerging industries such as semiconductors, new energy, and new materials, aiming to diversify its asset portfolio and enhance its long-term growth potential [3] Company Investment Strategy - Ningbo Shangrong has invested 150 million yuan, holding a 67.72% stake in Suzhou Puyun, which in turn holds 1.086% of Shenghe Jingwei with 17.45 million shares prior to the IPO [3] - The company has adopted a dual-driven development strategy of "main business + investment" to navigate the cyclical challenges of the traditional cement industry and align with national strategic directions [3] - The acceptance of Shenghe Jingwei's IPO application is expected to lead to a public revaluation of the company's worth, boosting market confidence in Shangfeng Cement's ability to capture value in new economic sectors [3]

Core Insights - Shenghe Jingwei's application for listing on the Sci-Tech Innovation Board has been accepted, marking a significant step in the ongoing trend of semiconductor companies going public in China [1] - Shenghe Jingwei is a leading global provider of advanced packaging services for integrated circuits, focusing on high-performance chips such as GPUs, CPUs, and AI chips, with a strong technological platform in the 2.5D integration field [2] - Since 2020, Shangfeng has invested over 2 billion yuan in more than 20 semiconductor companies, with a significant portion of these companies either in the listing process or already listed, showcasing its strategic focus on the semiconductor sector [3] Company Overview - Shenghe Jingwei specializes in advanced wafer-level packaging and multi-chip integration packaging, aiming to enhance performance metrics like computing power, bandwidth, and energy efficiency [2] - The company is recognized as one of the earliest and largest producers of 2.5D integration technology in mainland China, achieving a market share of approximately 85% in this segment for 2024 [2] Investment Strategy - Shangfeng's investment in Shenghe Jingwei amounted to 150 million yuan, part of a broader strategy to strengthen its competitive edge in the semiconductor industry [3] - The company has focused on investing in sectors that address critical technology gaps, with a significant portion of its investments directed towards semiconductor and new materials companies [3] - Over 60% of the invested companies are either in the process of applying for listing or have already gone public, indicating a successful investment strategy that enhances financial returns and industry influence [3]

Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics Co., Ltd., has established a private equity investment fund to invest in Shenghe Jingwei Semiconductor Co., Ltd., which has applied for an IPO on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Shenghe Jingwei is a leading global advanced packaging and testing enterprise for integrated circuits, focusing on advanced 12-inch silicon wafer processing [1] - The company provides a full range of advanced packaging and testing services, including wafer-level packaging (WLP) and chiplet multi-chip integration packaging [1] Group 2: Industry Focus - Shenghe Jingwei aims to support various high-performance chips, particularly graphics processing units (GPUs), central processing units (CPUs), and artificial intelligence chips [1] - The company emphasizes performance enhancement through heterogeneous integration methods that exceed Moore's Law, achieving high computing power, high bandwidth, and low power consumption [1]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 4.8 billion yuan, positioning itself as a leading advanced packaging and testing enterprise in the integrated circuit industry [1] Group 1: Company Overview - Shenghe Jingwei specializes in advanced packaging and testing services for integrated circuits, focusing on high-performance chips such as GPUs, CPUs, and AI chips, utilizing heterogeneous integration methods to enhance performance metrics like computing power, bandwidth, and energy efficiency [1][3] - The company is recognized as one of the earliest and largest players in the multi-chip integration packaging sector in mainland China, with capabilities to compete with global leaders [1][3] Group 2: Technological Advancements - In the mid-sized silicon wafer processing sector, Shenghe Jingwei is one of the first companies in mainland China to achieve mass production of 12-inch bumping technology and is the first to offer 14nm advanced process bumping services, filling a gap in the high-end integrated circuit manufacturing supply chain [2] - The company has achieved significant advancements in 12-inch wafer-level chip packaging (WLCSP), leading the market with a 31% share in 2024 [2][4] Group 3: Market Position - Shenghe Jingwei holds the largest 12-inch bumping capacity in mainland China and ranks first in revenue for both 12-inch WLCSP and 2.5D integration packaging, with market shares of approximately 31% and 85% respectively in 2024 [2][4][3] - The company is projected to be the tenth largest advanced packaging and testing enterprise globally and the fourth largest in mainland China by revenue in 2024, with a compound annual growth rate leading among the top ten global firms from 2022 to 2024 [3] Group 4: Financial Performance - The company reported revenues of approximately 1.633 billion yuan, 3.038 billion yuan, and 4.705 billion yuan for the years 2022, 2023, and 2024 respectively, with a projected revenue of 3.178 billion yuan for the first half of 2025 [5] - Net profits for the same periods were approximately -329 million yuan, 34.13 million yuan, and 214 million yuan, with a forecast of 43.5 million yuan for the first half of 2025 [5][6] Group 5: Fund Utilization - The funds raised from the IPO will be allocated to projects including a three-dimensional multi-chip integration packaging project with a total investment of 8.4 billion yuan, of which 4 billion yuan will come from the IPO proceeds [5]