每经记者｜吴泽鹏 每经编辑｜宋思艰 7月7日晚间，联合化学（SZ301209，股价106.00元，市值118.72亿元）公告宣布，拟按照投前估值5亿元的价格， 向卓光芮科技（上海）有限责任公司（以下简称卓光芮）增资1.2亿元，增资后将持有卓光芮19.3548%的股权。 同时，公司有权在增资款项到位后6个月内，继续以增资方式投资不超过1.2亿元。 《每日经济新闻》记者注意到，卓光芮今年前5个月营业收入为0，亏损超过2500万元。同时，截至今年5月31 日，卓光芮净资产为-4147.22万元。此外，卓光芮2024年全年营收虽然达到2658.30万元，但也亏损了1584.61万 元。 联合化学称，本次投资资金主要用于支持标的公司开展国产投影式曝光机研发及相关零部件研制工作。联合化学 认为，精密光学产品以及半导体投影式曝光机作为数字经济、人工智能产业发展不可或缺的硬件基础架构， 是"新质生产力"典型代表之一，亦是国家重点支持和鼓励的投资方向。 标的成立于今年3月7日 卓光芮成立于今年3月7日，"尚未实际开展业务，目前主要开展投影式曝光机的研发，该产品主要应用于半导体 晶圆制造的光刻步骤"。但根据联合化学公告，卓光芮2 ...

Group 1 - The company plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.3548% stake [1] - The investment will primarily support the research and development of domestic projection exposure machines and related components [1] - This investment aligns with the company's strategic transformation from traditional manufacturing to a technology-driven model, enhancing its layout in strategic business areas [1] Group 2 - Precision optical products and semiconductor projection exposure machines are essential hardware foundations for the development of the digital economy and artificial intelligence industries [1] - The investment represents a new focal point for the company's transformation and upgrade strategy, contributing to the establishment of a new development model [1]

点击招商研究小程序查看PDF报告原文 公司是国内产品覆盖度最全的探针台设备龙头，主要产品和客户来自半导体和LED光电芯片领域。2024年全球和国内探针台设备市场规模预计分别为超 10亿美金和约30亿人民币，公司国内市占率仅为15%，考虑到公司技术实力国内领先且持续进行产品迭代，未来晶圆探针台有望在更多客户实现突破，从 而持续受益于国产替代趋势，另外公司积极布局分选机、AOI检测机等多项新品，面向的市场空间有望进一步打开。 国内探针台设备龙头，客户和产品覆盖半导体及LED等领域。 矽电股份成立于2003年，公司主营半导体探针台设备，用于IC、光电芯片、分立器件、第 三代化合物半导体等领域，目前已成长为中国大陆规模最大的探针台设备龙头，客户覆盖士兰微、比亚迪半导体、燕东微、华天科技、三安光电、光迅科 技、歌尔微等厂商。公司收入从2020年的1.88亿元增长至2024年的5.08亿元，CAGR为28.2%；公司2024年收入中晶粒探针台和晶圆探针台分别占比55%和 36%，目前仍以晶粒探针台为主要收入来源，但近三年来晶圆探针台占比持续提升；另外公司晶圆探针台中12英寸高精度产品占比亦逐渐提升，从2021年 的7.6 ...

Core Viewpoint - The article highlights the rise of domestic semiconductor equipment manufacturers, particularly focusing on Xidian Semiconductor Equipment (Shenzhen) Co., Ltd. (referred to as Xidian), which has achieved significant milestones in the probe testing technology sector, breaking foreign monopolies and positioning itself as a leading player in the Chinese market [2][4]. Group 1: Company Overview - Xidian is primarily engaged in the research, production, and sales of semiconductor-specific equipment, with a focus on probe testing technology [2]. - The company is the first in mainland China to achieve industrial application of 12-inch wafer probe testing equipment, breaking the long-standing foreign monopoly [2][4]. - As of 2019, Xidian held a 13% market share in the mainland probe testing equipment market, ranking fourth overall and first among domestic manufacturers [2]. Group 2: Technological Advancements - Xidian has successfully developed and mass-produced 6-inch wafer probe testing equipment, which has been sold to major domestic semiconductor manufacturers [4]. - The company has mastered several core technologies, including high-precision fast-response large-stroke precision stepping technology and automatic needle alignment technology [6]. - Xidian's product range has expanded from manual to fully automatic probe testing equipment, covering sizes from 4 inches to 12 inches [5][6]. Group 3: Financial Performance - Xidian's revenue has shown rapid growth, with figures of 399 million yuan, 442 million yuan, 546 million yuan, and 335 million yuan from 2021 to the first nine months of 2024, driven by increased demand in the downstream industry [6]. - The company's revenue from probe testing equipment has consistently accounted for nearly 95% of its total revenue [5]. - The market share of Xidian in mainland China has increased from 19.98% in 2021 to 25.70% in 2023 [7]. Group 4: Market Opportunities - The global semiconductor industry is undergoing a significant shift, with a notable portion of new semiconductor wafer plants being established in mainland China [8]. - The domestic semiconductor equipment market has substantial room for growth, with current localization rates of 16.4% for front-end equipment and 13.2% for back-end equipment [9]. - Xidian plans to raise 545 million yuan through its IPO to invest in R&D and expand its production capacity, aiming to enhance its market presence and product offerings [10].