Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The semiconductor revenue of the company is expected to account for 85.51% of its total revenue in 2024, showing a continuous increase from 67.31% in 2022 and 80.38% in 2023. Conversely, the revenue share from the display panel segment is projected to decrease from 32.69% in 2022 to 14.37% in 2024 [4][24] - The company has made significant technological breakthroughs in semiconductor equipment components, achieving domestic substitution for several key parts and enhancing its R&D investment in critical areas such as silicon carbide components and semiconductor electrostatic chucks [4][23] - The company has established strong partnerships with major domestic and international clients, ranking first in the domestic market for silicon and quartz components with market shares of 4.5% and 8.8%, respectively [5][24] Summary by Sections 1. Company Overview - The company has developed an integrated business platform combining "raw materials + components + surface treatment" over nearly a decade, focusing on vacuum chamber components for integrated circuits and display panels [18] - The company has expanded its product offerings to include components for advanced process nodes in semiconductor manufacturing, such as 14nm and below, and high-generation AMOLED products [19] 2. Semiconductor Revenue Growth - The revenue from semiconductor equipment components is projected to be the largest revenue source, accounting for 81.33% of the company's total revenue in 2024 [4][27] - The semiconductor and display panel markets are continuously expanding, driving rapid growth in surface treatment services [4][46] 3. Market Position and Collaboration - The company has established stable business relationships with leading domestic semiconductor manufacturers and has successfully expanded its client base to include international companies [23][24] - The company ranks second in the domestic market for non-metal components and fourth for surface treatment services, with a market share of 1.9% and 2.8%, respectively [6][24] 4. Product and Service Offerings - The company's surface treatment services include precision cleaning, anodizing, and thermal spraying, which enhance the performance and lifespan of components used in extreme process environments [58] - The company has achieved breakthroughs in high-density coating preparation technology, improving the corrosion resistance and stability of components in advanced process environments [58]

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, focusing on providing manufacturing equipment components and surface treatment solutions for the integrated circuit and display panel industries [1] Group 1: Company Overview - Zhenbao Technology specializes in manufacturing vacuum chamber components and surface treatment solutions for the integrated circuit and display panel industries, with main products including silicon, quartz, silicon carbide, and alumina ceramic components [1] - The company has established a comprehensive business platform integrating "raw materials + components + surface treatment," continuously advancing key semiconductor material preparation technologies and surface treatment techniques [1][4] Group 2: Market Position and Partnerships - The company has formed long-term stable partnerships with major domestic integrated circuit and display panel manufacturers, contributing to the upgrade of manufacturing processes and equipment components [2] - Zhenbao Technology's business covers leading domestic storage chip manufacturers and display panel manufacturers, ensuring supply chain security through domestic component substitution [2] Group 3: Product and Technology Development - Zhenbao Technology has achieved mass production of key components such as curved silicon upper electrodes and high-purity silicon carbide rings, supplying advanced process integrated circuits and 3D NAND flash memory chip manufacturing [3] - The company has developed proprietary technologies in the preparation of semiconductor materials and precision processing, establishing a solid foundation for its research and development capabilities [4] Group 4: Fundraising and Future Plans - The company aims to raise 1.398 billion yuan through the IPO to invest in projects related to semiconductor precision components and materials production, as well as R&D center construction [4][5] - The fundraising projects are designed to enhance the company's technological research and development capabilities and will not alter its existing business model [5]