Core Insights - The company, Shengke Nano, is enhancing its core value in the semiconductor industry through strategic actions, including the launch of a dedicated drone delivery line and a partnership with Peking University for talent development [1][3] Group 1: Operational Efficiency - On October 20, Shengke Nano successfully launched China's first inter-provincial semiconductor testing drone line, reducing sample transportation time from 2.5 hours to "minute-level," achieving over 2x efficiency improvement [1] - The drone line covers a distance of 75 kilometers and utilizes a customized configuration capable of carrying 10 kilograms over a range of 110 kilometers, addressing industry pain points related to logistics delays and enhancing the safety of high-value chip samples [1][2] - The company plans to expand its drone routes to include areas like Pudong Zhangjiang, aiming for over 2,000 annual transport operations and establishing a nationwide service network with a "minute-level response" within a 120-kilometer radius [2] Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of 386 million yuan, a year-on-year increase of 31.22%, serving over 2,000 global clients, including major players like Qualcomm and Broadcom [2] - The company's core business segments include failure analysis, material analysis, and reliability analysis, with projected revenue of 415 million yuan in 2024, and a market share of 7.44% in the domestic failure and material analysis sectors [2] - The company’s gross margin remains high at 42.59%, significantly above the industry average of 35% [4] Group 3: Talent Development and R&D - On November 7, Shengke Nano signed a cooperation agreement with Peking University to develop a graduate course on integrated circuit failure analysis, integrating practical industry experience into academic training [3] - The company has increased its R&D investment from 22.54 million yuan in 2021 to 45.80 million yuan in 2024, maintaining over 10% of its revenue for R&D, and holds 40 invention patents as of June 2025 [3] - The workforce includes 40.91% of personnel with master's degrees or higher, indicating a strong technical foundation [3] Group 4: Market Outlook - The semiconductor third-party testing industry is entering a golden development period, with the domestic market expected to exceed 10 billion yuan in 2024 and reach 18-20 billion yuan by 2027, reflecting a compound annual growth rate of over 10% [4] - Shengke Nano is positioned to capture growth in the advanced process sector with its 3nm testing capabilities while building service barriers through logistics upgrades and talent cultivation [4]

Investment Rating - The report assigns a rating of "Accumulate" to the company [1] Core Insights - The company reported a revenue of 239 million yuan for the first half of 2025, representing a year-on-year increase of 29.03%. The net profit attributable to shareholders was 33.37 million yuan, up 11.48% year-on-year [4][5] - The company is benefiting from the increasing demand for semiconductor testing driven by technologies such as AI and 5G, maintaining a leading position in failure analysis and materials analysis [5] - The "Labless" model proposed by the company is gaining traction, allowing semiconductor firms to outsource failure analysis and testing to specialized third-party laboratories, which can reduce costs and improve efficiency [7][8] Company Overview - The latest closing price of the company's stock is 32.07 yuan, with a total market capitalization of 12.9 billion yuan [3] - The company has a total share capital of 403 million shares, with 33 million shares in circulation [3] - The company has a debt-to-asset ratio of 59.4% and a price-to-earnings ratio of 145.77 [3] Financial Performance - In the second quarter of 2025, the company achieved a revenue of 131 million yuan, a year-on-year increase of 32.47%, and a net profit of 21.85 million yuan, up 2.36% year-on-year [4][5] - The company's advanced process-related business accounted for approximately 74% of its main revenue in the first half of 2025, with a focus on cutting-edge processes [5][6] - Revenue projections for 2025, 2026, and 2027 are estimated at 543 million, 706 million, and 919 million yuan, respectively, with net profits of 110 million, 160 million, and 240 million yuan [9][11]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by strong demand in the semiconductor analysis market and expansion of customer resources [1][2] - The establishment of new laboratories in multiple locations has enhanced the company's service efficiency and market reach, contributing to revenue growth [2] Financial Performance - Operating revenue for the first half of 2025 reached 239.24 million RMB, a year-on-year increase of 29.03% [1] - Net profit attributable to shareholders was 33.37 million RMB, reflecting an 11.48% increase compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 31.52 million RMB, up 19% year-on-year [1] Asset and Equity Growth - The net assets attributable to shareholders increased to 879.41 million RMB, a 45.13% rise from the end of the previous year [1] - Total assets grew to 1.68 billion RMB, marking a 12.67% increase compared to the previous year [1] Service Expansion - Revenue from failure analysis services reached 153 million RMB, a 25.08% increase year-on-year, while material analysis services revenue was 79.37 million RMB, up 38.21% [1] - The company has established new laboratories in Nanjing, Fujian, Shenzhen, Qingdao, and Beijing to meet customer demands and improve service capabilities [2]

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].