Core Views - The company, Yongxi Electronics (Ningbo) Co., Ltd., focuses on integrated circuit packaging and testing, providing solutions for integrated circuit design companies and generating revenue through packaging and testing service fees [5][6][12] - The company has achieved significant growth in revenue and net profit during the reporting period, driven by increased demand from overseas clients and existing core customers [9][10] Company Overview - Yongxi Electronics was established in November 2017 and has since concentrated on advanced packaging in the integrated circuit testing and packaging sector [8][12] - The company operates in the "Computer, Communication and Other Electronic Equipment Manufacturing" industry, specifically in integrated circuit packaging and testing [6][7] Financial Performance - For the first half of 2025, the company reported revenue of approximately 2.01 billion RMB, a year-on-year increase of 23.37% [4][9] - The net profit attributable to shareholders reached approximately 30.32 million RMB, reflecting a 150.45% increase compared to the same period last year [4][9] - The gross profit margin for the first half of 2025 was 15.61%, with a quarterly gross profit margin of 16.87% in Q2, an increase of 2.68 percentage points [9][10] Industry Context - The global advanced packaging market is projected to grow significantly, with an expected revenue of 56.9 billion USD in 2025, representing a year-on-year growth of 9.6% [8][9] - The advanced packaging sector is becoming a key growth driver in the semiconductor industry, particularly as demand for high-performance computing and AI applications increases [8][9] Research and Development - The company invested 14.22 million RMB in R&D, accounting for 7.07% of its revenue, which is a 51.28% increase year-on-year [10][12] - The company has filed numerous patents and is actively developing advanced packaging technologies, including Fan-out and 2.5D packaging processes [10][12] Competitive Advantages - The company has established strong relationships with major integrated circuit design firms, enhancing its market position and customer satisfaction [12][13] - The company’s focus on high-density advanced packaging technologies has led to a favorable reputation in emerging application areas such as AIoT and automotive electronics [12][13]

Core Viewpoint - The company, Yongxi Electronics (Ningbo) Co., Ltd., maintains a stable credit rating of A with a stable outlook, supported by its technological strength and long-term partnerships with key chip enterprises, despite facing challenges in capacity expansion and profitability [3][4][5]. Financial Performance - Total assets increased from 83.21 billion yuan in 2022 to 123.31 billion yuan in 2023, with total liabilities rising from 53.76 billion yuan to 83.33 billion yuan during the same period [6][22]. - The company reported significant revenue growth, with total operating income rising from 21.77 billion yuan in 2022 to 36.09 billion yuan in 2023, while net profit improved from a loss of 1.35 billion yuan to a profit of 0.09 billion yuan [8][21]. - The gross profit margin decreased from 21.91% in 2022 to 13.90% in 2023, primarily due to increased costs associated with the second-phase factory construction [20][21]. Operational Capacity - The company is in a capacity expansion phase, with production capacity for non-wafer-level packaging increasing from 349.9 million units in 2022 to 575.7 million units in 2024, and production volume rising from 269 million units to 518 million units during the same period [17][16]. - The utilization rate for non-wafer-level packaging reached 90% in 2024, indicating effective capacity management [16]. R&D and Technological Development - The company has a strong focus on advanced packaging technologies, with R&D expenditures increasing from 1.22 billion yuan in 2022 to 2.17 billion yuan in 2024, representing a growing commitment to innovation [18][17]. - As of 2024, the company holds 400 patents, including 158 invention patents, showcasing its competitive technological capabilities [17][18]. Market Position and Customer Relationships - The company has established long-term relationships with major domestic chip manufacturers, with the top five customers accounting for approximately 38.38% of total sales in 2023 [13][14]. - The company benefits from strong customer loyalty and has successfully expanded its client base, particularly in the automotive and 5G sectors [13][14]. Industry Context - The global packaging and testing market is highly concentrated, with the top five companies holding over 50% market share, indicating significant competitive pressures [10][11]. - The advanced packaging market is expected to grow significantly, driven by increasing demand from high-performance computing and AI applications, positioning the company favorably for future growth [11][12].

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. is issuing convertible bonds with a total amount not exceeding 1.2 billion yuan, with a term of 6 years and an annual interest payment structure [3][4]. Company Overview - Yongxi Electronics was established on November 13, 2017, and was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in November 2022 [8]. - The company primarily engages in integrated circuit packaging and testing, with a focus on advanced packaging technologies [8][12]. Financial Performance - The company reported total assets of 123.31 billion yuan and total liabilities of 83.33 billion yuan as of 2023 [6]. - The operating revenue for 2023 was 23.91 billion yuan, showing a growth trend in recent years [8][12]. - The net profit for 2023 was 1.37 billion yuan, indicating a recovery from previous losses [6][22]. Rating and Outlook - The credit rating assigned to Yongxi Electronics is A+ with a stable outlook, indicating a solid credit level expected to remain stable over the next 12 to 18 months [3][4]. - Factors that could lead to an upgrade include significant improvements in industry position and profitability, while factors for downgrade include adverse changes in supply chain stability and demand [4][5]. Industry Context - The global outsourced packaging market was valued at 85.7 billion USD in 2023, with advanced packaging accounting for 48.8% of the market [12]. - The semiconductor packaging industry is experiencing a shift towards advanced packaging technologies due to increasing demand for high-performance computing [12][11]. - The industry is characterized by high technical and financial requirements, with leading companies holding significant market shares [11][12]. Operational Strengths - The company has established long-term partnerships with major domestic chip manufacturers, enhancing customer loyalty [5][16]. - Yongxi Electronics has a diverse product range in advanced packaging, including QFN/DFN and system-in-package (SiP) technologies [13][15]. - The company has been increasing its R&D investment, with a focus on high-density packaging technologies and maintaining a competitive edge [20][21]. Challenges and Risks - The company faces challenges related to its relatively short establishment period and lower production capacity compared to industry leaders [5][17]. - The financial leverage is high due to ongoing capital expenditures, which may impact profitability if not managed effectively [21][22]. - The company’s ability to maintain profitability is under pressure from declining product prices and increased operational costs [22].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 2024 年，随着全球终端消费市场出现回暖，产业链去库存周期基本结束，叠加AI 应用场景不断涌现，集成电路行业整体景气度回升明显。根据 美国半导体行业协会（SIA）数据，2024年全球半导体销售额达到 6,276 亿美元，同比增长 19.1%，首次突破 6,000 亿美元大关。 近日，甬矽电子（宁波）股份有限 公司 发布了 2024年年度报告，报告显示，2024年甬矽电子 实现营业收入 360,917.94 万元，同比增长 50.96%；实现归属于母公司所有者的净利润 6,632.75 万元，较上年同期增长 15,971.54 万元，实现扭亏为盈。 | | | | | 甲V: 九 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上 年同期增 | ...