招股说明书梳理系列(一):盛合晶德 行业专题报告 / 2026.01.29 ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 分析师 庫住 SAC 证书编号: S0160525110002 tangiia@ctsec.com 迎黄金替代机遇》 核心观点 请阅读最后一页的重要声明! 盛合晶微科创板上市进程再推进,首轮问询正式启动:1月7日,盛合 * 晶微半导体有限公司正式接受上海证券交易所科创板上市审核中心的首轮问 询。在此之前,公司已递交招股书,拟在科创板挂牌上市。此次 IPO,盛合 晶微拟募资 48 亿元,用于三维多芯片集成封装项目、超高密度互联三维多芯 片集成封装项目。项目达产后将形成多个芯粒多芯片集成封装技术平台的规 模产能,并配套凸块制造（Bumping）及 3DIC 技术平台产能,进一步匹配 中国大陆芯粒多芯片集成封装领域的高增长需求。 集成电路先进封测行业市场空间广阔,下游应用场景多元:集成电路先 * 进封测行业高速扩容。根据 Yole 和灼识咨询数据及预测，2024 年全球封测 行业规模达 1.014.7 亿美元，预计 2029 年将增至 1.349.0 亿美元，其中先 进封 ...

Core Viewpoint - The company, Shenghe Jingwei, has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 4.8 billion yuan for advanced packaging projects related to multi-chip integration technology [1][4]. Financial Performance - The company reported revenues of approximately 1.633 billion yuan in 2022, 3.038 billion yuan in 2023, and projected revenues of 4.705 billion yuan in 2024, with a net profit of -329 million yuan in 2022, 34.13 million yuan in 2023, and 214 million yuan in 2024 [2]. - The compound annual growth rate (CAGR) of the company's revenue from 2022 to 2024 is the highest among the top ten global packaging and testing companies [2]. Market Position - Shenghe Jingwei is ranked as the tenth largest packaging and testing company globally and the fourth largest domestically, with a leading position in various service areas within mainland China [2]. - The company holds the largest market share in 12-inch WLCSP revenue in mainland China, approximately 31% [2]. Technology and Innovation - The company has established a comprehensive technology platform for multi-chip integration packaging, particularly excelling in 2.5D integration technology, where it ranks first in revenue in mainland China with an 85% market share [3]. - Globally, the company holds an 8% market share in the 2.5D sector, competing with major players like TSMC, Intel, and Samsung [3]. Strategic Goals - The IPO aims to expand production capacity to meet the growing demand for high-performance chips, which are crucial for China's digital economy and AI development [4]. - The company plans to enhance its manufacturing and management systems, focusing on quality control and comprehensive service capabilities in advanced packaging [5].