瞭望塔财经通过招股书发现，科创板IPO排队企业强一半导体（苏州）股份有限公司（以下简称"强一股份"）的申报材料中，一个被隐去真实名称的"B公 司"格外引人注目。2024年，这家神秘客户为强一股份贡献了高达81.84%的营业收入。 瞭望塔财经发现的另一个疑点，是强一股份的毛利率走势呈现出与全球行业巨头完全相反的轨迹。2021年至2024年上半年，就在行业龙头FormFactor和 Technoprobe毛利率下滑时，强一股份毛利率却从40.78%一路攀升至61.66%，三年增长20.88个百分点。 | 公司简称 | 毛利率 | | | | --- | --- | --- | --- | | | 2024 年度 2023 年度 | | 2022 年度 | | FormFactor | 40. 33% | 39.00% | 39.58% | | Technoprobe | 41. 14% | 48.70% | 60.62% | 一、隐秘的行业玩家：市场份额背后的双刃剑 2015年8月成立于苏州工业园区的强一股份，在半导体探针卡领域已默默耕耘近十年。公司专注于晶圆测试核心硬件探针卡的研发、设计、生产与销售，打 破了境 ...

Core Viewpoint - The article discusses the ongoing listing process of Qiangyi Semiconductor (Suzhou) Co., Ltd., highlighting issues such as heavy reliance on major clients and related party transactions that have delayed responses to inquiries from the Shanghai Stock Exchange [1][3]. Group 1: Client Dependency - Qiangyi Semiconductor is heavily dependent on a few major clients, with sales to its top five clients increasing significantly from 62.28% in 2022 to 81.31% in 2024 [3][5]. - The company's revenue from a mysterious client referred to as Company B has been substantial, with sales amounting to 22,403.09 million yuan in 2024, accounting for 34.93% of total sales [4][5]. - The reliance on Company B is even more pronounced when considering that the actual revenue from Company B-related services reached 52,487.55 million yuan in 2024, representing 81.84% of total revenue [6]. Group 2: Related Party Transactions - The controlling shareholder of Qiangyi Semiconductor, Zhou Ming, has connections to multiple companies, including a major supplier, which raises concerns about related party transactions [7][9]. - The company has been procuring products from a related party, Nanton Yuan Zhuyuan, which became its largest supplier shortly after its establishment in 2021, leading to questions about the transparency of these transactions [9][11]. Group 3: Expansion Challenges - Qiangyi Semiconductor plans to raise 1.5 billion yuan, with 1.2 billion yuan allocated for expanding its probe card production capacity, including advanced equipment [12]. - Despite the expansion plans, the company has faced challenges in sales, with a production and sales rate of around 80% for its main product, raising doubts about the necessity of such expansion [13]. - The company has a relatively high inventory level, with inventory turnover rates below industry averages, indicating potential issues with excess stock and cash flow [14][15].