《科创板日报》12月30日讯（记者 陈俊清）国产半导体探针卡龙头强一股份今日（12月30日）登陆科 创板，科创板上市公司总数来到600家。 强一股份发行价格85.09元/股，发行市盈率为48.55倍。上市首日开盘价265.60元/股，截至收盘时涨幅达 165.61%，报收226.01元/股，收盘后公司市值292.8亿元。若投资者中一签并以今日早盘的最高价276.82 元/股卖出，将获利9.59万元。 | 5983 | 6日 = 5分神 15分钟 0分钟 日试 阅读 更多周期 · | 更价 · 最加 · 國线 野云 · · 重盘 | 简约 隐藏 心 | | | 688809 NG-1 | > | | --- | --- | --- | --- | --- | --- | --- | --- | | | 所属行业 半导体 最新:1989.99 资源:+0.34% | | 融资融合同 | | | H N | | | 350,00 | | | | 311:339 | | 226.01 +165.6% | + | | 312 1 | | | | 265.85 | 2 - 11 - 2 | | 已收市 | | 2743 ...

中购日期: 2025-12-19 周石 8 江苏苏州 (1) 2015年成立 部 非国有企业 ~1 中信建投保荐 业务情况 / 收入构成 单位:万元 | 项目 | 2025年1-6月 | | 2024年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 片出 | 金额 | 占比 | 金额 | 占比 | | 探针卡销售 | 35,893.02 | | 96.67% 60,662.82 | 96.19% 30.989.93 | | 96.90% 21,737.46 | | 97.21% | | 探针卡维修 | 272.07 | 0.73% | 439.70 | 0.70% | 170.02 | 0.53% | 151.39 | 0.68% | | 晶圆测试板销售 | 963.62 | 2.60% | 1.960.68 | 3.11% | 819.88 | 2.56% | 473.02 | 2.12% | | 合计 | | | | 37,128.71 100. ...

策 略 研 究 新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针卡 自主量产 ——注册制新股纵览 20251215 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算强一股份 AHP 得分为 2.53 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位，处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 ⚫ MEMS 探针 ...

Core Insights - Strong Semiconductor (Suzhou) Co., Ltd. has shown impressive financial growth with a net profit increase of 237.56% and a gross margin of 68.99% in the first half of 2025, but this growth is heavily reliant on a single client, Company B, which accounts for 82.83% of its sales [1][2] - The company is preparing for its IPO on the Sci-Tech Innovation Board, having achieved a revenue increase from 254 million to 641 million yuan and a net profit surge from 15.62 million to 233 million yuan from 2022 to 2024 [1][2] Client Concentration Risk - The revenue share from Company B has increased from 50.29% in 2022 to 82.83% in the first half of 2025, indicating a high dependency on a single client, which poses significant risk to revenue stability [2] - Company B is not only a major customer but also an affiliate, with related party transactions exceeding 40% since 2022, raising concerns about the sustainability of revenue if Company B reduces its purchases due to strategic changes [2] Financial Structure Risks - The gross margin has risen sharply from 40.78% in 2022 to 68.99% in the first half of 2025, significantly higher than competitors, raising questions about the fairness of pricing in related transactions [2] - The company faces challenges with cash flow, as operating cash flow has fluctuated dramatically, with accounts receivable reaching 262 million yuan, accounting for 69.87% of revenue in the first half of 2025, indicating high bad debt risk [3] Inventory Concerns - Inventory levels have surged from 41.52 million yuan in 2022 to 112 million yuan in the first half of 2025, with a significant increase in inventory impairment provisions, which could lead to profit erosion if market demand falls short [3] Technological and R&D Challenges - The company lags behind competitors in advanced technology areas like 3D MEMS probe cards, with no significant progress since 2022, while competitors have successfully commercialized similar products [4] - R&D expenditures decreased by 15.5% in 2024, raising concerns about the company's ability to keep pace with rapid technological advancements in the industry [4] Expansion Plans and Capacity Issues - The company plans to raise 1.5 billion yuan for expansion, including increasing production capacity for various probe cards, despite current production rates being below 85% for the past three years [5] - The aggressive expansion plan may lead to overcapacity and financial losses if it does not align with actual market demand, as evidenced by a 73% drop in sales of thin-film probe cards in the first half of 2025 [5] Governance Risks - The company has deep ties with its controlling shareholder, which raises concerns about governance and market competitiveness, especially given past issues with shareholding arrangements [6] - The reliance on a single major client and complex related party transactions could undermine the company's independence and sustainability in the long term [6]

Core Viewpoint - The upcoming IPO of Qiangyi Co., a semiconductor company, raises concerns due to its heavy reliance on a single customer and questionable financial practices, despite impressive growth metrics [2][10]. Group 1: Financial Performance - Qiangyi Co. aims to raise 1.5 billion yuan to enhance production capacity, with projected revenue growth from 254 million yuan in 2022 to 641 million yuan in 2024, and net profit soaring from 15.62 million yuan to 233 million yuan [2]. - The gross profit margin is expected to reach 68.99% in the first half of 2025, significantly higher than competitors like FormFactor and Technoprobe [2]. Group 2: Customer Dependency - The company's sales to a single client, referred to as Company B, increased from 50.29% in 2022 to 82.83% in the first half of 2025, indicating a dangerous level of customer concentration [4]. - Company B is identified as an affiliate, raising concerns about the legitimacy of the revenue generated from this relationship [4]. Group 3: Related Party Transactions - Qiangyi Co. has engaged in transactions with a related party, Nantong Yuan Zhou Li, which has consistently reported losses while supplying Qiangyi Co. [5][6]. - The transfer of assets to Nantong Yuan Zhou Li at a significantly undervalued price has raised questions about the company's financial reporting and the sustainability of its profits [5]. Group 4: Capacity Expansion and Utilization - Despite a decline in production capacity utilization from 100.89% in 2022 to 85.34% in 2025, Qiangyi Co. plans to significantly expand its production capacity [8]. - The planned expansion will incur annual depreciation costs of approximately 83.27 million yuan, which could severely impact profitability if the new capacity is not utilized effectively [8]. Group 5: Supply Chain Vulnerabilities - The company relies heavily on a small number of suppliers, with the top five accounting for 64% of purchases, increasing the risk of supply chain disruptions [9]. - Qiangyi Co.'s business model is heavily focused on probe card sales, which could pose risks if there are technological shifts or competitive pressures in the semiconductor industry [9]. Conclusion - The IPO of Qiangyi Co. highlights potential issues in corporate governance and financial practices, raising critical questions for regulators and investors regarding its sustainability and market competitiveness [10].

Core Viewpoint - Qiangyi Co., Ltd., a leading MEMS probe card manufacturer in Suzhou, Jiangsu, has submitted its IPO application to the Sci-Tech Innovation Board, with a review scheduled for November 12, 2023. The company aims to raise 1.5 billion yuan for R&D and production projects [1][2][31]. Company Overview - Founded in August 2015, Qiangyi Co., Ltd. has a registered capital of 97.1694 million yuan and is recognized as a national-level "little giant" enterprise specializing in advanced manufacturing [1][2]. - The company focuses on the R&D, design, production, and sales of probe cards, breaking the monopoly of foreign manufacturers in the MEMS probe card sector [1][31]. Market Position - Qiangyi ranks ninth in the global semiconductor probe card industry in 2023 and sixth in 2024, being the only domestic company to enter the top ten [1][2]. - The probe card products are used in both non-storage fields (SoC chips, CPUs, GPUs, RF chips) and storage fields (DRAM, NAND Flash) [1][2]. Financial Performance - In 2022, the company reported revenue exceeding 600 million yuan, with a net profit increase of 1149% [4]. - For the first nine months of 2025, Qiangyi's revenue reached 647 million yuan, a year-on-year increase of 65.88%, with a net profit of 248 million yuan, up 100.13% [6][7]. Future Projections - Qiangyi expects its 2025 revenue to be between 950 million and 1.05 billion yuan, representing a growth of 48.12% to 63.71% year-on-year [7][9]. - The company plans to enhance its R&D capabilities and production capacity for MEMS probe cards, particularly in the storage sector, to improve competitiveness [31]. Client Base - The company has over 400 clients, including major chip design firms and foundries, with significant sales to top clients like Company B, which accounts for over 80% of revenue [2][13][18]. - Qiangyi's major clients include well-known companies such as ZTE Micro, Fudan Microelectronics, and others in the semiconductor industry [2][17]. R&D and Innovation - As of September 30, 2025, Qiangyi had 159 R&D personnel, accounting for 19.85% of its total workforce, and held 182 authorized patents [13][14]. - The company has developed various types of probe cards, including 2D/2.5D MEMS probe cards, and is actively expanding its product offerings [15][16]. Supply Chain and Procurement - Qiangyi's procurement is concentrated, with the top five suppliers accounting for a significant portion of its total procurement costs [22][23]. - The company is working to enhance supply chain stability by sourcing core components domestically, while still relying on imports for certain materials [25][31].

Core Viewpoint - The company Qiangyi Semiconductor (Suzhou) Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, revealing significant reliance on a single client, referred to as "Company B," which contributes 81.84% of its revenue, raising concerns about customer concentration risk and financial sustainability [1][18][22]. Group 1: Financial Performance - Qiangyi Semiconductor's revenue has surged from 254 million yuan in 2022 to 641 million yuan in 2024, with net profit increasing from 15.62 million yuan to 233 million yuan, marking a nearly 14-fold growth [5][6]. - The company's gross margin has increased from 40.78% in 2021 to 61.66% in 2024, contrasting with the declining margins of industry leaders like FormFactor and Technoprobe [24][25]. - In 2024, the company reported total assets of 1.28 billion yuan and a debt-to-asset ratio of 12.07% [6]. Group 2: Customer Concentration - In 2024, sales to the top five customers accounted for 81.31% of total revenue, with "Company B" alone contributing 34.93% directly and 81.84% when including related transactions [5][20][22]. - The dependency on "Company B" raises concerns about the company's future growth potential, as it is already a major supplier of probe cards to this client [22]. Group 3: IPO Plans - Qiangyi Semiconductor submitted its IPO application on December 30, 2024, aiming to raise 1.5 billion yuan, with 1.2 billion yuan allocated for R&D and production of probe cards [7][9]. - The company is backed by CITIC Securities, which indicates confidence in its market potential, although it faces scrutiny due to being selected for an on-site inspection [9][11]. Group 4: Supply Chain and Related Transactions - The actual controller of Qiangyi Semiconductor, Zhou Ming, has connections to multiple companies, including a newly established supplier, which has raised questions about the transparency of procurement practices [12][15][17]. - The procurement from the newly established company, which is controlled by Zhou Ming, has significantly increased, raising concerns about the legitimacy of these transactions [15][17]. Group 5: Technical and Operational Concerns - The company has reported unusual fluctuations in gross margins and inventory levels, with a significant drop in the procurement of key raw materials, raising questions about its manufacturing processes [30][31]. - The sudden cancellation of its South Korean subsidiary has sparked speculation about potential operational setbacks following a commercial secret investigation [32]. Group 6: Strategic Partnerships - Huawei's Hubble Technology holds a 7.7% stake in Qiangyi Semiconductor, providing a strong endorsement, but also raising questions about potential connections to "Company B" [34].

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].