来源：估值之家 半导体产业链可分为上中下游，上游为半导体技术服务、软件、材料及设备等；中游为半导体的设计与制造；下游为半导体产品及应用。因发展时 间久、市场规模大、产业链条长、生产工序多、专业分工细等特点，半导体产业链条形成了诸多细分行业。探针卡作为一种应用于半导体制造中游 环节的晶圆测试硬件，是测试机与待测晶圆的接触媒介，是半导体生产过程中晶圆测试阶段的"消耗型"硬件，能够直接影响芯片良率及制造成本， 也是芯片设计与制造不可或缺的一环，对半导体产业链具有重要意义。 强一半导体（苏州）股份有限公司（本文简称："强一股份"或"发行人"），系一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核 心硬件探针卡的研发、设计、生产与销售。招股书中信息显示，其具备探针卡及其核心部件的专业设计能力，是市场地位领先的拥有自主MEMS探 针制造技术并能够批量生产、销售MEMS探针卡的厂商，打破了境外厂商在MEMS探针卡领域的垄断。 强一股份本次拟于科创板公开发行的普通股不超过3,238.99万股，募资150,000.00万元，其中120,000.00万元用于南通探针卡研发及生产项目， 30,000.00万元用于苏州总部 ...

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has successfully passed the initial public offering review for the Sci-Tech Innovation Board, marking a significant milestone as the only domestic company to enter the global top ten semiconductor probe card manufacturers [1][3]. Company Overview - Qiangyi Semiconductor specializes in MEMS probe card manufacturing technology and has the capability for mass production and sales, breaking the monopoly of foreign manufacturers in this field [1][10]. - The company has delivered over 2,800 MEMS probe cards, meeting diverse testing needs of various clients [3]. Market Position - Qiangyi Semiconductor ranks ninth in the global semiconductor probe card industry in 2023 and is projected to rise to sixth place in 2024, making it the only mainland Chinese company in the global top ten [4][10]. - The global semiconductor probe card market is expected to reach $26.51 billion in 2024 and grow to $39.72 billion by 2029, indicating a robust growth trajectory [7]. Financial Performance - In 2024, Qiangyi Semiconductor reported revenue of 641.36 million yuan, a significant increase from 354.44 million yuan in 2023 and 254.16 million yuan in 2022 [6]. - The net profit attributable to shareholders reached 233.10 million yuan in 2024, up from 18.66 million yuan in 2023 and 15.62 million yuan in 2022 [6]. R&D and Innovation - The company has invested 78.54 million yuan in R&D in 2024, representing 12.25% of its revenue, showcasing a commitment to innovation and technology advancement [6]. - As of September 30, 2025, Qiangyi Semiconductor holds 24 core technologies and has been granted 182 patents, including 72 domestic invention patents and 6 foreign invention patents [10]. Industry Context - The semiconductor probe card industry is crucial for the semiconductor sector, impacting chip yield and manufacturing costs, thus playing a vital role in the overall supply chain [3][11]. - The domestic demand for probe cards is increasing due to the rapid growth of China's semiconductor industry and the need for supply chain security, accelerating the process of domestic substitution [10][11].

Core Viewpoint - Five companies are set to present their IPO applications, with the highest fundraising target being 3.981 billion yuan by Zhenstone Co., Ltd. [1] Group 1: Upcoming IPOs - Zhenstone Co., Ltd. aims to raise 3.981 billion yuan for projects including the construction of a fiberglass product production base and a composite materials production base [1][2] - Strong One Co., Ltd. plans to raise 1.5 billion yuan, while Hengyun Chang intends to raise 1.469 billion yuan [1] - The geographical distribution of the companies includes two from Jiangsu Province, and one each from Shandong, Zhejiang, and Guangdong Provinces [1] Group 2: Company Profiles - Zhenstone Co., Ltd. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector [2] - Strong One Co., Ltd. is one of the few domestic manufacturers with the capability to design and mass-produce MEMS probe cards [3] - Hengyun Chang focuses on the development and production of plasma radio frequency power systems and related devices [3] - Tongbao Optoelectronics is engaged in the design, research, production, and sales of automotive LED modules and lights [4] - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates [4]

Core Viewpoint - The company, Qiangyi Semiconductor (Suzhou) Co., Ltd., is preparing for its IPO on the Sci-Tech Innovation Board, with significant revenue concentration from a single major client, raising concerns about sustainability and independence [2][8]. Financial Performance - The company reported sales revenue from probe cards of 2.17 billion, 3.1 billion, 6.07 billion, and 3.59 billion CNY for the years 2022 to 2025 (first half), accounting for over 96% of total revenue during these periods [3][5]. - The total revenue for the same periods was 2.54 billion, 3.54 billion, 6.41 billion, and 3.74 billion CNY, with net profits of 156.22 million, 186.58 million, 2.33 billion, and 1.38 billion CNY respectively [5][6]. - For the first nine months of 2025, the company achieved a revenue of 6.47 billion CNY, a year-on-year increase of 65.88%, and a net profit of 2.48 billion CNY, up 100.13% [5]. Customer Concentration - Over 80% of the company's revenue comes from a single major client, referred to as Company B, with sales to the top five clients accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue during the reporting periods [7][8]. - The company has established a long-term procurement agreement with Company B, which has significantly influenced its revenue growth [8][9]. Product Sales Breakdown - The sales revenue from 2D/2.5D MEMS probe cards was 1.24 billion, 2.32 billion, 4.78 billion, and 3.17 billion CNY, representing 57.12%, 74.74%, 78.82%, and 88.37% of total sales respectively [4]. - The sales of cantilever probe cards showed a decrease in quantity but an increase in revenue due to prioritizing higher-value products [4][5]. Supply Chain and Related Transactions - The company has a high concentration of suppliers, with the top five suppliers accounting for 49.14%, 40.19%, 60.67%, and 64.27% of total procurement [11]. - The company has been involved in significant related-party transactions, with a notable portion of sales and purchases linked to Company B and a related entity, Nantong Yuan Zhou Li [10][12]. Future Outlook - The company plans to raise 1.5 billion CNY through its IPO, with 1.2 billion CNY allocated for R&D and production of probe cards, and 300 million CNY for the construction of its headquarters and R&D center [16]. - The company aims to reduce customer concentration by expanding its product offerings and market reach, particularly in the storage sector [9].

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 Shanghai Stock Exchange will review the IPO application of Qiangyi Semiconductor (Suzhou) Co., Ltd. on November 12, 2025, highlighting the company's focus on semiconductor testing hardware, specifically MEMS probe cards, which are crucial for the semiconductor manufacturing process [1][2]. Company Overview - Qiangyi Semiconductor is a high-tech enterprise specializing in the research, design, production, and sales of probe cards, with a leading market position in MEMS probe card manufacturing technology [1][2]. - The company has established a strong R&D team with nearly 20 years of industry experience, focusing on innovation and meeting market demands [2]. Technology and Innovation - As of September 30, 2025, Qiangyi Semiconductor holds 24 core technologies and has obtained 182 authorized patents, making it one of the few domestic manufacturers capable of mass-producing MEMS probe cards [3]. - The company has invested a total of 285 million yuan in R&D, accounting for 17.52% of its cumulative revenue, demonstrating a commitment to technological advancement [2]. Market Position and Competitive Advantage - Qiangyi Semiconductor competes directly with leading foreign probe card manufacturers and has established stable relationships with numerous well-known domestic semiconductor companies [3]. - The company's strong market advantages in industry position, customer resources, product applications, and market share contribute to its role as a significant force in promoting China's semiconductor industry innovation [3]. IPO and Future Plans - The funds raised from the IPO will be allocated to the development and production of probe cards in Nantong and the construction of the headquarters and R&D center in Suzhou, aimed at enhancing technical capabilities and production capacity [3].

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 Insights - This week (November 10-14), four companies are scheduled for IPO meetings, with two aiming for the Sci-Tech Innovation Board and two for the Beijing Stock Exchange [1][2] Group 1: Companies and Their IPO Plans - Strong One Co., Ltd. plans to raise 1.5 billion yuan, focusing on the development and production of probe cards and related projects [1][2] - Hengyun Chang intends to raise 1.469 billion yuan, specializing in plasma radio frequency power systems and related technologies [1][2] - Nongda Technology aims to raise 413 million yuan, focusing on the research and production of new fertilizers [1][4] - Tongbao Optoelectronics plans to raise 330 million yuan, engaged in the design and production of automotive LED modules and lights [1][3] Group 2: Regional Distribution - Among the four companies, two are from Jiangsu Province, while one each is from Shandong and Guangdong Provinces [1]

Core Insights - Five companies are set to present their IPO applications, with the highest fundraising target being 1.555 billion yuan by Shaanxi Tourism [1] - The companies are distributed across different stock exchanges, including the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange [1] Group 1: Companies and Their IPO Plans - Shaanxi Tourism aims to raise 1.555 billion yuan for various tourism-related projects, including acquisitions and infrastructure development [1][2] - Qiangyi Co., specializing in MEMS probe card manufacturing, plans to raise 1.5 billion yuan [1][3] - Haiseng Medical, focusing on anesthesia and monitoring medical devices, intends to raise 370 million yuan [1][4] - Guoliang New Materials, providing high-temperature industrial refractory solutions, is seeking to raise 175 million yuan [1][4] - Tongbao Optoelectronics, engaged in the design and production of automotive LED modules, plans to raise 330 million yuan [1][5] Group 2: Regional Distribution - Among the five companies, two are from Jiangsu Province, while one each is from Shaanxi, Zhejiang, and Hebei [1]

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is set to undergo its IPO review on November 12, 2025, aiming to raise 1.5 billion yuan, but faces risks from high customer concentration and reliance on foreign suppliers [1][4]. Financial Performance - Qiangyi's revenue has shown rapid growth, with figures of 254 million yuan, 354 million yuan, and 641 million yuan for 2022, 2023, and 2024 respectively, while net profit surged from 15.62 million yuan to 233 million yuan [2]. - For the first half of 2025, the company reported revenue of 374 million yuan and net profit of 138 million yuan, with projected full-year revenue of 950 million to 1.05 billion yuan, indicating a year-on-year growth of 48% to 64% [2]. - The gross margin has significantly improved, reaching 68.99% in the first half of 2025, well above competitors like FormFactor and Technoprobe [2][3]. Market Position - Qiangyi ranks as the ninth and sixth largest in the global semiconductor probe card industry for 2023 and 2024, respectively, being the only domestic company in the top ten [1]. Customer Concentration - The company has a high customer concentration, with sales to Company B and its affiliates accounting for over 82% of total sales in the first half of 2025, raising concerns about potential impacts on performance if relationships change [4]. Supplier Risks - Qiangyi's procurement from its top five suppliers increased from 49% to 64%, with critical materials sourced primarily from foreign suppliers, posing a risk if international trade conditions change [5][6]. Production Capacity - The utilization rates for various probe card products have shown fluctuations, with 2D MEMS probe cards at 100.89% and 101.13% in previous years, but declining to 85.34% [6]. - The company plans to invest 1.04 billion yuan in fixed assets to increase production capacity significantly, but faces risks if market demand does not meet expectations [6].