资料显示，甬矽电子(宁波)股份有限公司于2022年11月在上交所科创板上市,股票简称:甬矽电子,股票代 码:688362。公司成立于2017年11月,主要从事集成电路封装和测试方案开发、不同种类集成电路芯片的 封装加工和测试。公司以中高端封装及先进封装技术和产品为主,一期厂区占地面积约126亩,总投资约45 亿元,主要生产QFN/DFN、WBLGA、WBBGA等中高端先进封装形式产品。二期总占地500亩,总投资 111亿,以先进晶圆级封装为主,技术涉及Fan-inWLCSP、Fan-outWLP、FCCSP、FCBGA、2D堆叠POP及 2.5D/3D先进封装等。 根据最新一期财务数据，2025年1月-3月，甬矽电子实现营业收入9.455亿元，同比增加30.12%；归属净 利润2460.23万元，同比增加169.4%；扣非净利润-0.281亿元，同比增加38.95%。 7月17日，甬矽转债盘中上涨2.03%报129.621元/张，成交额2.27亿元，转股溢价率31.73%。 资料显示，甬矽转债信用级别为"A+"，债券期限6年（本次发行的可转换公司债券票面利率设定为:第一 年0.20%,第二年0.40%,第三年 ...

Overview - The company, Forehope Electronic (Ningbo) Co., Ltd., is issuing convertible bonds totaling RMB 116.5 million, with a total of 1,165,000 bonds to be listed on the Shanghai Stock Exchange [4][5][30]. - The bonds will have a maturity period from June 26, 2025, to June 25, 2031, with a conversion period from January 2, 2026, to June 25, 2031 [4][5]. Company Profile - Forehope Electronic was established on November 13, 2017, and focuses on integrated circuit packaging and testing, primarily serving integrated circuit design companies [9][18]. - The company specializes in advanced packaging technologies, including QFN/DFN, BGA, and WLP, and has developed a strong reputation in the market for its high-density packaging solutions [18][24]. Financial Information - The company has a registered capital of RMB 409,625,930 as of May 26, 2025, and has undergone several capital changes since its establishment [9][15]. - The total amount raised from the bond issuance will be used for projects including advanced packaging technology research and development [30]. Market Position - The integrated circuit packaging and testing industry is capital and technology-intensive, with high barriers to entry. Forehope competes primarily with leading domestic companies such as Changjiang Electronics Technology, Huatian Technology, and Tongfu Microelectronics [20][22]. - The company has established strategic partnerships with numerous well-known design firms, enhancing its market presence and customer base [25][26]. Competitive Advantages - Forehope has a strong focus on R&D, with 1,025 technical staff, representing 17.89% of its total workforce, and holds numerous patents in advanced packaging technologies [26][27]. - The company has been recognized as a high-tech enterprise and has received accolades from clients for its service quality and product reliability [25][26].

Core Viewpoint - Yongxi Electronics focuses on mid-to-high-end advanced packaging and testing business, enhancing its one-stop delivery capability of "Bumping+CP+FC+FT" and successfully breaking into major clients like MediaTek and Realtek, with fundraising aimed at increasing heterogeneous packaging capacity [1][5] Group 1: Financial Performance and Projections - The company plans to issue convertible bonds to raise up to 1.165 billion yuan, with 900 million yuan allocated for R&D and industrialization of advanced heterogeneous packaging technology [1] - The company expects to achieve revenue of 1.239 billion yuan and a net profit of 396 million yuan after the project reaches full production [1] - For the first half of 2025, the company anticipates revenue between 1.9 billion and 2.1 billion yuan, representing a year-on-year growth of 16.60% to 28.88% [3] - In Q2 2025, the expected revenue is between 955 million and 1.155 billion yuan, with a year-on-year growth of 0.96% to 22.11% [3] Group 2: Client Relationships and Market Position - The company has established a core customer base primarily consisting of well-known chip design companies, including partnerships with companies like Hengxuan Technology, Amlogic, and MediaTek [2] - Realtek and MediaTek are projected to be among the top five customers in 2024, with sales amounts of 231 million yuan and 225 million yuan, respectively [2] Group 3: Product Offerings and Technological Advancements - The company's packaging products include five major categories: FC products, SiP, WLP, QFN/DFN, and MEMS, with over 2,100 product varieties [2] - The company has achieved mass production of advanced system-level packaging products that can simultaneously package multiple chips and components, showcasing significant technological capabilities [4] - The company has reached industry-leading specifications in advanced wafer-level packaging, with minimum pitch and diameter of micro bumps at 45μm and 30μm, respectively [4]

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 [Table_Report] 相关报告 甬矽转债定价：首日转股溢价率 23%~28% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 24 日，甬矽电子发布公告，拟于 2025 年 6 月 26 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 11.65 亿 元。其中 9 亿元拟用于投资"多维异构先进封装技术研发及产业化项目"， 总投资 14.64 亿元；2.65 亿元拟用于补充流动资金。 甬矽转债发行方式为优先配售，网上发行，债项和主体评级 A+。发行规 模为 11.65 亿元，初始转股价格为 28.39 元，参考 6 月 25 日正股收盘价 格 29.46 元，转债平价 103.77 元，参考同期限同评级中债企业债到期收 益率（6 月 24 日）为 5.97%，到期赎回价 113 元，计算纯债价值为 83.7 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券 ...

Fundraising Utilization Plan - The company plans to invest the raised funds in two main projects: "High-Density QFN/DFN Packaging Material Industrialization Project" and "R&D Center Expansion and Upgrade Project" with a total investment of 518.63 million yuan [1][2] - The total amount of funds raised, after deducting issuance costs, will be fully allocated to these projects [2] Fund Management System - The company has established a management system for the raised funds, which includes regulations on special account storage, usage, changes in fund purposes, management, and supervision [2] - The board of directors is responsible for the effective execution of the fundraising management system, ensuring that the funds are stored in a designated special account [2] Project Timeline and Progress - The construction period for the High-Density QFN/DFN Packaging Material Industrialization Project is 24 months, involving engineering design, civil engineering, equipment procurement, and trial operation [2] - The R&D Center Expansion Project has a construction period of 18 months, focusing on engineering design, renovation, and equipment installation [2] Environmental Impact - The High-Density QFN/DFN Packaging Material Industrialization Project will produce minimal wastewater and waste, with noise levels meeting national standards [3] - The R&D Center Expansion Project will primarily generate solid waste such as paper, with no significant environmental pollution expected during its operation [3]

Core Viewpoint - Xin Heng Hui Electronics Co., Ltd. is preparing for an IPO with a focus on raising funds for high-density QFN/DFN packaging materials and R&D center expansion, but there are concerns regarding the transparency of its financial disclosures and project timelines [2][3][11]. Group 1: Company Overview - Xin Heng Hui is an integrated circuit company involved in the R&D, production, sales, and testing services of chip packaging materials, with key business segments including smart card business, etching lead frame business, and IoT eSIM chip testing [2]. - The company underwent a restructuring in 2017 due to a debt crisis linked to local "guarantee circles," with new control established by investors including Yu Renrong and Ren Zhijun [2]. Group 2: IPO and Fundraising - The IPO aims to raise approximately 518.63 million yuan, allocated mainly for the high-density QFN/DFN packaging materials industrialization project (455.97 million yuan) and R&D center expansion (62.66 million yuan) [3]. - The total estimated investment for the high-density QFN/DFN project is reported to be 1.7 billion yuan, with discrepancies noted between the investment figures in the environmental assessment documents and the IPO prospectus [3][9]. Group 3: Financial Performance - Xin Heng Hui's revenue for the reporting periods from 2021 to 2024 shows a growth trajectory, with total revenues of 548.03 million yuan, 683.81 million yuan, 766.73 million yuan, and 414.26 million yuan, respectively [14]. - The net profit attributable to the parent company for the same periods was 100.51 million yuan, 109.93 million yuan, 152.34 million yuan, and 101.01 million yuan [14]. Group 4: R&D and Innovation - The company has invested in R&D with expenditures of 41.75 million yuan, 42.67 million yuan, 53.94 million yuan, and 23.21 million yuan over the reporting periods, with a decreasing R&D expense ratio [15]. - Xin Heng Hui holds 59 authorized patents, including 32 invention patents, with a significant portion of recent applications filed post-2021 [15]. Group 5: Transaction Discrepancies - There are inconsistencies in transaction data with clients, particularly with Unisoc and Beijing Heqi Data Co., where sales and procurement figures do not align, raising questions about the accuracy of reported financials [16]. - The company reported a procurement of 3.03 million yuan from Heqi Data while simultaneously selling 8.16 million yuan worth of products to the same client, attributed to a barter arrangement due to the client's cash flow issues [16]. Group 6: Future Outlook - The performance of Xin Heng Hui in 2024 will be critical for its IPO pricing and investor interest, with ongoing scrutiny of its financial disclosures and project execution timelines [17].

"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 | ...

Core Viewpoint - The company, Yongxi Electronics, reported significant growth in revenue and net profit for the year 2024, driven by increased market demand and the introduction of new product lines. The company has also decided not to distribute cash dividends for the year due to its strategic development plans and capital needs. Company Overview - Yongxi Electronics primarily engages in integrated circuit packaging and testing, providing solutions for integrated circuit design companies. Its packaging products include various advanced packaging types such as FC, SiP, Bumping, QFN/DFN, and MEMS [5][6][7]. - The company was established in November 2017 and has focused on advanced packaging in the semiconductor testing industry, achieving notable technological advantages in various advanced packaging forms [6][7]. Business Model - The company's main business model involves customized packaging solutions based on client requirements, where clients provide unprocessed wafers for packaging and testing [8]. - The production model emphasizes high-end packaging and testing products, utilizing advanced automated production equipment and a flexible production approach to enhance efficiency and yield [8][9]. - The sales model is primarily direct sales to chip design companies, with some products in the cryptocurrency sector sold through agency models to manage operational risks [10]. Industry Situation - The integrated circuit packaging and testing industry has evolved into a specialized sector within the semiconductor industry, with significant market share concentrated in the Asia-Pacific region [12][13]. - The global packaging market is projected to reach $89.9 billion in 2024, with advanced packaging accounting for 49% of this market. The demand for advanced packaging is driven by applications in AI, 5G, and IoT [14][15]. - The industry is experiencing a shift towards advanced packaging technologies, such as Chiplet, which are expected to enhance chip performance as traditional scaling approaches face limitations [20][21]. Financial Performance - For the year 2024, Yongxi Electronics achieved a revenue of 3.609 billion yuan, a year-on-year increase of 50.96%. The net profit attributable to shareholders was 66.33 million yuan, reflecting a significant increase compared to the previous year [23]. - The company reported a net cash flow from operating activities driven by revenue growth, indicating improved operational efficiency [23]. Future Development Trends - The company plans to continue focusing on advanced packaging technologies and expanding its product lines, including Bumping and 2.5D packaging, to enhance its competitive edge [55]. - The overall semiconductor industry is expected to grow, with a forecasted global market valuation of $697 billion by 2025, driven by advancements in logic and memory sectors [21][22].