Shenghe Jingwei (688820) new stock overview, online subscription begins April 9th

Securities Star News: The new stock Shenghe Jingwei on the Shanghai Stock Exchange Science and Technology Innovation Board will begin online subscription on April 9. The subscription code is 787820. The announcement date for the winning lot numbers is April 13.

Shenghe Jingwei Semiconductor Co., Ltd. is a globally leading integrated circuit wafer-level advanced packaging and testing enterprise. It started with advanced 12-inch mid-range silicon wafer processing, and further provides end-to-end advanced packaging and testing services such as wafer-level packaging (WLP) and chiplet multi-chip integrated packaging, among others. The company is committed to supporting all kinds of high-performance chips, especially graphics processors (GPU), central processing units (CPU), artificial intelligence chips, and more. Through heterogeneous integration methods beyond Moore’s Law (MorethanMoore), it achieves comprehensive performance improvements such as high computing power, high bandwidth, and low power consumption. The company’s principal business is. Its upstream in the industrial chain is packaging consumables (silicon through-hole adapter boards, packaging substrates, glass substrates, etc.), fixtures (probe cards, component kits, test bases, etc.), and bulk chemical products. Its downstream in the industrial chain is terminal fields such as smart phones, consumer electronics, high-performance computing, data centers, and artificial intelligence.

In terms of customer concentration, during the reporting period, the company’s combined sales revenue contribution to its top five customers was 72.83%, 87.97%, 89.48%, and 90.87%, respectively. Among them, the company’s sales revenue contribution to its first-largest customer was 40.56%, 68.91%, 73.45%, and 74.40%, respectively. The company’s customers are highly concentrated.

Shenghe Jingwei’s principal business focuses on the mid-stage silicon wafer processing and back-end advanced packaging segments of the integrated circuit advanced packaging and testing industry, which belongs to the “Integrated Circuit Manufacturing” industry. In terms of market size, the global integrated circuit advanced packaging and testing industry market size increased from $554.6 billion in 2019 to $1014.7 billion in 2024, with a compound annual growth rate of 12.8%. According to Yole and Zhushike Consulting, it is expected that the global integrated circuit advanced packaging and testing industry market size will reach $1349.0 billion by 2029, with a compound annual growth rate of 5.9% from 2024 to 2029. Among them, the market size of the integrated circuit advanced packaging and testing industry in mainland China is expected to reach 4389.8 billion yuan by 2029.

Participants in the global integrated circuit advanced packaging and testing industry mainly include wafer fabrication companies and packaging and testing companies. Among them, wafer fabrication companies mainly provide wafer-level mid-stage silicon wafer processing and advanced packaging and testing services. In the more cutting-edge chiplet multi-chip integrated packaging field, market participants are also mainly global leading wafer fabrication companies. Packaging and testing companies include comprehensive packaging and testing enterprises covering multiple technology types and chip categories, as well as specialized packaging and testing enterprises focusing on specific sub-sectors. Shenghe Jingwei is a globally large-scale integrated circuit advanced packaging and testing enterprise with relatively fast growth. According to Gartner statistics, in 2024, the company ranked 10th globally and 4th domestically in the packaging and testing industry.

Based on the company’s situation, we believe the comparable companies that can be used for reference are: JCET, Tongfu Microelectronics, Huatian Technology, Yongxi Electronics, and Qizhong Technology.

Shenghe Jingwei’s 2025 annual report shows that, in that year, the company’s operating revenue was 6.521 billion yuan, up 38.59% year-on-year. Net profit attributable to shareholders was 923 million yuan, up 331.8% year-on-year. Non-recurring profit and loss attributable net profit was 859 million yuan, up 358.2% year-on-year. The asset-liability ratio was 36.18%. Investment income was 15.5847 million yuan. Financial expenses were -26.3344 million yuan. Gross profit margin was 30.97%.

The above content has been compiled by Securities Star from publicly available information and generated by an AI algorithm (Wangxin Calculation Backup No. 310104345710301240019), and does not constitute investment advice.