A-share subscription | Pioneer Jingke (688605.SH) starts subscription. Achieved localization and independent controllability of etching and thin film deposition equipment.

On December 2nd, Pioneer Precision Technology (688605.SH) started its subscription, with an issue price of 11.29 yuan per share and a subscription limit of 12,000 shares. The price-to-earnings ratio is 28.64 times. It is listed on the Shanghai Stock Exchange, with Huatai United Securities as the sponsor (lead underwriter). The prospectus shows that Pioneer Precision Technology is a precision manufacturing expert in key components for semiconductor etching and thin film deposition equipment in China. Especially in the etching equipment field, the company is one of the few domestic suppliers that have mass-produced key components for 7nm and below domestic etching equipment, competing directly with international manufacturers. While focusing on the semiconductor field, the company fully leverages its solid foundation in precision component technology and innovative capabilities to actively explore and develop new products in other fields such as photovoltaics and medical devices. With over 15 years of technical accumulation and independent research and development of product processes, the company has established five core technology platforms including precision mechanical manufacturing, surface treatment, welding, design and development of high-end devices, and customized tooling development. In increasingly demanding application conditions, the company continuously iterates and evolves its process capabilities through production practice, continuously meeting the process requirements for advanced equipment updates and iterations, striving to become a globally competitive precision manufacturing enterprise. Building on its core technology platforms, Pioneer Precision Technology closely follows customer needs, integrating interdisciplinary knowledge, multiple experimental process methods, and resources from multiple industrial chains to form three main product categories: key process components, process components, and structural components. They are mainly applied in semiconductor core equipment such as etching and thin film deposition equipment. In the etching field, the company mainly provides a series of core supporting components focusing on reaction chambers and liners. In the thin film deposition field, the company mainly provides core components like heaters and gas distribution plates, as well as supporting products. As an important carrier for the localization of semiconductor equipment, Pioneer Precision Technology occupies a key position in the wave of localization among domestic semiconductor equipment manufacturers due to its specialization in products, and has achieved independent controllable localization of key components for etching and thin film deposition equipment. Since its establishment, the company has closely cooperated with leading Chinese equipment companies NAURA Technology Group and Advanced Micro-Fabrication Equipment Inc. China, assisting many customers in the complete process of research and development, product development, mass production, and iteration to advanced processes. In addition to NAURA Technology Group and Advanced Micro-Fabrication Equipment Inc. China, the company has also established long-term stable strategic partnerships with other leading equipment customers in the industry such as Piotech Inc., Hwatsing Technology, Semiconductor Manufacturing International Corporation, and Yitang Shares. In terms of finances, in 2021, 2022, 2023, and January-March 2024, Pioneer Precision Technology achieved operating revenues of approximately RMB 424 million, RMB 470 million, RMB 558 million, and RMB 216 million, respectively, with net profits of approximately RMB 105 million, RMB 105 million, RMB 80.275 million, and RMB 46.7848 million during the same period.