A-share subscription | Sichuang Electronics Co., Ltd. (301629.SZ) starts subscription for the largest probe station equipment manufacturing enterprise in mainland China.

On March 11th, Silicon Electric Co., Ltd. (301629.SZ) started its IPO with an issue price of 52.28 yuan per share and a maximum subscription limit of 10,000 shares. The P/E ratio is 26.23 times, and it belongs to the Shenzhen Stock Exchange's Growth Enterprise Market. CMSC is its exclusive sponsor. The prospectus disclosed that Silicon Electric Co., Ltd. is mainly engaged in the research, production, and sales of semiconductor special equipment, focusing on the field of semiconductor probe testing technology, and is a leading domestic manufacturer of probe testing technology series equipment. Probe testing technology is mainly used in semiconductor wafer testing (CP, Circuit Probing) process, as well as in wafer acceptance testing (WAT testing, Wafer Acceptance Test), design verification, and final testing (FT, Final Test) processes, which are crucial technologies for detecting chip performance, defects, ensuring chip test accuracy, and improving chip test efficiency. The main product of Silicon Electric Co., Ltd. is probe station equipment, which is the largest-scale probe station equipment manufacturer in mainland China. Probe station equipment is the specific application of probe testing technology, mainly used in the wafer testing process of semiconductor manufacturing. The company has independently developed various types of semiconductor equipment using probe testing technology, and its products have been widely used in the fields of integrated circuits, optoelectronic chips, discrete devices, third-generation compound semiconductors, and other semiconductor product manufacturing fields. Silicon Electric Co., Ltd.'s core technology team has over 30 years of experience in probe testing technology research and development. Since its establishment, the company has focused on technological innovation, mastered the core technology of probe testing, broken the monopoly of overseas manufacturers, and become an important equipment manufacturer in the probe station field in mainland China. Through years of layout and development, the company has become a major supplier to leading companies in the optoelectronic chip field such as Sanan Optoelectronics, BOE HC SemiTek Corporation, Xiamen Changelight, Focus Lightings Tech, Aoyang Shunchang, Shenzhen Mtc, and others. In the field of integrated circuits and discrete devices, the company's major customers currently include Hangzhou Silan Microelectronics, Beijing YanDong MicroElectronic, Hua Microelectronics, Jiangsu Jiejie Microelectronics, Yangzhou Yangjie Electronic Technology, StarPower Semiconductor, BYD Company Limited Semiconductor, China Resources Microelectronics, Goertek Inc., and other well-known domestic manufacturers of discrete devices and integrated circuits. Currently, the global probe station equipment market is dominated by overseas companies such as Tokyo Electron, Tokyo Precision, Won Silicon Technology, and Hitachi High-Tech. According to statistics from SEMI and CSA Research, as of 2019, the company held a 3% share of the global semiconductor market, while Tokyo Precision, Tokyo Electron, Won Silicon Technology, and Hitachi High-Tech had market shares of 46%, 27%, 10%, and 4%, respectively. The company is an important competitor in the mainland China probe station equipment market. According to SEMI and CSA Research statistics, in 2019, the company held a 13% market share in the mainland China probe station equipment market, ranking fourth in the market and being the top ranked mainland manufacturer. Financially, in the years 2021, 2022, 2023, and the first half of 2024, Silicon Electric Co., Ltd. achieved operating revenues of approximately 399 million yuan, 442 million yuan, 546 million yuan, and 288 million yuan, respectively. The net profits were approximately 96 million yuan, 114 million yuan, 89 million yuan, and 56 million yuan, respectively. In the risk factors section of the prospectus, Silicon Electric Co., Ltd. mentioned the significant dependence risks on Sanan Optoelectronics and Shenzhen Mtc. During each reporting period, the sales revenue from Sanan Optoelectronics and Shenzhen Mtc accounted for 25.52%, 60.26%, 44.22%, and 21.06% of the total respectively. In 2022, the revenue from Sanan Optoelectronics and Shenzhen Mtc accounted for over 50%, indicating a significant degree of dependence on these customers in the current operating performance.