A-share IPO | Sailing Electronics (920181.BJ) open for subscription, focusing on the research and manufacturing of ceramic tube shells for high-power semiconductor devices.

On March 30, SAIYING Electronics (920181.BJ) started its IPO with an issue price of 28 yuan per share and a subscription limit of 486,000 shares, with a P/E ratio of 13.79 times. It belongs to the Beijiao Exchange, with Soochow as its sponsoring institution. The prospectus disclosed that SAIYING Electronics is a national high-tech enterprise specializing in the research, manufacturing, and sales of key components such as ceramic tube shells and encapsulated heat dissipation substrates for power semiconductor devices. The company's products are mainly used in power semiconductor devices such as thyristors, IGBTs, and IGCTs, covering the entire industry chain of power systems such as power generation, transmission, distribution, and utilization. They play an important role in areas such as ultra-high voltage transmission and transformation, new energy power generation, industrial control, new energy vehicles, smart computing centers, and rail transit, with broad market prospects. The company has been focusing on the research and manufacturing of high-power semiconductor devices using ceramic tube shells for more than twenty years. Through continuous research and innovation, they have overcome industry technical challenges such as the high infiltration of metalized ceramics through isostatic pressing and the large internal stress of multi-dielectric welding. The company has mastered core technologies such as high-density metalized ceramics through isostatic pressing and ultra-large diameter ceramic metal high-strength high vacuum welding, leading the ceramic tube shell industry. The company has developed multiple product lines including ceramic tube shells for 1-6 inch thyristors and flat pressure IGBT ceramic tube shells, maintaining long-term close cooperation with leading power semiconductor companies such as CRRC Times, Infineon, and Hitachi Energy. The company, as the first drafting unit with Chen Guoxian and Xu Hongwei as the main drafters, formulated the group standard "Flat-plate Ceramic Tube Shell for Insulated Gate Bipolar Transistors (IGBT) with Pressure Connection" (T/CITIIA 203-2018) in September 2018, which was approved by the Ministry of Industry and Information Technology on May 9, 2025 and released as the industry standard "Flat-plate Ceramic Tube Shell for Insulated Gate Bipolar Transistors (IGBT)" (SJ/T 11972-2025). The release of this standard is of great significance for standardizing the development path of IGBT flat-plate ceramic tube shells, promoting technological innovation and industry chain synergy, and enhancing industry upgrading and international competitiveness, demonstrating the company's leading market position in the ceramic tube shell industry. The company is deeply integrated into the development of strategic emerging industries, breaking through key processes such as cold forging, pre-bending, and continuous electroplating, establishing the core technology system of encapsulated heat dissipation substrates, and expanding into the encapsulated heat dissipation substrate business in 2017. Relying on precision processing capabilities and stable product quality, the company has formed long-term and stable cooperative relationships with CRRC Times, Customer A, Macmic Science & Technology, and was awarded the "Strategic Cooperation Award" by CRRC Times in 2020 and 2022, continuously enhancing its industry influence and market position. The company is a national-level specialized and innovative "small giant" enterprise, a national high-tech enterprise, a privately-owned technology enterprise in Jiangsu Province, and a gazelle enterprise in Wuxi City. The company has undertaken and completed 7 national and provincial research projects, including projects such as the Ministry of Industry and Information Technology's Industrial Foundation project "Industrialization of Precise Ceramic Structural Components for Flexible High Voltage Direct Current Flat Full-Pressure Large Power IGBT Multi-Module Frame" and the Ministry of Industry and Information Technology's Electronic Information Industry Development Fund project "Full-pressure large power IGBT multi-module frame precise ceramic shell". The company has significantly enhanced its core competitiveness. The company has formed an experienced and highly collaborative R&D team, established a reasonable organizational structure, standardized management processes, and a sound talent incentive mechanism. In recent years, the company has continued to upgrade its products and technology, developing core process technologies such as ultra-large diameter ceramic metal high-strength high vacuum welding, flat bottom substrate shaped curvature forming, and multi-hole single cold forging of needle-toothed substrate, establishing long-term cooperation relationships with research institutions such as Huazhong University of Science and Technology. As of December 31, 2025, the company holds 9 invention patents and 44 utility model patents. Financially, in 2023, 2024, and 2025, the company achieved operating revenues of approximately 321 million, 457 million, and 600 million yuan respectively, with net profits of approximately 55.0683 million, 73.9015 million, and 88.0779 million yuan respectively during the same period.