新股覆盖研究：矽电股份

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [33]. Core Viewpoints - The company, Silicon Electric Co., Ltd. (301629.SZ), focuses on the research, production, and sales of semiconductor testing equipment, particularly in the field of probe testing technology. It has established a strong technological advantage in applications such as optoelectronic chips and integrated circuits [6][21]. - The company has achieved significant revenue growth in recent years, with projected revenues of 442 million yuan, 546 million yuan, and 508 million yuan for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 10.73%, 23.61%, and -7.08% [7][4]. - The company holds a 25.70% market share in the probe testing equipment market in mainland China as of 2023, indicating its leading position in the domestic market [21]. Summary by Sections Basic Financial Status - The company reported revenues of 442 million yuan in 2022, 546 million yuan in 2023, and a forecast of 508 million yuan in 2024, with corresponding net profits of 116 million yuan, 89 million yuan, and 93 million yuan [4][7]. - The revenue breakdown for the first half of 2024 shows that the main product categories are chip probe tables (163 million yuan, 57.21%), wafer probe tables (106 million yuan, 37.09%), and other products (16 million yuan, 5.70%) [7]. Industry Situation - The semiconductor testing equipment industry is crucial for controlling costs and ensuring quality throughout the semiconductor manufacturing process. The global market for semiconductor testing equipment is projected to grow significantly, with a forecasted growth rate of 7.4% in 2024 and 30.3% in 2025 [14][18]. Company Highlights - The company is recognized as a domestic leader in probe table equipment, having successfully broken the monopoly of foreign manufacturers. It has established long-term partnerships with major players in the optoelectronic chip sector [21][22]. - The company is expanding its product line to include sorting machines, exposure machines, and AOI detection equipment, enhancing its market offerings [22]. Fundraising Project Investments - The company plans to invest in three main projects through its IPO: the development of probe tables and industrial base, sorting machine technology research, and upgrading its marketing service network [24][25]. Peer Comparison - Compared to similar companies, the average revenue for peer companies in 2023 was 762 million yuan, with an average PE-TTM of 58.40X and an average gross profit margin of 60.15%. The company’s revenue and gross margin are below the industry average [26][27].