HHCK(688535)2024-12-25 07:35Group 1: Company Overview - The company involved is Huahai Chengke, with the stock code 688535 [1] - The merger with Hengshou Huawai aims to enhance production scale and reduce average manufacturing costs [2] Group 2: Production and Technology - Huahai Chengke currently operates 5 production lines and 3 pilot lines, with plans to build 3 additional lines by mid-next year [6] - Hengshou Huawai has 8 production lines and 2 pilot lines, with two new lines under construction [6] - The merger will allow for better capacity allocation and increased production efficiency [6] Group 3: Market and Customer Base - Hengshou Huawai has a significant number of international clients, including leading semiconductor companies [2] - The customer overlap between Huahai Chengke and Hengshou Huawai is low, indicating good complementarity [6] - Key domestic clients include Changdian, and international clients include ON Semiconductor and Infineon [4] Group 4: Future Growth and Strategy - The integration is expected to enhance R&D capabilities and service quality in advanced packaging [4] - The company anticipates steady growth post-merger, although no specific inflection point has been identified [7] - The focus will be on increasing market share in advanced packaging, particularly in QFN products [4]