A-share subscription | Zhen Bao Technology (688797.SH) will open for subscription, focused on overall solutions for semiconductor components.

On June 12, Zhenbao Technology (688797.SH) started its IPO with an issue price of 44.56 yuan per share, a subscription limit of 9,000 shares, a PE ratio of 31.31 times, listed on the Shanghai Stock Exchange, with CITIC SEC as its sponsor. The prospectus shows that Zhenbao Technology focuses on providing manufacturing equipment components and surface treatment solutions for customers in the integrated circuit and display panel industries. The company's main products are equipment components such as silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services such as thermal spray regeneration, anodizing, and precision cleaning. The company's equipment components and surface treatment services are mainly used in the semiconductor equipment and display panel industries for processes such as plasma etching and thin film deposition in plasma etching, thin film deposition, and vacuum deposition in panel manufacturing equipment. In terms of semiconductor equipment components, the company's products have been widely used in advanced process integrated circuit manufacturing of logic class 14nm and below, 3D NAND flash memory chip manufacturing with storage class 200 layers and above, and advanced process storage chip manufacturing of DRAM with 20nm and below technology nodes. The company has established stable business relationships with the top ten integrated circuit manufacturers in China, as well as successfully expanding overseas clients such as Intel (Dalian), GlobalFoundries, Unimicron, and Texas Instruments. According to Frost & Sullivan data, among local semiconductor equipment component companies supplying wafer factories directly in 2024, the company ranks first in the silicon component market with a revenue market share of 4.5%, and first in the quartz component market with a revenue market share of 8.8%. In terms of display panel equipment components and surface treatment, the company's products and services have been used in G10.5-G11 large generation line LCDs, 6G AMOLED production lines for etching, thin film deposition, and vacuum deposition equipment. The company has established stable business relationships with the top five domestic display panel companies such as BOE, China Star Optoelectronics, and HKC, as well as expanding to overseas clients such as Tokyo Electronics (Shanghai). According to Frost & Sullivan data, among non-metallic component suppliers for semiconductor and display panel equipment in 2023, the company ranks second with a revenue market share of 1.9%, and among local service providers for semiconductor and display panel equipment surface treatment in 2023, the company ranks fourth with a market share of 2.8%, with thermal spray regeneration services ranking first with a market share of 6.3%. Financially, in the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 506 million yuan, 635 million yuan, and 868 million yuan respectively; during the same period, it recorded net profits of approximately 109 million yuan, 152 million yuan, and 226 million yuan respectively.