According to the Zhitong Finance APP, on March 11, SIDEA (301629.SZ) opened for subscription, with an issue price of 52.28 yuan per share, a subscription limit of 10,000 shares, and a price-to-earnings ratio of 26.23 times. It is listed on the Shenzhen Stock Exchange's Growth Enterprise Market, with China Merchants Securities as its exclusive sponsor.

The prospectus reveals that SIDEA primarily engages in the research, development, production, and sales of semiconductor specialized equipment, focusing on the field of semiconductor probe testing technology. It is a leading manufacturer of probe testing technology series equipment in China. Probe testing technology is mainly applied in the semiconductor manufacturing process for wafer inspection (CP, Circuit Probing) and is also used in the full-process wafer acceptance testing (WAT testing, Wafer Acceptance Test), design verification, and final testing (FT, Final Test) stages. It is a key technology for detecting chip performance and defects, ensuring the accuracy of chip testing, and improving chip testing efficiency.

SIDEA's main products are probe station equipment, making it the largest probe station equipment manufacturer in mainland China. Probe station equipment is a specific application of probe testing technology, primarily used in the wafer testing stage of the semiconductor manufacturing process. The company has independently developed various types of semiconductor equipment that apply probe testing technology, and its products are widely used in the manufacturing fields of integrated circuits, optoelectronic chips, discrete devices, and third-generation compound semiconductors.

SIDEA'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, mastering core probe testing technologies, breaking the monopoly of overseas manufacturers, and becoming 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 enterprises in the optoelectronic chip field, such as Sanan Optoelectronics, HC SemiTek, Qianzhao Optoelectronics, Jucan Optoelectronics, Aoyang Shunchang, and Zhaochi Co., Ltd. In the integrated circuit and discrete device fields, the company's current major clients include Silan Microelectronics, Yandong Microelectronics, Huayi Electronics, JieJie Microelectronics, Yangjie Technology, Star Semiconductor, BYD Semiconductor, China Resources Microelectronics, and Goertek, among other well-known domestic discrete device and integrated circuit manufacturing enterprises.

Currently, the global probe station equipment market is dominated by overseas companies such as Tokyo Electron, Tokyo Precision, Wangxi Technology, and Whitetech. 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, Wangxi Technology, and Whitetech held market shares of 46%, 27%, 10%, and 4%, respectively. The company is an important competitor in the mainland China's probe station equipment market. According to SEMI and CSA Research statistics, in 2019, the company held a 13% market share in the mainland China's probe station equipment market, ranking fourth, and is the top-ranked manufacturer in the mainland region.

In terms of financials, for the fiscal years 2021, 2022, 2023, and the first half of 2024, SIDEA achieved operating revenues of approximately 399 million yuan, 442 million yuan, 546 million yuan, and 288 million yuan, respectively. The company's net profits were approximately 96 million yuan, 114 million yuan, 89 million yuan, and 56 million yuan

In the risk factors section of the prospectus, SIDEA mentioned that the company has a significant reliance risk on Sanan Optoelectronics and Zhaochi Co., Ltd. During the reporting period, the sales revenue from Sanan Optoelectronics and Zhaochi Co., Ltd. accounted for 25.52%, 60.26%, 44.22%, and 21.06% respectively. In 2022, the revenue from Sanan Optoelectronics and Zhaochi Co., Ltd. accounted for more than 50%, indicating a certain degree of dependence on these customers for the company's operating performance during that period