IPO! This LED-related company successfully listed on the STAR Market!
On December 12, Jiangsu Pioneer Precision Technology Co., Ltd. (abbreviated as: Pioneer Precision Tech, Stock Code: 688605) rang the bell for its IPO on the STAR Market of the Shanghai Stock Exchange. On the listing day, the company's stock price opened significantly higher, rising more than 652% at one point during trading. The opening market capitalization was 17.3 billion yuan, marking the birth of another billion-yuan market cap IPO.
Pioneer Precision Tech was established in 2008. Since its inception, it has focused on core components for etching equipment and thin-film deposition equipment as its main development direction, known as the "dual-core" strategy.
In semiconductor manufacturing equipment, the technical difficulty of etching equipment and thin-film deposition equipment is second only to lithography equipment. Pioneer Precision Tech is a precision manufacturing expert for key components in these two core equipment segments. The company's core products include chambers, liners, showerheads, and heaters, which are key process and structural components. It is one of the few domestic suppliers that have mass-produced and supplied key components for high-end etching equipment, capable of competing directly with international manufacturers.
From a business perspective, the company's core business consists of semiconductor equipment components and others. Among these, semiconductor design components can be subdivided into three major categories: critical process components, process components, and structural components. The "others" category mainly includes photovoltaic and medical equipment components, modules, and a small amount of surface treatment services.
(Source: Company Prospectus)
The prospectus shows that Pioneer Precision Technology has established five core technology platforms: precision mechanical manufacturing technology, surface treatment technology, welding technology, design and development technology for high-end devices, and customized tooling development technology, thereby forming the company's core technological barriers.
Based on the aforementioned core technology platforms, Pioneer Precision Technology has developed products with industry competitiveness. For example, in the field of domestic CCP high-capacitance high-energy plasma etching, chambers mass-produced by Pioneer Precision Technology have been applied on a large scale in advanced process chip etching equipment; in the field of domestic mainstream plasma LED chip etching, Pioneer Precision Technology is a core supplier of reaction chamber kits for such equipment; in the field of GaN-based LED MOCVD and 12-inch PECVD, Pioneer Precision Technology is the core supplier of gas distribution plates, which are critical process components for such equipment.
Thanks to its leading technical strength, its market share in niche segments is also significant. It is reported that in 2023, the market size of the niche segment for critical process components mass-produced and applied in etching equipment by Pioneer Precision Technology in China was approximately RMB 777 million, accounting for more than 15% of the niche market.
In 2023, the market size of Pioneer Precision Technology's mass-produced key process components for thin-film deposition equipment in China's domestic niche market was approximately RMB 1.12 billion, accounting for over 6% of the niche market.
By establishing the aforementioned core technological advantages, Pioneer Precision Technology has received honors such as National Specialized and Sophisticated "Little Giant" Enterprise and National High-Tech Enterprise. In addition, the company possesses Jiangsu Province Intelligent Workshop for Key Components of Wafer Etching Equipment and Jiangsu Province Intelligent Manufacturing Workshop for Precision Components of High-End Equipment for Large-Scale Integrated Circuits. It is also the Jiangsu Province Engineering Technology Research Center for Vapor Deposition Equipment Components and the Jiangsu Province Engineering Research Center for PM Modules of Etching Equipment Based on 5nm Chip Process.
Pioneer Precision Technology is a core supplier of chamber components for etching equipment to companies such as AMEC. You Li, Chairman and General Manager of Jiangsu Pioneer Precision Technology Co., Ltd., stated: "Since its establishment in 2008, the company has maintained close cooperation with leading domestic equipment manufacturers such as NAURA and AMEC . Over the years, Pioneer Precision Technology has grown alongside its clients, always focusing on precision manufacturing centered on surface treatment and machining technologies, cultivating deeply in its niche fields."
Pioneer Precision Technology has demonstrated impressive performance in recent years. From 2021 to 2023, the company's Revenue was RMB 423.6479 million, RMB 469.7182 million, and RMB 557.7169 million respectively, with a compound annual growth rate exceeding 40% from 2020 to 2023. The Net profit attributable to owners of the parent company after deducting non-recurring items was RMB 83.6226 million, RMB 98.9525 million, and RMB 79.7854 million respectively, with a compound annual growth rate of Net profit exceeding 45%.
This growth trend continues. From January to September this year, the company's Revenue was RMB 868.8910 million and Net profit was RMB 175.0784 million, representing Year-on-year (YoY) increases of 133.12% and 249.03% respectively. Looking solely at the performance in the first half of 2024, the Year-on-year (YoY) growth rates for the company's Revenue and Net profit attributable to owners of the parent company after deducting non-recurring items reached 147.04% and 338.67% respectively.
（来源：公司招股书）
先锋精科位于江苏泰州东南部长江边的靖江市。值得一提的是，先锋精科是江苏省2024年首家，也是靖江市迄今第一家科创板上市企业。靖江市委书记、经济技术开发区党工委书记张长平，市委副书记、市长申强，与公司董事长游利、首席技术官徐子鸣等嘉宾共同敲响开市铜锣。市领导范敏、沈南松、张佳炜、张劲松出席上市挂牌仪式。
先锋精科表示，未来，公司将充分利用国产化浪潮机会，继续坚持面向经济主战场、面向国家重大需求、优先服务国内本土半导体设备企业的战略方针，深耕半导体产业链“卡脖子”领域，筑牢国产半导体设备供应链安全基础，积极推动国内大循环。
在聚焦半导体领域的同时，公司充分发挥精密零部件技术的扎实基础及创新能力优势，积极在光伏、医疗等其他领域探索和开发新产品。