Atlas of One

· Soochow Securities · Company & industry fundamentals

Shengke Nano (688757): Leading Third-Party Tester Across the Full Chip Value Chain, Benefiting from Process Upgrades, Deeper Specialization and Domestic Substitution

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Key Views

  • Company evolution: The report traces the company's development history and the step-by-step build-out of its global footprint.
  • Earnings quality: Net profit is presented on an attributable-to-parent basis and excludes the impact of the share-based incentive plan.
  • Demand drivers: Major customers and demand sources underpinning third-party semiconductor testing are identified.
  • Supplier structure: Key suppliers, including RMR(FH), are ranked by their share of total annual procurement in percentage terms.
  • Operations and financials: The company's five production-line generations are introduced, with balance sheet and income statement figures reported in RMB millions.

Key exhibits

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