Jiangsu X-Chip Semiconductor Technology Co., Ltd. (301707.SZ), a key player in high-reliability analog chips and micro-module products, has launched its initial public offering (IPO) subscription on July 27.
The offering price is set at 23.45 yuan per share, with a maximum subscription limit of 5,500 shares per investor. The company's price-to-earnings (P/E) ratio stands at 44.23 times, and it is listed on the Shenzhen Stock Exchange (SZSE). Huatai United Securities acts as the lead underwriter.
According to the prospectus, the company was founded in 2018 and focuses on the research, design, testing, and sales of high-reliability analog chips and micro-module products. Its primary goal is to serve the military electronics application sector, which aligns with national strategic priorities.
Core Products and Market Position
In the analog chip segment, the company's main products are power management chips, including DC/DC converters, linear regulators (LDOs), and load switches. Its micro-module products can perform functions such as isolated and non-isolated DC-DC conversion, logic control, signal modulation, and diode control. Additionally, the company offers discrete devices to its customers.
To broaden its product line, Jiangsu X-Chip Semiconductor Technology Co., Ltd. is extending its product matrix into the signal chain chip sector. It has already completed the research and development layout for multiple product categories, including current detection chips, voltage reference chips, comparators, operational amplifiers, and timing chips.
Since its inception, the company has concentrated on meeting the needs of military electronics applications, defining its products independently. The company's design, packaging, and testing processes are all geared toward ensuring high reliability. It has developed a comprehensive product system for secondary power conversion, point-of-load power supply, and bus port protection, offering a wide range of solutions. This has earned it a prominent market position in the military electronics power management chip sector, particularly among private Chinese military electronics suppliers.
Its products comply with the National Military Standard (GJB) quality system and meet customer requirements for independent control. The company's self-defined products have passed the Electronic Components Independent and Controllable Assessment and Certification by the Fifth Institute of Electronics of the Ministry of Industry and Information Technology. These products have received high recognition from major state-owned enterprise military group customers, including China Electronics Technology Group (CETC), China Electronics Corporation (CEC), Aviation Industry Corporation of China (AVIC), China Aerospace Science and Industry Corporation (CASIC), China Aerospace Science and Technology Corporation (CASC), and China North Industries Group Corporation (Norinco). They are widely used in various equipment platforms, such as airborne, missile-borne, shipborne, ground-based, and individual soldier systems.
Financial Performance
During the reporting period, the company supplied products to over 1,600 customers, building a substantial customer base. Financially, for the fiscal years 2023, 2024, and 2025, the company reported operating revenues of approximately 466 million yuan, 413 million yuan, and 639 million yuan, respectively. Its net profits for these periods were roughly 179 million yuan, 95.35 million yuan, and 228 million yuan.