Investment Rating - The report maintains an "Outperform" rating for the company [5][9]. Core Insights - The third quarter of 2024 saw a revenue of 9.09 billion yuan, a year-over-year increase of 11.4%, but the gross margin was negative at -5.22%, with a net loss attributable to shareholders of 1.48 billion yuan, a significant decline of 687.94% year-over-year [6]. - The company is expanding its 12-inch wafer production capacity to 500,000 pieces per month by the first half of 2024, with a total shipment of 2.94 million pieces in 2023, reflecting a year-over-year decrease of 3% [7]. - The report indicates a downward revision of revenue forecasts for 2024-2026, with expected revenues adjusted from 40/50/70 billion yuan to 35/43/62 billion yuan, and net profit forecasts reduced from 1.4/2.7/4.3 billion yuan to 0.3/2.0/2.3 billion yuan [9]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 2.479 billion yuan, a year-over-year increase of 3.7%, but a net loss of 536 million yuan, a decline of 352.4% year-over-year [10]. - The projected total revenue for 2024 is 3.534 billion yuan, with a gross margin of 11.8% and a net profit of 29 million yuan [12]. - The company’s earnings per share for 2024 is expected to be 0.01 yuan, with a significant increase in projected earnings in subsequent years [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the 300mm silicon wafer shipments have reached a turning point, countering low recovery expectations. The semiconductor industry is beginning to show signs of recovery after a significant adjustment in 2023, with a forecasted decline in global silicon wafer shipments of 2.4% in 2024, a significant improvement from a 14.3% decline in the previous year. A strong rebound in shipments is expected in 2025, driven by demand from artificial intelligence and advanced processes [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 2.479 billion yuan, a year-on-year increase of 3.7%, while the net profit attributable to shareholders was -536 million yuan, a decrease of 352.4% year-on-year. The adjusted net profit was -645 million yuan, down 923.93% year-on-year. In Q3 2024, the company reported revenue of 909 million yuan, up 11.37% year-on-year, with a net profit of -148 million yuan, a decrease of 687.94% year-on-year [1] Market Dynamics - The report indicates that the demand for 300mm silicon wafers has started to recover since Q2 2024, with a quarter-on-quarter increase of 8% and a year-on-year increase of 13%. The company’s sales volume increased by 40% year-on-year, contributing significantly to revenue growth. However, demand for 200mm and smaller wafers remains sluggish, with expectations for improvement as the semiconductor market gradually recovers [1] Capacity Expansion - The company is actively expanding its 300mm silicon wafer production capacity to capture market share. The subsidiary Shanghai Xinxing has increased its production capacity to 500,000 wafers per month, with plans to reach 600,000 wafers per month by the end of 2024. Additionally, the company is investing in high-end silicon-based material R&D projects to meet the growing demand in the RF market [1][2]

上海硅产业集团股份有限公司 投资者关系活动记录表 股票名称：沪硅产业 股票代码：688126 | --- | --- | --- | |--------------------|-------------------------|------------------------------------------------| | | | | | | | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □ 现场参观 电话会议 | | | 参与单位/个人 | | 华泰、国信、汇丰前海、长江、海通等机构和个人投 | | | | 资者通过电话和网络参加会议。 | | 时间 | 2024 年 11 月 1 | 日 | | 地点 | 线上交流 | | | 公司接待人员 | 方娜 | | | 投资者关系活动主要 | 1 、半导体行业和公司 | 2024 年第三季度经营情况介绍 | | 内容介绍 | 2 、投资者交流 | | | | 问：毛利率下降的原因 | | | | | 答：主要是受产品单价承压和持续高研发投入的影 | | ...

Summary of Conference Call on Semiconductor Industry Industry Overview - The semiconductor market has shown a clear recovery trend since the beginning of the year, although different application areas exhibit varying trends [1][2] - The global semiconductor wafer shipment volume has started to increase in the first three quarters of the year, but still shows a decline of approximately 5% compared to the same period last year [1] Key Points Market Trends - Different types of semiconductor products are experiencing different trends; 12-inch wafers have shown an upward trend since Q2, while 8-inch and smaller wafers remain in a relatively low state [2] - The overall shipment volume has significantly increased compared to last year, but revenue growth is limited due to supply-demand conditions and price pressures [2] Company Performance - The company has maintained a high level of R&D investment, with an increase of nearly 20% compared to last year [2] - The company is expanding its product portfolio to enhance customer coverage and improve market resilience [3] Financial Outlook - The company has experienced a noticeable decline in gross margin this year, primarily due to price pressures and high R&D costs associated with new product development [4][5] - Despite a negative gross margin in Q3, the losses have narrowed compared to Q1 and Q2, indicating a potential improvement in the future [6][7] Production Capacity - The company is in a significant capacity expansion phase, with ongoing projects to increase production capacity in both Taiyuan and Shanghai [5][10] - The 12-inch wafer production capacity is expected to reach 60,000 pieces per month by the end of the year, with further expansions planned [10][11] Market Demand and Pricing - The company has not observed significant price recovery in non-LTA orders, with domestic markets facing more price pressure compared to overseas markets [8][9] - The demand for 12-inch wafers is expected to remain stable, with some segments showing signs of urgent demand due to market conditions [20][21] Customer Inventory Levels - Customer inventory levels are gradually returning to normal, with significant reductions compared to last year [22][23] Future Expectations - The overall market outlook for next year is cautiously optimistic, with expectations of moderate growth driven by demand recovery and inventory digestion [21][22] - The company is open to potential mergers and acquisitions to enhance its market position [11] Additional Insights - The company is actively pursuing opportunities in both domestic and international markets, with ongoing efforts to certify products for overseas clients [33] - The production of 12-inch wafers is primarily focused on meeting domestic demand, but there are plans to increase exports as new capacities come online [33] This summary encapsulates the key points discussed during the conference call, highlighting the current state and future outlook of the semiconductor industry and the company's strategic initiatives.

证券代码：688126 证券简称：沪硅产业 公告编号：2024-045 上海硅产业集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海硅产业集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日 发布公司 2024 年第三季度报告报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度报告经营成果、财务状况，公司计划于 2024 年 11 月 22 日 下 午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 11 月 22 日(星期五) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 ...

Financial Performance - The company's revenue for Q3 2024 reached CNY 90,915.79 million, an increase of 11.37% year-on-year[2] - The net profit attributable to shareholders was CNY -14,790.94 million, a decrease of 687.94% compared to the same period last year[2] - The basic earnings per share for Q3 2024 was CNY -0.054, reflecting a decrease of 700% compared to the same period last year[2] - The net profit attributable to shareholders for the year-to-date period was CNY -53,646.27 million, a decrease of 352.40% compared to the previous year[2] - The company reported a net loss of CNY 720,377,356.02 for the first three quarters of 2024, contrasting with a profit of CNY 210,745,863.59 in the same period of 2023[17] - The net profit attributable to the parent company for Q3 2024 was -536,462,707.25 RMB, compared to a profit of 212,542,954.70 RMB in Q3 2023, indicating a significant decline[18] - The total comprehensive income for Q3 2024 was -2,172,415,111.33 RMB, compared to 451,832,278.28 RMB in Q3 2023, reflecting a substantial decrease[18] - Net profit for the first three quarters of 2024 was CNY -47,452,920.19, compared to CNY 139,454,867.98 in the same period of 2023, indicating a significant loss[24] Cash Flow and Liquidity - The company reported a cash flow from operating activities of CNY -60,412.77 million year-to-date, indicating challenges in cash generation[2] - Cash flow from operating activities for the first three quarters of 2024 was -604,127,664.82 RMB, worsening from -175,492,292.63 RMB in the same period of 2023[19] - Cash inflow from operating activities totaled 2,936,179,752.26 RMB in the first three quarters of 2024, up from 2,763,833,397.65 RMB in 2023[19] - The total cash and cash equivalents at the end of Q3 2024 were 2,887,866,791.14 RMB, down from 3,580,209,950.24 RMB at the end of 2023[20] - The cash and cash equivalents at the end of Q3 2024 were not specified but are critical for assessing liquidity[15] - The company received cash from sales of goods and services amounting to 2,639,142,543.70 RMB in the first three quarters of 2024, compared to 2,469,879,173.12 RMB in 2023[19] Research and Development - The R&D investment totaled CNY 8,456.52 million, accounting for 9.30% of revenue, an increase of 1.07 percentage points year-on-year[3] - Research and development expenses for the first three quarters of 2024 were CNY 208,085,701.80, compared to CNY 175,241,771.59 in the same period of 2023, indicating a 18.76% increase[17] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,912,028.34 million, a slight increase of 0.30% from the end of the previous year[3] - Total assets as of the end of Q3 2024 amounted to CNY 29,120,283,404.69, slightly up from CNY 29,031,755,835.74 at the end of Q3 2023[15] - Total liabilities increased to CNY 9,544,301,454.71 in Q3 2024, compared to CNY 8,526,434,365.02 in Q3 2023[15] - The company’s total equity decreased to CNY 19,575,981,949.98 from CNY 20,505,321,470.72 year-over-year, reflecting a decline in shareholder value[15] - The total equity of the company decreased from CNY 10,269,939,544.14 to CNY 10,112,940,889.38, a decline of approximately 1.5%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 57,468[8] - The largest shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., holds 567,000,000 shares, accounting for 20.64% of the total shares[9] - The second-largest shareholder, Shanghai Guosheng Group Co., Ltd., holds 546,000,000 shares, representing 19.87% of the total shares[9] - The company has no pledged shares among its top shareholders[10] - There are no significant changes in the shareholding structure due to margin trading activities[11] Operating Performance - The company experienced a significant increase in sales volume, with a year-on-year growth of nearly 40%[7] - Total operating revenue for the first three quarters of 2024 reached CNY 2,478,562,227.86, an increase of 3.66% compared to CNY 2,390,165,982.90 in the same period of 2023[16] - Total operating costs for the first three quarters of 2024 were CNY 3,259,957,321.08, up from CNY 2,387,740,038.97 in 2023, reflecting a significant increase[17] - Operating profit for the first three quarters of 2024 was a loss of CNY 719,376,908.93, compared to a profit of CNY 210,809,233.82 in the same period of 2023[17] Investment Activities - Cash outflow from investing activities reached 12,401,873,467.62 RMB in the first three quarters of 2024, compared to 9,669,265,163.95 RMB in 2023[20] - The net cash flow from investing activities was -3,409,114,586.11 RMB for the first three quarters of 2024, compared to -2,081,484,814.39 RMB in 2023[20] - The total cash inflow from investment activities in the first three quarters of 2024 was 5,993,528,179.52 RMB, compared to 3,350,374,451.24 RMB in 2023, representing an increase of approximately 78.5%[28] - The total cash outflow from investment activities increased to 6,688,489,315.00 RMB in 2024, up from 3,807,906,955.79 RMB in 2023[28] Financial Ratios - The weighted average return on equity was -1.13% for the reporting period, a decrease of 1.30 percentage points[2] - Financial expenses increased significantly from CNY -2,924,769.14 to CNY 15,868,436.15, reflecting a change of over 600%[24] - The company reported a significant increase in interest expenses, rising from CNY 13,906,155.53 to CNY 45,915,451.48, an increase of approximately 230%[24]

证券代码：688126 证券简称：沪硅产业 公告编号：2024-044 上海硅产业集团股份有限公司 1.存货跌价准备 根据《企业会计准则第 1 号——存货》，资产负债表日，存货应当按照成本 与可变现净值孰低计量。可变现净值，是指在日常活动中，存货的估计售价减去 至完工时估计将要发生的成本、估计的销售费用以及相关税费后的金额。公司对 2024 年 9 月 30 日的存货项目进行减值测试并计提存货跌价准备损失约 4,717.22 万元，其中主要为针对存货成本高于估计售价的硅片产品。 2.坏账准备 关于2024年前三季度计提资产减值准备的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、计提资产减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映公司截 至 2024 年 9 月 30 日的财务状况及经营成果，经公司及下属子公司对各项金融资 产、存货、预付款项和长期资产等进行全面充分的评估和分析，认为其中部分资 产存在一定的减值迹象。经公司财务部门测算，公司 2024 年截至三季度末计提 的各项减值 ...

证券代码：688126 证券简称：沪硅产业 公告编号：2024-043 上海硅产业集团股份有限公司 关于聘任高级管理人员及变更董事会秘书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海硅产业集团股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日召 开第二届董事会第二十三次会议，审议并通过了《关于聘任公司常务副总裁的议 案》《关于聘任公司执行副总裁的议案》《关于聘任公司董事会秘书的议案》，现 就相关情况公告如下： 一、关于聘任高级管理人员的情况 特此公告。 上海硅产业集团股份有限公司董事会 2024 年 9 月 28 日 地址：中国(上海)自由贸易试验区临港新片区云水路 1000 号 电话：021-52589038 传真：021-52589196 邮箱：pr@sh-nsig.com 附件： 根据《公司法》等法律法规和《上海硅产业集团股份有限公司章程》的规定， 因公司业务发展需要，经总经理提名，董事会提名委员会资格审核，聘任李炜先 生为公司常务副总裁、陈泰祥先生为公司执行副总裁，任期自本次董事会审议 ...

公司报告 | 半年报点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1] Core Views - The company's performance in H1 2024 is under pressure, with a significant decline in net profit and revenue, attributed to a slow recovery in the semiconductor market and ongoing cost pressures [1] - The company is enhancing its R&D capabilities and accelerating diversification projects, with a notable increase in 300mm silicon wafer production capacity [1] - The global semiconductor market is showing signs of improvement, but the recovery is slower than expected, particularly for smaller wafer sizes [1] Financial Performance Summary - The company reported a revenue of 1.569 billion yuan in H1 2024, a slight decrease of 0.28% year-on-year [1] - The net profit attributable to the parent company was -389 million yuan, a decline of 307.35% year-on-year [1] - The company’s R&D investment reached 124 million yuan, a year-on-year increase of 16.80%, accounting for 7.87% of revenue [1][2] Production Capacity and R&D - The subsidiary Shanghai Xinsheng has maintained stable production capacity and output for 300mm silicon wafers, with a total capacity of 500,000 pieces per month as of June 2024 [1] - The company is expected to complete the second phase of its 300mm silicon wafer capacity project by the end of 2024, aiming for a total production capacity of 600,000 pieces per month [1] - R&D personnel account for 30% of the total workforce, with a strong focus on various technical fields [1] Financial Projections - Revenue projections for 2024 are estimated at 3.870 billion yuan, with a growth rate of 21.32% [2] - The net profit attributable to the parent company is projected to be 210 million yuan in 2024, reflecting a growth rate of 12.59% [2] - The company’s EBITDA for 2024 is expected to be 995.80 million yuan [2] Market Position and Strategy - The company is focusing on expanding its 200mm specialty silicon wafer production to meet niche market demands [1] - The ongoing geopolitical tensions and trade frictions may adversely affect the company's future capacity expansion [1] - The company is actively collaborating with clients in the automotive and industrial sectors to explore new applications for its products [1]