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]

海通证券股份有限公司 关于上海硅产业集团股份有限公司 2024 年度持续督导半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：沪硅产业 | | --- | --- | | 保荐代表人姓名：张博文、曹岳承 | 被保荐公司代码：688126 | 重大事项提示 2024 年上半年，全球半导体市场整体有所改善，但复苏慢于预期。报告期 内，公司实现营业收入为 156,940.43 万元，较上年同期下降-0.28%；归属于上市 公司股东净利润为-38,855.33 万元，较上年同期下滑 57,593.89 万元；归属于上 市公司股东的扣除非经常性损益的净利润为-42,896.27 万元，较上年同期下滑 40,437.60 万元；经营活动产生的现金流量净额为-44,456.12 万元，较上年同期下 滑 40,766.31 万元。 报告期内，公司受产品平均单价下降，叠加持续扩产带来的折旧摊销费用、 持续较高水平的研发投入及其他固定成本增加的影响，归属于上市公司股东的 净利润等利润数据及相关利润指标、经营活动产生的现金流量净额较上年同期 均有明显下降。2024 年 1-6 月，公司生产经营正常，不存在 ...

Group 1: Industry Overview - The semiconductor industry is gradually recovering, with a positive long-term outlook despite experiencing cyclical adjustments [2] - The silicon wafer market is expected to hit bottom in 2024, with a projected year-on-year decline of approximately 11% in the first half of 2024 compared to the same period in 2023 [2] - The recovery in the silicon wafer market will lag behind downstream sectors such as end markets and chip manufacturing [2] Group 2: Company Performance - The company's total revenue for the first half of 2024 was 1.569 billion yuan, remaining stable compared to the same period last year [3] - The company's profit indicators declined due to significant price pressure and increased fixed costs from ongoing capacity expansion and R&D investments [3] - The production capacity for 300mm wafers reached 500,000 pieces per month by mid-2024, with a target of 600,000 pieces per month by the end of the year [3][4] Group 3: Market Dynamics - The demand for 200mm and smaller wafers remains weak, with sales volumes declining significantly, impacting overall company performance [4] - New product development in SOI materials is ongoing, with a focus on 300mm SOI products to meet market demands [5] - The company is preparing for market recovery by expanding its product offerings in high-end segments such as IGBT and advanced sensors [4][5] Group 4: Future Outlook - The company plans to increase production capacity by an additional 600,000 pieces per month, aiming for a total of 1.2 million pieces per month [4] - The company is confident in its competitive positioning for the next three years, particularly in the new energy and automotive sectors [6] - Strategies to improve gross margin include increasing average selling prices (ASP) and continuing R&D efforts to launch high-value products [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][19]. Core Views - The company experienced a revenue of 1.569 billion yuan in the first half of 2024, showing a year-on-year decrease of 0.28%. The net profit attributable to shareholders was -389 million yuan, a significant decline of 307.35% year-on-year. The gross margin decreased by 31.7 percentage points to -10.91% due to a drop in average product prices and increased depreciation expenses from capacity expansion [1]. - In Q2 2024, the revenue reached 845 million yuan, reflecting a year-on-year increase of 9.6% and a quarter-on-quarter increase of 16.5%. However, the net profit attributable to shareholders was -191 million yuan, with a gross margin of -13.67% [1]. - The company is expanding its 300mm semiconductor wafer capacity, which currently stands at 500,000 pieces per month, with plans to increase it to 1.2 million pieces per month through new projects in Shanghai and Taiyuan, with a total investment of 13.2 billion yuan [1]. - The company’s subsidiary, Shanghai Xinxing, achieved a revenue of 952 million yuan in the first half of 2024, a year-on-year increase of 49%, contributing 61% to the total revenue [1]. - The company is also advancing its high-end silicon-based material research and development projects, with a trial production line for 300mm wafers already established [1]. Financial Summary - The company’s projected revenues for 2024-2026 are adjusted to 1.84 billion yuan, 2.80 billion yuan, and 3.82 billion yuan respectively, with corresponding price-to-sales ratios of 10.9x, 8.9x, and 7.6x based on the stock price as of August 29, 2024 [1]. - The financial forecast indicates a revenue of 3.788 billion yuan for 2024, an 18.7% increase from 2023, with a net profit of 184 million yuan, reflecting a slight decrease of 1.5% year-on-year [2][17]. - The company’s gross margin is expected to improve gradually, with projections of 10% in 2024, 14% in 2025, and 17% in 2026 [17].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[9]. - The company's operating revenue for the first half of 2024 was CNY 156,940.43 million, a decrease of 0.28% compared to the same period last year[14]. - The net profit attributable to shareholders was CNY -38,855.33 million, representing a decline of 307.35% year-on-year[14]. - The basic earnings per share for the first half of 2024 was CNY -0.141, a decline of 304.35% from CNY 0.069 in the same period last year[15]. - The company reported a net loss of CNY 52,461,280.57 in the first half of 2024, compared to a profit of CNY 113,941,633.21 in the same period of 2023[127]. - The company reported a net loss of approximately ¥460.22 million for the first half of 2024, compared to a net profit of ¥177.62 million in the same period of 2023, indicating a significant decline in profitability[129]. - The total comprehensive loss for the period was approximately ¥1.89 billion, compared to a comprehensive income of ¥569.67 million in the prior year[130]. Research and Development - The company has allocated RMB 200 million for R&D in advanced semiconductor technologies for the upcoming fiscal year[9]. - Research and development expenses accounted for 7.87% of operating revenue, an increase of 1.15 percentage points compared to the previous year[15]. - The company achieved a total R&D investment of CNY 12,352.05 million, representing a 16.80% increase compared to the previous year, with R&D expenses accounting for 7.87% of operating revenue[25]. - The company applied for 41 invention patents and obtained 6 patents during the reporting period, bringing the total number of invention patents to 612[24]. - The company is developing 300mm IGBT silicon wafers with a total investment of CNY 4,500 million, with CNY 798.93 million invested so far[27]. - The company is also working on 300mm defect-free silicon wafer R&D with a total investment of CNY 16,000 million, having invested CNY 841.58 million to date[27]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[9]. - The company aims to become a "one-stop" silicon materials service provider, focusing on 300mm semiconductor wafers and SOI wafers[31]. - The company is actively pursuing collaborations in the IGBT/FRD product application market to meet the growing demand in the electric vehicle and industrial sectors[1]. - The company is considering strategic acquisitions to enhance its product offerings and expand its customer base, with potential targets identified[75]. Financial Position and Liabilities - The company's total liabilities increased from ¥8,526,434,365.02 to ¥8,823,968,171.81, marking an increase of approximately 3.48%[124]. - The debt-to-asset ratio increased to 32.29% from 29.37% year-on-year, indicating a rise in financial leverage[121]. - The company's interest-bearing debt increased by 1.6% year-on-year, from 18.458 billion RMB at the beginning of the period to 18.761 billion RMB at the end[112]. - The total interest-bearing debt under the consolidated scope increased by 7.8% year-on-year, from 51.68 billion RMB to 55.71 billion RMB[115]. Environmental Responsibility - The company has established environmental protection mechanisms and complies with national and local environmental laws and regulations[59]. - The company achieved compliance with pollutant discharge standards across all monitored discharge points during the reporting period[61]. - The company has implemented measures to ensure that all emissions from its facilities are treated and meet regulatory standards[61]. - The company continues to prioritize environmental responsibility as part of its operational strategy[59]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 61,412[93]. - The top shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., holds 567,000,000 shares, representing 20.64% of the total shares[94]. - The company has a stock option incentive plan with 26,878,787 shares subject to restrictions, which will become tradable on August 22, 2026[98]. - The company has not disclosed any significant changes in shareholder structure or voting rights restoration for preferred shareholders[93]. Cash Flow and Investments - Cash inflow from operating activities for the first half of 2024 was CNY 1,696,932,241.12, a decrease of 17.2% compared to CNY 2,050,531,218.36 in the same period of 2023[134]. - The ending balance of cash and cash equivalents was CNY 2,776,894,825.04, down from CNY 4,073,457,292.32 at the end of the first half of 2023[137]. - The company received CNY 6,306,435,914.17 in cash from investment recoveries, an increase from CNY 6,219,766,033.65 in the previous year[136]. Operational Challenges - The management highlighted risks related to global supply chain disruptions and their impact on production timelines[3]. - The company is facing risks from international trade tensions, which could impact its capacity expansion due to reliance on imported equipment for 300mm wafers[34]. - The company reported a significant increase in credit impairment losses, totaling ¥5.04 million, compared to a reversal of ¥3.46 million in the previous year[129].

海通证券股份有限公司 关于上海硅产业集团股份有限公司 向关联方出售公租房的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为上海硅产 业集团股份有限公司（以下简称"沪硅产业"或"公司"）2021年度向特定对象发行 股票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所上市公司自律监管指引第11号——持续督导》《上海证券交易所科创板股 票上市规则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》 等有关规定，对公司向关联方出售公租房事项进行了核查，具体情况如下： 一、关联交易概述 为吸引和留住优秀人才，增强员工对公司的归属感，提高员工凝聚力及工作 积极性，公司全资子公司上海新昇半导体科技有限公司（以下简称"上海新昇"） 根据上海市及临港产业园区关于"先租后售"公租房的相关规定，向上海临港产 业区公共租赁房建设运营管理有限公司认购公租房，并将其分批租售给公司员工。 近期，公司严格按照相关管理规定对认购员工的资格进行逐一审查，符合认 购条件的员工中包括公司董事、高级管理人员2人。公司董事、高级管理人员参 与公租房认购事项构成关联交易，但不构成重大资产重组， ...

证券代码：688126 证券简称：沪硅产业 公告编号：2024-036 上海硅产业集团股份有限公司 关于向关联方出售公租房的公告 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。 一、关联交易概述 为吸引和留住优秀人才，增强员工对公司的归属感，提高员工凝聚力及工作 积极性，上海硅产业集团股份有限公司（以下简称"公司"）全资子公司上海新 昇半导体科技有限公司（以下简称"上海新昇"）根据上海市及临港产业园区关 于"先租后售"公租房的相关规定，向上海临港产业区公共租赁房建设运营管理 有限公司认购公租房，并将其分批租售给公司员工。 近期，公司严格按照相关管理规定对认购员工的资格进行逐一审查，符合认 购条件的员工中包括公司董事、高级管理人员2人。公司董事、高级管理人员参 与公租房认购事项构成关联交易，但不构成重大资产重组，不存在重大法律障碍。 本次交易于2024年8月13日经公司第二届董事会第二十一次会议审议通过，关联 董事邱慈云回避表决。该事项无需提交公司股东大会审议。 二、关联人暨关联交易标的基本情况 （一）交易标的 本次关联交易 ...

证券代码：688126 证券简称：沪硅产业 公告编号：2024-038 上海硅产业集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第三次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 8 月 29 日 13 点 30 分 召开地点：上海市嘉定区新徕路 200 号一楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 29 日 至 2024 年 8 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大 ...

证券代码：688126 证券简称：沪硅产业 公告编号：2024-037 上海硅产业集团股份有限公司 关于变更公司董事的公告 二、补选公司董事情况 公司于 2024 年 8 月 13 日召开第二届董事会第二十一次会议，审议并通过了 《关于补选公司第二届董事会非独立董事的议案》。经股东国家集成电路产业投 资基金股份有限公司提名及董事会提名委员会资格审查，提名杨柳先生为公司第 二届董事会非独立董事，任期自公司股东大会选举通过之日起至本届董事会任期 届满之日止。截至本公告披露日，杨柳先生未持有公司股份。 杨柳先生简历附后。 特此公告。 上海硅产业集团股份有限公司董事会 2024 年 8 月 14 日 附：杨柳先生简历 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。 一、公司董事辞职情况 上海硅产业集团股份有限公司（以下简称"公司"）董事会于近日收到董事 袁健程先生的辞职报告。因个人离职原因，袁健程先生申请辞去公司第二届董事 会董事职务。辞职后，其将不再担任公司任何职务。截至本公告披露日，袁健程 先生未持有公司股份。 根据《中华人民 ...