锦州神工半导体股份有限公司（以下简称"公司"）于近日收到政府补助款 项共计人民币 1,490.00 万元，为与资产相关的政府补助。 证券代码：688233 证券简称：神工股份 公告编号：2025-019 锦州神工半导体股份有限公司 关于获得政府补助的公告 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。 一、获得补助的基本情况 二、补助的类型及其对上市公司的影响 公司根据《企业会计准则第 16 号——政府补助》的有关规定，确认上述事 项并划分政府补助类型。上述实际获得的政府补助未经审计，最终的会计处理以 及对公司损益的影响情况仍须以审计机构年度审计确认后的结果为准。敬请广大 投资者注意投资风险。 特此公告。 锦州神工半导体股份有限公司董事会 2025 年 7 月 28 日 1 ...

Market Overview - The global semiconductor wafer market is projected to reach approximately $11.5 billion in sales in 2024, with a shipment area of 12,266 million square inches, reflecting a year-on-year decline of 2.7%, marking a recent low [2][3] - The domestic semiconductor wafer market in China is expected to be around 15 billion yuan in 2024, with significant growth in 300mm wafer shipments, particularly from companies like Shanghai Xinsheng, which saw over 70% year-on-year growth [2][3] Industry Trends - By 2027, the demand for silicon wafers is anticipated to grow robustly due to increasing needs related to artificial intelligence and advanced processes, with domestic companies like SMIC and Huahong Group planning clear capacity expansions [3][4] - The 300mm wafer segment is expected to dominate, with global sales projected at around $8.5 billion in 2024, accounting for over 70% of the market, and a domestic market size of approximately 7.5 billion yuan, with a growth rate exceeding 50% [4][5] Pricing Dynamics - In 2024, the pricing of semiconductor wafers is expected to show a divergence, with 300mm wafers remaining stable due to demand from AI and storage chips, while prices for 200mm and smaller wafers are under pressure, with 200mm epitaxial wafer prices dropping over 15% [5][6] - Major players like Shin-Etsu Chemical and SUMCO are controlling production to maintain high margins, while domestic companies are aggressively expanding capacity and pricing their products 10%-15% lower than international competitors [7][8] Financial Performance - In 2024, the total revenue of listed companies in the silicon wafer industry is projected to be approximately 13.453 billion yuan, reflecting a year-on-year growth of 10.58%, with an average gross margin of about 21.14% [10][11] - TCL Zhonghuan and Huahong Group are leading in revenue, with TCL Zhonghuan generating 4.687 billion yuan and Huahong Group 3.388 billion yuan [11] Stock Market Performance - The silicon wafer industry experienced a turbulent stock market in 2024, with an overall decline of 25.13% by year-end compared to the beginning of the year, and a maximum drawdown of 41.51% [14][16] - Huahong Group was the only company to see a slight increase in market value, while TCL Zhonghuan and Shen Gong Co. faced significant declines of 41.41% and 33.55%, respectively [16][17]

Core Viewpoint - The company, ShenGong Co., Ltd. (688233.SH), reported significant growth in Q1 2025, with revenue increasing by 81.49% year-on-year and net profit rising by 1850.70%, driven by the demand for large-diameter silicon materials and the expansion of silicon component product shipments [2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 106 million yuan, a year-on-year increase of 81.49% and a quarter-on-quarter increase of 19.44%. The net profit attributable to shareholders was 28 million yuan, reflecting a year-on-year increase of 1850.70% and a quarter-on-quarter increase of 108.64%. The overall gross margin reached 39.68% [2]. - For the year 2024, the company reported revenue of 303 million yuan, marking a year-on-year growth of 124.19%. The net profit turned positive at 41.15 million yuan, compared to a loss of 69.11 million yuan in the same period of 2023. The large-diameter silicon materials business generated revenue of 174 million yuan, up 108.32%, with a gross margin of 63.85% [3]. Business Segments - The large-diameter silicon materials segment remains the company's traditional core business, showing strong profitability. The demand is recovering due to an upward trend in the semiconductor cycle. The sales structure has been optimized with increasing domestic customer demand [4]. - The silicon component business achieved revenue of 118 million yuan, a year-on-year increase of 214.82%, accounting for nearly 40% of total revenue, becoming a key driver of the company's growth [3]. - The silicon wafer business reported revenue of 7.02 million yuan, a year-on-year decline of 14.98%, primarily due to the lengthy customer certification process [3]. Market Trends and Opportunities - The demand for large-diameter silicon materials is rebounding, and the company is well-positioned in the industry due to its technological expertise and cost control capabilities. The domestic market has limited suppliers capable of stable mass production of large-size single crystal silicon [4]. - The company is actively involved in the domestic semiconductor equipment localization process and is expanding its silicon component products for 12-inch plasma etching machines, collaborating with major wafer manufacturers [4]. - The company is also exploring new materials related to SiC, including SiC coatings and bulk materials, which can be used in various semiconductor applications [4].

Summary of the Conference Call for ShenGong Co., Ltd. Industry Overview - The semiconductor core materials industry is expected to face regulatory challenges, accelerating domestic substitution trends. ShenGong Co., as a leading supplier of large-diameter silicon materials for etching, is poised to benefit significantly from this trend, particularly in its silicon component business, which is projected to grow over three times year-on-year in 2024, with continuous capacity release and record revenue [2][3][4]. Core Company Insights - ShenGong Co. primarily produces large-diameter silicon materials used in the etching process, extending into silicon components and silicon electrodes, which are core consumables in etching equipment. The company is gradually increasing its new business volume while stabilizing and recovering its traditional business [2][6]. - The company has established a strong domestic market positioning, collaborating with local wafer and equipment manufacturers, including leading firms like Huachuang and Zhongwei. The equipment manufacturers slightly dominate the business volume, but the introduction and ramp-up of storage manufacturers are ongoing [10][11]. Financial Performance and Projections - In 2024, ShenGong's silicon component business revenue is expected to reach 120 million yuan, doubling year-on-year. The company anticipates continued capacity release and a quarterly growth trend, with revenue expected to double again in 2025 [4][13]. - The gross margin for the silicon component business has improved to nearly 40%, significantly higher than the traditional level of 30%. The domestic silicon component demand is approximately 4 billion yuan, with ShenGong holding over 1 billion yuan of this market share [14][15]. Market Dynamics and Competitive Landscape - The silicon component industry has historically been tightly bound to equipment manufacturers, with a concentrated market structure. However, as domestic wafer capacity increases and equipment localization progresses, the pace of domestic substitution is accelerating. ShenGong is leveraging a differentiated positioning strategy to penetrate the market through secondary components [8][9]. - The market for etching silicon wafers is estimated at 4 billion yuan, while the photonic wafer market is around 15-16 billion yuan. ShenGong has also begun to explore the 8-inch wafer market, currently undergoing certification [7]. Risks and Opportunities - The ongoing U.S.-China trade tensions have led ShenGong to cease business with core U.S. clients, insulating the company from related risks. The company has expanded its production capacity from 500 tons to 900 tons, providing room for product structure optimization and laying the groundwork for future demand for large-diameter silicon materials [17]. - The company’s zero-component business is experiencing high growth expectations due to the acceleration of domestic substitution, driven by increasing uncertainties around import controls [19]. Conclusion - ShenGong Co. is well-positioned to capitalize on the accelerating domestic substitution trend in the semiconductor materials sector. With strong growth projections for its silicon component business and a stable recovery in its traditional silicon materials segment, the company presents a compelling investment opportunity. The potential implementation of regulatory measures could serve as a short-term catalyst for growth [21].

Core Viewpoint - The article highlights the transformation of Shenyang, a city in Liaoning Province, from a traditional industrial base to a hub for semiconductor equipment manufacturing, showcasing the growth of local companies in this sector and their contributions to China's semiconductor industry [1]. Group 1: Industry Development - Shenyang has evolved from a steel manufacturing center to a significant player in the semiconductor equipment industry, with local companies like TuoJing Technology, XinYuan Micro, and FuChuang Precision leading the way [1][12]. - By May 2025, Liaoning Province had 84 listed companies, with over half being high-tech enterprises, indicating a strong focus on technological advancement [1]. - The semiconductor equipment industry in Liaoning has seen the emergence of a cluster of companies that have broken overseas monopolies in various fields, including film deposition and precision components [1][12]. Group 2: Key Companies and Technologies - Key companies in the semiconductor equipment sector include XinYuan Micro, which became the first listed company on the Sci-Tech Innovation Board in Liaoning, and TuoJing Technology, which has developed advanced equipment that meets international standards [14][16]. - The "6+N" industrial development system has been established, with six leading companies supported by numerous ancillary firms, enhancing the overall ecosystem [16]. - The article emphasizes the technological advancements made by these companies, such as XinYuan Micro's unique position as the sole domestic supplier of high-end coating and developing machines [16][22]. Group 3: Policy and Financial Support - The development of the semiconductor industry in Liaoning has been supported by national policies and financial initiatives, including the National Integrated Circuit Industry Investment Fund, which has invested heavily in the sector [22][23]. - The establishment of the Sci-Tech Innovation Board has provided crucial funding and resources for semiconductor companies, enabling them to expand and innovate [23][24]. - Local government initiatives have improved the business environment, facilitating the growth of semiconductor companies through supportive policies and services [28][29]. Group 4: Future Prospects - The article outlines plans for further development in the semiconductor sector, aiming to position Shenyang as a globally competitive integrated circuit equipment manufacturing base [34]. - There is a focus on enhancing the investment ecosystem and attracting more venture capital to support local semiconductor companies [32][33]. - The long-term goal is to replicate the success of the semiconductor industry across other sectors in Liaoning, fostering a broader economic transformation [34].

Group 1 - The semiconductor sector is becoming a focal point in the market, with strong stocks emerging repeatedly [2][4] - Nvidia's market capitalization surpassed $3.45 trillion, reclaiming the title of the world's most valuable company, with its stock price increasing nearly 24% over the past month [2] - The first quarter revenue of Nvidia surged 69% year-on-year to $44.06 billion, indicating robust growth in semiconductor chip demand [3] Group 2 - Recent breakthroughs in optical chip technology by the Chinese Academy of Sciences highlight advancements in the semiconductor industry [3] - The semiconductor industry is poised for a significant growth phase, potentially reaching a trillion-dollar market [4] Group 3 - Three semiconductor companies reported over 1000% growth in net profit for the first quarter of 2025, positioning them as potential leaders in the industry [5] - Company A, a major semiconductor materials producer, saw a staggering 16,370% increase in net profit for the first quarter of 2025, with significant investments from state-owned entities [8][9] - Company B, a leading semiconductor equipment manufacturer, achieved a 2623.82% increase in net profit for the first quarter of 2025, covering all categories of testing equipment [7] - Company C, a top supplier of single crystal silicon materials, reported a 1850.70% increase in net profit for the first quarter of 2025, with a growing market share [6]

Core Viewpoint - ShenGong Co., Ltd. (688233) has shown significant growth in revenue and profitability, driven by its focus on semiconductor-grade single crystal silicon materials and components, with a strong emphasis on domestic supply chain development [1][2] Group 1: Financial Performance - In 2024, the company achieved revenue of 302 million yuan, a year-on-year increase of 124%, and net profit of 41.15 million yuan, marking a return to profitability [1] - The net cash flow from operations was 173 million yuan, an increase of approximately 110% compared to the previous year [1] - In Q1 2025, the company reported revenue of 106 million yuan, a year-on-year growth of 81.49%, and net profit of 28.51 million yuan, a staggering increase of 1850.70% [1] Group 2: Business Structure and Market Position - The gross margin for the main business of large-diameter silicon materials has recovered to approximately 64%, maintaining a leading profitability level [2] - The revenue contribution from the growth segment of silicon components has reached about 40%, establishing a second growth curve and enhancing revenue stability [2] - Domestic business revenue now accounts for approximately 70% of total revenue, indicating significant achievements in the localization of the semiconductor supply chain in China [2] Group 3: Market Demand and Growth Potential - The domestic market demand for silicon components is estimated at 2.5 to 3 billion yuan per year, with a current localization rate of only about 10% [3] - The global market demand for silicon components is projected to be between 1.5 to 2 billion USD per year [3] - The demand for silicon components is expected to grow in the medium to long term, driven by the increasing production capacity and technological capabilities of domestic integrated circuit manufacturers [3] Group 4: Product Lifecycle and Strategy - From a macro perspective, silicon components are in the "mature phase" in the international supply chain, while in the domestic market, they are still in the "introduction phase" [4] - The company has been deeply involved in the silicon components business for nearly a decade, playing a unique role in the security construction of the domestic semiconductor supply chain [4] - The product characteristics of silicon components include "variety and small batch," with higher gross margins for larger and more complex products [4] Group 5: Production Capacity and Expansion - The company has proactively reserved factory space for high production capacity, ensuring ample room for expansion [5] - It has received stable support from downstream suppliers regarding equipment, delivery times, and technical services [5] - The company is located in Jinzhou, Liaoning, an early quartz processing base in China, providing access to skilled labor in brittle material processing [5] Group 6: Future Outlook - The company plans to expand production capacity based on downstream customer orders, aiming to maintain industry-leading yield and gross margin levels [6] - It will continue to focus on high-end products to meet the domestic demand for silicon components [6]

Investment Rating - The report assigns an "Outperform the Market" rating to the company for the first time [6]. Core Views - The company has shown significant growth in revenue and net profit, with a 1Q25 revenue increase of 81.49% year-on-year and a net profit increase of 1850.70% year-on-year [1][18]. - The demand for large-diameter silicon materials is recovering, and the company is expanding its silicon electrode orders [3][34]. - The company is well-positioned in the semiconductor industry, particularly in large-diameter silicon materials and silicon components, which are expected to drive steady growth in performance [4][34]. Summary by Sections Financial Performance - In 1Q25, the company achieved revenue of 106 million yuan, a year-on-year increase of 81.49% and a quarter-on-quarter increase of 19.44% [1]. - For 2024, the company reported revenue of 303 million yuan, a year-on-year growth of 124.19%, and a net profit of 41.15 million yuan, reversing a loss of 69.11 million yuan in 2023 [2][14]. - The gross profit margin reached 39.68% in 1Q25, showing improvement from previous years [1][21]. Business Segments - The large-diameter silicon materials segment generated revenue of 174 million yuan in 2024, up 108.32% year-on-year, with a gross margin of 63.85% [2][26]. - The silicon components segment saw revenue of 118 million yuan in 2024, a remarkable growth of 214.82% year-on-year, contributing nearly 40% to total revenue [2][26]. - The silicon wafer segment reported revenue of 7.02 million yuan in 2024, down 14.98% year-on-year, primarily due to ongoing customer certification processes [2][26]. Growth Projections - The company is expected to achieve revenue of 498 million yuan in 2025, with a year-on-year growth of 64.4%, and net profit of 98 million yuan, reflecting a growth of 138.7% [30][34]. - Projections for 2026 and 2027 indicate continued growth, with revenues expected to reach 702 million yuan and 1 billion yuan, respectively [30][34]. Valuation - The report estimates a reasonable valuation range for the company between 58.8 billion yuan and 63.7 billion yuan, corresponding to a price per share of 34.59 to 37.47 yuan [4][34]. - The expected price-to-earnings ratio for 2025 is projected to be between 60 and 65 times [34][38].

国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 锦州神工半导体股份有限公司（以下简称"公司"、"神工股份"或"发行人"） 首次公开发行股票并在科创板上市、2023 年以简易程序向特定对象发行股票的 保荐机构及持续督导机构。根据《中华人民共和国公司法》《中华人民共和国证 券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 等有关规定，对神工股份本次差异化权益分派事项进行了专项核查，核查情况如 下： 一、本次差异化权益分派方案 2025 年 4 月 18 日，公司召开 2024 年年度股东会，审议通过了《关于公司 2024 年度利润分配方案的议案》。具体分配方案如下：经容诚会计师事务所（特 殊普通合伙）审计，公司 2024 年度实现的归属于公司股东的净利润为 41,150,745.84 元。公司拟以实施权益分派股权登记日登记的总股本扣减公司回购 专用证券账户中股份数为基数分配利润。公司拟向全体股东每 10 股派发现金红 利 0.75 元（含税）。公司总股本 170,305,736 股，扣除回购专用账户 950,416 股， 可参与利润分配股数 169,355,320 股 ...

证券代码：688233 证券简称：神工股份 公告编号：2025-018 锦州神工半导体股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/5 | 2025/6/6 | 2025/6/6 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经锦州神工半导体股份有限公司2025 年 4 月 18 日的2024 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.075元 相关日期 （2）本次差异化分红除权除息的计 ...