Core Viewpoint - The company, Saiwei Electronics, has confirmed its ownership of independent intellectual property and mastery of core semiconductor manufacturing technologies related to MEMS [1] Group 1 - The chip wafer foundry prices are negotiated based on specific cooperation backgrounds, including particular users, order quantities, products, industry practices, and supply-demand relationships [1]

Core Viewpoint - The company, Saiwei Electronics, is actively engaged in the development and manufacturing of BAW filters, which are essential components for various communication applications, including smartphones, base stations, routers, and IoT devices in 5G, 5.5G, and 6G networks [1] Group 1 - BAW filters are widely applicable in high-frequency communication scenarios [1] - The company has been continuously and proactively developing its BAW filter-related business [1] - The business structure of the company is categorized based on process development and wafer manufacturing [1]

证券日报网讯赛微电子（300456）11月11日在互动平台回答投资者提问时表示，公司旗下产线的专利及 工艺技术等主要依赖于自身积累；公司在定期报告中披露股东人数信息，截至6月30日的股东人数为 65858户。 ...

（文章来源：证券日报） 证券日报网讯赛微电子11月11日在互动平台回答投资者提问时表示，公司没有UE8M0FP8Scale相关业 务，也未与相关公司存在合作。 ...

Core Viewpoint - The company, Saiwei Electronics, has confirmed its investment partners for the Shenzhen project, which include several notable firms, while indicating that changes in partnerships may occur in the future [1] Group 1: Investment Partners - The investment partners for the Shenzhen project include Shenzhong Investment Group, Yuanzhi Xinghuo, Huada Songhe, Kelaient, and Sailai Chuangjing [1] - The company acknowledges the possibility of changes in these partnerships over time [1] Group 2: Market Performance - The company's stock price fluctuations in the secondary market are influenced by various factors [1] - The company asserts that there is no undisclosed information that should have been revealed [1]

证券日报网讯赛微电子（300456）11月11日在互动平台回答投资者提问时表示，关于公司业绩情况敬请 关注公司披露的定期报告。 ...

Core Viewpoint - The company is actively enhancing its domestic production lines and capacity, indicating a positive outlook for future performance as it navigates through a phase of operational improvement and market demand adaptation [2]. Group 1: Company Operations - The company has been focusing on the continuous construction and operation of its domestic production lines [2]. - The Beijing FAB3 production line is currently in a capacity ramp-up phase, which involves a necessary process of product development, validation, and mass production [2]. - The company plans to expand its process development and wafer manufacturing categories based on market demand, aiming to continuously improve yield rates [2]. Group 2: Market Outlook - The company suggests that its ongoing efforts in production and operational improvements may lead to a turnaround in its performance, aligning with investor inquiries about future prospects [2].

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [3][25]. Core Insights - The military industry is expected to enter an upward cycle as per the "14th Five-Year Plan" recommendations, with overall performance showing signs of recovery in Q4, leading to anticipated positive year-on-year growth [3][4]. - The report highlights that military trade is experiencing a significant demand surge due to increasing global geopolitical uncertainties, which is expected to create a new market landscape for international military trade [3][4]. - The report suggests increasing attention to the military sector, particularly focusing on next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems as key areas for investment [3][4]. Market Review - Last week, the Shenwan Defense and Military Index fell by 0.47%, while the overall market indices, including the Shanghai Composite Index, rose by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 25th among 31 first-level industries, indicating underperformance relative to the broader market [4][11]. - The top five performing stocks in the defense sector last week included Aerospace Intelligent Equipment (up 25.45%), Triangle Defense (up 25.28%), and others, while the bottom five included Hangxin Technology (down 17.20%) and others [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 78.66, placing it in the upper range historically, indicating a relatively high valuation compared to past performance [12][13]. - The report emphasizes that the aerospace and aviation equipment sectors are also experiencing elevated PE valuations, suggesting a strong market position [12][13]. Key Investment Targets - The report identifies key investment targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, citing its status as a domestic leader in MEMS foundry with certain scarcity in the market [5][7]. Core Insights - The company is a leading player in the MEMS foundry sector, having acquired Silex Microsystems, a global leader in MEMS chip manufacturing, and is focusing on semiconductor business [3][16]. - The MEMS market is expected to grow from USD 14.6 billion in 2023 to USD 20 billion by 2029, with a CAGR of 5%, presenting significant growth opportunities for the company [4]. - The company is actively developing key technologies in "bottleneck" areas such as filters and LiDAR, which are becoming new growth drivers [5]. Summary by Sections Company Overview - Established in May 2008 and listed on the Shenzhen Stock Exchange in May 2015, the company specializes in high-end integrated circuit chip wafer manufacturing and has independent intellectual property rights [3][16]. - The company acquired Silex in 2016 and has since focused on integrating MEMS business while divesting from aerospace electronics [16][19]. Business Operations - The company's main revenue sources are MEMS wafer manufacturing and process development, accounting for over 80% of total revenue [22]. - The company manufactures various MEMS sensors and devices, serving clients in diverse sectors including communication, biomedical, industrial automotive, and consumer electronics [22][26]. Financial Analysis - Revenue projections for 2025, 2026, and 2027 are estimated at CNY 896 million, CNY 580 million, and CNY 766 million, respectively, with corresponding growth rates of -25.63%, -35.23%, and 31.97% [5][6]. - The company expects a significant increase in net profit in 2025 due to the sale of Silex shares, with a projected net profit of CNY 1.132 billion [5][37]. Research and Development - The company emphasizes R&D, with a spending rate of 30% to 40% of revenue, and has a strong team of experts in MEMS technology [48]. - Ongoing projects include MEMS resonator manufacturing technology and MEMS gas sensor chip development, which are expected to open new market opportunities [47][48].

Core Viewpoint - The company, Saiwei Electronics, is a leading player in the MEMS foundry sector, poised to benefit from the growing demand for MEMS sensors in various industries, including IoT, automotive, and healthcare [1][2]. Group 1: Company Overview - Saiwei Electronics was established in May 2008 and went public on the Shenzhen Stock Exchange in May 2015, specializing in high-end integrated circuit wafer manufacturing [1]. - The company acquired Swedish MEMS manufacturer Silex in 2016, which has applications in communication, computing, biomedical, industrial automotive, and consumer electronics [1]. - In June 2025, the company announced the transfer of control of Silex while retaining a 45.24% stake, making Silex an important associate company [1]. Group 2: Market Opportunity - The MEMS sensor market is projected to grow from $14.6 billion in 2023 to $20 billion by 2029, with a CAGR of 5% [1]. - China is identified as the largest MEMS market globally, with significant growth opportunities driven by advancements in mixed reality, smart connected vehicles, industrial internet, and AIoT [1]. - Despite many domestic players in the MEMS sector, there is a scarcity of independent third-party manufacturers with mass production capabilities and multi-platform processes [1]. Group 3: Product Development - The company has developed key manufacturing technologies for laser radar mirrors using MEMS technology, enabling the integration of laser reflectors and electromagnetic two-dimensional actuators [2]. - The MEMS micro-mirror is a core component of MEMS laser radar, characterized by high manufacturing barriers and high value, presenting opportunities for domestic MEMS device companies to achieve local replacements [2]. Group 4: Financial Forecast and Investment Recommendation - Revenue projections for the company are $896 million, $580 million, and $766 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -25.63%, -35.23%, and 31.97% [3]. - The net profit attributable to the parent company is forecasted to be $1.132 billion (including gains from the transfer of Silex shares), -$48 million, and $47 million for the same years, with corresponding EPS of 1.55, -0.07, and 0.06 [3]. - The company has a relatively low PB compared to the average of comparable companies, and due to its focus on MEMS foundry as a domestic leader, it is rated as a "buy" [3].