神工股份：2024 年业绩亮眼，2025 年可期

Core Viewpoint - The company, ShenGong Co., focuses on the research, production, and sales of semiconductor-grade monocrystalline silicon materials and applications, achieving significant revenue growth and profitability in 2024 [1] Financial Performance - In 2024, the company achieved operating revenue of 302 million yuan, a year-on-year increase of 124% [1] - The net profit reached 41.15 million yuan, marking a turnaround from previous losses [1] - The net cash flow from operating activities was 173 million yuan, an increase of approximately 110% year-on-year [1] Business Segments - The main business segment, large-diameter silicon materials, saw revenue growth of approximately 108%, reaching 174 million yuan, with products over 16 inches accounting for 52% of this segment [1] - The growth segment, silicon components, experienced a revenue increase of 215%, reaching 118 million yuan, representing about 40% of total revenue [1] - The strategic business of 8-inch lightly doped polished silicon wafers is progressing as planned, with cost reduction and efficiency improvement measures yielding results [1] Market Trends and Future Outlook - In 2024, capital expenditures by major tech companies in the US and China for AI data centers are expected to drive demand, boosting the operating rates and capital expenditures of storage integrated circuit manufacturers, which will benefit the large-diameter silicon materials business [1] - The company plans to expand its business advantages and track technological requirements, leveraging its full industry chain advantage from silicon materials to silicon components [1] - The domestic integrated circuit capacity growth in China is anticipated to drive downstream shipments, with sustained demand expected in 2025 [1] - The company believes the semiconductor industry is on the verge of a "gear shift," with a diverse range of new mainstream consumer electronic products emerging, indicating an upcoming upward cycle in the semiconductor industry [1]