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现有产能利用率低于可比同行,燕东微为何再欲募资40亿元建设12英寸新产线?

Core Viewpoint - Yandong Micro plans to raise 40.2 billion yuan through a private placement, fully subscribed by its controlling shareholder, Beijing Electric Control, to fund the construction of a 12-inch production line and supplement working capital [1] Group 1: Fundraising and Investment Projects - The fundraising will support the construction of a 12-inch production line by Beidian Integrated, a subsidiary of Yandong Micro, along with working capital [1] - Yandong Micro's subsidiaries and partners plan to increase capital for Beidian Integrated, with contributions of 49.9 billion yuan from Yandong Technology, 20 billion yuan from Tianjin BOE, and 25 billion yuan each from Yizhuang Guotou and Beijing Guoguan [1] Group 2: Technology and Production Capacity - The previous fundraising project focused on a 90nm-65nm process, while the new project targets a 55nm-28nm process, expanding product offerings to include OLED display driver chips and mixed-signal chips [2][4] - The first phase of the previous project is expected to reach production capacity of 20,000 wafers per month by July 2024, with the second phase aiming for 40,000 wafers per month by July 2025 [3] Group 3: Financial Performance and Market Conditions - Yandong Micro's wafer manufacturing gross margin has declined significantly, with margins of 21.79%, 10.80%, -19.72%, and -26.99% from 2021 to the first nine months of 2024 [5] - The company's capacity utilization rates have also decreased, recorded at 93.14%, 79.11%, 78.35%, and 80.82% for the same periods [7][11] - Despite the overall downturn in the wafer foundry industry, Yandong Micro's margins remain lower than comparable peers, which have higher capacity utilization rates [6][10]