SWEC(SH:600641) Jing Ji Guan Cha Bao·2025-04-26 10:18Core Viewpoint - The financial reports of Wanye Enterprise reveal a significant decline in revenue for 2024, but a strong recovery in Q1 2025, driven by the booming bismuth business following the acquisition by Xian Dao Technology Group [1][2]. Financial Performance - In 2024, Wanye Enterprise reported total revenue of 581 million yuan, a year-on-year decrease of 39.72%, and a net profit of 108 million yuan, down 28.85% [1]. - For Q1 2025, revenue increased to 193 million yuan, representing a year-on-year growth of 94.09%, although the company incurred a loss of approximately 20.48 million yuan compared to a loss of about 16.62 million yuan in the same period last year [1]. Bismuth Business - The bismuth business generated approximately 80 million yuan in revenue during Q1 2025, accounting for about 41% of total revenue [4][5]. - The rise in bismuth prices, influenced by export controls, saw domestic prices surge from around 60,000 yuan per ton at the beginning of the year to approximately 160,000 yuan per ton by the end of March, with international prices reaching 500,000 yuan per ton [3][5]. - Wanye Enterprise plans to purchase raw materials worth 231 million yuan from Xian Dao Group and expects to expand its production capacity and sales steadily throughout 2025 [5]. Semiconductor Sector - Wanye Enterprise's semiconductor equipment segment, particularly through its subsidiary Kaisi Tong Semiconductor, is a key area of focus, contributing to about 75% of total revenue in Q1 2025 [11]. - The company has signed significant orders for ion implantation machines, with a total of 60 units ordered since 2020, and is expanding its customer base [11]. - The integration with Xian Dao Group is expected to enhance supply chain support for Kaisi Tong, facilitating market expansion in the semiconductor sector [11]. Market Outlook - The demand for bismuth is projected to grow steadily, with domestic demand estimated at 6,000 tons in 2023 and 6,760 tons in 2024 [7]. - Bismuth's applications in the semiconductor industry, particularly in key products like thermoelectric cooling plates, are gaining attention, indicating potential for future growth [8][9].