Thinkon Semi(SH:688233) Zheng Quan Shi Bao Wang·2025-04-28 11:20Core Viewpoint - The company, ShenGong Co., Ltd. (688233), has shown significant growth in its financial performance for 2024 and Q1 2025, driven by the increasing demand for its semiconductor-grade silicon materials and components, particularly in the domestic market [1][2]. Financial Performance - In 2024, the company achieved a revenue of 302 million yuan, representing a year-on-year increase of 124% [1] - The net profit for 2024 was 41.15 million yuan, marking a turnaround from previous losses [1] - The net cash flow from operations was 173 million yuan, an increase of approximately 110% compared to the previous year [1] - For Q1 2025, the company reported a revenue of 106 million yuan, a year-on-year growth of 81.49% [1] - The net profit for Q1 2025 reached 28.51 million yuan, a staggering increase of 1850.70% [1] Business Segments - The company focuses on three main product categories: large-diameter silicon materials, silicon components, and semiconductor large-size silicon wafers [1] - The large-diameter silicon materials segment has seen rapid growth in the domestic market, surpassing the market share of Japan and South Korea [1][2] - Silicon components are primarily supplied to domestic etching machine manufacturers and major storage and logic fabs [1] - The silicon wafer products mainly target domestic integrated circuit manufacturers [1] Market Dynamics - The demand for large-diameter silicon materials is driven by downstream needs, leading to increased sales and order sizes [2] - The company is actively pursuing certifications from mainstream chip manufacturers for its 8-inch silicon wafer business while implementing cost-reduction strategies [2] - The domestic semiconductor supply chain is becoming increasingly secure, with the domestic production rate rising from below 10% to a more significant level [2][3] Industry Trends - The global semiconductor industry is at a critical turning point, with increased R&D investments and capacity expansions driving demand for equipment and materials [3] - The emergence of AI infrastructure is reshaping the competitive landscape, leading to accelerated adoption of new consumer electronics [3] - The company’s silicon components are crucial for domestic etching machine manufacturers and chip production, contributing to the security of the domestic semiconductor supply chain [3] International Trade Impact - The company has minimal direct procurement from the U.S., with only a small amount of indirect procurement, thus limiting the impact of recent U.S. tariffs [4] - In 2024, overseas sales accounted for only 30% of total revenue, with no sales to the U.S. [4] - The company is closely monitoring international and domestic policy changes to proactively manage potential impacts [4]