NSIG(SH:688126) Hua Xia Shi Bao·2025-05-22 10:15Core Viewpoint - Hu Silicon Industry (688126.SH) is planning a major asset restructuring by acquiring minority stakes in three subsidiaries for a total consideration of approximately 7.04 billion yuan, aiming for full control over these companies [1][2]. Group 1: Acquisition Details - The total transaction price is approximately 7.04 billion yuan, with 6.716 billion yuan paid through share issuance and 324 million yuan in cash [2]. - The company plans to raise up to 2.105 billion yuan through a private placement to specific investors, with a proposed share price of 15.01 yuan per share, representing about 14.01% of the total share capital post-transaction [2][3]. - After the transaction, the National Integrated Circuit Industry Investment Fund II will hold 299 million shares, accounting for 9.36% of the total shares [3]. Group 2: Business Context - The three target companies are involved in the 300mm silicon wafer project, with a focus on cutting, grinding, and pulling related to semiconductor wafers [3]. - The domestic market for 300mm silicon wafers is currently dominated by international leaders, and there is a significant gap in the supply of high-end silicon wafers domestically [3][5]. - The acquisition is aimed at accelerating the domestic production of 300mm silicon wafers to meet the rapidly growing demand from core domestic customers [3][5]. Group 3: Financial Performance - All three target companies are currently operating at a loss, and Hu Silicon Industry itself is projected to incur significant losses in 2024, with a net profit of -971 million yuan, a decline of 620.28% year-on-year [4][6]. - The company reported revenues of approximately 3.388 billion yuan in 2024, a 6.18% increase year-on-year, but the net profit has significantly decreased due to various market pressures [6][7]. - The semiconductor industry is experiencing a downturn, leading to reduced capital expenditures from wafer manufacturers, which affects the pricing and demand for silicon wafers [7][8]. Group 4: Market Outlook - The global market for semiconductor wafers is expected to grow from 8.7 billion USD in 2017 to 11.5 billion USD by 2024, with a compound annual growth rate of 4.07% [4]. - The demand for high-end semiconductor wafers is increasing due to domestic policy support and technological advancements, prompting companies to enhance their R&D investments [5].