沪硅产业：行业下游客户库存逐步正常化 硅片出货量及价格或持续回暖

Core Viewpoint - The semiconductor market is showing signs of recovery, with expectations for increased shipment volumes and prices for silicon wafers, driven by normalizing inventory levels among downstream customers [2] Group 1: Company Performance - In 2024, the company reported a revenue of 3.388 billion yuan and a net loss attributable to shareholders of 971 million yuan; for Q1 2025, the revenue was 802 million yuan with a net loss of 209 million yuan [2] - The company has experienced rapid growth in domestic sales, with limited overseas revenue, resulting in minimal impact from tariff policies on overall sales [2] Group 2: Industry Outlook - The global semiconductor market is undergoing a recovery trend following industry adjustments, but the recovery of silicon wafers is lagging behind the overall market due to a longer transmission cycle from downstream to upstream [2] - The company anticipates an upward trend in sales volume and overall revenue for 2024 and Q1 2025, although price recovery is contingent on further market improvements [2] Group 3: Capacity Expansion and Capital Operations - By the end of 2024, the company's Shanghai plant is expected to achieve a capacity of 600,000 12-inch wafers per month, meeting its construction goals; the Taiyuan plant is also progressing with a capacity of 50,000 wafers per month [3] - The company is pursuing a capital operation plan to acquire minority stakes in several entities for a total of approximately 7.04 billion yuan, which will enhance management integration and resource optimization for its 300mm silicon wafer projects [3]