SIASUN(SZ:300024) Zheng Quan Shi Bao Wang·2025-05-27 04:05Core Viewpoint - The company is experiencing significant growth in its semiconductor equipment business, driven by increased demand for automation solutions and a focus on domestic production capabilities [1][2][3][4]. Group 1: Semiconductor Equipment Business - The company's semiconductor equipment products include atmospheric and vacuum robotic arms, EFEM, and vacuum transfer platforms, which are used in various semiconductor manufacturing processes [1]. - The company has successfully introduced vacuum direct-drive robotic arms and vacuum transfer platforms into terminal FABs, with products undergoing validation and entering mass production [1][2]. - In 2024, the semiconductor equipment business is projected to generate approximately 574 million yuan in revenue, representing a year-on-year growth of 99.41%, and accounting for 13.88% of the company's total revenue [3]. Group 2: Market Position and Strategy - The company is one of the earliest domestic enterprises to achieve industrialization of semiconductor robotic products, aiming to meet local demand for domestic production amid changing international policies [2]. - The company is focusing on expanding market share and deepening collaboration with downstream customers by introducing strategic investors into its semiconductor subsidiary [2]. - The gross margin for the semiconductor business is approximately 26.93%, reflecting an increase of 8.32% year-on-year, with expectations for continued growth in revenue and margins [3]. Group 3: Industry Outlook - The Chinese industrial robot market is the largest globally, with long-term growth expected despite uncertainties in the external environment [4]. - The domestic market has significant potential for growth, particularly in sectors like new energy vehicles, driven by automation upgrades [4]. - The company is implementing a "3+3+N" strategy to focus on core business, achieve standardized product mass production, and enhance technological leadership [4]. Group 4: Export and International Expansion - In 2024, the company's export revenue is expected to account for approximately 12.25% of total income, with limited impact from international policies [5]. - The company plans to enhance its overseas market presence, particularly in the new energy vehicle and lithium battery sectors, to increase international revenue [5].