Zheng Quan Shi Bao Wang·2025-05-27 12:48Core Viewpoint - The global semiconductor industry is showing signs of recovery, but the recovery of semiconductor wafer production is lagging behind the overall market, with several A-share semiconductor wafer companies experiencing profit declines in Q1 2025 [1] Group 1: Market Trends - The semiconductor wafer industry entered a cyclical inventory adjustment phase since Q4 2022, with global wafer shipments expected to decline to 12.266 billion square inches in 2024, a year-on-year decrease of 2.67%, and sales expected to drop to $11.5 billion, a decline of 6.5% [2] - In Q1 2024, the semiconductor wafer market maintained a mild recovery, with global wafer shipment area increasing by 4.6% year-on-year, although there was a divergence in different sizes: 300mm wafer shipments grew by 5.7%, while 200mm shipments declined by 2.9% [2] Group 2: Company Performance - Shanghai Silicon Industry reported a revenue of approximately 3.388 billion yuan last year, with a net profit loss of about 971 million yuan, and a net profit loss of around 200 million yuan in Q1 this year [2] - Li Wei, the executive vice president of Shanghai Silicon Industry, indicated that sales and overall revenue are expected to rise in 2024 and Q1 2025, but price recovery depends on further market recovery [2] - Lian Microelectronics reported a revenue of 3.092 billion yuan last year, a year-on-year increase of nearly 15%, but a net profit loss of 266 million yuan due to cost pressures from capacity expansion and product price declines [3] Group 3: Capacity Expansion - The focus of capacity expansion is shifting towards 12-inch semiconductor wafers, with Lian Microelectronics' factories in Jiaxing and Quzhou currently in the ramp-up phase [4] - Lian Microelectronics plans to invest 1.23 billion yuan in a project to produce 960,000 pieces of 12-inch epitaxial wafers annually [4] - Shanghai Silicon Industry's 12-inch wafer capacity is expected to reach 600,000 pieces per month by the end of 2024, with ongoing capacity construction in Taiyuan [5] Group 4: Capital Operations - Semiconductor wafer companies are actively engaging in capital operations, with Shanghai Silicon Industry planning to acquire minority stakes in subsidiaries for 7.04 billion yuan to enhance its 300mm wafer business [6] - Yuyuan Silicon is expanding through acquisitions, including a plan to acquire 60% of High Frequency (Beijing) Technology Co., a supplier of ultra-pure water systems for chip manufacturing [7] - Yuyuan Silicon also plans to acquire 70% of DG Technologies for 11.91 billion yen, which will help enhance its manufacturing technology for etching equipment [7]