斯达半导拟发15亿可转债扩产 发力新能源业务营收占近六成

Core Viewpoint - The company plans to issue convertible bonds to optimize its capital structure and enhance market competitiveness, aiming to raise up to RMB 1.5 billion for projects including automotive-grade SiC MOSFET module manufacturing and working capital [1][4]. Group 1: Company Overview - Founded in April 2005, the company is a leader in the domestic power semiconductor industry, ranking fifth globally in the IGBT module market and first in China [2]. - The company primarily engages in the design, research and development, production, and sales of power semiconductor chips and modules, with applications in new energy, electric vehicles, industrial control, and home appliances [2]. Group 2: Business Expansion and Production Capacity - The company has accelerated its expansion in recent years, focusing on automotive-grade power semiconductors and third-generation semiconductor materials [3]. - In 2021, the company raised RMB 3.5 billion for the research and industrialization of high-voltage specialty process power chips and SiC chips [3]. - A SiC chip research and industrialization project was launched in Jiaxing, Zhejiang Province in 2023, with an expected annual production capacity of 720,000 power chips [3]. Group 3: Financial Performance - In 2024, the company provided power modules for over 3 million electric vehicles, maintaining its position as the largest domestic EV power module supplier [4]. - The company's revenue from the new energy sector in 2024 was RMB 2.009 billion, accounting for 59.25% of total revenue, despite a year-on-year decline of 6.83% [5]. - The revenue from the electric vehicle sector grew by 26.72%, highlighting its strong performance [5]. - The company experienced a significant decline in overall revenue and net profit in 2024, with total revenue of RMB 3.391 billion, down 7.44%, and net profit dropping 44.24% to RMB 508 million [6]. - In Q1 2025, the company reported revenue of RMB 919 million, a year-on-year increase of 14.22%, but net profit decreased by 36.22% to RMB 104 million due to increased R&D expenses [7].