Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. is the first loss-making company accepted for listing after the "Kebatiaos" policy, drawing significant attention to its listing journey [1] Company Overview - Established in 2016 and headquartered in Xi'an High-tech Zone, the company was formerly known as Beijing Yiswei Technology Co., Ltd. and relocated to Xi'an in 2020 [3] - The core products include 12-inch silicon single crystal polishing wafers and epitaxial wafers, used in manufacturing storage chips, logic chips, image sensors, and power devices, with end markets covering smartphones, data centers, and smart vehicles [3] Industry Context - The semiconductor materials industry is characterized by a duopoly and the rise of new players, with high technical barriers and capacity expansion competition [3] - Five companies, including Shin-Etsu Chemical (Japan) and SUMCO (Japan), dominate 92% of the global 12-inch silicon wafer market, with Shin-Etsu and SUMCO accounting for over 50% [3] Financial Performance - The company's gross margins are significantly lower than its peers, with gross margins of 9.85%, 0.66%, and 5.49% from 2022 to 2024, compared to an average of 30.53%, 24.47%, and 14.91% for comparable companies [4][5] - The company is still in the capacity ramp-up phase, facing high depreciation and expense amortization [5] Future Projections - Xi'an Yiswei expects to achieve profitability after 2027, contingent on increasing the sales proportion of epitaxial wafers to 20%-30% and optimizing capacity utilization [6] - The company anticipates reaching a monthly shipment of 110,000 wafers by 2026 to break even, and 120,000 wafers to become profitable by 2027, based on optimistic assumptions of price stabilization and recovery [6] Customer and Supplier Concentration - The company has a high customer concentration, with the top five customers accounting for over 60% of total sales, which may weaken its negotiating position [8] - Supplier concentration is also high, with the top five suppliers accounting for 58.07%, 56.29%, and 60.67% of total purchases from 2022 to 2024 [8][10] R&D and Technical Workforce - As of 2024, the company has applied for 1,635 patents, with over 80% being invention patents, but shows slow progress in core technology iterations [12] - Approximately 12% of the workforce is dedicated to R&D, with over 50% of R&D personnel being part-time, raising concerns about the stability and continuity of R&D efforts [12][14]
西安奕材IPO:毛利率明显低于同行,“双高”依赖与研发隐忧共存
Sou Hu Cai Jing·2025-08-11 09:00