Thinkon Semi(SH:688233) Zheng Quan Zhi Xing·2025-08-22 10:21Core Viewpoint - The report highlights the significant growth in revenue and net profit for Jinzhou Shengong Semiconductor Co., Ltd. in the first half of 2025, driven by the recovery of the semiconductor industry and increasing domestic demand for chip manufacturing [3][5][8]. Company Overview and Financial Indicators - Jinzhou Shengong Semiconductor Co., Ltd. reported a revenue of 208.53 million yuan, a 66.53% increase compared to the same period last year [3][5]. - The total profit reached 63.85 million yuan, marking an 884.76% increase year-on-year [3][5]. - The net profit attributable to shareholders was 48.84 million yuan, up 925.55% from the previous year [3][5]. - The company's net assets at the end of the reporting period were 1.83 billion yuan, a 2.03% increase from the end of the previous year [3][5]. Industry and Business Analysis - The global semiconductor market is expected to grow by 11.2% in 2025, with logic chip markets growing by 23.9% and storage chip markets by 11.7% [5][6]. - The company is positioned in the upstream segment of the semiconductor supply chain, which is closely tied to the industry's overall performance [5][6]. - The demand for large-diameter silicon materials is anticipated to increase due to the overall growth of the semiconductor market and stricter requirements for chip manufacturing processes [10]. Operational Performance - The company achieved significant revenue from large-diameter silicon materials, totaling 92.53 million yuan [6][8]. - The silicon component products experienced substantial growth due to advancements in domestic equipment technology [6][8]. - The company is focusing on expanding production capacity based on customer orders and industry demand growth [8][9]. Research and Development - The company emphasizes R&D investment, achieving advancements in silicon wafer technology, particularly in TTV control during the grinding process [8][15]. - The company has established a robust R&D system to align with industry trends and customer needs [8][15]. Market Expansion - The company is optimizing its sales structure for large-diameter silicon materials and has begun supplying products to leading domestic storage IC manufacturers [9][11]. - The company is actively working on meeting the domestic market's demand for silicon materials, particularly in the context of the national strategy for semiconductor material localization [10][11].