西安奕材：科技自立，加速突围 ，国产硅片龙头叩响科创板大门

Core Viewpoint - Xi'an Yichai's IPO marks a significant step in the self-sufficiency of 12-inch silicon wafers in China, potentially reshaping the global silicon wafer industry landscape [3] Company Overview - Xi'an Yichai is the largest manufacturer of 12-inch silicon wafers in mainland China and the sixth globally, with plans to increase monthly production capacity to 1.2 million wafers, meeting 40% of domestic demand and over 10% of global demand [2][4] - The company has a strong patent portfolio, being the leading firm in China for authorized invention patents in the 12-inch silicon wafer sector as of June 2025 [4] Market Dynamics - The demand for 12-inch silicon wafers is driven by their application in high-growth sectors such as smartphones, data centers, smart vehicles, and artificial intelligence [4] - The global market for 12-inch silicon wafers is expected to exceed 10 million wafers per month by 2026, with domestic demand in China projected to surpass 3 million wafers per month [11] Financial Performance - Xi'an Yichai's production volume increased from 2.35 million wafers in 2022 to 6.25 million in 2024, representing a growth rate of 166.58%, while revenue rose from 1.055 billion yuan to 2.121 billion yuan, with a compound annual growth rate of approximately 42% [6] - In the first half of 2025, the company achieved a revenue of 1.302 billion yuan, a year-on-year increase of 45.99%, marking a record high for semi-annual revenue since its establishment [6] Technological Advancements - Xi'an Yichai's 12-inch polished wafers have achieved key performance indicators comparable to international standards, including warpage of less than 7 micrometers and flatness of less than 0.35 micrometers [5] - The company is developing advanced products for next-generation high-performance logic chips and specialized silicon wafers for power devices [10] Future Prospects - The funds raised from the IPO will be used to expand the Xi'an Yisiwei silicon industry base, with the second factory expected to double production capacity and enhance profitability [7] - The company aims to leverage its technological advancements and increased capacity to strengthen its position in the global semiconductor supply chain [12]