业绩激增1200%，士兰微，火力全开！

Core Viewpoint - The semiconductor industry is witnessing a shift where power semiconductors, which do not compete in computing power, are emerging as key players, especially in the context of domestic production in China [2][3][9]. Industry Overview - Power semiconductors are essential for converting and controlling electrical energy, found in various applications from mobile phone chargers to electric vehicles [3][6]. - The global power semiconductor market is diverse, with leading companies like Infineon and ON Semiconductor holding only a 26% market share combined, indicating a lack of monopoly [7][9]. - China's domestic power semiconductor market is growing, with a projected localization rate of 15%-20% by the end of 2024, and nearly 35% in the more advanced IGBT and SiC sectors [10]. Company Performance - Silan Microelectronics has made significant strides, achieving a 3.3% market share in the global power semiconductor market, ranking sixth overall [11]. - In the first half of 2025, Silan Microelectronics reported revenues of 6.336 billion yuan, a year-on-year increase of 20.14%, and a net profit of 265 million yuan, up 1162.42% [11]. Technological Advancements - Silan Microelectronics is investing in both IGBT and SiC technologies, with IGBT being used in mid-range applications and SiC targeting high-end markets [13][14]. - The company has made substantial investments in R&D, increasing its R&D expenses from 429 million yuan in 2020 to 1.034 billion yuan in 2024, maintaining a R&D expense ratio around 10% [17]. Production Capacity - Silan Microelectronics operates under an IDM model, allowing it to control the entire supply chain from design to manufacturing [21]. - The company has achieved full capacity in its 8-inch and 12-inch IGBT chip production lines, with its subsidiary producing 10,000 6-inch SiC-MOSFET chips monthly [21][22]. Future Outlook - Silan Microelectronics plans to enhance its 12-inch IGBT production capacity and expects its 8-inch SiC production line to be operational by Q4 2025 [24]. - The company is positioned to leverage its investments and technological advancements to capture more market share in the growing sectors of electric vehicles and renewable energy [28].