西安奕材：半导体材料头部企业，大基金二期加持，切入高端供应链，市场份额持续提升，预计2027年盈利转正

Core Viewpoint - Xi'an Yichai will initiate subscription next week, being the first unprofitable company accepted by the Shanghai Stock Exchange after the "K8 Policy" and expected to be among the first new listings in the growth tier of the Sci-Tech Innovation Board [1][2] Group 1: Company Overview - Xi'an Yichai specializes in the research, production, and sales of 12-inch silicon wafers, ranking first in China and sixth globally in terms of average monthly shipment and production capacity by the end of 2024, with a global market share of approximately 6% and 7% respectively [3] - The company has become a major supplier for leading domestic wafer foundries and storage IDM manufacturers, achieving a compound annual growth rate of about 63% in annual shipments from 234.62 million pieces in 2022 to 625.46 million pieces in 2024 [3] Group 2: Market Context - Silicon wafers are foundational to chip manufacturing, with 12-inch wafers expected to account for over 75% of global silicon wafer shipment area in 2024; demand for 12-inch wafers is projected to exceed 10 million pieces per month globally by 2026, with over 3 million pieces per month in mainland China [4] - The company aims to enhance its production capacity to 1.2 million pieces per month by 2026, potentially meeting 40% of the mainland China's demand for 12-inch silicon wafers, with an expected global market share exceeding 10% [4] Group 3: Financial Performance - The company's revenue is projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound growth rate of 41.83% [7] - Positive cash flow from operating activities has been maintained since 2022, with EBITDA turning positive in 2023 and expected to grow by 147.39% in 2024 [7] - The company anticipates achieving profitability by 2027, with a trend of narrowing losses and stable revenue growth despite industry fluctuations [7] Group 4: R&D and Innovation - The company has significantly increased its R&D investment, with a cumulative R&D expenditure accounting for 12.39% of total revenue from 2022 to 2024, and a compound growth rate of 33.15% in R&D spending [8] - Products have been validated for use in advanced NAND Flash and DRAM chips, with ongoing development for next-generation high-end storage chips tailored for AI applications [8][9] Group 5: Supply Chain and Competitive Position - The company is recognized as a "chain leader" in the domestic electronic-grade silicon wafer industry, focusing on localizing suppliers and enhancing supply chain stability [5] - The second factory, funded through the upcoming IPO, will further strengthen the company's competitive edge in the advanced silicon wafer market and expand its overseas customer base [9]