西安奕材：专注12英寸硅片研制 力争成为半导体硅材料领域“赶超者”

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. focuses on the research, production, and sales of 12-inch silicon wafers, aiming to become a global leader in this field over the next 15 years, with significant growth in production capacity and technological capabilities [7][8][31]. Company Overview - The company has become the largest 12-inch silicon wafer manufacturer in China and the sixth globally, with a total of 161 verified domestic and international customers by June 2025 [7][8]. - The company has established a core technology system across five key processes: crystal pulling, shaping, polishing, cleaning, and epitaxy, achieving leading domestic and world-class standards in various performance metrics [7][8]. Financial Performance - The company’s revenue has shown a compound annual growth rate (CAGR) of 41.83%, increasing from 1.05 billion yuan in 2022 to 2.12 billion yuan in 2024 [19]. - The company’s R&D investment has been significant, with amounts of 145.99 million yuan, 171.42 million yuan, 258.82 million yuan, and 128.45 million yuan for the years 2022 to 2025, representing 13.84%, 11.63%, 12.20%, and 9.86% of revenue respectively [18]. Production Capacity and Expansion - The company plans to enhance its production capacity to 1.2 million wafers per month by 2026, with the second factory's construction funded entirely by the proceeds from the IPO [9][31]. - The first factory achieved a production capacity of 500,000 wafers per month by June 2023, which is expected to increase to 640,000 wafers per month by June 2025 [13]. Market Position and Strategy - The company has established strong relationships with major global foundries, including UMC, GlobalFoundries, and others, and is actively expanding its market presence in the AI high-end chip sector [14][15]. - The company aims to enhance its competitiveness by diversifying its supply chain and increasing local supplier collaboration, which is crucial for the semiconductor industry in China [17][29]. Future Development Plans - The company has a long-term strategic plan from 2020 to 2035, aiming to establish 2 to 3 core manufacturing bases and several modern intelligent manufacturing plants [21]. - The company is focused on becoming a respected enterprise in the semiconductor silicon materials field, with a commitment to quality, technology, and maximizing shareholder value [8][21]. Industry Context - The semiconductor industry, particularly the 12-inch silicon wafer sector, is expected to grow significantly due to increasing demand driven by AI and other emerging applications [22][28]. - The company is positioned to benefit from national policies supporting the development of the semiconductor industry, which aims to reduce reliance on imports and enhance local production capabilities [28][29].