A股申购 | 12英寸硅片研发商西安奕材(688783.SH)开启申购 预计2026年公司全球市场份额超10%

Core Viewpoint - Xi'an Yichai (688783.SH) has initiated its subscription with an issue price of 8.62 yuan per share, focusing on the research, production, and sales of 12-inch silicon wafers, positioning itself as a leading player in the industry [1][2]. Company Overview - Xi'an Yichai is the largest manufacturer of 12-inch silicon wafers in mainland China and the sixth globally, with a market share of approximately 6% in monthly shipment volume and 7% in production capacity as of the end of 2024 [1][2]. - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector in mainland China [1]. Product Applications - The products are utilized in various types of chips, including NAND Flash, DRAM, and logic chips, which are essential for smart devices such as smartphones, personal computers, data centers, IoT, smart cars, and robots [1]. Market Dynamics - The 12-inch silicon wafer is the most mainstream specification, contributing over 75% of the global shipment area in 2024, with the top five global manufacturers accounting for about 80% of the supply [3]. - China's production capacity for 12-inch wafers is expected to exceed 30% of the global total by 2026 [3]. Strategic Planning - The company has a 15-year strategic plan from 2020 to 2035, aiming to establish 2 to 3 core manufacturing bases and several modern intelligent manufacturing plants [3]. - The first core manufacturing base has been established in Xi'an, with the first factory reaching production capacity in 2023 and a second factory set to commence production in 2024 [3]. Financial Performance - The company reported revenues of approximately 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively, with net losses of approximately -533 million yuan, -683 million yuan, and -738 million yuan during the same periods [4][6]. - Total assets as of December 31, 2024, are reported at approximately 1.742 billion yuan, with a debt-to-asset ratio of 51.13% [5][6]. Production Capacity and Demand - The first factory's capacity has been increased from 500,000 wafers per month to over 600,000, with a combined capacity of 1.2 million wafers per month expected from both factories by 2026, meeting 40% of the demand in mainland China [4]. - Global demand for 12-inch silicon wafers is projected to exceed 10 million wafers per month by 2026, with mainland China's demand surpassing 3 million wafers per month [4]. Challenges - The company faces significant challenges in achieving profitability due to high fixed costs associated with the semiconductor industry and the need for continuous R&D investment to keep up with technological advancements [6][7]. - New entrants in the 12-inch silicon wafer market typically experience a 4-6 year period of gross margin losses, with the company expected to incur increasing depreciation costs as production ramps up [7].