Silan(SH:600460) 3 6 Ke·2025-10-21 04:12Core Viewpoint - Company Silan Microelectronics (士兰微) is making a significant investment of 20 billion yuan to establish a 12-inch high-end analog integrated circuit chip production line, marking another major move in the high-end semiconductor sector after a previous 12 billion yuan investment in an 8-inch SiC project [1][3]. Investment Details - The investment will be executed in two phases in Xiamen's Haicang District, with a new subsidiary, Xiamen Silan Jihua Microelectronics Co., Ltd. (士兰集华), as the implementation entity [3]. - The first phase involves an investment of 10 billion yuan, expected to commence construction by the end of 2025 and achieve a monthly production capacity of 20,000 wafers by Q4 2027 [3]. - The second phase will also invest 10 billion yuan, ultimately increasing total production capacity to 45,000 wafers per month (540,000 wafers annually) [3]. Market Context - The project targets the high-end analog chip market, which has a low domestic localization rate, particularly in high-end segments where the localization rate is below 10% [4]. - The growth of industries such as electric vehicles, large computing servers, and industrial automation is expected to drive demand for high-end analog chips, enhancing Silan's competitive position internationally [3][4]. Financial Structure - The funding structure involves a capital increase for the new subsidiary, with Silan Micro contributing 1.5 billion yuan, while two state-owned platforms will contribute 1.5 billion yuan and 2.1 billion yuan, respectively [5]. - After the capital increase, Silan Micro's ownership in the subsidiary will drop to 25.12%, and the subsidiary will no longer be included in consolidated financial statements [5]. Synergistic Projects - Silan Micro is also working on a similar project for SiC power devices with a total investment of 12 billion yuan, which is expected to produce 720,000 wafers annually [6]. - Both projects are expected to create a complementary effect, enhancing manufacturing processes and applications in sectors like electric vehicles and industrial automation [6][7]. Performance Improvement - Silan Micro's financial performance has shown improvement, with revenue surpassing 11.2 billion yuan in 2024, a year-on-year increase of 20.14%, and a net profit of 220 million yuan [8]. - In the first half of 2025, the company achieved revenue of 6.336 billion yuan, also reflecting a 20.14% year-on-year growth, with a significant increase in net profit [8].