Thinkon Semi(SH:688233) Zheng Quan Shi Bao Wang·2025-10-27 08:41Core Viewpoint - The company, ShenGong Co., Ltd. (688233), is experiencing significant growth in its semiconductor-grade single crystal silicon materials and applications, with a focus on domestic market expansion and increasing demand for its products [2][3][4]. Group 1: Company Performance - In Q3 2025, the company reported revenue of 107 million yuan, a year-on-year increase of 20.91%, while net profit was 22.33 million yuan, a slight decrease of 1.73% [2]. - For the first three quarters of 2025, total revenue reached 316 million yuan, up 47.59% year-on-year, and net profit was 71.17 million yuan, reflecting a substantial increase of 158.93% [2]. Group 2: Product and Market Dynamics - The company's silicon component products are primarily used in the plasma etching process of storage chip manufacturing, with demand closely tied to the operating rates of manufacturing lines [3][6]. - Domestic storage chip manufacturers are rapidly advancing, enhancing their market share and technology, which is reshaping the global semiconductor landscape [3][6]. Group 3: Strategic Insights - The company is transitioning from a raw material supplier to a "materials + components" company, with silicon components now contributing significantly to total revenue [4]. - The gross margin for the main business of large-diameter silicon materials remains above 60%, indicating strong profitability and an upward trend in margins [4]. Group 4: Industry Trends - The semiconductor silicon wafer industry is undergoing changes, with Japanese manufacturers reallocating capacity from 8-inch to 12-inch wafers, potentially increasing opportunities for domestic producers [5]. - The semiconductor industry is experiencing a "shift in gears," with significant increases in capital expenditures from global tech giants, leading to structural shortages in storage chip capacity [5][6].