奕斯伟材料：半导体材料龙头，硬科技叩响资本大门

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. has officially disclosed its prospectus and initiated its IPO process on the Sci-Tech Innovation Board, marking it as the first company from Western China to list after the release of the "Eight Policies for Sci-Tech Innovation" [1] Company Overview - The company specializes in the research and manufacturing of 12-inch silicon wafers, holding the position of the largest in mainland China and the sixth globally, making it the largest IPO project in Xi'an since 2024 [1][2] - The funds raised from the IPO will be directed towards the construction of the second-phase base, which is expected to double the company's production capacity and enhance China's semiconductor materials industry's global influence [2] Financial Performance - Revenue has shown significant growth, increasing from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, with a compound annual growth rate (CAGR) of 41.83%. In the first half of 2025, revenue reached 1.302 billion yuan, a year-on-year increase of 45.99% [3][4] - The company has experienced a rapid increase in shipment volume, soaring from 2.3462 million pieces in 2022 to 6.2546 million pieces in 2024, reflecting a CAGR of 63% [3][4] Market Position - Yiswei Materials has established itself as a leading domestic player in the high-end 12-inch silicon wafer market, with a monthly production capacity of 712,200 pieces, accounting for 7% of the global market, and a monthly shipment volume representing 6% of the global total [6][8] - The company has successfully penetrated the supply chains of major global clients, including Samsung, SK Hynix, and Micron Technology, with over 25% of its revenue coming from overseas markets in the first three quarters of 2024 [8] Technological Advancements - The company's competitive edge lies in its comprehensive technological breakthroughs and product coverage across the entire supply chain, with over 1,800 patents, 80% of which are invention patents, making it the company with the most patents in the 12-inch silicon wafer sector in mainland China [9] - Yiswei Materials has developed a wide range of products tailored to high-end demands, including high-stability polished wafers for advanced DRAM and 3D NAND chips, and high-performance epitaxial wafers for AI computing chips [9] Industry Growth Potential - The global semiconductor market is projected to reach $697.2 billion in 2025 and $730.7 billion in 2026, with the silicon wafer market expected to exceed $87 billion by 2029. The demand for 12-inch wafers is particularly strong, with forecasts indicating a monthly demand exceeding 10 million pieces globally by 2026 [10][11] - Domestic policies are increasingly supportive, with the key semiconductor materials market in mainland China expected to reach 174.08 billion yuan in 2025, a year-on-year growth of 21.1% [12] Investment Outlook - The company's growth trajectory is characterized by a dual return logic of "growth certainty and industry scarcity," with the IPO funds expected to drive performance and a projected 70% increase in production capacity post-phase two completion [13] - As the only domestic company with global competitiveness in the 12-inch silicon wafer market, Yiswei Materials is positioned as a core choice for investors looking to enter the semiconductor materials sector [15]