从两台单晶炉到千亿市值，众为投出一个半导体IPO

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, marking a significant milestone as the first unprofitable company to go public since the release of the CSRC's "Eight Regulations" [3][20] Group 1: Company Overview - Yiswei Materials specializes in the production of 12-inch semiconductor silicon wafers and has achieved a market capitalization exceeding 100 billion yuan on its first trading day [1][20] - The company has grown to become the largest 12-inch silicon wafer manufacturer in mainland China, with a monthly production capacity of 710,000 wafers [20] Group 2: Investment Background - In July 2021, Zhongwei Capital invested nearly 300 million yuan in Yiswei Materials, which was still in the capacity ramp-up phase at that time [6][19] - The semiconductor investment landscape in China saw a peak in 2021, with total financing reaching 76.7 billion yuan and 161 new companies established [5] Group 3: Investment Strategy - Zhongwei Capital's investment approach focuses on long-cycle sectors, emphasizing the importance of industry trends and team characteristics over financial metrics [13][19] - The investment decision was influenced by the historical trajectory of the semiconductor industry, which has seen a shift in production capabilities from developed countries to China [13][15] Group 4: Market Dynamics - The semiconductor industry is characterized by strong cyclical properties, and Yiswei Materials made a strategic decision to expand production during a market downturn, anticipating a recovery [22][23] - The company plans to invest 12.5 billion yuan in a second factory, expected to double its production capacity by 2026 [23][24] Group 5: Future Outlook - Yiswei Materials is projected to capture over 10% of the global market share by 2026, with a recovery in customer demand anticipated in the latter half of 2024 [24] - The company's management believes that expanding during a downturn positions them advantageously for future growth, contrasting with the common industry practice of expanding during peak periods [23][24]