沪硅产业(688126)季报点评：利润阶段承压 300MM硅片以量补价

Core Insights - The company reported a revenue of 2.641 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.56%, but the net profit attributable to shareholders was -631 million yuan, widening from -536 million yuan in the same period last year [1] - The third quarter of 2025 saw a revenue of 944 million yuan, a year-on-year growth of 3.79%, with a net profit attributable to shareholders of -265 million yuan [1] - The decline in profit levels is attributed to a differentiated revenue structure and increased costs, with 300mm wafer sales growing over 30% but facing price pressure, while 200mm wafer sales declined [1][2] Revenue and Profit Analysis - For the first three quarters of 2025, the company achieved a revenue of 2.641 billion yuan, with a net profit of -631 million yuan, and a non-recurring net profit of -823 million yuan, indicating an increase in losses compared to the previous year [1] - In Q3 2025, the company reported a revenue of 944 million yuan, with a net profit of -265 million yuan and a non-recurring net profit of -342 million yuan [1] Product Performance - The 200mm wafer segment remains under pressure, with slow recovery in capacity utilization due to weak demand in consumer electronics and inventory destocking [2] - In contrast, the 300mm wafer segment is performing strongly, maintaining high capacity utilization and stable yields, with potential for further improvement through process optimization [2] Future Projections - The company forecasts revenues of 3.82 billion yuan, 4.31 billion yuan, and 5.20 billion yuan for 2025-2027, with net profits projected at 30 million yuan, 190 million yuan, and 320 million yuan respectively [3] - Corresponding EPS is expected to be 0.01, 0.07, and 0.12 yuan, with PE ratios of 1914.77, 249.37, and 149.73x [3]