上海超硅半导体冲击IPO，联想押注，三年半累计亏损38.82亿元

Core Viewpoint - Several semiconductor companies have made significant progress in their IPO processes on the Science and Technology Innovation Board, with Shanghai Super Silicon being one of them, currently in the final stages of registration and facing ongoing financial losses due to high fixed asset investments and lack of scale effects [1][38]. Company Overview - Shanghai Super Silicon, established in July 2008 and headquartered in Shanghai, focuses on the research, production, and sales of 300mm and 200mm semiconductor silicon wafers [2][3][5]. - The company is currently in an expansion phase, with significant fixed asset investments and has not yet achieved economies of scale, leading to continuous losses [1][38]. Financial Performance - The company reported cumulative losses of 3.882 billion yuan over three and a half years, with revenues of 921 million yuan in 2022, 928 million yuan in 2023, and projected revenues of 1.327 billion yuan in 2024 [9][10]. - As of June 2025, the company had total assets of approximately 1.578 billion yuan and a debt ratio of 57.65% [13]. - The net profit for the reporting periods showed losses of 803 million yuan, 1.044 billion yuan, and 1.299 billion yuan for 2022, 2023, and 2024 respectively [10][13]. Product and Market Position - Shanghai Super Silicon's main products include 300mm and 200mm silicon wafers, with a focus on P-type silicon wafers, and the company has established production lines with a designed capacity of 800,000 pieces per month for 300mm wafers and 400,000 pieces per month for 200mm wafers [6][8][14]. - The company holds approximately 1.3% of the global semiconductor silicon wafer market share, with a high customer concentration risk as revenues from the top five customers accounted for over 56% in recent years [23][16]. Industry Context - The semiconductor silicon wafer industry is closely tied to the overall semiconductor industry, which has shown a long-term upward trend but also exhibits cyclical characteristics [24][30]. - The global semiconductor market is projected to reach approximately $627.6 billion in 2024, with the silicon wafer market expected to decline by 7.5% due to economic fluctuations but is anticipated to recover driven by sectors like electric vehicles and AI [25][30]. Future Outlook - The company plans to raise approximately 4.965 billion yuan through its IPO to fund projects aimed at expanding production capacity and enhancing R&D capabilities [35][38]. - There is an expectation that Shanghai Super Silicon could achieve profitability by 2028, contingent on its ability to scale operations and improve market share [12][38].