SMEI(SZ:300456) Xin Hua Cai Jing·2025-12-02 14:05Core Viewpoint - The stock of Saiwei Electronics has experienced a significant increase of 252.84% since the beginning of 2025, leading to concerns about potential market overheating and the risk of a price correction [1] Group 1: Stock Performance and Market Conditions - The company announced that its stock price has deviated significantly, with a cumulative increase of over 100% in closing prices over ten consecutive trading days, indicating severe abnormal trading fluctuations [1] - The recent surge in trading volume and turnover rate suggests an overheated market sentiment, prompting the company to advise investors to adopt a long-term value investment approach and to be cautious of market risks [1] Group 2: Business Operations and Financial Metrics - Saiwei Electronics' core business focuses on MEMS process development and wafer manufacturing, characterized by long cycles and heavy asset requirements, which necessitate time for capacity utilization and yield improvement [1] - The company's current price-to-earnings ratio (PE TTM) stands at 24.36, which is below the industry average of 48.62, primarily due to non-recurring losses from the sale of its subsidiary, Silex, affecting its net profit for Q3 2025 [2] - Excluding the non-recurring gains from the sale of Silex, the adjusted PE TTM is -68.50, indicating significant financial impacts from this transaction [2] Group 3: Future Developments and Uncertainties - Silex has initiated discussions regarding its IPO, with plans and timelines still uncertain, and the valuation, equity structure, and financing details remain to be determined [2] - The company’s strategic decisions regarding its 45.24% stake in Silex will depend on the overall strategic development of Saiwei Electronics and the future plans of Silex, which also carry uncertainties [2]