Thinkon Semi(SH:688233) Zheng Quan Shi Bao Wang·2025-12-17 13:12Core Viewpoint - The company, ShenGong Co., Ltd. (688233), is focusing on the development, production, and sales of semiconductor-grade single crystal silicon materials and applications, with significant growth in the domestic market for large-diameter silicon materials, surpassing the Japanese and Korean markets [1][2]. Financial Performance - In Q3 2025, the company reported revenue of 107 million yuan, a year-on-year increase of 20.91%, while net profit was 22.33 million yuan, a decrease of 1.73% [1]. - For the first three quarters of 2025, revenue reached 316 million yuan, up 47.59% year-on-year, and net profit was 71.17 million yuan, an increase of 158.93%, with basic earnings per share at 0.42 yuan [1]. Product and Market Dynamics - The company's silicon component products, made from large-diameter silicon materials, are essential consumables in the plasma etching process of storage chip manufacturing, with demand increasing as advanced processes in storage chips evolve towards 3D stacking and sub-10nm line widths [2][4]. - The company is strategically collaborating with investment firms to establish a venture capital fund focused on key equipment, components, and materials for wafer manufacturing, with a total fund size of no less than 200 million yuan [2][3]. Industry Outlook - The semiconductor industry is experiencing a "gear shift," with significant increases in capital expenditures from global tech giants, leading to structural shortages in storage chip capacity [3]. - Domestic storage chip manufacturers are rapidly advancing in both technology and market share, altering the existing global industry landscape [3]. - The company anticipates that increased capital expenditures and higher operating rates in downstream storage chip manufacturing will drive demand for its products, with new orders already being discussed with Japanese and Korean clients [4].