IPO雷达| 毛利率低至-66.51%，粤芯半导体75亿募资背后的亏损困局

Core Viewpoint - The news highlights the challenges faced by Guangdong-based semiconductor company, Yuexin Semiconductor, as it prepares for its IPO while grappling with significant financial losses and operational risks. Financial Performance - Yuexin Semiconductor plans to issue up to 789 million shares to raise 7.5 billion yuan for capacity expansion, technology research, and working capital [1] - The company reported net losses of 1.043 billion yuan, 1.917 billion yuan, and 2.253 billion yuan for 2022, 2023, and 2024 respectively, totaling over 6.5 billion yuan in three years [3] - Revenue for 2023 fell by 32.46% to 1.044 billion yuan, with a projected rebound to 1.681 billion yuan in 2024, reflecting instability in business fundamentals [3] - The gross margin for 2022 to 2024 was -20.46%, -110.28%, and -66.51%, significantly below industry averages [3][4] Operational Challenges - Yuexin Semiconductor's high gross margin losses are attributed to its capital-intensive business model and high fixed costs, with a capacity utilization rate of 92.98% in 2025 yet still facing negative margins [4][5] - The company’s product line includes various chips but suffers from a "high cost, low price" dilemma, with 12-inch wafer prices at 3,976.39 yuan per piece, compared to competitors like Huahong with lower prices [5][6] Debt and Cash Flow Issues - The company’s asset-liability ratio increased from 55.44% in 2022 to 76.08% in mid-2025, indicating rising debt pressure [7] - Despite positive cash flow from operations, investment cash flow has been negative, leading to a reliance on external financing [6][7] Customer Concentration Risks - The top five customers accounted for over 65% of revenue from 2022 to 2025, highlighting a significant risk due to high customer concentration [8][9] - The volatility in revenue is linked to fluctuations in orders from key customers, making the business model vulnerable [8][9] Industry Context - The semiconductor industry is experiencing intense competition, particularly in mature processes, with both international giants and domestic leaders like SMIC and Huahong posing significant challenges [9] - The IPO is seen as a crucial step for Yuexin Semiconductor to secure funding amidst ongoing losses and cash flow pressures [9]