粤芯半导体负债率76%拟募75亿扩产 三年半亏64亿预期2029年盈利或落空

Core Viewpoint - Guangdong's first mass production 12-inch wafer foundry, Yuexin Semiconductor, is pushing for an IPO to raise funds for capacity expansion while facing multiple challenges including ongoing losses, high depreciation, concentrated customer base, and rising debt ratio [2][3] Financial Performance - From 2022 to mid-2025, Yuexin Semiconductor achieved a total revenue of 5.323 billion yuan, with a cumulative net loss of 6.414 billion yuan [4][5] - The company's depreciation expenses for machinery and equipment reached 5.528 billion yuan, while R&D expenses totaled 1.838 billion yuan during the same period [5][6] - The company expects to achieve overall profitability by 2029 [8] Capacity Expansion Plans - Yuexin Semiconductor plans to raise 7.5 billion yuan through an IPO to enhance production capacity, with a total planned capacity of 80,000 wafers per month across two factories [4][5] - Future plans include constructing a new production line with a capacity of 40,000 wafers per month, aiming for a total capacity of 120,000 wafers per month [5] Customer Concentration and Profitability - The top five customers accounted for a significant portion of revenue, with their combined income representing 65% to 67.82% of total revenue during the reporting periods [9] - The company's gross profit margin has been negative, with figures of -21.83%, -114.90%, -71.00%, and -57.01% over the same periods, compared to an average of 26.05% to 16.74% for comparable companies [9] Debt and Asset Management - As of mid-2025, the company's debt ratio reached 76.08%, significantly higher than the average of 33.88% for comparable listed companies [10] - Fixed assets and construction in progress accounted for 68.33% of total assets, indicating a heavy reliance on capital investments [10]