放弃“规模战” 天通股份押注异质晶圆

Core Viewpoint - TianTong Co., Ltd. plans to make significant adjustments to its fundraising project "Large Size RF Piezoelectric Wafer Project," notably reducing its annual production capacity from 4.2 million pieces to 2.1 million pieces, which is seen as a contraction signal in the capital market, but is actually a structural shift towards higher value products [1][2]. Group 1: Production Capacity Adjustment - The production capacity for the RF piezoelectric wafer project has been halved from 4.2 million pieces to 2.1 million pieces [1]. - The adjusted capacity includes 420,000 pieces of high-value "piezoelectric heterogeneous wafers," which are considered the best substrate solution for high-end surface acoustic wave (SAW) filters [1][2]. Group 2: Strategic Focus and Technology Upgrade - The adjustment aims to seize strategic opportunities in the high-end electronic components sector during the 14th Five-Year Plan period, focusing on breaking foreign technology barriers [2]. - The company plans to optimize existing processes and introduce new key processes such as ion implantation, wafer bonding, annealing, polishing, and testing, requiring new equipment investments [2]. Group 3: Financial Projections and Investment Structure - Despite the reduction in production capacity, the overall revenue level is expected to remain consistent with the original plan due to higher profit margins from high-end products, with an internal rate of return (IRR) projected at 14.63% [2]. - The internal investment structure of the fundraising project has changed, with an increase in construction costs by 32.175 million yuan and a corresponding decrease in equipment purchase and installation costs by the same amount, keeping the total investment unchanged [2]. Group 4: Project Timeline and Investment Strategy - The project timeline has been extended, with the expected operational date pushed from December 2026 to December 2029, resulting in an 8-year construction period [3]. - The company adopts a cautious investment approach, implementing a "phased and batch" equipment investment strategy to align equipment procurement with technological development, minimizing risks associated with large-scale investments [3].