核心新股周巡礼系列4：武汉新芯招股书梳理-20250728

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - Wuhan Xinxin is a leading semiconductor specialty process wafer foundry in China, focusing on specialty storage, analog-digital mixed, and three-dimensional integration business areas [18][19] - The company aims to become a leader in advanced semiconductor manufacturing in the three-dimensional era, enhancing customer competitiveness and promoting high-end applications in China's semiconductor industry [18][19] Summary by Sections 1. Business Overview - Wuhan Xinxin's main business can be categorized into specialty storage, analog-digital mixed, and three-dimensional integration [19][26] - The company is the largest Nor Flash manufacturer in mainland China, with a leading code-type flash technology [21][30] 2. Specialty Storage - Revenue from the specialty storage process platform for 2021, 2022, 2023, and the first nine months of 2024 was 2.177 billion, 2.450 billion, 2.570 billion, and 1.600 billion CNY, accounting for 74.32%, 73.47%, 67.71%, and 50.89% of total revenue respectively [19][30] - The company provides Nor Flash and MCU products, with Nor Flash being widely used in consumer electronics, computing, and industrial control [30][38] 3. Analog-Digital Mixed - Revenue from the analog-digital mixed process platform for the same periods was 0.572 billion, 0.671 billion, 0.769 billion, and 1.031 billion CNY, representing 19.55%, 20.14%, 20.26%, and 32.80% of total revenue respectively [20][27] - The company focuses on high-end CIS and RF-SOI products, with a complete CMOS image sensor manufacturing process [20][45] 4. Three-Dimensional Integration - Revenue from the three-dimensional integration process platform was 0.158 billion, 0.211 billion, 0.172 billion, and 0.342 billion CNY, accounting for 5.40%, 6.33%, 4.54%, and 10.86% of total revenue respectively [20][28] - The company has developed four major process platforms for three-dimensional integration, including dual-wafer stacking and 2.5D interposer technology [52] 5. Shareholder Background - Wuhan Xinxin and Yangtze Memory Technologies Co., Ltd. are both part of the Long Control Group, with strong shareholder backing [7][9] - The company is focusing on the critical period of three-dimensional integration and SOI industry ecosystem construction [9][10]