神工股份分析师会议-20250926

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The market opportunity window is open, and the company's performance elasticity is expected to be realized due to the rapid development of Chinese local memory chip manufacturers, the urgent demand for supply - chain security, and the technology and capacity restrictions from certain countries [25][26] - The company's performance shows "growth" characteristics, with the gross margin of the main business remaining stable, the proportion of the growing silicon component business in total revenue exceeding that of large - diameter silicon materials, and the integration advantage of "from silicon materials to silicon components" gradually emerging [27] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Shenggong Co., Ltd., belonging to the semiconductor industry. The reception time was September 26, 2025, and the listed company's reception personnel were the board secretary and the chief financial officer, Chang Liang [16] 3.2 Detailed Research Institutions - The research institutions include fund management companies such as HSBC Jintrust Fund, E Fund Management Co., Ltd., etc.; other financial companies like Nanyin Wealth Management; investment companies such as Fenghuo Investment and Chongyang Investment; securities companies like Guotai Haitong Securities and Guoxin Securities; and asset management companies such as Guotai Haitong Asset Management and Origin Asset [17][18] 3.3 Research Institutions Proportion - No relevant content found 3.4 Main Content Information - Relationship between Company Performance and Memory Chip Industry: The company's silicon component products are made from large - diameter silicon materials and are core consumables in the plasma etching process of memory chip manufacturers. The replacement frequency is related to the production line's operating rate and etching intensity. With the rapid development of Chinese local memory chip manufacturers, the progress of domestic chip manufacturing, and the restrictions from certain countries, the company's performance elasticity is expected to be realized [25][26] - Trend Changes in Company Performance: In the first half of 2025, the gross margin of the company's main business, large - diameter silicon materials, remained stable. The silicon component business, a growing business, accounted for more than large - diameter silicon materials in total revenue, with a stable and rising gross margin. The integration advantage of "from silicon materials to silicon components" is emerging, highlighting the company's "growth" characteristics [27] - Industry Changes: Japanese manufacturers with global competitive advantages in the 8 - inch lightly doped polished silicon wafer field are shifting more production capacity to 12 - inch lightly doped polished silicon wafers. Considering the potential market demand for 8 - inch lightly doped silicon wafers in China, the company, with relevant technology and production capacity, is expected to optimize variable costs and improve its competitive position [28][29] - Expansion Progress of Silicon Component Business: The company will expand production based on downstream customer orders, maintain the yield rate and gross margin, and keep a high - end product sales structure. In the first half of the year, the expansion policy of "stability" achieved good results [31][32][33]