西安奕材（688783）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price greater than 15% relative to the benchmark index over the next 6-12 months [33]. Core Insights - The company focuses on the research, production, and sales of 12-inch silicon wafers, which are widely used in various types of chips including NAND Flash, DRAM, and logic chips [7][24]. - The company has shown significant revenue growth from 2022 to 2024, with projected revenues of 1.055 billion, 1.474 billion, and 2.121 billion yuan respectively, reflecting year-over-year growth rates of 408.29%, 39.73%, and 43.95% [9][24]. - Despite the revenue growth, the company has reported net losses, with figures of -411.8 million, -578 million, and -737.6 million yuan for the same years, indicating a need for improved profitability [9][24]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 1.055 billion yuan in 2022, 1.474 billion yuan in 2023, and is projected to reach 2.121 billion yuan in 2024, with year-over-year growth rates of 408.29%, 39.73%, and 43.95% respectively [9][24]. - The net profit attributable to the parent company was -411.8 million yuan in 2022, -578 million yuan in 2023, and is expected to be -737.6 million yuan in 2024, with year-over-year changes of -18.56%, -40.34%, and -27.63% [9][24]. Industry Situation - The global market for electronic-grade silicon wafers is projected to grow from 8.7 billion USD in 2017 to 11.5 billion USD in 2024, with a compound annual growth rate of 4.07% [15][16]. - The demand for 12-inch silicon wafers is expected to increase significantly due to the rise of artificial intelligence applications, which require enhanced data processing and storage capabilities [24][19]. Company Highlights - The company is positioned as the largest producer of 12-inch silicon wafers in mainland China and the sixth largest globally, benefiting from strong shareholder support and a skilled management team [25][24]. - The company has established a robust technical system across five core processes and has achieved product quality levels comparable to the top five global manufacturers [8][25]. - The second factory is expected to be operational by 2026, which will increase the company's total capacity to 1.2 million wafers per month, meeting 40% of the domestic demand for 12-inch silicon wafers [27][25]. Investment Project Input - The company plans to invest 1.2544 billion yuan in the second phase of its silicon industry base project, which aims to expand its production capacity significantly [28][27]. Comparison with Peers - In 2024, the company is projected to achieve revenues of 2.121 billion yuan, with a year-over-year growth rate of 43.95%, while its net profit is expected to be -737.6 million yuan, a decline of 27.63% [29][30].