有研硅（688432）：跨境并购落地，国资保障利基硅片与刻蚀硅供应

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The successful completion of a cross-border acquisition allows the company to extend its market position from silicon materials to equipment components, enhancing its competitiveness in the semiconductor core consumables sector [1]. - The company is increasing its investment in 12-inch silicon wafer production capacity, aiming to ramp up output from 150,000 wafers per month to 300,000 wafers per month by early 2025 [2]. - The expansion of domestic wafer fabrication plants is expected to significantly increase the demand for local silicon and etching silicon, providing a stable demand foundation for upstream consumables [2]. Financial Projections - The company is projected to achieve revenues of CNY 1.005 billion, CNY 1.262 billion, and CNY 1.424 billion for the years 2025, 2026, and 2027 respectively, with net profits of CNY 209 million, CNY 260 million, and CNY 299 million for the same years [3][4]. - The revenue growth rates are expected to be 0.93% in 2025, 25.58% in 2026, and 12.78% in 2027, while net profit growth rates are projected at -10.14% in 2025, 24.22% in 2026, and 15.09% in 2027 [9]. Market Data - As of March 3, 2026, the company's closing stock price was CNY 15.27, with a market capitalization of CNY 19,092.11 million [4]. - The stock has shown an absolute return of 35% over the past 12 months, outperforming the market benchmark [7]. Analyst Team - The report is prepared by a team of analysts with extensive backgrounds in the semiconductor and financial sectors, ensuring a comprehensive analysis of the company's market position and financial outlook [10].