西安奕材IPO：技术比肩国际巨头，半年营收超13亿，产能稳居大陆第一

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (Xi'an Yicai) is set to undergo a review for its IPO on August 14, marking it as the first unprofitable company to apply for listing on the Sci-Tech Innovation Board since the introduction of the "Eight Articles of Sci-Tech Innovation Board" [1]. The company has rapidly grown to become the largest producer of 12-inch silicon wafers in mainland China, leveraging the restructuring of the global semiconductor supply chain and the domestic push for self-sufficiency [1]. Group 1: Industry Context - Silicon wafers are the core raw material in the semiconductor industry, accounting for approximately 30% of wafer manufacturing costs. The trend is towards larger wafer sizes, with 12-inch wafers now representing over 70% of global wafer shipment area [2]. The demand for 12-inch wafers is expected to exceed 10 million pieces per month globally by 2026, with mainland China's demand surpassing 3 million pieces per month [2]. - The global 12-inch silicon wafer market is dominated by five major players, with their combined shipment expected to account for about 80% of the market by 2024. Domestic self-sufficiency is currently below 30%, particularly in the mid-to-high-end 12-inch wafer segment, which restricts the healthy development of the domestic semiconductor supply chain [4]. Group 2: Company Development - Xi'an Yicai was established to address the critical pain points in integrated circuit development, focusing on the R&D of 12-inch silicon wafers. The company successfully delivered its first batch of products in 2019, with Wang Dongsheng, former chairman of BOE Technology Group, joining as a leader, bringing strategic vision and industry resources [4][5]. - Under Wang Dongsheng's leadership, Xi'an Yicai has built two factories with a total capacity of 710,000 pieces per month, accounting for 7% of global 12-inch wafer capacity, ranking first in mainland China and sixth globally [5]. Group 3: Technological Advancements - Xi'an Yicai has established a comprehensive core technology system covering key processes such as crystal pulling, shaping, polishing, cleaning, and epitaxy. The company has accumulated significant intellectual property and has achieved substantial progress in defect control and other critical metrics, allowing it to compete with international giants [6][7]. - The company has successfully mass-produced products for advanced applications, including NAND Flash and DRAM chips, and is actively developing high-performance chips for artificial intelligence applications [7]. Group 4: Financial Performance - Xi'an Yicai's revenue has shown consistent growth, with the proportion of higher-margin products increasing significantly from 8.59% in 2021 to 56.10% in 2024. The company has also developed high-end test wafers that contribute 21.17% of its revenue in 2024 [8][10]. - The company's annual shipment volume grew from 2.3462 million pieces in 2022 to 6.2546 million pieces in 2024, with a compound annual growth rate of approximately 63%. Revenue increased from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a compound growth rate of 41.83% [11]. Group 5: Future Outlook - Xi'an Yicai plans to raise 4.9 billion yuan through its IPO to fund the construction of a second factory, which is expected to reach a capacity of 500,000 pieces per month by 2026, bringing total capacity to 1.2 million pieces per month [17][18]. - The company aims to achieve profitability by 2027, with expectations of narrowing losses in the coming years as production ramps up and product certifications are completed [12][14].