中国大陆最大12英寸硅片厂，IPO过会！

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. (referred to as "Xi'an Yicai") has successfully passed its IPO application on the Sci-Tech Innovation Board, marking it as the first unprofitable company accepted by the Shanghai Stock Exchange after the release of the "New National Nine Articles" and "Science and Technology Eight Articles" [2] Group 1: Company Overview - Established in 2016, Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, which are critical materials in the semiconductor industry, accounting for over 75% of global silicon wafer shipments [2] - As of the end of 2024, the company has achieved a monthly shipment volume of 521,200 wafers, ranking first among manufacturers in mainland China and sixth globally [2][3] Group 2: Technology and Production Capacity - Xi'an Yicai has developed a core technology system encompassing five major processes: crystal pulling, shaping, polishing, cleaning, and epitaxy, with key indicators on par with the top five global manufacturers [3] - The company has a strategic plan from 2020 to 2035 to establish 2 to 3 core manufacturing bases and several modern intelligent manufacturing plants, with the first base already operational in Xi'an [3] - By the end of 2024, the combined production capacity is expected to reach 710,000 wafers per month, with a target of 1.2 million wafers per month by 2026, potentially meeting about 40% of mainland China's demand for 12-inch silicon wafers [3] Group 3: Financial Performance - Xi'an Yicai's revenue for 2022, 2023, and 2024 was 1.055 billion, 1.474 billion, and 2.121 billion respectively, with a compound annual growth rate of 41.83% [5][6] - Despite the revenue growth, the company reported net losses of 412 million, 578 million, and 738 million for the same years, totaling a cumulative loss of 1.728 billion [6] - The losses are attributed to high fixed costs from heavy asset investments, with total investments in the two factories exceeding 23.5 billion [6] Group 4: Market Position and Future Outlook - The global 12-inch silicon wafer market is dominated by a few foreign companies, with Xi'an Yicai holding a market share of approximately 6-7% [7] - The successful IPO approval signifies a growing acceptance of "hard technology" companies in the Chinese capital market, providing funding opportunities for tech firms that are not yet profitable [7] - Xi'an Yicai's future trajectory will be crucial for observing the development of China's semiconductor materials industry, as it faces challenges such as overcapacity and price declines [7]