恭喜！奕斯伟材料 IPO过会！

Core Viewpoint - Xi'an Yichai's IPO approval marks a significant milestone as it becomes the first unprofitable company accepted by the Shanghai Stock Exchange after the implementation of new policies, highlighting the market's openness to "hard technology" investments [2]. Group 1: Company Overview - Xi'an Yichai, established in 2016, specializes in the research and production of 12-inch silicon wafers, making it the largest manufacturer of such wafers in mainland China [2]. - The company is projected to achieve a monthly shipment volume of 521,200 wafers by the end of 2024, ranking sixth globally with a market share of 6-7% [2]. - Xi'an Yichai has developed five core process systems, with products serving sectors such as memory and logic chips, supplying major international clients like Samsung and SK Hynix [2]. Group 2: Financial Performance - The company anticipates a compound annual growth rate (CAGR) of 41.83% in revenue from 2022 to 2024, despite accumulating losses of 1.728 billion yuan, primarily due to high depreciation costs from heavy asset investments [2]. - The planned fundraising of 4.9 billion yuan aims to expand production capacity, with expectations to reach a monthly output of 1.2 million wafers by 2026, which would meet 40% of mainland China's demand [2]. Group 3: Market and Regulatory Environment - Regulatory authorities are focused on the stability of Xi'an Yichai's control and its profitability outlook [2]. - As a critical component in the semiconductor self-sufficiency landscape, the company's listing reflects the capital market's support for "hard technology," while it faces challenges in overcoming profitability barriers in an oligopolistic market [2].