Silan(SH:600460) 中国基金报·2025-10-19 12:06Core Viewpoint - The company plans to invest a total of 20 billion yuan in a joint project to build a 12-inch high-end analog chip manufacturing line, aiming to enhance its position in the semiconductor industry and address the low domestic localization rate of high-end analog chips [2][3]. Group 1: Project Overview - The project involves a total investment of 20 billion yuan, with a planned capacity of 45,000 wafers per month, to be implemented in two phases [3]. - Phase one will require an investment of 10 billion yuan, with a capital contribution of 6.01 billion yuan (60.1%) and bank loans of 3.99 billion yuan (39.9%), resulting in a monthly capacity of 20,000 wafers [3]. - Phase two will also require an investment of 10 billion yuan, which will add an additional monthly capacity of 25,000 wafers, bringing the total capacity to 45,000 wafers per month (540,000 wafers annually) upon completion of both phases [3]. Group 2: Financial Structure - The registered capital of the joint venture, Xiamen Silan Jihua Microelectronics Co., Ltd., will increase from 10 million yuan to 5.11 billion yuan, with contributions from Silan Micro, Xiamen Silan, Xiamen Semiconductor, and New Wing Technology [3]. - Silan Micro and Xiamen Silan will collectively contribute 1.5 billion yuan, while Xiamen Semiconductor and New Wing Technology will contribute 1.5 billion yuan and 2.1 billion yuan, respectively [3]. Group 3: Market Context - The domestic market for analog chips has a low localization rate, particularly for high-end analog chips, indicating significant growth potential [3]. - The investment in this project is expected to accelerate the localization of high-end analog chips, enhancing the company's international competitiveness in light of the rapid development of industries such as new energy vehicles, large computing servers, industrial automation, robotics, and communications [3].