超20亿！百亿A股放大招

Core Viewpoint - Lianmicro plans to invest approximately 2.262 billion yuan to construct a project with an annual production capacity of 1.8 million pieces of 12-inch heavily doped substrate wafers, with a construction period of about 60 months [2][4]. Group 1: Investment and Project Details - The investment by Lianmicro's subsidiary, Jinruihong Microelectronics, will be implemented within the existing factory and aims to expand production capacity [4]. - The project will complement the existing annual production of 1.8 million pieces of 12-inch semiconductor silicon epitaxial wafers, targeting high-end power device demands [4]. - The new production capacity will focus on heavily doped arsenic and phosphorus silicon epitaxial wafers, which are essential for various applications including AI server uninterruptible power supplies, energy storage inverters, and automotive electronics [4]. Group 2: Financial Performance - For the first three quarters of 2025, Lianmicro reported revenue of approximately 2.64 billion yuan, a year-on-year increase of 15.94%, but incurred a net loss of 108 million yuan, which is an increase in loss of 53.61 million yuan compared to the previous year [5]. - The semiconductor silicon wafer segment generated a main business revenue of 1.976 billion yuan, reflecting a year-on-year growth of 19.66% [5]. Group 3: Market Demand and Sales - The sales volume of 6-inch equivalent wafers reached 14.5339 million pieces, marking a year-on-year increase of 32.54%, with 12-inch silicon wafer sales at 1.2779 million pieces (equivalent to 5.1117 million pieces of 6-inch), a growth of 69.70% year-on-year [8]. - The current market demand for low-resistance products is strong, particularly for applications in AI server uninterruptible power supplies, with the company’s production capacity for 12-inch silicon wafers at the Chuzhou base being 150,000 pieces per month [8]. - The domestic market for 12-inch silicon wafers is expected to grow due to the increasing demand from sectors such as 5G, smartphones, and data centers, indicating significant potential for domestic production to replace imports [8]. Group 4: Company Overview - Lianmicro was established in 2002 and was listed on the Shanghai Stock Exchange in 2020, with its main business covering semiconductor silicon wafers, semiconductor power device chips, and compound semiconductor RF and optoelectronic chips [4].