这公司冲刺“中国碳化硅芯片第一股”！估值增百倍，累亏近10亿

Core Viewpoint - Basic Semiconductor is aiming to become the first Chinese company to go public in the silicon carbide chip sector, with a significant growth trajectory despite not yet achieving profitability [1][2]. Company Overview - Basic Semiconductor was established in 2016 and focuses on the research, development, manufacturing, and sales of silicon carbide (SiC) power devices, serving sectors such as electric vehicles, renewable energy, and industrial control [5]. - The company is the only IDM (Integrated Device Manufacturer) in China that covers the entire value chain of SiC power devices, from chip design to module packaging, and has achieved mass production in all segments [6]. Financial Performance - The company reported a compound annual growth rate (CAGR) of approximately 27.7% in revenue over the past three years, with revenues of 117 million, 221 million, and 299 million yuan for 2022, 2023, and 2024 respectively [7]. - Cumulative losses over three and a half years amount to 998 million yuan, with losses of 242 million, 342 million, and 237 million yuan for the years 2022, 2023, and 2024 respectively [4][10]. - Gross margins have been negative, with rates of -48.5%, -59.6%, and -9.7% for the years 2022 to 2024 [8]. Market Position - According to Frost & Sullivan, Basic Semiconductor ranks sixth in the Chinese silicon carbide power module market with a market share of 2.9%, and ranks third among domestic companies [6]. - The company also ranks ninth in both the silicon carbide discrete device market and the power semiconductor gate driver market, with market shares of 2.7% and 1.7% respectively [6]. Valuation and Funding - The company's valuation has increased approximately 103 times from 50 million yuan in 2017 to 5.16 billion yuan in 2025 [12]. - Basic Semiconductor has undergone 12 rounds of financing, with significant increases in valuation correlating with product development milestones [12][14]. Future Plans - The funds raised from the IPO will primarily be used to enhance R&D capabilities, strengthen the IDM and foundry cooperation model, and expand the global distribution network for silicon carbide products [15].