粤芯，冲刺科创板

Core Viewpoint - Yu Xin Semiconductor Technology Co., Ltd. has officially received approval for its IPO application on the Shenzhen Stock Exchange, aiming to raise 7.5 billion yuan, with Guotai Junan Securities as the sponsor [1][2]. Company Overview - Yu Xin Semiconductor, established in 2017, focuses on providing 12-inch wafer foundry services and specialized process solutions for domestic and international chip design companies [4][5]. - The company has developed a comprehensive technology matrix covering various fields, including consumer electronics, industrial control, automotive electronics, and artificial intelligence [2][5]. Financial Performance - The company reported revenues of 1.545 billion yuan in 2022, 1.044 billion yuan in 2023, 1.681 billion yuan in 2024, and 1.053 billion yuan in the first half of 2025. The revenue for 2024 shows a significant increase of 61.09% compared to 2023 [3][4]. Shareholder Information - Major shareholders include Yu Xin Zhong Cheng, Guangdong Semiconductor Fund, and several other investment institutions, with notable ownership stakes [3]. Technological Advancements - Yu Xin Semiconductor has achieved significant breakthroughs in silicon photonics technology, becoming one of the few foundries in China capable of providing integrated circuit, power device, and optoelectronic fusion services [6][7]. - The company plans to enhance its technological advantages and transition from consumer-grade wafer foundry to industrial-grade and automotive-grade processes, focusing on applications in artificial intelligence and near-memory computing [5][6]. Market Opportunities - The global silicon photonics market is projected to reach $10.26 billion by 2029, with a compound annual growth rate of nearly 40% from 2023 to 2029, indicating substantial market potential for Yu Xin Semiconductor [6][7]. Strategic Importance - As the first 12-inch wafer manufacturing enterprise in Guangdong Province, Yu Xin Semiconductor plays a crucial role in the development and security of the semiconductor industry in the Guangdong-Hong Kong-Macao Greater Bay Area [7].