StarPower(SH:603290) 是说芯语·2026-01-31 02:59Core Viewpoint - The company, Sda Semiconductor Co., Ltd., has received approval from the Shanghai Stock Exchange for its application to issue convertible bonds, aiming to raise funds for strategic projects in the power semiconductor sector [1][5]. Company Overview - Sda Semiconductor is a leading player in the domestic power semiconductor industry, headquartered in Jiaxing, Zhejiang, with subsidiaries in Shanghai, Zhejiang, Chongqing, and Europe. The company focuses on the design, research, production, and sales of power semiconductor chips and modules, particularly IGBT and SiC technologies [4]. - The company ranks fifth globally in the IGBT module market according to Omdia's 2023 report, showcasing its competitive strength [4]. Financial Performance - For the first half of 2025, the company reported operating revenue of 1.935 billion, a decrease from 3.391 billion in 2024 and 3.663 billion in 2023. The net profit for the same period was 279 million, down from 513 million in 2023 [5]. - The company has a stable shareholding structure, with Hong Kong Sda holding 41.66% of the shares, making it the controlling shareholder [5][6]. Fundraising and Project Focus - The company plans to raise 1.5 billion for four core projects, aligning with industry trends and its strategic layout. The projects include: - Manufacturing of automotive-grade SiC MOSFET modules, with an investment of 600 million [7]. - Manufacturing of IPM modules, with an investment of 270 million [7]. - Industrialization of automotive-grade GaN modules, with an investment of 200 million [7]. - Supplementing working capital, with an investment of 430 million [7]. - The demand for power semiconductors is growing, particularly for third-generation semiconductor devices like SiC and GaN in sectors such as new energy vehicles and energy storage [7]. Market Position and Opportunities - The company is a major supplier of high-power automotive-grade IGBT/SiC modules for electric vehicle motor controllers, with plans to supply over 3 million sets in 2024 [4]. - The successful fundraising from the convertible bonds will enhance the company's production capacity and technological competitiveness, allowing it to seize opportunities in the rapidly evolving power semiconductor industry [7].