"成立该基金，是公司落实外延式发展的诸多路径之一。该基金将结合公司的产业优势，重点关注围绕 晶圆制造需要的关键设备、零部件、材料等方向进行布局；基金的投资地域重点聚焦于中国境内，兼顾 布局全球及投资拥有先进技术、优质产能且有望引进国内的海外优秀标的公司。"神工股份表示，公司 已与管理人国泰君安创新投资及其他合伙人正式签署了合伙协议。截至目前，该基金已完成合伙协议的 签署、收到缴款通知并取得了武汉市江汉区行政审批局颁发的《营业执照》。 展望2025年第四季度以及2026年，神工股份认为当前半导体产业正在"换挡变速"。今年以来，全球科技 巨头对算力中心的单季度资本开支金额，已经从此前的300亿至400亿美元，大幅增加到800亿至1000亿 美元的历史新高，并叠加年底消费电子产业链备料出货需求，因此存储芯片产能出现结构性短缺；中国 本土存储芯片制造厂商发展迅猛，已经在前沿技术和市场份额两方面不断赶超海外竞争对手，改变了既 有的全球产业格局；此外，消费者端侧应用创新正在加速，有望为半导体周期上行带来最根本且持久的 市场驱动力。 公司大直径硅材料的制成品硅零部件，主要应用于存储芯片制造厂的刻蚀环节，开工率越高，使用量越 ...

每经AI快讯，12月17日，神工股份(688233.SH)发布投资者关系活动记录表，公司大直径硅材料的制成 品硅零部件，主要应用于存储芯片制造厂的刻蚀环节，开工率越高，使用量越大。公司认为，半导体产 业周期上行有望带来更多市场需求。公司是上游材料及零部件供应商，如果下游终端存储芯片制造厂的 开工率提升乃至资本开支增加带来新的需求，一般需要约1-2个季度传导到公司。本月初开始，公司已 经与日本、韩国客户接洽新订单。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing steady performance with positive developments across various business segments. The storage chip market prices are on the rise, enhancing industry recovery expectations. The company's silicon component products are focused on the domestic market, showing steady sales growth and playing a unique role in the construction of China's semiconductor supply chain security [3][4] - The company has transitioned from a raw material supplier to a "materials + components" company rooted in the domestic market, with its silicon components now contributing significantly to total revenue [4][11] - The company is expected to achieve revenues of 4.5 billion, 7.5 billion, and 12 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 1 billion, 2.2 billion, and 3.7 billion yuan [5][10] Company Overview - The latest closing price of the company's stock is 52.78 yuan, with a total market capitalization of 9 billion yuan. The company has a total share capital of 170 million shares, all of which are circulating [2] - The company's largest shareholder is More Bright Lighting Co., Ltd. [2] Financial Performance and Forecast - For the fiscal year 2024, the company is projected to generate revenue of 303 million yuan, with a growth rate of 124.19%. By 2027, revenue is expected to reach 1.198 billion yuan, with a growth rate of 60.11% [10][13] - The company's net profit is forecasted to grow from 41.15 million yuan in 2024 to 373.74 million yuan in 2027, reflecting a significant increase in profitability [10][13] - The company's earnings per share (EPS) is expected to rise from 0.24 yuan in 2024 to 2.19 yuan in 2027 [10][13] Market Dynamics - The domestic storage chip manufacturers in China are rapidly developing, surpassing overseas competitors in both cutting-edge technology and market share, thus altering the global industry landscape. The demand for supply chain security is urgent, and domestic equipment manufacturers are continuously improving their technology [4][11] - The semiconductor industry is undergoing a structural change, with a significant increase in capital expenditure from global tech giants, which is expected to drive demand for storage chips and related components [11]

Core Viewpoint - The company, ShenGong Co., Ltd. (688233), is experiencing significant growth in its semiconductor-grade single crystal silicon materials and applications, with a focus on domestic market expansion and increasing demand for its products [2][3][4]. Group 1: Company Performance - In Q3 2025, the company reported revenue of 107 million yuan, a year-on-year increase of 20.91%, while net profit was 22.33 million yuan, a slight decrease of 1.73% [2]. - For the first three quarters of 2025, total revenue reached 316 million yuan, up 47.59% year-on-year, and net profit was 71.17 million yuan, reflecting a substantial increase of 158.93% [2]. Group 2: Product and Market Dynamics - The company's silicon component products are primarily used in the plasma etching process of storage chip manufacturing, with demand closely tied to the operating rates of manufacturing lines [3][6]. - Domestic storage chip manufacturers are rapidly advancing, enhancing their market share and technology, which is reshaping the global semiconductor landscape [3][6]. Group 3: Strategic Insights - The company is transitioning from a raw material supplier to a "materials + components" company, with silicon components now contributing significantly to total revenue [4]. - The gross margin for the main business of large-diameter silicon materials remains above 60%, indicating strong profitability and an upward trend in margins [4]. Group 4: Industry Trends - The semiconductor silicon wafer industry is undergoing changes, with Japanese manufacturers reallocating capacity from 8-inch to 12-inch wafers, potentially increasing opportunities for domestic producers [5]. - The semiconductor industry is experiencing a "shift in gears," with significant increases in capital expenditures from global tech giants, leading to structural shortages in storage chip capacity [5][6].

Core Viewpoint - The company, ShenGong Co., Ltd. (688233), is experiencing significant growth in its semiconductor-grade single crystal silicon materials and applications, with a focus on domestic market expansion and increasing demand for its products [1][2]. Group 1: Company Performance - In Q3 2025, the company's revenue reached 107 million yuan, a year-on-year increase of 20.91%, while net profit was 22.33 million yuan, a slight decline of 1.73% [1]. - For the first three quarters of 2025, the total revenue was 316 million yuan, up 47.59% year-on-year, and net profit was 71.17 million yuan, reflecting a substantial increase of 158.93% [1]. Group 2: Product and Market Dynamics - The company's silicon component products are primarily used in the plasma etching process of storage chip manufacturing, with demand closely linked to the operating rates of manufacturing lines [2][5]. - Domestic storage chip manufacturers are rapidly advancing, enhancing their market share and technological capabilities, which is reshaping the global semiconductor landscape [2][4]. Group 3: Strategic Insights - The company is transitioning from a raw material supplier to a "materials + components" company, with silicon components now contributing more than the main business of large-diameter silicon materials to total revenue [3]. - The company is well-positioned to capitalize on the increasing demand for 8-inch lightly doped polished silicon wafers, as Japanese competitors shift their focus to 12-inch wafers, potentially expanding the domestic market space [4]. Group 4: Future Outlook - The semiconductor industry is expected to experience a structural shortage in storage chip capacity, driven by increased capital expenditures from global tech giants and rising demand from the consumer electronics sector [4][5]. - The company plans to steadily expand production and enhance revenue from silicon components, preparing for new external demand and solidifying its long-term growth foundation [5].