Core Viewpoint - The company, Hu Silicon Industry, is planning a significant acquisition of approximately 7.04 billion yuan to purchase minority stakes in three subsidiaries, which are currently operating at a loss. This acquisition is expected to impact the company's financial performance negatively in the short term [1][5]. Group 1: Acquisition Details - The acquisition involves purchasing stakes in Shanghai Xinsheng Crystal Semiconductor Technology Co., Ltd., Shanghai Xinsheng Crystal Science and Technology Co., Ltd., and Shanghai Xinsheng Crystal Rui Semiconductor Technology Co., Ltd. The total transaction price is approximately 70.40 billion yuan, with 3.24 billion yuan in cash and 67.16 billion yuan in shares [2][3]. - The targeted subsidiaries have reported continuous losses, with projected net losses of 46.21 million yuan, 89.91 million yuan, and 28.71 million yuan for the year 2024, totaling around 165 million yuan [4]. Group 2: Financial Performance - The company reported a net loss of 9.71 billion yuan for 2024, a significant decline of 620.28% year-on-year, primarily due to lower sales and average prices of semiconductor wafers [8]. - In the first quarter of the current year, the company experienced a net loss of 2.09 billion yuan, continuing the trend of financial underperformance [8][9]. - Cumulatively, the company has reported a total net loss of 11.80 billion yuan for 2024 and the first quarter of the current year [9]. Group 3: Market Position and Strategy - Hu Silicon Industry is a leading player in the semiconductor wafer industry, focusing on expanding production capacity and optimizing product offerings to maintain its competitive edge [6][4]. - The company has been actively investing in expanding its production capabilities, including a planned investment of 13.2 billion yuan to increase the production scale of 300mm wafers [6].

Investment Rating - The investment rating for the company is "Add-A" [4] Core Views - The company achieved a revenue of 3.388 billion yuan in 2024, representing a year-on-year increase of 6.18%, while the net profit attributable to shareholders was -971 million yuan, a significant decline of 620.28% year-on-year [1][2] - The growth in revenue is primarily driven by the strong performance of 300mm semiconductor wafers, with sales increasing over 70% and revenue growth exceeding 50% [2] - Despite the revenue growth, the company's profitability is under pressure due to several factors, including price pressure from 200mm wafers, goodwill impairment of approximately 300 million yuan, and depreciation costs leading to a pre-tax loss of about 200 million yuan [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 909 million yuan, a year-on-year increase of 13.61%, but a net profit of -434 million yuan, reflecting a year-on-year decline of 1569.5% [1] - The overall gross margin for 2024 was -8.98%, a decrease of 25.44 percentage points year-on-year, with net profit margin at -33.11%, down 38.15 percentage points year-on-year [2] Capacity Expansion - The company has made significant progress in capacity expansion, with its subsidiaries achieving notable advancements in 300mm semiconductor wafer production [3] - Shanghai Xinsheng, a subsidiary, has completed a capacity project with a monthly output of 300,000 wafers, while other subsidiaries are also ramping up production and entering the market [9] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.404 billion yuan, 5.637 billion yuan, and 6.652 billion yuan, respectively, with net profits expected to recover to 32 million yuan, 215 million yuan, and 335 million yuan [10][12] - The target price for the stock is set at 19.24 yuan, based on a 12x PS valuation for 2025 [10]

本次股票发行后拟在科创板市场上市，科创板公司具有研发投入大、经营风险高、业绩不 稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 上海合晶硅材料股份有限公司 Wafer Works (Shanghai) Co., Ltd. （上海市松江区石湖荡镇长塔路 558 号） 首次公开发行股票并在科创板上市 招股说明书 （上会稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书全文作为投资决定的依据。 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 上海合晶硅材料股份有限公司 招股说明书（上会稿） 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其 对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发 ...