证券时报记者 阮润生 虽然全球半导体行业已经出现复苏趋势，但是位于产业链上游的半导体硅片的复苏进度却慢于整体市 场，多家A股半导体硅片上市公司2025年一季度盈利下滑。据公司高管介绍，今年一季度6英寸、8英寸 硅片价格已经逐步企稳回升，产能持续释放；随着半导体市场持续回暖叠加下游客户库存水平逐步正常 化，预计半导体硅片出货量及价格有望持续回暖。 另一方面，半导体硅片上市公司加速资本运作，内部整合与外延拓展成为本轮重点。 上游复苏缓慢 SEMI（国际半导体产业协会）数据显示，2024年全球半导体硅片出货量下降至122.66亿平方英寸，同 比下降2.67%，销售额下降至115亿美元，同比下降6.5%。 另外，今年一季度，随着半导体整体市场持续回暖，半导体硅片市场也维持温和复苏态势，全球硅片出 货面积同比增长4.6%，但不同尺寸出现分化：全球300mm半导体硅片出货面积实现同比增长5.7%，但 全球200mm半导体硅片复苏依然缓慢，出货面积同比下降2.9%。 作为国产半导体大硅片龙头，沪硅产业去年业绩下滑，营业收入实现约33.88亿元，归母净利润转亏约 9.71亿元，今年一季度归母净利润亏损约2亿元。 沪硅产业常务 ...

Core Viewpoint - The global semiconductor industry is showing signs of recovery, but the recovery of semiconductor wafer production is lagging behind the overall market, with several A-share semiconductor wafer companies experiencing profit declines in Q1 2025 [1] Group 1: Market Trends - The semiconductor wafer industry entered a cyclical inventory adjustment phase since Q4 2022, with global wafer shipments expected to decline to 12.266 billion square inches in 2024, a year-on-year decrease of 2.67%, and sales expected to drop to $11.5 billion, a decline of 6.5% [2] - In Q1 2024, the semiconductor wafer market maintained a mild recovery, with global wafer shipment area increasing by 4.6% year-on-year, although there was a divergence in different sizes: 300mm wafer shipments grew by 5.7%, while 200mm shipments declined by 2.9% [2] Group 2: Company Performance - Shanghai Silicon Industry reported a revenue of approximately 3.388 billion yuan last year, with a net profit loss of about 971 million yuan, and a net profit loss of around 200 million yuan in Q1 this year [2] - Li Wei, the executive vice president of Shanghai Silicon Industry, indicated that sales and overall revenue are expected to rise in 2024 and Q1 2025, but price recovery depends on further market recovery [2] - Lian Microelectronics reported a revenue of 3.092 billion yuan last year, a year-on-year increase of nearly 15%, but a net profit loss of 266 million yuan due to cost pressures from capacity expansion and product price declines [3] Group 3: Capacity Expansion - The focus of capacity expansion is shifting towards 12-inch semiconductor wafers, with Lian Microelectronics' factories in Jiaxing and Quzhou currently in the ramp-up phase [4] - Lian Microelectronics plans to invest 1.23 billion yuan in a project to produce 960,000 pieces of 12-inch epitaxial wafers annually [4] - Shanghai Silicon Industry's 12-inch wafer capacity is expected to reach 600,000 pieces per month by the end of 2024, with ongoing capacity construction in Taiyuan [5] Group 4: Capital Operations - Semiconductor wafer companies are actively engaging in capital operations, with Shanghai Silicon Industry planning to acquire minority stakes in subsidiaries for 7.04 billion yuan to enhance its 300mm wafer business [6] - Yuyuan Silicon is expanding through acquisitions, including a plan to acquire 60% of High Frequency (Beijing) Technology Co., a supplier of ultra-pure water systems for chip manufacturing [7] - Yuyuan Silicon also plans to acquire 70% of DG Technologies for 11.91 billion yen, which will help enhance its manufacturing technology for etching equipment [7]