[Table_Info1] 有研硅(688432) 电子 [Table_Title] 证券研究报告 / 公司点评报告 跨境并购落地，国资保障利基硅片与刻蚀硅供应 事件： [1Table_Summary] 月 28 日，有研硅发布关于收购完成的公告，已支付交易首笔对价款 83397.17 万日元，按购汇汇率折算为人民币 3766.88 万元。截至目前， 标的股权转让已完成，公司持有株式会社 DG Technologies（DGT） 70%的股权。 跨境并购成功落地，延伸开启全球刻蚀硅零部件市场。公司于 2024 年 11 月披露本次现金收购计划，2026 年 1 月完成交割并取得 DGT 70%控 制权。收购落地后，公司产业链位置从硅材料向设备端部件延伸，同时 整合 DGT 在半导体刻蚀设备硅部件领域的技术积累与客户资源，与公 司既有刻蚀设备用硅材料业务形成上下游协同，强化了公司在半导体核 心耗材领域的综合竞争力和品牌影响力。 深耕利基半导体硅片，加码 12 英寸平台产能保供应。公司是国内最早 从事半导体硅材料研制的企业之一，产品体系覆盖 6 至 8 英寸直拉硅单 晶及抛光片、刻蚀设备用硅材料、区熔硅单晶及抛光 ...

2月25日，有研硅涨5.07%，截至发稿，报15.55元/股，成交1.47亿元，换手率0.77%，总市值194.42亿 元。有研硅股价已经连续4天上涨，区间累计涨幅8.19%。 嘉实上证科创板芯片ETF（588200）基金经理为田光远。 截至发稿，田光远累计任职时间4年355天，现任基金资产总规模791.33亿元，任职期间最佳基金回报 168.19%， 任职期间最差基金回报-46.65%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，有研半导体硅材料股份公司位于北京市西城区新街口外大街2号D座17层，成立日期2001年6 月21日，上市日期2022年11月10日，公司主营业务涉及半导体材料的研发、生产、销售。主营业务收入 构成为：半导体硅抛光片61.48%，刻蚀设备用硅材料29.55%，其他6.80%，其他(补充)2.16%。 从有研硅十大流通股东角度 数据显示，嘉实基金旗下1只基金位居有研硅十大流 ...

Core Viewpoint - The acquisition of DG Technologies by the company is expected to enhance its market competitiveness by extending its supply chain and increasing its global customer base [1] Group 1: Business Expansion - The main business of DG Technologies involves the research, production, and sales of components for etching equipment, including silicon and quartz parts [1] - The acquisition will help the company extend its supply chain by providing essential raw materials for etching equipment components, thereby improving its competitive capabilities [1] - This move will enable the company to offer end products and one-stop services to customers, while also promoting development in crystal materials [1] Group 2: Market Positioning - The semiconductor equipment industry has high certification thresholds and strong customer loyalty for precision components [1] - The company plans to leverage domestic and international technological collaboration to deepen its presence in the domestic market [1] - The acquisition will also allow the company to utilize DG Technologies' established channels in the international market to accelerate overseas market expansion [1] Group 3: Performance Disclosure - The company will adhere to the Shanghai Stock Exchange's regulations regarding performance forecasts and will evaluate its performance situation carefully [1] - If the performance meets disclosure standards, the company will fulfill its information disclosure obligations in a timely manner [1]

本报讯 2026年1月27日，有研半导体硅材料股份公司（以下简称"有研硅"）发布公告宣布已完成对日本 株式会社RS Technologies持有的株式会社DG Technologies（以下简称"DGT"）70%股权的收购。 根据此前披露，DGT主营业务为刻蚀设备用部件（包括硅部件和石英部件）的研发、生产和销售。 DGT专有技术为刻蚀材料用高品质石英与硅部件精密加工技术，该技术通过先进的机械加工设备与工 艺，对石英和硅材料进行高精度的切割、研磨、MC加工、腐蚀、抛光、清洗、封装等操作，确保石英 与硅部件的尺寸精度和表面质量。 而有研硅则主要从事半导体硅材料的研发、生产和销售，其主要产品包括半导体硅抛光片、刻蚀设备用 硅材料、半导体区熔硅单晶、半导体洁净管阀门等。 当前有研硅正积极深化市场布局，并采取"国内深耕+海外拓展"的双轮驱动战略，进一步提升市场份 额。尽管目前有研硅刻蚀设备用硅材料成品部件的业务占比相对较低，但公司预计未来该业务将逐步提 升。 据悉，有研硅刻蚀设备用硅材料目前仍以海外市场为主，海外销售额约占70%，且主要出口市场主要为 日本、韩国。此次有研硅完成对DGT的收购，未来有望进一步提升公司该业 ...

Group 1 - The core point of the article highlights the recent performance of Youyan Silicon, which saw a 5.08% increase in stock price, reaching 14.48 CNY per share, with a trading volume of 277 million CNY and a turnover rate of 1.57%, resulting in a total market capitalization of 18.104 billion CNY [1] - Youyan Semiconductor Silicon Materials Co., Ltd. is based in Beijing and was established on June 21, 2001, with its listing date on November 10, 2022. The company's main business involves the research, production, and sales of semiconductor materials [1] - The revenue composition of Youyan Silicon includes 61.48% from semiconductor silicon wafers, 29.55% from silicon materials for etching equipment, 6.80% from other sources, and 2.16% from supplementary sources [1] Group 2 - From the perspective of the top ten circulating shareholders of Youyan Silicon, data shows that a fund under Southern Fund ranks among the top shareholders. The Southern CSI 1000 ETF (512100) reduced its holdings by 39,200 shares in the third quarter, now holding 3.4202 million shares, which accounts for 0.67% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 8.51%, ranking 1463 out of 5531 in its category; over the past year, returns are 44.65%, ranking 1681 out of 4215 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 7 years and 72 days, with total fund assets of 122.76 billion CNY. The best fund return during the tenure is 234.52%, while the worst return is -15.93% [2]

Core Viewpoint - The stock of Youyan Silicon has shown fluctuations with a recent increase of 2.07%, reflecting a market capitalization of 15.416 billion yuan and a trading volume of 64.6242 million yuan, indicating active investor interest in the semiconductor materials sector [1] Group 1: Stock Performance - As of December 22, Youyan Silicon's stock price is 12.33 yuan per share, with a year-to-date increase of 9.70% [1] - Over the past five trading days, the stock has decreased by 1.28%, while it has seen a slight increase of 0.08% over the last 20 days and 0.98% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Youyan Silicon reported a revenue of 747 million yuan, representing a year-on-year decrease of 3.43% [2] - The net profit attributable to shareholders for the same period was 156 million yuan, down 19.81% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Youyan Silicon increased by 7.44% to 22,000, while the average number of tradable shares per person decreased by 6.93% to 23,057 shares [2] - The company has distributed a total of 162 million yuan in dividends since its A-share listing [3] Group 4: Institutional Holdings - Among the top ten circulating shareholders, the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF holds 8.4725 million shares, a decrease of 381,800 shares from the previous period [3] - New institutional shareholders include Hong Kong Central Clearing Limited with 7.3279 million shares and Guotai Junan's ETF with 3.9176 million shares [3]

Core Viewpoint - The stock of Youyan Silicon has experienced fluctuations, with a recent decline of 2.17% on November 17, 2023, and a year-to-date increase of 20.28% [1] Financial Performance - For the period from January to September 2025, Youyan Silicon reported revenue of 747 million yuan, a year-on-year decrease of 3.43%, and a net profit attributable to shareholders of 156 million yuan, down 19.81% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 162 million yuan [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Youyan Silicon increased by 7.44% to 22,000, while the average circulating shares per person decreased by 6.93% to 23,057 shares [2] - The top ten circulating shareholders include notable entities such as the Harvest SSE STAR Chip ETF and Hong Kong Central Clearing Limited, with some new entrants and reductions in holdings among existing shareholders [3] Stock Performance - As of November 17, 2023, Youyan Silicon's stock price was 13.52 yuan per share, with a market capitalization of 16.868 billion yuan [1] - The stock has shown a 1.02% decline over the last five trading days, a 9.39% increase over the last 20 days, and an 11.09% increase over the last 60 days [1] Business Overview - Youyan Silicon, established on June 21, 2001, and listed on November 10, 2022, specializes in the research, production, and sales of semiconductor materials [1] - The company's main revenue sources include semiconductor silicon wafers (61.48%), silicon materials for etching equipment (29.55%), and other segments [1] Industry Classification - Youyan Silicon is classified under the electronic-semiconductor-semiconductor materials sector and is part of various concept sectors including mid-cap, margin trading, and specialized innovation [1]

Group 1 - The core point of the article highlights the recent performance of Youyan Silicon, which saw a 5.94% increase in stock price, reaching 13.91 CNY per share, with a trading volume of 1.05 billion CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 17.354 billion CNY [1] - Youyan Semiconductor Silicon Materials Co., Ltd. was established on June 21, 2001, and went public on November 10, 2022. The company specializes in the research, production, and sales of semiconductor materials [1] - The main revenue composition of Youyan Silicon includes 61.48% from semiconductor silicon wafers, 29.55% from silicon materials for etching equipment, 6.80% from other sources, and 2.16% from supplementary sources [1] Group 2 - From the perspective of the top ten circulating shareholders of Youyan Silicon, a fund under Southern Fund is among them. The Southern CSI 1000 ETF (512100) reduced its holdings by 39,200 shares in the third quarter, now holding 3.4202 million shares, which accounts for 0.67% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 28.25%, ranking 2030 out of 4216 in its category; the one-year return is 21.51%, ranking 2068 out of 3913; and since inception, the return is 13.49% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 2 days, managing total assets of 122.76 billion CNY, with the best fund return during the tenure being 167.82% and the worst being -15.93% [2]

Group 1 - The core viewpoint of the news is that Youyan Silicon has experienced a stock price increase of 5.15%, reaching 13.47 CNY per share, with a trading volume of 172 million CNY and a turnover rate of 2.61%, resulting in a total market capitalization of 16.805 billion CNY [1] - Youyan Semiconductor Silicon Materials Co., Ltd. is located in Xicheng District, Beijing, and was established on June 21, 2001, with its listing date on November 10, 2022. The company's main business involves the research, production, and sales of semiconductor materials [1] - The revenue composition of Youyan Silicon's main business includes 61.48% from semiconductor silicon wafers, 29.55% from silicon materials for etching equipment, 6.80% from other sources, and 2.16% from supplementary sources [1] Group 2 - From the perspective of Youyan Silicon's top ten circulating shareholders, a fund under Southern Fund ranks among them. The Southern CSI 1000 ETF (512100) reduced its holdings by 39,200 shares in the third quarter, now holding 3.4202 million shares, which accounts for 0.67% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 27.12%, ranking 2130 out of 4216 in its category; the one-year return is 25.9%, ranking 2007 out of 3889; and since inception, the return is 12.5% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 6 years and 360 days, managing total fund assets of 122.76 billion CNY, with the best fund return during the tenure being 182.39% and the worst being -15.93% [2]

Core Viewpoint - The financial performance of Youyan Silicon in the first three quarters of 2025 shows a decline in both revenue and net profit compared to the previous year, indicating potential challenges in the semiconductor materials sector [1][2]. Financial Performance - The company's revenue for the first three quarters of 2025 was 747 million yuan, a year-on-year decrease of 3.43% [1]. - The net profit attributable to shareholders was 156 million yuan, down 19.81% year-on-year [1]. - The non-recurring net profit was approximately 99.18 million yuan, reflecting a 31.16% decline compared to the previous year [1]. - Basic earnings per share stood at 0.13 yuan [1]. Profitability Metrics - The gross profit margin for the first three quarters was 38.51%, an increase of 1.94 percentage points year-on-year [2]. - The net profit margin was 24.63%, a decrease of 4.15 percentage points compared to the same period last year [2]. - In Q3 2025, the gross profit margin was 35.69%, down 4.22 percentage points year-on-year and down 5.54 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 22.97%, a decline of 4.92 percentage points year-on-year and a decrease of 2.79 percentage points from the previous quarter [2]. Expense Analysis - Total operating expenses for the period were 108 million yuan, an increase of 27.78 million yuan year-on-year [2]. - The expense ratio was 14.50%, up 4.09 percentage points from the same period last year [2]. - Sales expenses increased by 13.60%, management expenses rose by 33.82%, R&D expenses grew by 18.52%, and financial expenses surged by 51.31% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 22,000, an increase of 1,525 or 7.44% from the end of the previous half [2]. - The average market value of shares held per shareholder increased from 672,300 yuan to 773,600 yuan, a growth of 15.08% [2]. Company Overview - Youyan Semiconductor Silicon Materials Co., Ltd. was established on June 21, 2001, and went public on November 10, 2022 [3]. - The company's main business involves the R&D, production, and sales of semiconductor materials, with revenue composition as follows: 61.48% from semiconductor silicon wafers, 29.55% from silicon materials for etching equipment, and 6.80% from other sources [3]. - The company is categorized under the electronic-semiconductor-semiconductor materials industry and is associated with concepts such as SMIC, integrated circuits, and specialized new enterprises [3].