分析认为，12英寸硅片赛道长期被海外巨头主导，西安奕材是该格局下的一位强有力的破局者。 西安奕斯伟材料科技股份有限公司（以下简称"西安奕材"）作为全球排名第六的12英寸硅片厂商，即将 登陆科创板，募资49亿元扩产增能。 凭借比肩国际龙头的技术指标、深入全球高端供应链的客户网络以及清晰的产能扩张路径，西安奕材正 从行业的"破局者"加速迈向"赶超者"，其上市后的表现，无疑将深刻影响全球硅片市场的竞争版图。 12英寸硅片冲击全球竞争格局 半导体产业链犹如一座金字塔，硅片位于最底端，却支撑着整个数字世界。 随着人工智能、高性能计算、汽车电子等终端需求爆发，全球半导体市场规模已从2017年的4122亿美元 增长至2024年的6269亿美元，带动中游的电子级硅片（不含SOI）市场规模从87亿美元攀升至115亿美 元，年均复合增长率为4.07%。 更引人期待的是未来的空间。SEMI预计，到2030年，全球半导体市场规模有望达到万亿美元，假设保 持现有增速，全球硅片市场规模有望突破200亿美元，实现翻倍增长。 在决定数字世界算力高度的半导体产业金字塔底端，一场由人工智能浪潮催生的材料革命正悄然上演。 据了解，硅片尺寸越大，在 ...

西安奕材，发行日期为10月16日，申购代码为787783，拟公开发行股票5.38亿股，预计募资50.33亿元， 其中网上发行5378.00万股。主营业务为秉持"成为半导体硅材料领域受人尊敬的伟大企业"的长期愿景, 报告期内公司始终专注于12英寸硅片的研发、生产和销售。所属行业为计算机、通信和其他电子设备制 造业行业，2023年、2024年净利润分别为-5.78亿元、-7.38亿元，同比变动幅度为-40.35%、-27.63%。 必贝特，发行日期为10月17日，申购代码为787759，拟公开发行股票9000.00万股，预计募资21.47亿 元，其中网上发行1440.00万股。主营业务是一家以临床价值为导向、专注于创新药自主研发的生物医 药企业。公司聚焦于肿瘤、自身免疫性疾病、代谢性疾病等重大疾病领域,依托自主研发构建的核心技 术平台,持续开发临床急需的全球首创药物(First-in-Class)和针对未满足临床需求的创新药物。公所属行 业为医药制造业行业，2023年、2024年净利润分别为-1.73亿元、-5599.83万元，同比变动幅度为 8.27%、67.59%。（数据宝） 根据发行安排，3只科创板新股即将 ...

新股分析 2025 年 10 月 09 日 西安奕材:我国 12 英寸硅片头部 注册制新股纵览 20251009 本期投资提示: 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 由万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 10 月 申购策略 目 | 1.AHP 分值及预期配售比例 . | | --- | | 2.新股基本面亮点及特色………………………………………………… 5 | | 2.1 12 英寸硅片产能位居全球第六，持续扩产提升份额 ……………………………………………………………………………………… 5 | | 2.2 产品技术匹配国内存储/逻辑领域最先进制程 . | | 2.3 客户涵盖境内外主流晶圆厂商，在手订单覆盖率约 200%…………………………………… 6 ...

策 略 研 究 新股分析 2025 年 10 月 09 日 西安奕材：我国 12 英寸硅片头部厂 商 ——注册制新股纵览 20251009 本期投资提示： 证 券 研 究 报 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除、考虑流动性溢价因素后，测算西安奕材 AHP 得分为 2.49 分、2.58 分， 分别位于科创体系 AHP 模型总分 40.9%分位、44.0%分位，处于中游偏下、中游偏上水平。 ⚫ 本次网下发行采取约定限售方式：A₁类限售期 9 个月、限售比例 60%，A₂类、A₃类及 B 类 限售期均为 6 个月，限售比例分别为 45%、25%、25%，对应配售比例要求为 A₁类≥2.25×A₂ ...

中国大陆第一、全球第六的12英寸硅片厂商西安奕材（688783.SH）9月24日正式发布了招股意向书、发行安排及 初步询价公告等，启动科创板IPO发行程序。 西安奕材本次上市募资扩产，将使其12英寸硅片月产能提升至120万片，届时可满足中国大陆40%的12英寸硅片 需求，全球市场份额有望突破10%。本次登陆科创板，以9个月的极速进程刷新纪录，彰显了资本市场对具备关 键核心技术、市场潜力巨大、科创属性突出的优质未盈利科技型企业的坚定支持。 半导体材料作为芯片制造的"核心粮食"，其纯度与性能直接决定集成电路的良率与可靠性。而其中的关键领域 ——大硅片，长期以来被日本信越化学、日本 SUMCO（胜高）、德国 Siltronic（世创）等国际厂商牢牢占据主 导地位，国内企业由于起步较晚，在技术与市场竞争中始终处于跟随状态。 宏观层面上，在中国半导体产业集中攻坚的关键时期，西安奕材的上市标志着国产12英寸大硅片自主化进程迈出 战略性一步。这不仅是突破海外技术封锁、核心材料自主可控的里程碑，更有望重构全球硅片产业竞争格局，意 义深远。 全球第六，国产大硅片龙头突围 在12英寸硅片的竞争格局中，西安奕材是国内头部厂商。截至 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price greater than 15% relative to the benchmark index over the next 6-12 months [33]. Core Insights - The company focuses on the research, production, and sales of 12-inch silicon wafers, which are widely used in various types of chips including NAND Flash, DRAM, and logic chips [7][24]. - The company has shown significant revenue growth from 2022 to 2024, with projected revenues of 1.055 billion, 1.474 billion, and 2.121 billion yuan respectively, reflecting year-over-year growth rates of 408.29%, 39.73%, and 43.95% [9][24]. - Despite the revenue growth, the company has reported net losses, with figures of -411.8 million, -578 million, and -737.6 million yuan for the same years, indicating a need for improved profitability [9][24]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 1.055 billion yuan in 2022, 1.474 billion yuan in 2023, and is projected to reach 2.121 billion yuan in 2024, with year-over-year growth rates of 408.29%, 39.73%, and 43.95% respectively [9][24]. - The net profit attributable to the parent company was -411.8 million yuan in 2022, -578 million yuan in 2023, and is expected to be -737.6 million yuan in 2024, with year-over-year changes of -18.56%, -40.34%, and -27.63% [9][24]. Industry Situation - The global market for electronic-grade silicon wafers is projected to grow from 8.7 billion USD in 2017 to 11.5 billion USD in 2024, with a compound annual growth rate of 4.07% [15][16]. - The demand for 12-inch silicon wafers is expected to increase significantly due to the rise of artificial intelligence applications, which require enhanced data processing and storage capabilities [24][19]. Company Highlights - The company is positioned as the largest producer of 12-inch silicon wafers in mainland China and the sixth largest globally, benefiting from strong shareholder support and a skilled management team [25][24]. - The company has established a robust technical system across five core processes and has achieved product quality levels comparable to the top five global manufacturers [8][25]. - The second factory is expected to be operational by 2026, which will increase the company's total capacity to 1.2 million wafers per month, meeting 40% of the domestic demand for 12-inch silicon wafers [27][25]. Investment Project Input - The company plans to invest 1.2544 billion yuan in the second phase of its silicon industry base project, which aims to expand its production capacity significantly [28][27]. Comparison with Peers - In 2024, the company is projected to achieve revenues of 2.121 billion yuan, with a year-over-year growth rate of 43.95%, while its net profit is expected to be -737.6 million yuan, a decline of 27.63% [29][30].

Core Viewpoint - Xi'an Yichai is launching an IPO on the Sci-Tech Innovation Board, aiming to expand its capacity and enhance its market position as a leading 12-inch silicon wafer manufacturer in China and globally [1][2]. Group 1: Company Overview - Xi'an Yichai is the largest 12-inch silicon wafer manufacturer in mainland China and the sixth globally, with a market share of approximately 6% in monthly shipment volume and 7% in production capacity as of 2024 [1]. - The company has established itself as a key supplier for major domestic wafer foundries and storage IDM manufacturers, ranking first or second in supply volume among domestic suppliers [1]. Group 2: Product and Market Demand - The company's products are in mass production for various advanced chips, including 2YY-layer NAND Flash, advanced DRAM, and logic chips, with ongoing development for high-performance logic chips tailored for AI applications [2]. - There is a growing global demand for 12-inch silicon wafers, particularly in the mid-to-high-end segment, driven by emerging applications like artificial intelligence, leading to a compound annual growth rate (CAGR) of approximately 63% in shipment volume from 2022 to 2024 [2]. Group 3: Financial Performance - The company's revenue is projected to grow from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, reflecting a CAGR of 41.83% [3]. - In the first half of 2025, the company achieved a revenue of 1.302 billion yuan, a year-on-year increase of 45.99%, indicating a positive trend in financial performance [3]. - The company anticipates steady revenue growth in the first three quarters of this year, with an expected increase of 34.61% to 41.51% year-on-year, driven by improved operational performance and cost management [3].

作为芯片制造的"地基"，硅片的性能和供应能力直接影响半导体产业链的竞争力。12英寸硅片是当前业界最主流规格的硅 片，贡献了2024年全球所有规格硅片出货面积的75%以上，且随着人工智能应用普及，其全球出货面积占比将持续提升。据 SEMI预测，2026年全球12英寸硅片需求将超1000万片/月，中国大陆地区需求超300万片/月，市场空间广阔。 凭借技术与产能优势，西安奕材已从全球12英寸硅片"挑战者"逐步成长为行业"赶超者"。招股意向书显示，公司实现了国 内一线逻辑晶圆代工厂和存储IDM厂大多数主流量产工艺平台的正片供货，已成为国内主流存储IDM厂商全球12英寸硅片厂商 中供货量排名前二的供应商，和国内一线逻辑晶圆代工厂中国大陆12英寸硅片供应商中供货量第一的供应商，同时也是国内新 建12英寸晶圆厂的首选硅片供应商之一。 本报讯 （记者殷高峰）科创成长层即将迎来"新成员"。9月24日晚，西安奕斯伟材料科技股份有限公司（以下简称"西安奕 材"）披露招股意向书、发行安排及初步询价公告等，正式启动发行工作。 据悉，西安奕材是"新国九条""科八条"发布后上交所受理的首家未盈利企业，此次启动发行，标志着科创板"1+6"改 ...

Group 1 - The company plans to issue approximately 538 million shares, accounting for 13.32% of the total share capital post-issuance [1] - Senior management and core employees will participate in the strategic placement through an asset management plan, with a total participation not exceeding 10% of the issuance scale, equating to 53.78 million shares [1] - The initial inquiry date for the issuance is set for October 13, 2025, with subscription starting on October 16, 2025, aiming for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Group 2 - The company is recognized as a leading domestic 12-inch silicon wafer manufacturer, with annual shipments increasing from 2.3462 million pieces in 2022 to 6.2546 million pieces in 2024, reflecting a compound annual growth rate of approximately 63% [2] - Revenue has grown from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, with a compound annual growth rate of about 42% [2] - The company aims to invest 4.9 billion yuan of the raised funds into the second phase of the Xi'an Yisiwei silicon industry base, with a long-term strategic plan from 2020 to 2035 to establish 2-3 core manufacturing bases and several modern intelligent manufacturing plants [2]

Core Viewpoint - Xi'an Yicai (688783.SH) is planning to issue approximately 538 million shares, representing 13.32% of the total share capital post-issue, with a strategic placement involving management and core employees [1][2] Group 1: Company Overview - The company focuses on the research, production, and sales of 12-inch silicon wafers, aiming to become a respected leader in the semiconductor silicon materials sector [1] - As of June 2025, the company is the largest manufacturer of 12-inch silicon wafers in mainland China and the sixth globally, with a market share of approximately 6% in monthly shipment volume and 7% in production capacity [1] Group 2: Financial Performance - The company's annual shipment volume increased from 2.3462 million wafers in 2022 to 6.2546 million wafers in 2024, reflecting a compound annual growth rate (CAGR) of about 63% [2] - Revenue grew from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, with a CAGR of approximately 42% [2] - The net cash flow from operating activities has been positive since 2022, and earnings before interest, taxes, depreciation, and amortization (EBITDA) have shown consistent growth, becoming positive in 2023 [2] Group 3: Fundraising and Strategic Plans - The company plans to raise 4.9 billion yuan for the second phase of the Xi'an Yisiwei silicon industry base project [2] - A long-term strategic plan from 2020 to 2035 aims to establish 2-3 core manufacturing bases and several modern intelligent manufacturing plants, focusing on technological, quality, and management capabilities to become a global leader in semiconductor silicon materials [2]