Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][21]. Core Views - The company's performance is driven by high demand in the semiconductor industry, particularly in automotive electronics and AI applications, leading to significant revenue growth. The company has achieved multiple certifications and orders from industry-leading clients, resulting in a 20.6% year-on-year revenue increase to 3.455 billion yuan in the first half of 2025 [6][7]. - The company's dual-brand strategy ("YJ" and "MCC") is enhancing its global market presence, with overseas sales accounting for 24.13% of total revenue in the first half of 2025. The production capacity in Vietnam is ramping up, contributing to improved profitability [6][7]. - The company is making strides in the third-generation semiconductor sector, with successful mass production of SiC chips and IGBT modules, which are gaining traction in high-end applications and automotive markets [6][7]. Financial Summary - Total revenue is projected to grow from 6.033 billion yuan in 2024 to 9.507 billion yuan in 2027, with a compound annual growth rate (CAGR) of 14.8% [2][7]. - Net profit attributable to the parent company is expected to increase from 1.002 billion yuan in 2024 to 1.735 billion yuan in 2027, reflecting a CAGR of 18.0% [2][7]. - Earnings per share (EPS) is forecasted to rise from 1.84 yuan in 2024 to 3.19 yuan in 2027, indicating strong growth potential [2][7]. Market Performance - The company's stock price target is set at 72.9 yuan, with the current price at 59.77 yuan, suggesting a significant upside potential [2][3].

Group 1 - The major shareholder, Guangdong Ganhua Technology Co., Ltd., plans to reduce its stake in Kaiweite (688693.SH) by up to 3% within a specified period from June 30, 2025, to September 28, 2025 [1] - As of the announcement date, Guangdong Ganhua holds 10,555,216 shares of Kaiweite, representing 14.32% of the total share capital [1] - The shares held by Guangdong Ganhua were acquired before Kaiweite's initial public offering and became tradable on August 19, 2024 [1] Group 2 - Kaiweite was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 18, 2023, with an issuance of 18,421,053 shares at a price of 40.83 yuan per share [2] - The total funds raised from the initial public offering amounted to 752.1316 million yuan, with a net amount of 664.7989 million yuan, exceeding the original plan by 134.7161 million yuan [2] - The funds raised are intended for various projects, including upgrades for smart power semiconductors and SiC power devices, as well as working capital [2]

Group 1 - The article highlights the recent collaborations among various companies in the SiC (Silicon Carbide) semiconductor industry, indicating a trend towards strategic partnerships to enhance technology and market presence [3][4][6][7]. - 中车时代半导体 and 赛米控丹佛斯 signed a memorandum of understanding to collaborate on power module SiC chip technology, aiming to improve performance and efficiency in power electronic systems [3]. - 杰平方半导体 and 深圳奥斯达克电气技术有限公司 established a SiC strategic cooperation center to leverage their strengths in power devices for applications in heavy trucks, engineering machinery, and new energy vehicles [4][6]. - 季丰电子, 林众电子, and 瞻芯电子 announced a strategic partnership to build a joint laboratory focused on power semiconductor technology, emphasizing reliability and failure analysis [7][9]. Group 2 - The collaboration between 中车时代半导体 and 赛米控丹佛斯 is expected to lead to new power module solutions that are more efficient and cost-effective for various applications [3]. - The strategic cooperation between 杰平方半导体 and 奥斯达克 aims to enhance safety and reliability in the operation of heavy-duty vehicles and engineering machinery through advanced SiC power devices [4][6]. - The newly established joint laboratory by 季丰电子, 林众电子, and 瞻芯电子 will focus on providing professional technical services for product development and testing in the power semiconductor sector [7][9].

Core Viewpoint - STMicroelectronics (ST) is leveraging its advanced "Silicon Photonics + BiCMOS" foundry services to address the growing demand for high-speed, energy-efficient data transmission in the AI-driven chip market, particularly in cloud interconnects [2][10][12]. Group 1: Market Context and Challenges - The current data center landscape faces significant bottlenecks in connectivity, particularly for AI workloads that require high bandwidth and low latency, with up to 30% of training time spent waiting for network responses [4][6]. - The demand for optical transceivers is increasing as data centers expand, with the optical communication chipset market projected to grow from approximately $3.5 billion in 2024 to over $11 billion by 2030, at a CAGR of 17% [6][12]. Group 2: Technological Innovations - ST's PIC100 platform is the only pure silicon technology platform capable of supporting 200 Gbps single-channel transmission on 300 mm wafers, offering compact structure and superior performance [11][12]. - The transition to Silicon Photonics (SiPho) technology allows for the integration of multiple components into a single transceiver chip, enhancing efficiency and reducing system losses [10][12][15]. Group 3: Product Offerings and Collaborations - ST's BiCMOS technology, particularly the new B55 series, provides low noise performance and high data transmission rates, making it ideal for next-generation optical connections [13][14]. - The company has established a partnership with AWS to develop the PIC100 technology, aimed at improving interconnectivity for various workloads, including AI [16][17]. Group 4: Future Outlook - ST aims to create PICs that support 400 Gbps per channel, essential for modern data centers as AI applications demand faster and more efficient data flow [17][18]. - The integration of compact modulators into the PIC100 platform is a key focus, ensuring compatibility with GPU packaging sizes and enhancing overall system performance [17].

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。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。 科创板风险提示 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 招股说明书 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 首次公开发行股票并在科创板上市 保荐人（主承销商） 苏州锴威特半导体股份有限公司 招股说明书 发 行 人 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人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》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。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。 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 招股意向书 首次公开发行股票并在科创板上市 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州锴威特半导体股份有限公司 招股意向书 发 行 人 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人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》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 ...

苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。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。 3-1-1 这个 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州锴威特半导体股份有限公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经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作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人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 ...

科创板风险提示 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。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。 苏州锴威特半导体股份有限公司 （Suzhou Convert Semiconductor CO., LTD.） （张家港市杨舍镇华昌路 10 号沙洲湖科创园 B2 幢 01 室） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 保荐机构（主承销商） 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中 财务会计资料真实、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制 人以及保荐人、承销的证券公司承诺因发行人招股说明书及其他信息披露资料 有虚假记载、误导性陈述或者重大遗漏，致使投资者在证券发行和交易中遭受 损失的，将依法赔偿投资者损失。 保荐人及证券服务机构承诺因其为发行人本次公开发行制作、出具的文件 有虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法赔偿投 资者损失。 中国证监会、交易所对本次发行所 ...