2026年1月30日，斯达半导体股份有限公司（证券代码：603290，证券简称：斯达半导）发布公告称，公司向不特定对象发行可转换公司债券的申请已获 上海证券交易所上市审核委员会审核通过。 作为国内功率半导体领域的领军企业，斯达半导总部位于浙江嘉兴，在上海、浙江、重庆及欧洲设有子公司，同时在国内外及欧洲布局研发中心，构建了 全球化的研发与经营网络。公司主营业务聚焦IGBT、SiC为主的功率半导体芯片和模块的设计研发、生产及销售，深耕高能效、绿色化和智能化应用领 域，提供全面的半导体及系统解决方案。根据Omdia 2023年研究报告，公司在全球IGBT模块市场排名第五，综合竞争力凸显。 斯达半导覆盖IGBT、SiC MOSFET、GaN HEMT、快恢复二极管等功率半导体器件，以及汽车级与工业级MCU、栅极驱动IC芯片等，应用场景广泛，涵 盖新能源、新能源汽车、工业控制与电源、白色家电、AI服务器电源、数据中心、机器人及低空/高空飞行器等多个高增长领域。其中，公司作为国内新 能源汽车市场主电机控制器用大功率车规级IGBT/SiC模块的主要供应商，2024年车规级IGBT模块配套超过300万套新能源汽车主电机控制器 ...

Summary of CR Micro (688396.SS) Conference Call Company Overview - **Company**: CR Micro (688396.SS) - **Industry**: Semiconductor, specifically Power Semiconductors Key Points Industry Dynamics - Management sees an improving supply/demand relationship in power semiconductors, with high levels of utilization reported [1] - Positive outlook for the China semiconductor supply chain, driven by demand recovery in industrial and new energy sectors, as well as new demand from AI and computing [1] Company Performance and Strategy - CR Micro is ramping up 12-inch wafer capacities in Shenzhen and plans to increase capacities in Chongqing and 6-inch SiC in the future [2] - Current utilization rates: 6-inch and 8-inch capacities are fully utilized; 12-inch line in Chongqing is fully loaded with wafer-in, while output is still ramping up [2] - Pricing adjustments: CR Micro has increased pricing on IGBT in October 2025 and is negotiating further price increases with customers [2] - Products for AI server applications yield higher margins compared to general products, with plans to introduce DrMOS products for AI servers this year [2] Financial Outlook - Target price set at Rmb37.46 based on a P/E ratio of 34.0x for 2026E, which is within CR Micro's historical trading range [3] - Current market cap is Rmb84.8 billion ($12.2 billion) with projected revenues increasing from Rmb10,118.5 million in 2024 to Rmb13,634.4 million by 2027 [9] Risks and Considerations - Key risks include better-than-expected average selling price (ASP) trends for MOSFET, IGBT, and SiC; faster-than-expected new design wins and market share gains; and fewer entrants in the IGBT/SiC space, which could reduce competition [4] Valuation Metrics - Current price is Rmb64.09, indicating a downside potential of 41.5% to the target price [9] - Earnings per share (EPS) projections show growth from Rmb0.58 in 2024 to Rmb1.29 in 2027 [9] - P/E ratios are projected to decrease from 72.3x in 2024 to 49.5x in 2026 [9] Additional Insights - Management's positive view aligns with broader industry trends, suggesting potential for growth despite current valuation concerns [1][2] - The competitive landscape in power semiconductors remains a critical factor for CR Micro's future performance [1][4]

Group 1 - The core viewpoint of the article is that Sanan Optoelectronics (600703) has successfully supplied its SiC MOSFET products in bulk to several power supply manufacturers, indicating strong market demand and customer engagement [1] Group 2 - Sanan Optoelectronics has confirmed that its SiC MOSFET products have been delivered to key clients including Weidi, Delta, Lite-On, Great Wall, and Flex [1] - The company is actively involved in the supply chain, as its clients are further delivering these products to downstream end-users [1]

Core Viewpoint - The semiconductor industry is experiencing a significant upward trend, with various sectors such as equipment, materials, and wafer foundry showing strong performance, particularly on January 5th, where several stocks saw substantial gains [1][2]. Group 1: Stock Performance - Dongwei Semiconductor led the semiconductor sector with a rise of nearly 19%, while other stocks like Qiangyi and Xidian also saw increases of over 17% and 14% respectively [1][2]. - Qiangyi, which went public on December 30, 2025, at an issue price of 85.09 CNY per share, has surged to 301 CNY, representing an increase of nearly 254% [2]. Group 2: Corporate Developments - Zhongwei Company announced a plan to acquire 64.69% of Hangzhou Zhonggui Electronics through a share issuance and cash payment, and resumed trading on January 5th [3]. - Huahong Company released a draft for acquiring 97.5% of Huali Micro through share issuance, while SMIC disclosed a plan to acquire 49% of its subsidiary, SMIC North [3]. Group 3: Industry Outlook - Dongwei Semiconductor's stock performance is attributed to its involvement in brain-machine interfaces, humanoid robots, and the mass production of SiC devices [4]. - The semiconductor market is projected to reach a size of 975.46 billion USD in 2026, reflecting a year-on-year growth of 26.3% [4]. - The global semiconductor equipment manufacturing sales are expected to continue growing, with projections of 145 billion USD in 2026 and 156 billion USD in 2027 [4].

Core Viewpoint - Shenzhen is emerging as a hub for semiconductor companies and R&D institutions, with several chip firms planning to list on the Hong Kong Stock Exchange to enhance financing and R&D capabilities, driven by national strategies supporting high-end chip industries [5][6]. Group 1: Industry Trends - A wave of capitalization in China's semiconductor industry is expected to begin in 2026, with Shenzhen leading the charge as a key city for chip design and manufacturing [5]. - Five Shenzhen-based chip companies, including Shangdingxin and Xihua Technology, submitted IPO applications to the Hong Kong Stock Exchange in December, aiming to broaden financing channels and strengthen R&D [5][6]. - The Hong Kong market is seen as a "super connector" for Chinese companies, providing access to a diverse range of investors and enhancing international capital participation [6][7]. Group 2: Company Developments - Zhongwei Semiconductor, a pioneer in microcontroller design, submitted its IPO application to the Hong Kong Stock Exchange, aiming to create a dual financing platform after its successful A-share listing [6]. - Yuntian Lifei Technology and Guomin Technology are also pursuing dual listings, with Guomin Technology transitioning from specialized market chips to high-end products like AI computing [7][8]. - Shangdingxin Technology, a power semiconductor supplier, reported fluctuating revenues and profits, heavily reliant on MOSFET products, which may hinder its growth [11][12]. Group 3: Financial Performance and Challenges - The semiconductor industry is characterized by high investment, risk, and long cycles, with companies like Muxi Technology experiencing rapid revenue growth but facing significant losses due to high R&D costs [9][10]. - Huada Beidou Technology, a provider of positioning services, has faced challenges with declining gross margins and increasing liabilities, despite a growing customer base [13].

Core Viewpoint - Shenzhen Shangdingxin Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing its transistor product R&D and industrialization capabilities [1][2]. Group 1: Company Overview - Shangdingxin Technology, established in 2011, specializes in the development and supply of customized power semiconductor devices, primarily focusing on MOSFET products, which account for over 99% of its revenue [1][3]. - The company operates without a wafer fabrication facility and serves various applications, including consumer electronics, industrial control, automotive electronics, renewable energy, energy storage, and medical devices [3]. Group 2: Financial Performance - In 2023, the company's revenue declined to RMB 113.05 million, with a profit attributable to owners of RMB 31.017 million, influenced by the power semiconductor industry's destocking cycle [5]. - Revenue is projected to recover in 2024, with a forecast of RMB 121.656 million, while the first nine months of 2025 show a revenue increase of 29.09% to RMB 105.165 million [5]. - The profit attributable to owners for the first nine months of 2025 is expected to reach RMB 30.316 million, reflecting a year-on-year growth of 27.17% [5]. Group 3: Product and Market Dynamics - The company's revenue is heavily reliant on traditional MOSFET products, with consumer electronics and industrial control accounting for 56.2% and 30.2% of revenue, respectively, in the first nine months of 2025 [6]. - The product structure is relatively narrow, with MOSFET products contributing 99.8% of revenue from 2022 to the first three quarters of 2025, while newer technologies like IGBT, SiC MOSFET, and GaN MOSFET have minimal contributions [8]. - The average selling price of MOSFET products has been declining, with the price for trench MOSFET dropping from RMB 0.62 in 2022 to RMB 0.36 in the first three quarters of 2025 [10]. Group 4: Shareholder Structure and Dividends - The company has a high concentration of ownership, with the controlling shareholder, Liu Daoguo, and his spouse holding approximately 95% of the issued share capital [12]. - Significant dividends have been distributed to shareholders, with payouts of RMB 32.492 million, RMB 51.25 million, and RMB 15 million in 2022, 2024, and the first nine months of 2025, respectively, representing 60.61%, 145.96%, and 49.48% of net profits [14].

Core Viewpoint - Shenzhen Shangdingxin Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing its transistor product R&D and industrialization capabilities [1][2]. Group 1: Company Overview - Shangdingxin Technology, established in 2011, specializes in the development and supply of customized power semiconductor devices, primarily focusing on MOSFET products, which account for over 99% of its revenue [3][8]. - The company operates without a wafer fabrication facility and serves various applications, including consumer electronics, industrial control, automotive electronics, renewable energy, energy storage, and medical devices [3]. Group 2: Financial Performance - The company's revenue for 2023 decreased to RMB 113.05 million, with a corresponding profit attributable to owners of RMB 31.017 million [5]. - Revenue is projected to recover slightly in 2024, but it is still below the levels seen in 2022. For the first nine months of 2025, revenue reached RMB 105.165 million, representing a year-on-year growth of 29.09% [5]. - The financial data indicates a decline in average selling prices for MOSFET products, with prices for various types dropping significantly from 2022 to 2025 [10]. Group 3: Product and Market Dynamics - The revenue structure is heavily reliant on traditional MOSFET products, with consumer electronics and industrial control accounting for 56.2% and 30.2% of revenue, respectively, in the first nine months of 2025 [6][8]. - The company faces potential competition from newer technologies such as IGBT, SiC MOSFET, and GaN MOSFET, which may threaten the market position of traditional silicon-based MOSFETs [8]. - As of 2023, Shangdingxin holds a market share of approximately 0.3% in a highly concentrated market where the top five manufacturers account for about 49.3% of sales [8]. Group 4: Shareholder Structure and Dividends - The company has a high concentration of ownership, with the controlling shareholder, Liu Daoguo, and his spouse holding approximately 95% of the issued share capital [12]. - Significant dividends have been distributed to shareholders, with payouts in 2022, 2024, and the first nine months of 2025 amounting to RMB 32.492 million, RMB 51.25 million, and RMB 15 million, respectively, representing high percentages of net profits [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve a total revenue of 8.24 billion yuan in 2025, reflecting a year-on-year growth rate of 26.6% [6] - The company has successfully launched its SiC MOSFET technology, which has been applied in over 1 million vehicles, marking it as a leader in the domestic market for large-scale applications in new energy vehicles [7] - The new G2.0 silicon carbide technology platform is designed to enhance performance in both electric drive systems and AI data center power supplies, with significant improvements in power density and efficiency [7] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 82.4 billion, 108.4 billion, and 127.1 billion yuan respectively, with adjusted net profit forecasts of -475 million, 23 million, and 214 million yuan [7] - The gross profit margin is expected to increase from 8.8% in 2025 to 19.7% by 2027, indicating improved profitability [6] - The return on equity (ROE) is projected to turn positive in 2026, reaching 0.1% and increasing to 1.2% in 2027 [6]

Core Viewpoint - The report from Zhongyou Securities highlights that ChipLink's SiC MOSFET shipment has surpassed one million units, with the latest generation of products achieving global leading performance [1] Group 1: Product Performance and Development - ChipLink's SiC MOSFET chips and modules now cover a wide range of 650-3300V silicon carbide process platforms [1] - The company has added over 10 new projects for 6-inch SiC MOSFETs in the first half of the year, with 5 new automotive customers entering mass production [1] - The first domestic 8-inch SiC production line has achieved mass production [1] Group 2: Market Impact and Solutions - A total of over 1 million vehicles have been equipped with SiC MOSFETs this year, with the latest generation of products reaching global leading performance [1] - The company offers a one-stop chip system foundry solution, enhancing the efficiency of end-to-end power supply systems in data centers [1] - Laser radar and MEMS are also entering mass production to meet downstream demand [1] Group 3: Investment Rating - The report maintains a "Buy" rating for the company [1]

Core Viewpoint - Shangdingxin, a power semiconductor supplier, is preparing for its IPO in Hong Kong after experiencing significant revenue fluctuations, with a focus on customized power devices for various applications, primarily in consumer electronics and industrial control sectors [1][2][5]. Financial Performance - Shangdingxin's revenue for 2022 was 167.3 million RMB, which dropped to 113.1 million RMB in 2023, a decline of 32.34%. The net profit also fell by 42.14% to 31.01 million RMB [8][9]. - In 2024, revenue is projected to recover slightly to 121.7 million RMB, with a net profit of 35.11 million RMB [2][4]. - By the first three quarters of 2025, revenue reached 105.2 million RMB, showing a year-on-year growth of 29.09%, and net profit increased by 27.17% to 30.32 million RMB [2][4]. Product Offering - Shangdingxin specializes in customized power devices, with MOSFETs accounting for 99.8% of total revenue in 2024. Other products like IGBT, GaN MOSFET, and SiC MOSFET contribute negligibly [3][10]. - The company’s products are widely used in applications such as power converters, battery management systems, and various consumer electronics [4][5]. Market Position and Strategy - The company has a diverse customer base of over 500 clients across various sectors, with a retention rate increasing from 68.3% in 2022 to 71.5% in 2024 [6][7]. - Shangdingxin's revenue is predominantly generated from the domestic market, with over 96% of sales occurring in China from 2020 to 2024 [8]. Competitive Landscape - The Chinese MOSFET market is highly competitive, with the top five manufacturers holding approximately 49.3% of the market share, while Shangdingxin's market share is only 0.3% [11][14]. - The company has adopted a "price-for-volume" strategy to boost sales, which has led to increased penetration in various applications but raises concerns about long-term sustainability [9][11]. Challenges and Concerns - Shangdingxin's reliance on the low-growth MOSFET market and the lack of diversification into higher-growth segments like IGBT and SiC/GaN products may limit future growth opportunities [15]. - The company has faced criticism for its significant dividend payouts, which totaled over 80 million RMB in recent years, and for reducing R&D expenditures, which are below industry averages [12][15].