MINDEO(SZ:300656)2022-12-16 12:30Group 1: Company Overview - Mindray Electronics is one of the few domestic companies with a complete layout in the key links of the power semiconductor industry chain, possessing a controllable supply chain [2] - The company’s power semiconductor business is expected to enter a rapid growth phase as production capacity is gradually released [2] Group 2: Business Performance - Barcode business sales in overseas markets have declined compared to the same period last year due to weak consumer demand and logistics issues, while domestic sales in high-end manufacturing sectors like new energy vehicles are growing rapidly [2][3] - The sales of power semiconductor products from Guangwei Integrated Circuit have decreased due to capacity constraints, with upstream wafer foundry and silicon wafer suppliers raising prices multiple times in 2021 and 2022 [3] Group 3: Project Developments - Guangxin Microelectronics' project construction is progressing normally, with production expected to commence by the end of Q1 next year, targeting an initial capacity of 100,000 wafers per month [4] - The ultra-thin wafer back-end foundry project, Chip Microtech, officially started construction on December 3, with mass production expected in Q3 next year [4] Group 4: Financial Insights - Guangxin Microelectronics has secured 180 million yuan in funding from local government funds, enhancing its financial resources for project development [3] - The company has transferred 2.087% of its equity in Jingrui Electronics for 48 million yuan, indicating the initial success of its external investments [3] Group 5: Market Outlook - The demand for power semiconductor products is expected to grow rapidly, particularly in industrial and energy sectors, driven by national strategies for carbon neutrality [5] - The domestic power semiconductor market is in a favorable development period, with increasing domestic production capacity and a gradual rise in the proportion of domestic substitutes [5]