Wang Luo China Securities Journal 2024-10-30 22:39

China Securities Network News (Wang Luo) Shanghai Silicon Industry (688126. SH) announced on the evening of October 30 in the third quarter of 2024 report showing that in the first three quarters of this year, the company achieved operating income of 2.479 billion yuan, a year-on-year increase of 3.70%. Among them, the operating income in the third quarter was 909 million yuan, achieving positive growth year-on-year and quarter-on-quarter in a single quarter. Although affected by the uneven prosperity of the industry, the company's net profit attributable to the parent company is still in a state of loss, but it has narrowed compared with the second quarter.

According to the Shanghai silicon industry, the performance fluctuation is mainly affected by three factors: first, 300mm silicon wafers are in the stage of high investment, and the rapid construction of the second and third phases of the project has increased operating costs; Second, the market recovery effect has not yet been fully transmitted to upstream wafers, which has put pressure on the company's product prices. Third, the upgrading of product structure and the increase in R&D investment have led to short-term performance fluctuations.

In terms of R&D, the Shanghai silicon industry has demonstrated a strong commitment to technological innovation. In the first three quarters of 2024, the company's R&D investment reached 208 million yuan, a year-on-year increase of 18.74%, accounting for 8.40% of revenue, an increase of 1.07 percentage points year-on-year. This sustained growth not only reflects the company's great importance to technological innovation, but also provides solid support for its core competitiveness, indicating that R&D investment may continue to maintain a growth trend in the future.

In response to the market recovery, the Shanghai silicon industry has accelerated the layout of new technologies and expansion projects. The company continued to promote a number of expansion and upgrade projects, such as the 300,000 pieces/month 300mm silicon wafer production capacity construction project of Shanghai Xinsheng Phase II and the 300mm high-end silicon-based material R&D pilot project. Among them, the total production capacity of 300mm semiconductor silicon wafers is expected to reach 600,000 pieces/month by the end of 2024, and the construction of the pilot line of the Taiyuan project is also expected to be completed in 2024, achieving a production capacity of 50,000 pieces/month.

At the industry level, according to SEMI data, the global semiconductor manufacturing materials market will gradually recover in 2024 after experiencing weakness in 2023. The increase in the utilization rate of foundries is expected to drive the expansion of the global semiconductor manufacturing materials market.

Industry insiders said that the current year-on-year growth rate of global semiconductor quarterly sales has narrowed since bottoming out in the first quarter of 2023, and the year-on-year growth rate has turned positive in the fourth quarter. A new business cycle is brewing, and the semiconductor industry is expected to create more surprises in this upward cycle. In the future, the dual drive of technological innovation and market demand will continue to promote the continuous iteration and innovation of Shanghai's silicon industry, and release stronger growth potential.

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