Analysis of Recent Strong Performance and Driving Factors of Sai Microelectronics (300456)

Beijing Sai Microelectronics Co., Ltd. (300456) mainly engages in semiconductor and special electronic businesses, and has recently entered the strong stock pool due to multiple factors [1]. In the first three quarters of 2025, the company’s net profit reached 1.576 billion yuan, a year-on-year increase of 1438.05%, mainly due to investment income from the sale of controlling stake in Sweden’s Silex [0]. At the same time, the company plans to acquire 11% equity of Xindonglai for no more than 60 million yuan to layout the lithography machine industry chain [3], and Xindonglai focuses on the lithography machine whole machine field [2]. In addition, the company has technological advantages in core semiconductor fields such as MEMS chip process development and gallium nitride epitaxial materials [0]. Coupled with the increased popularity of the military industry sector in November 2025, it is sought after by the market as a military electronic concept stock [4].

1. Non-recurring gains dominate profit growth
   : Although net profit has increased significantly, the non-recurring net profit is still in loss, reflecting that the main business has not yet achieved profitability [0].
2. Strategic layout in lithography machine track
   : The acquisition of Xindonglai equity shows the company’s intention to extend to the key semiconductor equipment field, which is in line with the industry development trend [3].
3. Sector rotation boosts stock price performance
   : The dual benefits of the military and semiconductor sectors have driven the stock price up, with an annual increase of 68.05% [1].

• The sustainability of non-recurring gains is questionable, and the main business growth is weak [0].
• The lithography machine field is highly competitive, and the effect of acquisition integration remains to be seen [2].

• Under the trend of domestic substitution in semiconductors, MEMS and gallium nitride businesses may see growth [0].
• With the rising demand for military electronics, the company’s special electronic business is expected to benefit [4].

Sai Microelectronics (300456) recent strong performance is mainly driven by non-recurring gains, strategic acquisitions, and sector popularity. The company’s market capitalization reaches 17.04 billion yuan, and the annual stock price increase is significant, but attention should be paid to the profitability of the main business and the follow-up progress of the acquisition [0][1].