Analysis of Driving Factors and Risks Behind the Strong Performance of Sai Microelectronics (300456)

This analysis is based on Tushare’s strong stock pool data [0]; Sai Microelectronics (300456) has shown strong performance recently. Its rise is mainly driven by factors such as the proposed acquisition of Xindonglai’s semiconductor equipment business [3][4], expectations of Sweden’s Silex IPO [0], and a surge in net profit fueled by investment income [0]. Meanwhile, the popularity of the semiconductor sector and inflows of main funds [1][6] provide support. Attention should be paid to the progress of the acquisition and the risk of performance sustainability.

The strong performance of Sai Microelectronics (300456) is the result of resonance of multiple factors:

1. Merger and Acquisition Expectations
   : Proposed acquisition of Xindonglai’s semiconductor equipment business to layout in the mature process field [3][4];
2. Asset Revaluation
   : Swedish subsidiary Silex plans to launch an IPO, and the equity value is expected to be revalued [0];
3. Performance Highlights
   : Net profit in the first three quarters of 2025 increased by 1438.05% year-on-year, mainly from 2.202 billion yuan in investment income [0];
4. Capital Inflow
   : Main funds net bought 73.551 million yuan on November 20 [1], and net inflow was 388 million yuan on November 21 [0];
5. Sector Popularity
   : The semiconductor sector has been heavily allocated by northbound funds, with holdings increasing by 23% month-on-month [0].

• Business Expansion
  : Acquiring Xindonglai helps extend from MEMS chip manufacturing to the semiconductor equipment field [3][4];
• Valuation Shift
  : Expectations of Silex’s IPO may change the valuation framework to focus on holding technology assets [0];
• Short-term Driver
  : The rise is event-driven; long-term attention should be paid to merger integration and main business growth [0].

• Risks
  : The sustainability of net profit growth dominated by investment income is questionable [0]; acquisition progress is less than expected [3]; industry cycle fluctuations [0];
• Opportunities
  : Growth space for domestic semiconductor equipment demand [0]; equity appreciation after Silex’s IPO [0].

The recent strong performance of Sai Microelectronics (300456) is driven by multiple factors, but it is necessary to rationally view the balance between short-term event-driven opportunities and long-term fundamentals. Pay attention to the progress of the acquisition, Silex’s IPO dynamics, and the improvement of the main business.