Analysis of Strong Performance of Sai Microelectronics (300456): Driven by Technological Breakthroughs and Strategic Layouts

Sai Microelectronics (300456) has recently shown strong performance driven by multiple factors: Internal analysis shows [0] that the company has made breakthroughs in the MEMS field. The MEMS-OCS chip OEM by Silex Beijing has passed customer verification and started small-batch trial production of 8-inch wafers; Strategically, the company plans to acquire Xindonglai Semiconductor to layout lithography machine business, which belongs to mature process and does not involve advanced process [5], but as of now, the equity delivery has not been completed [6]; In addition, its Swedish subsidiary Silex plans to launch an IPO, and the company holds a 45.24% stake in it and is expected to benefit from this [0]; In terms of industry policies, semiconductor localization will continue to advance in 2025, and MEMS chips are the key development direction [0]. In terms of stock price performance, the company’s year-to-date increase has reached 102.23% [1], and the cumulative deviation of increase in three consecutive trading days recently exceeded 30%, triggering an abnormal fluctuation announcement [0].

1. Technology and Strategic Synergy
   : MEMS technological breakthroughs and lithography machine business layout complement each other, align with the direction of localization policies, and enhance the company’s position in the industrial chain;
2. Pragmatic Localization Path
   : Xindonglai focuses on mature processes, avoids advanced process barriers, and reduces commercialization risks;
3. Subsidiary Value Potential
   : As a globally leading MEMS foundry, Silex’s IPO is expected to unlock the value of the assets held by the company.

1. Stock Price Correction Pressure: The year-to-date increase exceeds 100% [1], the valuation has partially reflected the positive factors, and the short-term correction risk is rising;
2. Acquisition Uncertainty: The equity of Xindonglai has not been delivered yet [6], and subsequent progress needs to be followed closely;
3. Intensified Industry Competition: In the localization process, technological catch-up by similar enterprises may divert market share.

1. Policy Dividends: The support of semiconductor localization policies has increased, and resources are tilted towards the MEMS and lithography machine fields;
2. Technology Commercialization: If the small-batch production of MEMS-OCS chips goes smoothly, it will open up new growth points;
3. Asset Reassessment: Silex’s IPO improves the liquidity and valuation level of the assets held by the company.

Sai Microelectronics (300456)'s strong performance comes from multiple drivers including technological breakthroughs, strategic layout, and industry policies. However, attention should be paid to the correction risk brought by the high stock price increase and the uncertainty of the acquisition. Investors should combine their own risk tolerance and pay attention to the company’s technological commercialization progress, the delivery status of Xindonglai acquisition, and the subsequent dynamics of Silex’s IPO.