National Silicon Industry Group Co Ltd Class A

688126: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥7.70	Fqy	Pdl

National Silicon Overvalued; Pricing in 'Certainty' to Expansion Plans Despite Technology Lag

Phelix Lee

Jun 27, 2023

Business Strategy and Outlook

National Silicon Industry Group is a Chinese up-and-coming semiconductor silicon wafer producer. Contrary to its larger peers, NSIG is unlikely to build new sites outside of China because of geopolitical risks and the incremental demand coming from Chinese customers. We expect NSIG to quadruple its 300 millimetre wafer capacity by 2030, compared with end of 2022 levels, partly fueled by China’s pursuit of a self-sufficient supply chain.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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