National Silicon Remains Very Expensive With Massive Capital Expenditure Budget

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 triple its 300-millimeter wafer capacity by 2030, compared with end-2023 levels, partly fueled by China’s pursuit of a self-sufficient supply chain.