Sai Microelectronics (300456.SZ) Market Hotspot Drivers and Risk Analysis

Sai Microelectronics (300456.SZ) focuses on MEMS chip process development and wafer manufacturing, as well as GaN epitaxial material growth and device design businesses [0]. The core drivers behind its recent rise as a market hotspot include: its holding subsidiary Sweden’s Silex plans to launch an IPO (the company holds a 45.24% stake), MEMS-OCS chips have passed customer verification and started small-batch trial production, and it intends to acquire a partial stake in Beijing Xindonglai Semiconductor to lay out lithography machine business [0][2]. Its performance in the first three quarters of 2025 showed differentiated characteristics: operating revenue was 682 million yuan, a year-on-year decrease of 17.37%, but net profit attributable to parent company was 1.576 billion yuan, a year-on-year increase of 1438.05%, mainly benefiting from investment income [0].

1. AI Computing Power Industry Chain Connection
   : MEMS-OCS technology plays an important role in Google’s AI computing power industry chain, and the OCS market is expected to grow at a compound annual growth rate of 28% from 2024 to 2029 [0][4].
2. Policy and Industry Support
   : The MEMS sensor industry is developing rapidly driven by policies, and the long-term market scale is expected to continue expanding [0].
3. Potential Valuation Reassessment
   : Sweden’s Silex’s planned IPO may lead to a reassessment of the company’s equity value [0].

• Equity value enhancement opportunity brought by Silex’s IPO [0];
• Dividends from the rapid growth of the OCS market [0][4];
• Policy dividends in the MEMS sensor industry [0].

• The stock price has risen 102.23% year-to-date, with the risk of a pullback after a sharp rise [0][3];
• Main business revenue continues to decline (a year-on-year drop of 17.37% in the first three quarters) [0];
• Excessively high market attention in the short term may trigger volatility [5].

Sai Microelectronics has recently become a market hotspot due to multiple business developments, but its performance is clearly differentiated, with investment income contributing significantly. Investors need to pay attention to the actual implementation of business progress (such as Silex’s IPO progress, MEMS-OCS mass production status) and the improvement trend of the main business, while being alert to the correction risk after the sharp rise in stock price [0][3].