Depreciation Costs Weigh on Global Silicon Wafer Makers
Profitability at global silicon wafer makers weakened in the first half of this year as depreciation expenses from newly
原文深度解读
本文主题为全球硅晶圆制造商在2025年上半年盈利能力因新工厂投产带来的折旧费用而承压。涉及主体包括日本SUMCO、德国Siltronic、台湾环球晶圆（GlobalWafers）、日本信越化学（Shin-Etsu Chemical）和韩国SK siltron。关键数字包括：SUMCO上半年营业亏损63亿日元，折旧增至603亿日元；Siltronic营业亏损1.043亿欧元，折旧增至2.388亿欧元；环球晶圆营业利润下降42.4%至28.98亿新台币；全球300mm硅晶圆月产能预计从2025年的1069万片增至2028年的1170万至1176万片；主要厂商正就2026年供应价格谈判，涨幅约10%至15%。与电子元器件供应链的关系在于：硅晶圆是半导体制造的核心基础材料，其产能扩张、折旧成本变化和价格谈判直接影响下游芯片制造的成本与供应稳定性。
- SUMCO、Siltronic和环球晶圆2025年上半年营业利润均同比下滑或转亏，原文将原因直接归因于新工厂投产带来的折旧费用增加，而非行业需求疲软。
- SUMCO上半年折旧同比增加116亿日元至603亿日元，Siltronic折旧同比增加89.4%至2.388亿欧元，环球晶圆折旧同比持平但2024年年度折旧已从2024年的80.48亿新台币增至89.27亿新台币。
- 主要晶圆制造商在2021至2022年半导体需求激增时决定大规模投资，后因行业低迷推迟满产，目前随着需求复苏正提高新设施利用率。
- 全球300mm硅晶圆月产能预计从2025年的1069万片增至2026年的1100万片，2028年进一步增至1170万至1176万片，即到2028年每月新增超过100万片产能。
- 各公司折旧节奏不同：SUMCO预计折旧今年见顶后明年下降；Siltronic今年折旧预计增至4.9亿至5.2亿欧元；环球晶圆今年年度折旧预计增至约120亿新台币；信越化学因许多现有资产折旧于2024年四季度结束，年折旧维持在约1000亿日元；SK siltron新设施折旧预计从下半年起正式反映。
- 市场研究机构预计2026年高带宽内存（HBM）用硅晶圆消费量同比增长23%，先进逻辑用消费量增长12%，而300mm晶圆产能预计仅增长3%，主要厂商正就2026年供应价格谈判，涨幅约10%至15%，尤其针对300mm晶圆。
供应链影响
- 硅晶圆制造商折旧成本上升可能短期内继续压制其利润率，但原文指出这源于过去资本开支而非需求疲软，因此对下游芯片制造供应的实际影响可能有限，取决于新产能利用率的提升速度。
- 全球300mm硅晶圆产能到2028年每月新增超过100万片，可能逐步缓解供应紧张，但2026年产能仅预计增长3%而HBM和先进逻辑需求分别增长23%和12%，供需缺口可能持续，取决于需求增长是否如预期。
- 主要晶圆制造商就2026年供应价格谈判涨幅约10%至15%，若达成，可能推高下游芯片制造商的材料成本，进而可能传导至半导体器件价格，但具体影响取决于谈判结果和客户接受程度。
- 各公司折旧节奏差异（如SUMCO预计折旧今年见顶、信越化学折旧已结束）可能导致其成本结构和定价灵活性不同，从而影响其在供应链中的竞争地位和客户谈判能力。
- SK siltron新设施折旧从下半年起反映、环球晶圆Sherman工厂折旧从4月开始，可能使这些公司下半年成本进一步增加，其盈利恢复速度可能取决于出货量增长和价格提升能否抵消折旧压力。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
(照片：THE ELEC)
今年上半年，全球硅晶圆制造商的盈利能力走弱，原因是新投产工厂的折旧费用开始拖累收益。这些公司正分阶段将新设施投产，大幅增加全球晶圆产能。
收益下降似乎并非源于行业状况疲软，而是过去的资本支出随着量产线开始运营转化为折旧。随着人工智能（AI）的更广泛采用，半导体需求预计在未来几年持续增长，硅晶圆行业预计也将迅速恢复盈利。
行业消息人士9月16日表示，日本SUMCO和德国Siltronic上半年从上年同期的盈利转为营业亏损。SUMCO录得63亿日元营业亏损，较上年同期74亿日元营业利润下降137亿日元。Siltronic从3850万欧元营业利润转为亏损1.043亿欧元。台湾环球晶圆（GlobalWafers）营业利润下降42.4%至28.98亿新台币。
折旧费用上升直接导致营业利润下降。SUMCO上半年折旧从上年同期的487亿日元增加116亿日元至603亿日元。Siltronic折旧增加89.4%至2.388亿欧元。环球晶圆折旧与上年同期持平，但年度折旧从2024年的80.48亿新台币增加10.9%至去年的89.27亿新台币。
增长是300mm晶圆产能扩张的结果。随着新工厂投产，折旧费用开始上升。建设工厂和安装设备期间产生的成本记为有形资产，但设施开始运营后即开始折旧。这些成本随后在资产使用寿命内分期确认。
主要晶圆制造商在2021年和2022年决定大规模投资，当时新冠疫情后半导体需求激增，预计将出现中长期晶圆短缺。这些公司后来因半导体行业低迷而推迟了扩张产能的全面生产。随着晶圆需求复苏，它们现在正提高新设施的利用率。
据行业消息人士，全球300mm硅晶圆月产能预计从今年的1069万片增至明年的1100万片，2028年增至1170万至1176万片。这意味着到2028年每月将新增超过100万片产能。
SUMCO于2021年决定投资2287亿日元扩大300mm晶圆产能。2024年，它完成了在日本伊万里和大村等地建立新生产设施的主要投资。该公司计划到2027年逐步提高产能。折旧从2024年的772亿日元增加44%至去年的1110亿日元。SUMCO表示，折旧费用将在今年见顶，并从明年开始下降。
Siltronic于2021年决定投资约20亿欧元在新加坡建设第二座300mm晶圆厂。它于去年7月完成客户认证，主要设备运营相关的折旧于8月开始。折旧较上年同期增加44%至去年的3.433亿欧元。该数字预计今年将增至4.9亿至5.2亿欧元之间。
环球晶圆于2022年决定投资1000亿新台币扩大全球产能。它在德克萨斯州谢尔曼、密苏里州圣彼得斯、意大利诺瓦拉和日本宇都宫建设新厂或扩建设施。年度折旧预计从去年增加34%至今年约120亿新台币。其谢尔曼工厂新增月产能120万片，折旧于4月开始，进一步增加了下半年的成本。
日本信越化学（Shin-Etsu Chemical）也于2022年宣布扩产，并正分阶段接收订购的设备，以满足延伸至2027年和2028年的长期协议（LTA）。然而，由于许多现有资产的折旧于2024年第四季度结束，折旧维持在每年约1000亿日元。该公司计划根据客户订单确定新设备何时开始折旧。
SK siltron自2022年以来已投资约2.3万亿韩元，扩大其位于庆尚北道龟尾的300mm晶圆生产厂。运营于7月开始，新设施的折旧预计从下半年起正式反映。
随着出货量增加和晶圆价格上涨，折旧负担预计将逐步缓解。据一家市场研究机构，高带宽内存（HBM）用硅晶圆消费量预计明年较今年增长23%，而先进逻辑用消费量预计增长12%。
相比之下，300mm晶圆产能预计明年仅增长3%。由于预计供应受限，主要晶圆制造商正与客户谈判明年的供应价格。据了解，讨论集中在约10%至15%的涨价，尤其是300mm晶圆。
(Photo: THE ELEC)
Profitability at global silicon wafer makers weakened in the first half of this year as depreciation expenses from newly operational plants began to weigh on earnings. The companies are bringing new facilities online in stages, significantly increasing global wafer production capacity.
The earnings decline appears to stem not from weak industry conditions but from past capital expenditures translating into depreciation as mass-production lines begin operations. With semiconductor demand expected to continue growing over the next several years amid broader adoption of artificial intelligence (AI), the silicon wafer industry is also expected to see earnings recover quickly.
Industry sources said on Sept. 16 that Japan's SUMCO and Germany's Siltronic swung to operating losses in the first half from a year earlier. SUMCO posted an operating loss of 6.3 billion yen, down 13.7 billion yen from an operating profit of 7.4 billion yen a year earlier. Siltronic swung from an operating profit of 38.5 million euros to a loss of 104.3 million euros. Taiwan's GlobalWafers saw operating profit fall 42.4% to NT$2.898 billion.
Higher depreciation expenses directly contributed to the decline in operating profit. SUMCO's first-half depreciation rose by 11.6 billion yen to 60.3 billion yen from 48.7 billion yen a year earlier. Siltronic's depreciation increased 89.4% to 238.8 million euros. GlobalWafers' depreciation remained at a similar level from a year earlier, but annual depreciation rose 10.9% to NT$8.927 billion last year from NT$8.048 billion in 2024.
The increases are the result of expanded 300mm wafer production capacity. Depreciation expenses began to rise as new plants entered operation. Costs incurred while constructing plants and installing equipment are recorded as tangible assets, but depreciation begins once the facilities start operating. The costs are then recognized in installments over the assets' useful lives.
Major wafer makers decided on large-scale investments in 2021 and 2022, when semiconductor demand surged following the Covid-19 pandemic and a medium- to long-term wafer shortage was expected. The companies later delayed full-scale production from the expanded capacity amid a semiconductor industry downturn. They are now increasing utilization of the new facilities as wafer demand recovers.
Global 300mm silicon wafer production capacity is expected to increase from 10.69 million wafers per month this year to 11 million next year and 11.70 million to 11.76 million in 2028, according to industry sources. That would add more than 1 million wafers of monthly capacity by 2028.
SUMCO decided in 2021 to invest 228.7 billion yen to expand 300mm wafer capacity. In 2024, it completed major investments to establish new production facilities in Imari and Omura, Japan, among other locations. The company plans to gradually increase production capacity through 2027. Depreciation rose 44% to 111 billion yen last year from 77.2 billion yen in 2024. SUMCO said depreciation expenses will peak this year before declining from next year.
Siltronic decided in 2021 to invest about 2 billion euros to build a second 300mm wafer plant in Singapore. It completed customer qualification in July last year, and depreciation related to the operation of major equipment began in August. Depreciation rose 44% from a year earlier to 343.3 million euros last year. The figure is expected to increase to between 490 million euros and 520 million euros this year.
GlobalWafers decided in 2022 to invest NT$100 billion to expand its global production capacity. It built new plants or expanded facilities in Sherman, Texas; St. Peters, Missouri; Novara, Italy; and Utsunomiya, Japan. Annual depreciation is expected to rise 34% from last year to about NT$12 billion this year. Depreciation at its Sherman plant, which added monthly production capacity of 1.2 million wafers, began in April, increasing costs further in the second half.
Japan's Shin-Etsu Chemical also announced capacity expansion in 2022 and is taking delivery of ordered equipment in stages to meet long-term agreements (LTAs) extending through 2027 and 2028. Depreciation remained at about 100 billion yen annually, however, as depreciation on many existing assets ended in the fourth quarter of 2024. The company plans to determine when to begin depreciating new equipment based on customer orders.
SK siltron has invested about 2.3 trillion won since 2022 to expand its 300mm wafer production plant in Gumi, North Gyeongsang Province. Operations began in July, and depreciation on the new facilities is expected to be reflected in earnest from the second half.
The burden from depreciation is expected to gradually ease as shipment volumes increase and wafer prices rise. According to a market research firm, silicon wafer consumption for high-bandwidth memory (HBM) is expected to increase 23% next year from this year, while consumption for advanced logic is expected to rise 12%.
By contrast, 300mm wafer production capacity is expected to increase just 3% next year. With supply constraints anticipated, major wafer makers are negotiating next year's supply prices with customers. Discussions are understood to center on price increases of about 10% to 15%, particularly for 300mm wafers.