Investment Rating - The industry investment rating is "Outperform" (maintained) [2] Core Insights - The profitability of the power semiconductor industry is steadily improving, with the automotive sector and data centers being the main growth drivers. The domestic production of medium and low voltage devices for automobiles is continuously advancing [4][7] - The penetration of SiC MOSFETs in new energy vehicles is increasing, with a notable rise in the market share of domestic suppliers in the IGBT module sector [38][39] - The overall industry is entering a stable phase, with demand from consumption and industrial control maintaining steady growth, while the new energy vehicle market continues to expand [6][21] Summary by Sections Power Semiconductor Performance - The industry is experiencing a recovery in profitability as revenues improve, with automotive and data center applications being the primary growth areas [4] - The sales volume of new energy vehicles in March reached 1.24 million units, a year-on-year increase of 40.1%, with a penetration rate of 42.4% [32][34] New Energy Vehicles - The market share of new energy vehicles with a peak power of over 200kW has increased from 9% in 2022 to 25% in the first quarter of 2025 [35] - The penetration rate of SiC MOSFETs in new energy vehicles reached 18.9% in the first quarter of 2025, indicating a shift towards higher power modules [38] Charging Infrastructure - The number of charging stations in March 2025 increased by 634,000 units, with public charging stations showing a year-on-year decrease of 18.35% [5] Market Dynamics - The competition among leading companies in the IGBT module market is stabilizing, with domestic suppliers gaining market share as overseas competitors decline [38][39] - The industry is expected to continue its growth trend in 2024, driven by the demand for automotive power devices and the ongoing transition to electric vehicles [6][21]

Investment Rating - The industry investment rating is "Recommended," indicating a positive outlook for the industry fundamentals and expected outperformance against the benchmark index [29]. Core Insights - Wolfspeed, a leading global supplier of SiC substrates, is reportedly preparing to file for bankruptcy, which has led to a significant drop in its stock price by over 50% [3][4]. - In contrast, Tianyue Advanced, a domestic SiC substrate company, is projected to achieve approximately $240 million in revenue for 2024, representing a 41% year-on-year growth, and has reported a net profit of 179 million RMB, marking its first annual profit from core operations [8][9]. - The report highlights that domestic companies have gained a significant cost advantage over Wolfspeed, with Tianyue Advanced's gross margin improving from -5.8% to 24% from 2022 to 2025, while Wolfspeed's gross margin has declined from 34.1% to -17.1% during the same period [9][19]. Summary by Sections Section 1: Wolfspeed's Financial Struggles - Wolfspeed's revenue for the first three quarters of fiscal 2025 was $560 million, down approximately 8% year-on-year, with a net loss of about $950 million, marking a 37.7% increase in losses compared to the previous year [3][4]. - The company's total assets were reported at $7.57 billion, with net assets dwindling to approximately $210 million and cumulative losses reaching about $3.87 billion [5][6]. Section 2: Domestic Competitors' Advancements - Domestic companies have made significant strides in SiC substrate production, with Tianyue Advanced achieving mass production of 8-inch substrates and planning to launch 12-inch substrates in 2024 [14][17]. - Other domestic firms, such as ShuoKe Crystal and TianKe HeDa, are also showcasing advancements in 12-inch SiC substrates, indicating that domestic players are catching up with international competitors [14][17]. Section 3: Market Dynamics and Price Competition - The global market for N-type/conductive SiC substrates is projected to reach $1.04 billion in 2024, with a year-on-year decline of about 9%. Wolfspeed holds a market share of approximately 33.7%, while TianKe HeDa and Tianyue Advanced hold shares of 17.4% and 17.1%, respectively [18][19]. - If Wolfspeed files for bankruptcy, it is expected to alleviate current price competition pressures in the SiC substrate market, benefiting domestic manufacturers significantly [18][19]. Section 4: Long-term Demand Outlook - The report expresses optimism regarding the long-term growth of SiC chip demand, primarily driven by the electric vehicle sector, which accounts for about 70% of the demand, and the renewable energy sector, which exceeds 10% [23][25].

Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 279 million yuan compared to the previous day, with 41 stocks seeing financing balances rise by over 10 million yuan, including companies like Chipone Technology and Tianyue Advanced [1][2] Financing Overview - As of May 21, the total margin financing balance on the Sci-Tech Innovation Board reached 152.737 billion yuan, marking an increase of 287 million yuan from the previous trading day, continuing a trend of increases for three consecutive trading days [1] - Among the stocks, 391 had a financing balance exceeding 100 million yuan, with 15 stocks having balances over 1 billion yuan, and 130 stocks between 50 million and 100 million yuan [1] Stock Performance - Chipone Technology led in net financing purchases with a balance of 949 million yuan, increasing by 44.839 million yuan, and its stock rose by 1.98% [2] - Other notable stocks with significant net purchases included Tianyue Advanced and Ninebot, with net purchases of 39.119 million yuan and 33.628 million yuan, respectively [2] - The average increase for stocks with net purchases exceeding 10 million yuan was 0.82%, with top gainers including Jingwei Hengrun and Haichuang Pharmaceutical, which rose by 11.51% and 8.04% respectively [2] Industry Focus - The most favored sectors by margin traders included electronics, power equipment, and biopharmaceuticals, with 20, 5, and 4 stocks respectively [2] - Stocks with high financing balances relative to their market capitalization included Rongbai Technology, with a financing balance of 1.159 billion yuan, accounting for 12.69% of its market value [2]

Group 1: Opportunities for Domestic Substitution - Domestic companies are making significant technological breakthroughs in the silicon carbide (SiC) sector, narrowing the gap with international leaders, particularly in the electric vehicle (EV) market [2] - In 2023, China's market share of SiC epitaxial wafers reached 38.8%, ranking first globally, driven by increased production capacity [3] - National policies are increasingly supportive of key semiconductor materials, with the "14th Five-Year Plan for Integrated Circuit Industry" emphasizing the need to overcome technological bottlenecks in third-generation semiconductor materials [4] Group 2: Restructuring Industry Landscape - The core competitiveness of the SiC industry chain lies in the self-sufficiency of upstream materials and equipment, with companies mastering key equipment and high-end materials poised for rapid growth [5] - Domestic companies are accelerating their catch-up in device manufacturing, especially in automotive-grade SiC power devices, benefiting from the continuous growth of the EV market [6] - The application scenarios for SiC are expanding beyond EVs to include photovoltaic power generation, rail transportation, and industrial power supplies, positioning domestic companies for significant global market presence [7] Group 3: Dual-Driven Growth of Domestic Breakthroughs - Chinese companies have established a significant cost advantage through continuous R&D and process innovation, with 6-inch substrate prices at only 30% of international levels [8] - The acceleration of equipment localization is exemplified by Northern Huachuang's new generation SiC crystal growth furnace, which reduces equipment prices by 50% and surpasses key performance indicators [9] Group 4: Market Opportunities for Domestic SiC - The EV market is the largest application for SiC, with projected production and sales of 12.888 million and 12.866 million units in China for 2024, reflecting year-on-year growth of 34.4% and 35.5% [12] - In the photovoltaic and energy storage sectors, SiC is a key technology for improving system efficiency, with China's new photovoltaic installations expected to reach 277.2 GW in 2024, a 27.8% increase [13] - Emerging technologies such as AI data centers and AR glasses present new growth opportunities for the SiC industry, with AI data centers requiring high-efficiency power modules [14] Group 5: Benefiting Companies - Tianyue Advanced is one of the few global participants capable of mass-producing 8-inch SiC substrates, with a projected global market share ranking second in conductive SiC substrate materials by 2024 [16] - Tianshuo He Da is the largest domestic supplier of power electronics SiC substrates, holding a 17.3% share in the global market, and is positioned to capture orders following Wolfspeed's bankruptcy [16] - Sinda Semiconductor is making progress in the SiC sector, with its SiC MOSFET modules for passenger vehicle motor controllers seeing increased volume [16] - Mind Electronics, through its subsidiary Guangxin Microelectronics, is expected to achieve an annual production capacity of 36,000 6-inch SiC wafers, with costs significantly lower than competitors [17]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 23.932 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 1.845 billion yuan [1] - A total of 244 stocks saw net inflows, while 342 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 157 stocks rose, with one stock, Sangfor Technologies, hitting the daily limit, while 422 stocks declined [1] - C Hanbang, listed for five days, had the highest decline at 4.82% [1] Fund Flow Analysis - Among the stocks with net inflows, Tianyue Advanced led with a net inflow of 76.592 million yuan, followed by Ninebot and Rongbai Technology with inflows of 65.280 million yuan and 54.701 million yuan, respectively [2] - The stocks with the highest net outflows included SMIC, which saw a net outflow of 455 million yuan and a decline of 1.14%, followed by Liyang Chip and Shijia Photon with outflows of 160 million yuan and 141 million yuan, respectively [1][2] Continuous Fund Flow - There are 59 stocks that have seen continuous net inflows for more than three trading days, with BGI Genomics and Te Bao Bio leading at 10 consecutive days of inflow [2] - Conversely, 102 stocks have experienced continuous outflows, with Pioneer Technology seeing the longest streak at 25 days [2] Top Stocks by Net Inflow - The top stocks by net inflow include: - Tianyue Advanced: 76.592 million yuan, 8.01% inflow rate, 6.58% increase [2] - Ninebot: 65.280 million yuan, 15.53% inflow rate, 2.85% increase [2] - Rongbai Technology: 54.701 million yuan, 13.22% inflow rate, 1.13% increase [2] Stocks with Significant Outflows - The stocks with the most significant outflows include: - SMIC: 455 million yuan outflow, 1.14% decline [1][2] - Liyang Chip: 160 million yuan outflow [1] - Shijia Photon: 141 million yuan outflow [1]

Group 1 - The global N-type SiC substrate industry revenue is projected to decline by 9% in 2024, reaching $1.04 billion, primarily due to weakened demand in the automotive and industrial sectors, along with intensified market competition leading to significant price drops [2][3] - SiC, as a representative third-generation compound semiconductor material, is crucial in power electronic devices and is widely used in electric vehicles, photovoltaics, energy storage, industrial power supplies, and rail transportation [2] - The price of 6-inch SiC substrates has fallen below $500, approaching the manufacturers' cost line, due to the entry of Chinese companies into the market [2] Group 2 - Wolfspeed remains the most significant supplier in the SiC materials market with a 33.7% market share in 2024, while Chinese companies TanKeBlue and SICC hold the second and third positions with 17.3% and 17.1% market shares, respectively [5] - The aggressive pricing strategies of Chinese companies are disrupting the existing market structure, leading to concerns about increased internal competition and potential impacts on product quality [6][7] - The entire SiC device-related ecosystem is experiencing continuous capacity growth, raising concerns about the sustainability of the market dynamics [7] Group 3 - Silan Microelectronics has achieved a monthly production capacity of 9,000 pieces of 6-inch SiC MOS chips, with 50,000 units shipped to four domestic automotive manufacturers [9] - As the ecosystem improves, domestic companies are focusing on quality enhancement alongside competitive pricing, with Silan's 8-inch mini line achieving higher yield rates compared to the 6-inch line [9]

| 插播： | | 天科合达、天岳先进、同光股份、烁科晶 | | --- | --- | --- | | 体、合盛新材料、三安半导体、东尼电子、中电化合物、芯聚能、安海半导体、凌锐半导体、士兰微、泰 | | | | 坦未来、恒普技术、华卓精科、快克芯装备、京航特碳、奥亿达半导体及成都炭材等已确认参编《2025 | | | | 碳化硅衬底与外延产业调研白皮书》及《2025碳化硅器件与 模块产业调 | | | | 研白皮》， | 参编咨询 | 请联系许若冰 | | （hangjiashuo999）。 | | | 自2024年Meta宣布其AR眼镜采用碳化硅光波导镜片以来，这一动向迅速成为行业焦点，一场由材料革 新驱动的AR眼镜升级潮已然爆发。 值得关注的是，XREAL、雷鸟创新、慕德微纳、广纳四维等AR眼镜及硬件厂商已在加速碳化硅光波导布 局，与此同时，天岳先进、天科合达、烁科晶体、同光半导体、浙江晶瑞、山西天成、乾晶半导体等碳化硅 衬底企业也在迅速跟进，整个行业呈现出极高的技术热情与市场活力。 然而，碳化硅光波导的规模化应用仍面临关键掣肘——衬底成本。为破解这一难题，本期【产业透视】深 度对话 天岳先进、天科合 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：688234 证券简称：天岳先进 公告编号：2025-040 山东天岳先进科技股份有限公司 2024年年度股东大会决议公告 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 16 日 （二） 股东大会召开的地点：山东省济南市槐荫区天岳南路 99 号天岳先进公司 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 108 | | --- | --- | | 普通股股东人数 | 108 | | 2、出席会议的股东所持有的表决权数量 | 265,802,332 | | 普通股股东所持有表决权数量 | 265,802,332 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 62.1462 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 62.1462 | （四） 表 ...

国浩律师（上海）事务所 上海市山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 电话: （8621） 5234-1668 传真: （8621） 5243-3320 网址：http://www.grandall.com.cn 关于 山东天岳先进科技股份有限公司 2024 年年度股东大会 之 法律意见书 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于山东天岳先进科技股份有限公司 2024 年年度股东大会之法律意见书 致：山东天岳先进科技股份有限公司 山东天岳先进科技股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"）现场会议于 2025 年 5 月 16 日（星期五）下午 14:30 在山东省济南市槐荫区天岳南路 99 号天岳先进公司会议室召开。国浩律师 （上海）事务所（以下简称"本所"）接受公司的委托，指派陈杰律师、李晗律 师（以下简称"本所律师"）出席本次股东大会现场会议并见证。现依据《中华 人民共和国公司法》《中华人民共和国证券法》和《山东天岳先进科技股份有限 公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师按照有 ...

Core Viewpoint - The article discusses the latest financial reports and market insights from various silicon carbide (SiC) companies, highlighting growth opportunities and challenges in the SiC industry. Group 1: Company Financial Performance - Infineon reported Q2 2025 revenue of €3.591 billion (approximately ¥29 billion) and a profit of €601 million (approximately ¥4.84 billion), with a profit margin of 16.7% [2] - ON Semiconductor's Q1 2025 revenue was $1.4457 billion, with a GAAP gross margin of 20.3% and a net loss of $486.1 million [7][6] - Wolfspeed's Q3 2025 revenue was $185.4 million (approximately ¥1.31 billion), with a gross loss of $22.5 million [13][11] - Tianyue Advanced reported Q1 2025 revenue of ¥410 million and a net profit of ¥8.52 million, with R&D investment of ¥44.94 million [14] Group 2: Market Insights and Trends - Infineon introduced its first SiC trench MOSFET product, which is expected to drive business growth despite a forecasted slowdown in SiC revenue growth for FY2025 [5][8] - ON Semiconductor is experiencing increased demand for SiC components in the automotive sector, particularly in China, where nearly 50% of new models are expected to use their SiC devices [9] - Tianyue Advanced anticipates strong demand for SiC in electric vehicles, photovoltaic energy storage, and AI data centers, emphasizing the technological barriers in SiC substrate production [16] Group 3: Product Developments - Infineon's SiC MOSFETs are noted for their superior area efficiency and performance compared to competitors [8] - ON Semiconductor's fourth-generation EliteSiC MOSFETs are expected to enhance their market position and revenue potential [10] - Wolfspeed's 8-inch SiC device factory contributed $78 million (approximately ¥560 million) in revenue, showing significant growth [15]