[Table_Title] 新旧动能切换+供给竞争转势， 碳化硅衬底进击再成长 行业研究丨深度报告丨半导体与半导体生产设备 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 碳化硅产业正经历新旧动能切换与供给格局重塑的双重跃迁。需求侧，应用场景由新能源汽车、 光伏等传统领域加速向 AI 芯片散热延伸，算力驱动的新增需求具备更高增速与长期确定性，与 稳健基本盘形成双轮驱动。供给侧，国内企业率先突破 12 英寸衬底全品类研发并推进中试量 产，龙头产能加速落地，同时海外龙头 Wolfspeed 因持续巨额亏损进入破产重组，全球供应链 主导权加速向中国转移。国内衬底企业有望充分攫取"算力β+国产α"双重红利，推动碳化硅 从材料供应商跃升为算力基础设施核心赋能者，开启量价齐升的进击式成长新周期。 分析师及联系人 [Table_Author] 杨洋 钟智铧 SAC：S0490517070012 SAC：S0490522060001 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% research.9557 ...

While it has a better balance sheet, problems persist.Coming out of bankruptcy, Wolfspeed (WOLF 5.40%) was expected to offer investors a way to play the silicon carbide market without the shackles of its overly burdensome debt. However, the company's fiscal second-quarter earnings report showed that many of the problems that plagued the company and led to its bankruptcy still exist.NYSE : WOLFWolfspeedToday's Change( -5.40 %) $ -0.85Current Price$ 14.89Key Data PointsMarket Cap$408MDay's Range$ 14.85 - $ 16 ...

Group 1 - The company offers income-focused investment options for those preferring lower-risk firms with consistent dividend payouts, demonstrating a strong track record of outperforming across various market conditions over the past decade [1] - Value Investor's Edge has achieved an annualized return of nearly 40% with a long-only model portfolio return exceeding 23 times over the last ten years [1] Group 2 - The analyst has previously covered Wolfspeed, Inc. (WOLF), indicating that this article serves as an update to earlier analyses of the company [2] - The analyst has a historical focus primarily on tech stocks but has expanded coverage to include the offshore drilling, supply, and shipping industries, as well as the emerging fuel cell industry [3]

Financial Performance - For the period from September 30, 2025, to December 28, 2025, net revenue was $168.5 million, a decrease of $12 million or 6.6% compared to the three months ended December 29, 2024, which had revenue of $180.5 million[203]. - The cost of revenue for the Successor period was $246.8 million, resulting in a gross loss of $78.3 million, compared to a gross loss of $37.2 million in the prior period[203]. - Net loss for the Successor period was $150.6 million, compared to a net income of $1,063.8 million in the prior period, reflecting a significant change due to the restructuring[203]. - The operating loss for the Successor period was $158.4 million, an improvement of $164.6 million or 51.0% compared to an operating loss of $323.0 million in the previous period[203]. Revenue Breakdown - Power products generated $118.3 million in revenue, accounting for 70.2% of total revenue, while materials products contributed $50.2 million, representing 29.8%[203]. - Net sales of Power Product offerings increased to $118.3 million, representing 70.2% of total revenue, driven by automotive and industrial applications[212]. - Net sales of Materials Product offerings decreased due to lower volumes, with a significant drop in revenue from long-term supply agreements compared to fiscal 2025[206]. Expenses - Research and development expenses were $24.9 million, a decrease of $19 million or 43.9% compared to $44.4 million in the previous period[203]. - Sales, general and administrative expenses were $29.4 million, down by $22 million or 42.5% from $51.1 million in the prior period[203]. - Restructuring and other operating expenses decreased by 83% to $28.2 million, primarily due to reduced restructuring charges[208]. - Research and development costs decreased to $24.9 million, reflecting planned reductions in wafer spend and lower personnel costs[212]. Cash Flow and Liquidity - Cash and cash equivalents increased to $1,028.8 million as of December 28, 2025, up $561.6 million from $467.2 million on June 29, 2025[217]. - Net cash used in operating activities for the period from September 30, 2025, to December 28, 2025, was ($42.6) million, a decrease of approximately $262 million compared to the same period in the previous year[217]. - Cash provided by investing activities increased by $1.3 billion compared to the six months ended December 29, 2024, primarily due to a planned decrease in capital expenditures and receipt of $700 million in refundable tax credits[221]. - Net cash used in financing activities increased by $617 million, primarily due to $565 million used to repay senior secured notes related to Chapter 11[221]. - The company reduced its overall debt by approximately 70%, or $4.6 billion, following the emergence from Chapter 11[218]. - The company has take-or-pay inventory supplier agreements requiring a minimum of $174 million in purchases over the next four years[219]. - As of December 28, 2025, the company did not have any off-balance sheet arrangements, ensuring liquidity and capital resources are not subject to off-balance sheet risks[222]. Strategic Focus - The company is focused on accelerating its path to profitability, advancing technology leadership, and driving operational excellence as part of its long-term growth strategy[198]. - The company continues to explore opportunities for product adoption in new industries such as AI, datacenters, grid modernization, and renewable energy[199]. - The company continues to evaluate strategic opportunities, including potential acquisitions and joint ventures, and may access capital markets for funding[220]. Accounting and Restructuring - The company emerged from Chapter 11 bankruptcy on September 29, 2025, adopting fresh start accounting, which resulted in a new basis of accounting[195][196]. - A $23 million increase in work-in-progress and finished goods inventory was recognized in cost of revenue due to fresh start accounting[206]. - Interest expense decreased significantly due to lower outstanding debt obligations following the emergence from Chapter 11[210]. - Non-operating expense increased to $67 million, primarily due to changes in the fair value of liability-classified derivative contracts[211]. - The company expects to incur significant underutilization costs until market demand meets production capacity[206]. - The company emerged from Chapter 11 on September 29, 2025, issuing new secured financing totaling $2.1 billion, including $1.3 billion in new Senior Secured Notes due 2030[215].

二季度财报公布后，Wolfspeed股价下跌18.1%。 来源：滚动播报 ...

Group 1 - Qualcomm's stock fell by 9.6% due to Q2 earnings guidance that did not meet expectations [1] - Wolfspeed's stock dropped by 22.7% as both Q2 earnings per share and sales figures fell short of forecasts [1] - Google's stock decreased by 6.2% despite exceeding earnings expectations, attributed to capital expenditure guidance that was significantly higher than anticipated [1] Group 2 - NIO's stock rose by 7.1% after reporting its first-ever adjusted operating profit in a single quarter [1] - Dingdong Maicai's stock declined by 13.5% following Meituan's proposal to acquire the company for $717 million [1]

Core Insights - Wolfspeed, Inc. (NYSE:WOLF) is a significant player in the semiconductor industry, focusing on silicon carbide and gallium nitride materials for power and radio frequency applications [1] Financial Performance - The company reported an earnings per share (EPS) of -$6.11, which is significantly lower than the anticipated EPS of -$0.73, indicating ongoing financial difficulties [2][6] - WOLF's revenue for the quarter was $168.5 million, slightly below the forecasted $170 million, but it achieved a 50% quarter-over-quarter increase in AI data center revenue, suggesting potential for future growth [3][6] Financial Restructuring - WOLF benefited from approximately $700 million in Section 48D cash tax refunds, using $175 million to pay down long-term debt, which has strengthened its capital structure [4][6] - As of December 28, 2025, the company had $1.3 billion in cash, cash equivalents, and short-term investments, allowing for a concentrated focus on core business operations [4] Financial Ratios - The company has a negative price-to-earnings (P/E) ratio of -1.37, but a strong current ratio of 7.73, indicating its ability to meet short-term obligations [5] - WOLF's negative debt-to-equity ratio of -6.77 suggests a higher level of liabilities compared to equity, while its enterprise value to sales ratio is 9.47, reflecting its market valuation relative to sales [5]

Core Viewpoint - The Belgian government is in discussions with French utility Engie regarding potential extensions of the country's nuclear reactors [1] Group 1 - The talks have resumed, indicating a renewed interest in nuclear energy as part of Belgium's energy strategy [1]

Wolfspeed (NYSE:WOLF) Q2 2026 Earnings call February 04, 2026 05:00 PM ET Company ParticipantsBrian Lee - Chief Risk OfficerGregor van Issum - CFOJed Dorsheimer - Group Head Energy ResearchJoe Cardoso - VP of Equity ResearchRobert Feurle - CEOTyler Gronbach - VP of Investor RelationsConference Call ParticipantsChristopher Rolland - Senior Equity Analyst of SemiconductorsOperatorThank you for standing by, and welcome to the Wolfspeed Inc. Second Quarter Fiscal Year 2026 earnings call. At this time, all parti ...

Financial Data and Key Metrics Changes - The company generated $168 million in total revenue for Q2, aligning with the midpoint of the guidance range provided last quarter [19] - Power revenue was $118 million, with Mohawk Valley contributing approximately $75 million, reflecting a mix of weaker automotive market and fast-growing mid to high-voltage revenue [19] - Non-GAAP gross margin for Q2 was -34%, impacted by Fresh Start Accounting and underutilization costs [20][21] - Adjusted EBITDA for Q2 was negative $82 million, largely affected by Fresh Start Accounting implications and underutilization [22] Business Line Data and Key Metrics Changes - AI data center revenue grew by 50% quarter-over-quarter, indicating strong traction in this segment [11] - Power revenue is linked to good traction in AI and data center space, while materials revenue was $50 million, driven by tightening demand and increased competition [19][20] - The company has transitioned its entire device platform to a higher efficiency, 200mm manufacturing, completing the shutdown of all 150mm ahead of schedule [8] Market Data and Key Metrics Changes - The automotive market remains volatile, with muted EV demand due to macroeconomic factors such as higher interest rates and excess supply [9][10] - The company is seeing strong momentum in AI data centers, with expectations of significant growth in power density and efficiency requirements [11] - The U.S. government has recognized silicon carbide as strategically significant to national security, enhancing the company's position in defense and aerospace markets [14] Company Strategy and Development Direction - The company is focusing on diversifying its revenue base across four key verticals: automotive, industrial and energy, aerospace and defense, and materials [9] - A commitment to strict financial discipline, advancing technology leadership, and driving operational excellence is central to the company's strategy [5][6] - The company aims to leverage its vertically integrated 200mm footprint to enhance its competitive position in both devices and materials [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic demand environment, particularly in the EV market, but remains optimistic about long-term growth driven by electrification and silicon carbide adoption [31] - The company expects revenues for Q3 to be between $140 million and $160 million, primarily due to accelerated customer purchases in Q1 and ongoing softness in EV demand [29][30] - Management emphasizes the importance of maintaining a strong balance sheet and cash position to support strategic priorities [24] Other Important Information - The company has received $700 million in cash tax refunds and has a cash position of $1.3 billion, enhancing liquidity [7][24] - Fresh Start Accounting has resulted in a reset of the company's financials, impacting comparability with prior periods [26][28] - The company has completed the distribution of equity shares to Renesas and legacy shareholders, with total shares outstanding now at 45.1 million [28] Q&A Session Summary Question: Insights on key segments like AI, grid modernization, and data centers - Management is pivoting from a focus solely on EVs to a more application-oriented approach, emphasizing automotive, industrial energy, and aerospace and defense [34] Question: Financials and balance sheet expectations - Management is exploring refinancing options for first lien debt and is aware of the high cost of capital [36][38] Question: AI data center revenue specifics - AI data center revenue consists of multiple applications, including energy generation, storage systems, and solid-state transformers [44] Question: Stability and growth outlook - The transition from 150mm to 200mm devices is complete, and management is optimistic about long-term growth despite current market volatility [48] Question: Wolfspeed's positioning in the EV market - The partnership with Toyota highlights the company's commitment to quality and its ability to meet customer needs in the EV space [62]