作 者 | Henrik Alex 编译 | 华尔街大事件 周二收盘后，碳化硅半导体解决方案提供商 Wolfspeed( NYSE: WOLF ) 的股价暴跌逾 60%， 创下历史新低，此前《华尔街日报》 报道称 ，该公司准备在" 数周内 " 申请破产， 据称该公 司拒绝了债权人庭外重组债务的尝试。 尽管该公司在第一季度末拥有 13 亿美元的非限制性现金，并且没有面临任何近期债务到期或 违反契约的情况，但该公司能否获得拜登政府去年批准的 7.5 亿美元 CHIPS 法案资金变得越 来越不确定。 为了获得 CHIPS 法案的资助，Wolfspeed 需要为近 31 亿美元的可转换债务进行再融资，对于 一家在过去两年中遭受超过 20 亿美元现金流出的公司来说，这似乎是一项艰巨的任务。 只要该计划被认为是公平合理的，破产法院就可以选择确认该计划，尽管债权人反对，但在大 多数情况下，公司会尽力确保优先债权人的批准。 总体而言，Wolfspeed 背负着 66.5 亿美元的债务： | | | | March 30, 2025 | | | --- | --- | --- | --- | --- | | (in milli ...

要闻提示 NEWS REMIND 1. 众泰汽车亏损10亿元销量仅14辆，高管薪酬却高达954.91万元，一众高管被警示 2. 曝一汽南京公司全员解散：赔偿N+4或回总部调岗不赔偿 3. 曝快手鼓励员工带薪刷短视频，每天须刷一小时，未达标将影响绩效 4. 余承东称自己发烧38度仍坚持上班：自嘲意志力过强也是有问题 众泰汽车亏损10亿元销量仅14辆，高管薪酬却高达954.91万元，一众高管被警示 5月21日消息，据报道，日前，浙江证监局发布关于对众泰汽车及公司董事长胡泽宇等7人采取出具警示函 措施的决定。浙江证监局披露显示，1月15日，众泰汽车披露《关于前期会计差错更正及追溯调整的公 告》，对披露的2021年—2024年半年度相关定期报告财务数据进行更正。上述事项反映出公司此前披露 的相关报告财务信息不准确。 而在4月份，众泰汽车发布的2024年业绩报告显示，2024年，众泰汽车营业收入为5.58亿元，同比下滑 23.96%；归属于上市公司股东净利润为-10亿元，同比增亏6.82%；归属于上市公司股东的扣非净利润 为-14.69亿元，同比增亏49.28%。高管薪酬方面，2024年众泰汽车董监高薪酬总额达954. ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

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]

Core Viewpoint - Wolfspeed (WOLF) has experienced significant stock declines, with a 13.8% drop since its third-quarter fiscal 2025 results and a 42.6% decline year-to-date, underperforming both the Zacks Computer and Technology sector and the Semiconductor – Discretes industry [1] Financial Performance - The company reported fiscal third-quarter revenues of $185 million, a 7.6% year-over-year decline, and fell 0.48% short of the Zacks Consensus Estimate [5] - The revenue drop was primarily due to a slowdown in the Materials segment, which generated $78 million, reflecting weakened demand from material customers [5] - Underutilization costs of $26.3 million linked to the ramp-up phase of the Mohawk Valley Fab have significantly impacted the company's gross margin [6][7] Debt Obligations - Wolfspeed faces substantial debt obligations, including a $575 million payment due next year for convertible bonds, with total debt escalating to $6.5 billion [3] - The company is negotiating a $600 million refinancing package with creditors to restructure liabilities and secure working capital [3] Financial Stability Concerns - Despite holding $1.3 billion in cash and anticipating over $600 million in tax refunds through the CHIPS Act, the company's financial stability remains uncertain [4] - Wolfspeed has issued warnings about its ability to continue as a going concern, citing challenges in refinancing and delays in expected federal funding [4] Earnings Estimates - The Zacks Consensus Estimate for fiscal 2025 revenues is $756.74 million, indicating a 6.25% decrease from the previous year [8] - The consensus estimate for the fiscal 2025 bottom line is a loss of $3.34 per share, a decline from the year-ago quarter's reported loss of $2.59 per share [8] Market Position - Wolfspeed has underperformed its competitors, with shares of SolarEdge Technologies, CommScope, and Himax Technologies gaining 32.9%, 11.2%, and 5.7%, respectively, over the same timeframe [2]

5月15日，由"行家说三代半"主办的【 电动交通&数字能源SiC技术应用及供应链升级大会】将在 上海浦东新区 隆重举行。 本次大会重点企业云集， 三菱电机、意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、大族半导体、香港大学、士兰微、长飞先进、宏 微科技、利普思、昕感科技、国扬电子、国基南方、芯长征、同光半导体、合盛新材料、瀚天天成、芯研科、国瓷功能材料、 季华恒一等厂商将带来最 新观点及技术， 众多行业人士亦齐聚一堂，共 同探索产业发展机遇与方向。 目前，会议仅剩少数席位， 欲参会者可 扫码报名 ，锁定本次交流机会。同时，我们也为参会者整理了一份参会攻略，包括会议时 间、地点、签到流程等，详情如下： 会议时间&地点 会议时间：5月15日 09:00-17:30 为保障 及时入场就座 ，建议各位参会人士在当日上午9点前抵达会议地点 并完成签到，具体信息请往下看。 会议地点： 上海锦江汤臣洲际大酒店2楼汤臣堂 从 上海浦东国际机场至酒店 ： 全程约37公里，直接打车至酒店约需45分钟；公共交通方面，可在机场乘坐磁悬浮列车至龙阳 路站，再从龙阳路地铁站乘坐2号线至世纪大道地铁站，在12号口出站步行 ...

插播： 倒计时3天！ 三菱电 本届盛会受到了产业链企业高度关注和支持，将 邀请众多SiC产业大咖， 聚焦8英寸SiC关键 量产技术，以及车规级SiC芯片与模块制造所面临的难题等核心维度，共同致力于助力SiC产业达成高质量 技术降本的目标， 探讨未来的机遇，并针对 SiC终端应用 的关键技术展开深入讨 论。 机、意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、大族半导体、香港大学、 士兰微、长飞先进、宏微科技、利普思、昕感科技、国扬电子、国基南方、芯长征、合盛新材 料、瀚天天成、芯研科、国瓷功能材料、季华恒一等邀您参加上海 "电动交通&数字能源SiC技 术应用及供应链升级大会"，点击文章底部 "阅读原文" 即可报名参会。 5月15日，行家说将 在上海举 办 "电动交通&数字能源SiC技术应用及供应链升级大会" 。 往届盛况 本次上海碳化硅大会已经开启报名登记，扫描下方二维码即可报名，欢迎大家报名参会，联手众多产业大 咖共同促进新能源和SiC行业持续健康发展！ 会议距离正式召开 仅剩3天 ， 本次碳化硅会议到底有哪些亮点？"行家说三代半"给大家剧透一下。 亮点一： 名企荟萃，近20家SiC企业亮相 ...

Group 1 - The global N-type SiC substrate industry revenue is expected to decline by 9% in 2024, reaching $1.04 billion due to weakened automotive and industrial demand, increased market competition, and significant price drops [1] - Despite facing dual pressures of weak demand and oversupply in 2025, the long-term growth trend for SiC remains unchanged, with broader applications anticipated, especially in the industrial sector [1] - The intense market competition is expected to accelerate industry consolidation, reshaping the development landscape of the SiC substrate market [1] Group 2 - Wolfspeed maintains its position as the leading supplier in the SiC materials market with a market share of 33.7% in 2024, despite operational challenges [4] - Chinese companies TanKeBlue and SICC are rapidly developing, with market shares of 17.3% and 17.1%, respectively, ranking second and third [4] - The 6-inch SiC substrate is expected to continue dominating the market due to rapid price declines, while the 8-inch substrate is seen as essential for further cost reduction and technology upgrades, with an estimated market share of over 20% by 2030 [4]

Group 1 - The article discusses the ongoing challenges faced by Wolfspeed (NYSE: WOLF) as it transitions into a silicon carbide provider, leading to significant capital expenditures and substantial operating losses [1] - The transition to silicon carbide has not yielded the expected results, indicating a prolonged period of difficulties for the company [1] - The investing group "Value In Corporate Events" focuses on identifying opportunities in major corporate events such as IPOs, mergers & acquisitions, and earnings reports, providing coverage of 10 significant events monthly [1]

Group 1 - The article suggests that there are opportunities in undervalued stocks that are mispriced by the market as of May [1] - It emphasizes the importance of conducting personal research before making investment decisions [3] - The article does not provide specific stock recommendations or advice on suitability for particular investors [4]