【三安光电（600703.SH）】公司碳化硅产品不断迭代升级，砷化镓市场份额不断提升——跟踪报告之六（刘凯/于文龙）

Core Viewpoint - The company reported a significant increase in revenue and net profit for the third quarter of 2024, indicating strong growth and market performance [4]. Group 1: Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 11.855 billion, a year-on-year increase of 16.73%, and a net profit attributable to shareholders of 247 million, up 43.21% [4]. - In the third quarter alone, the company recorded operating revenue of 4.175 billion, reflecting a year-on-year growth of 13.27%, with net profit soaring to 6.3 million, a staggering increase of 2278.24% [4]. Group 2: Market Position and Product Development - The company is enhancing its market share in the gallium arsenide (GaAs) sector, leveraging its proprietary epitaxy and advanced R&D capabilities to provide high-quality HBT and pHEMT foundry services to major domestic and international smartphone brands [4]. - As of the end of Q2 2024, the company has a GaAs RF foundry capacity of 15,000 wafers per month, benefiting from a recovery in terminal market demand and increased penetration of high-integration RF front-end solutions [4]. - The company possesses a vertically integrated supply chain for silicon carbide (SiC), covering crystal growth, substrate preparation, epitaxy, chip processing, and packaging/testing, with a current capacity of 16,000 wafers per month for SiC and 2,000 wafers per month for silicon-based gallium nitride [5]. - The company has initiated small-scale trial production of 8-inch substrates and has launched the fifth generation of high-surge SiC diodes, targeting the photovoltaic market with industry-leading technical performance [5].