SICC CO.(688234) 新浪财经·2025-03-28 08:38Core Viewpoint - The company Tianyue Advanced reported a significant increase in revenue and profit for the year 2024, driven by the growing demand for silicon carbide substrates in the electric vehicle, photovoltaic, and AI sectors [1][4]. Financial Performance - The company achieved total revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37% [1]. - Net profit reached 179 million yuan, with a non-deductible net profit of 156 million yuan, marking a turnaround from previous losses [1]. Business Segmentation - By Product: The revenue from silicon carbide substrates increased significantly, with a gross margin improvement of 10.40 percentage points [3]. - By Region: Overseas revenue doubled to 840 million yuan, a 104.43% increase year-on-year, surpassing domestic revenue for the first time [7][8]. Market Trends and Developments - The growth in revenue is attributed to the accelerated penetration of silicon carbide semiconductors in key applications such as new energy vehicles and AI [4][6]. - The company has made advancements in product quality and production capacity, including the introduction of 8-inch conductive substrates and plans for a 12-inch substrate [4]. Production Capacity and R&D - The company reported a production capacity of 410,200 silicon carbide substrates in 2024, a 56.56% increase from 2023 [4]. - R&D expenses amounted to 142 million yuan, reflecting a 3.38% increase, indicating ongoing investment in technology and capacity expansion [5]. Strategic Initiatives - The company is pursuing an internationalization strategy, including plans to establish production bases overseas to enhance responsiveness to global customer demands [8]. - Tianyue Advanced has submitted an application for listing on the Hong Kong Stock Exchange, aiming for an "A+H" market presence [8].