SICC CO.(688234) 全景网· Quan Jing Wang·2025-04-30 02:57Core Viewpoint - Tianyue Advanced continues to maintain its industry-leading position in the wide bandgap semiconductor materials sector, despite a slight decline in revenue due to falling product prices, with a focus on expanding market share and investing in R&D for new applications [1][2][3]. Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 410 million yuan, showing a slight year-on-year decline, but significantly outperforming other companies in the industry [1][2]. - The company's R&D expenditure increased to 44.94 million yuan, representing 11.02% of its revenue, primarily due to investments in large-size products and emerging applications [4][6]. Group 2: Market Position and Growth - Tianyue Advanced's product shipment volume continues to grow, and it is projected to maintain a top-three position in the global conductive silicon carbide substrate market by 2024 [2][3]. - The company is well-positioned to benefit from the increasing demand for silicon carbide in applications such as AI, electric vehicles, and smart grids, driven by the ongoing technological revolution [2][3]. Group 3: Technological Advancements - The company has made significant innovations, including the launch of 12-inch silicon carbide substrates, enhancing its competitive edge in the market [3][6]. - Tianyue Advanced has developed core technologies across various stages of production, including equipment design and substrate processing, which are crucial for maintaining its market leadership [4][6]. Group 4: Emerging Applications - The company is focusing on the application of optical-grade silicon carbide materials in AR glasses, which is expected to open new avenues for growth in consumer electronics [4][5]. - The expanding application fields for silicon carbide include power semiconductor devices, RF semiconductor devices, and various industries such as electric vehicles and telecommunications [5][6].