天岳先进释放重磅信号：AI眼镜光学衬底发展将会“惊心动魄”

Core Viewpoint - Tianyue Advanced achieved significant revenue growth and profitability in 2024, with a revenue of 1.768 billion yuan, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, marking a turnaround from losses [2]. Industry Overview - The silicon carbide substrate market in China has experienced notable price adjustments since 2024, particularly with a decline in the price of 6-inch substrates. The market is characterized by competition primarily in industrial-grade substrates, while automotive-grade substrates remain in high demand due to stringent reliability and safety requirements [3]. - Tianyue Advanced is the second-largest manufacturer of conductive silicon carbide substrates globally, holding a market share of 22.80% [3]. Product Development - The company is focusing on large-size silicon carbide substrates, having upgraded its production from 2-inch to 8-inch substrates and planning to launch the industry's first 12-inch substrate in 2024. This transition is seen as a necessary evolution similar to the shift from 6-inch to 12-inch silicon wafers [4]. - The demand for silicon carbide materials is expected to surge as cost-effectiveness improves, with large-size substrates playing a crucial role in achieving this goal [4]. Research and Development - In Q1 2025, Tianyue Advanced's R&D expenses reached 44.94 million yuan, a 101.67% increase year-on-year, representing 11.02% of its revenue. This increase is attributed to investments in strategic products, particularly optical products for AI glasses [5]. - The company is actively investing in the optical substrate sector for AI glasses, which is anticipated to revolutionize consumer electronics by enhancing human-computer interaction [6]. Market Trends - The application of silicon carbide in the electric vehicle sector has been growing rapidly, with a compound annual growth rate (CAGR) of 66.7% from 2019 to 2023. The electric vehicle market is projected to maintain a CAGR of 36.1% from 2024 to 2030, driving the growth of silicon carbide power semiconductor devices [7]. - Tianyue Advanced's production capacity is expanding, with its Shanghai Lingang factory achieving an annual production capacity of 300,000 conductive substrates ahead of schedule in 2024 [8]. Strategic Expansion - The company plans to use funds from its upcoming Hong Kong IPO to expand its production capacity for 8-inch and larger silicon carbide substrates, including domestic and overseas production bases [8]. - Despite concerns about potential overcapacity in the silicon carbide industry, Tianyue Advanced believes that the high technical barriers will prevent a scenario similar to that of the photovoltaic industry [8][9].