SICC CO.(SH:688234) Zhi Tong Cai Jing·2025-07-30 22:50Core Viewpoint - Tianyue Advanced is a leading player in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide (SiC) substrates, and is ranked among the top three global manufacturers with a market share of 16.7% in 2024 [3][4]. Company Overview - The company specializes in SiC substrates, which are essential for the new energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, and more [3]. - Tianyue Advanced is one of the few companies capable of mass-producing 8-inch SiC substrates and has pioneered the commercialization of 2-inch to 8-inch substrates, as well as the introduction of 12-inch substrates [3][4]. Market Position - The global SiC substrate market is highly competitive, characterized by rapid technological advancements and changing customer preferences, with the top five market participants holding a combined market share of 68.0% [4]. - The global power semiconductor device market is expected to reach USD 19.7 billion by 2030, with a compound annual growth rate (CAGR) of 35.8% from 2024 to 2030 [4]. Financial Performance - In the fiscal years 2022, 2023, and 2024, Tianyue Advanced reported revenues of approximately RMB 417 million, RMB 1.25 billion, and RMB 1.77 billion, respectively, with a profit of RMB 1.79 million in 2024 [5][7]. - The company experienced a loss of RMB 1.76 billion in 2022, which decreased to RMB 0.46 billion in 2023, and turned profitable in 2024 with a profit of RMB 1.79 billion [5][7].