SICC CO.(SH:688234) Ge Long Hui·2025-08-05 01:41Group 1 - Tianyue Advanced Technology Co., Ltd. has successfully passed the Hong Kong Stock Exchange's main board listing hearing, positioning itself as a leading supplier in the global market for 8-inch conductive substrates [1] - The company is the second-largest supplier of conductive substrates globally, which will provide strong capital momentum for its rapid expansion [1] Group 2 - Silicon Carbide (SiC) is emerging as a key player in the semiconductor industry, driven by its advantages in breakdown voltage, power density, high-temperature resistance, and high-frequency performance [2][3] - The demand for SiC power devices is growing significantly in sectors such as electric vehicles, photovoltaic energy storage, and grid upgrades, making SiC a core component for improving conversion efficiency [3] Group 3 - The AI infrastructure competition is increasing the demand for efficient cooling and energy-saving technologies, with SiC devices playing a crucial role in enhancing power supply unit efficiency in AI data centers [4] - The introduction of SiC materials in consumer electronics, particularly in AR glasses, is expected to revolutionize the market due to their superior optical properties [4][5] Group 4 - The SiC power device market is projected to grow at a compound annual growth rate (CAGR) of 35.2% from 2024 to 2030, reaching a market size of $19.7 billion by 2030 [5] - Tianyue Advanced is recognized as a leading player in the global SiC substrate market, with a market share of 16.7% in 2024, ranking among the top three manufacturers [10][11] Group 5 - The company has demonstrated significant financial growth, with revenue increasing from 417 million yuan in 2022 to 1.251 billion yuan in 2023, marking a 199.9% increase [14] - Tianyue Advanced achieved profitability in 2024, with a net profit of 179 million yuan, reversing previous losses [14][15] Group 6 - The company has established solid partnerships with major global power semiconductor manufacturers, enhancing its position in the high-performance computing sector [15][16] - Tianyue Advanced's global revenue share from outside mainland China increased from 12.6% in 2022 to 47.8% in 2024, indicating a strong international expansion strategy [16]