SICC CO.(SH:688234) Shang Hai Zheng Quan Bao·2025-09-07 18:30Core Viewpoint - Tianyue Advanced has successfully developed core technology for silicon carbide (SiC) substrate materials, becoming a leader in the industry and the first domestic company to be listed in both A and H shares [2][3]. Entry into the Market - In 2010, the silicon carbide industry in China was underdeveloped, with high technical barriers and long return cycles deterring many investors. However, the company’s founder, Zong Yanmin, was determined to make breakthroughs in semiconductor materials that are urgently needed by the country [3][4]. - The company faced significant challenges, particularly in funding, but began to gain traction in 2018 as domestic companies shifted focus to local products due to changing international circumstances [3][4]. Breakthroughs in Technology - Compared to traditional silicon materials, wide bandgap semiconductor materials like SiC offer significant advantages, including high breakdown electric field, high thermal conductivity, and strong radiation resistance. The company recognized the potential of these materials and invested heavily in R&D [4][5]. - The company achieved a major breakthrough in crystal growth technology, particularly in managing stress that can lead to crystal cracking. This advancement has been recognized within the industry [4][5]. - Tianyue Advanced introduced the world's first 12-inch silicon carbide substrate at the Munich Electronics Fair, challenging the industry’s perception of technological limits [5][6]. Market Position and Achievements - The company has established a comprehensive technology system covering all key production processes and holds over 500 patents, ranking first in China and among the top five globally [5][6]. - According to a report by Fuji Economic, Tianyue Advanced is projected to capture 22.80% of the global conductive silicon carbide substrate market by 2024, positioning itself as the second-largest player worldwide [5][6]. Future Plans and Strategic Moves - The company aims to expand its global market presence and has set a vision to become an internationally renowned semiconductor company. It won the "Global Semiconductor Materials Gold Award," marking a significant recognition for a Chinese enterprise [6][7]. - Tianyue Advanced has developed a product matrix for 6/8/12-inch silicon carbide substrates and plans to continue expanding applications in various fields, including power electronics and emerging sectors like optical and acoustic materials [6][7]. - The company has established three production bases in Jinan, Jining, and Shanghai, with an annual production capacity exceeding 400,000 pieces of silicon carbide substrates and has delivered over 1 million pieces since its inception [6][7]. Collaborations and Innovations - The company is actively exploring applications for silicon carbide substrates in new areas, including AR glasses and high-performance filters, and has formed strategic partnerships to enhance its technological capabilities [7]. - Recent collaborations with Toshiba and other industry leaders aim to improve the characteristics and quality of SiC power semiconductors, further solidifying the company's position in the Japanese market [7].