研报掘金丨中邮证券：维持晶盛机电“买入”评级，碳化硅驱动新增长

Group 1 - The core viewpoint of the articles highlights the technological advancements made by the company in the field of silicon carbide (SiC) crystal growth, particularly the successful development of a 12-inch conductive SiC crystal through innovative temperature field design and gas-phase raw material distribution processes [1][2] - The company has developed a range of SiC crystal growth and processing equipment, including grinding, cutting, thinning, chamfering, polishing, cleaning, and testing, which not only meets the demand for large-scale production of SiC substrates but also strengthens its core competitiveness in the SiC substrate sector [1] - The company is capitalizing on the industry trend of shifting towards 8-inch SiC production, leveraging its core technological advantages in SiC equipment to promote 8-inch SiC epitaxy and 6-8 inch thinning equipment, which lays a solid foundation for large-scale production [2] Group 2 - The company’s semiconductor business is experiencing continuous growth, benefiting from the ongoing development of the semiconductor industry and the acceleration of domestic production processes, with unfulfilled contracts for integrated circuits and compound semiconductor equipment exceeding 3.7 billion yuan (including tax) as of June 30, 2025 [2] - The company maintains a "buy" rating, indicating positive market sentiment and confidence in its future performance [2]