研报掘金丨东吴证券：维持晶盛机电“买入”评级，SiC衬底应用打开公司成长空间

Core Viewpoint - The successful commissioning of the first 12-inch silicon carbide (SiC) substrate processing pilot line at Jingrui SuperSiC marks a significant advancement for Jingcheng in the global SiC substrate technology, transitioning from a follower to a leader in the industry [1] Group 1: Company Developments - The pilot line at Jingrui SuperSiC achieved full domestic equipment development, realizing 100% localization from crystal growth to processing and testing [1] - Jingcheng has overcome key challenges in 12-inch SiC crystal growth, including temperature field uniformity and crystal cracking, achieving a technological breakthrough in large-size crystal growth [1] - The company has successfully produced 12-inch conductive silicon carbide crystals, enhancing its production capabilities [1] Group 2: Industry Implications - SiC materials are expected to significantly improve the heat dissipation of CoWoS structures and reduce packaging size due to their high thermal conductivity and wide process window [1] - The high hardness and thermal stability of SiC materials support the introduction of etching processes, effectively increasing production capacity and yield [1]