天岳先进股价近期走弱，业绩转亏与行业价格战成主因

Group 1: Company Performance - Tianyue Advanced's stock price closed at 91.24 yuan on February 13, 2026, down 1.47% for the day, with a cumulative decline of 2.08% over the past five days and 17.94% over the past twenty days, underperforming the Shanghai Composite Index and the semiconductor sector [1] - The company announced a revenue forecast of 1.45 to 1.5 billion yuan for 2025, representing a year-on-year decline of 15.17% to 17.99%, and a net loss of 185 to 225 million yuan, a significant drop from a profit of 179 million yuan in 2024 [2] - The main reasons for the loss include a decrease in substrate prices, increased R&D and sales expenses, foreign exchange losses, and asset impairment provisions [2] Group 2: Industry Conditions - From 2024 to 2025, the global price of 6-inch silicon carbide substrates is expected to decline by nearly 30%, with some product prices approaching the cost line for domestic manufacturers [3] - Industry overcapacity, slowing demand for new energy vehicles, and intensified price competition have led to a price war, which has negatively impacted Tianyue Advanced's revenue despite an increase in substrate sales [3] Group 3: Financial and Technical Aspects - To maintain technological leadership, the company continues to invest in R&D for 8-inch and 12-inch large-size substrates, with R&D expenses increasing by 34.93% year-on-year to 75.8467 million yuan in the first half of 2025 [4] - Historical tax payments of approximately 82.97 million yuan and foreign exchange losses due to currency fluctuations have further squeezed profit margins [4] - On February 10, there was a net outflow of 40.266 million yuan in main funds, accounting for 8.08% of total trading volume, indicating market concerns about short-term performance risks [5] Group 4: Stock Price Trends - The stock price has experienced increased volatility, reaching a low of 91.24 yuan on February 13, down approximately 7.8% from a high of 98.99 yuan on January 16 [6] - Some technical indicators, such as KDJ, are at low levels, but market pessimism regarding the price war and the company's profitability has not been fully digested [6] Group 5: Industry Policy Landscape - On February 12, Shenzhen released an AI industry action plan aimed at strengthening the semiconductor industry through AI chips, but it does not directly alleviate the price competition pressure in the silicon carbide substrate sector [7] - Long-term opportunities exist for silicon carbide in the 800V platform for new energy vehicles and AI data centers, but short-term focus should be on the impact of price wars on small and medium-sized manufacturers [7]