天岳先进：国内领先的碳化硅衬底龙头

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 66.78 RMB per share based on a 90x PE for 2025 [1]. Core Views - The company specializes in the research, production, and sales of silicon carbide (SiC) substrates, which are widely used in communications, new energy vehicles, and photovoltaic energy storage. With the early ramp-up of its Lingang factory and the mass shipment of conductive substrates, the company is expected to see continuous revenue growth, with a projected revenue and net profit growth of 55% and 310% year-on-year for the first three quarters of 2024, respectively [1]. - The report highlights two main concerns regarding the SiC substrate market: the significant short-term price decline due to rapid capacity release and the potential for market saturation, and the long-term growth potential of SiC substrates as their price gap with traditional silicon substrates narrows, facilitating deeper penetration into downstream applications [1]. Summary by Sections Investment Logic - The company focuses on SiC single crystal substrate development, production, and sales, with applications in various fields including new energy vehicles and communication [1]. - The report notes that the global 6-inch SiC substrate capacity is rapidly increasing, leading to downward price pressure, while the company is positioned to achieve cost optimization through large-size substrate technology breakthroughs [1]. - The long-term outlook for SiC substrates is positive, with predictions indicating that the automotive sector's share of SiC will increase from 65% in 2023 to 86% by 2028 [1]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 1.681 billion, 2.3 billion, and 3.099 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 37%, and 35% [1]. - The net profit forecast for the same period is 190 million, 319 million, and 448 million RMB, with growth rates of 537%, 68%, and 40% [1]. - The report emphasizes the company's potential to leverage its capacity and technological advantages to enhance efficiency and expand market share [1].