天岳先进：发布业内首款12英寸碳化硅衬底

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company has launched the industry's first 12-inch silicon carbide substrate, marking a significant advancement in the wide bandgap semiconductor industry, which is expected to enhance chip yield and reduce unit costs [5][6]. - The company has successfully entered the supply chains of major international manufacturers, with its silicon carbide substrates being recognized for their quality and consistency [6][7]. - The company's production capacity is steadily increasing, with its Shanghai Lingang factory projected to achieve an annual production capacity of 300,000 conductive substrates by mid-2024 [6]. - The company has made strategic advancements in 8-inch substrates, achieving domestic replacement and initiating bulk sales to overseas clients [7]. Financial Projections - The company is expected to achieve a net profit attributable to the parent company of 200 million, 373 million, and 563 million yuan for the years 2024, 2025, and 2026, respectively [8]. - Revenue projections for the years 2024 to 2026 are 1.685 billion, 2.401 billion, and 3.142 billion yuan, reflecting growth rates of 34.75%, 42.50%, and 30.84% respectively [10][12]. - The company's EBITDA is projected to grow significantly, reaching 773.24 million yuan in 2025 and 987.33 million yuan in 2026 [10].