Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Insights - The global SiC (Silicon Carbide) market is projected to reach approximately $4.1 billion in 2024, with a year-on-year growth of 28.13% [3][21] - Wolfspeed, a leading SiC substrate supplier, is facing significant challenges, including a potential bankruptcy filing, due to strategic missteps and increased competition from Chinese firms [2][8] - The automotive sector is expected to dominate the SiC device market, accounting for 74% of the global power SiC device market by 2028 [9][30] Summary by Sections Industry Performance - The SW electronic industry index decreased by 0.6% from May 24 to May 30, 2025, ranking 22 out of 31 sectors [1] - The top-performing sectors included Environmental (+3.4%) and Pharmaceutical (+2.2%), while the automotive sector saw a decline of 4.1% [1] Wolfspeed's Situation - Wolfspeed reported Q3 2025 revenues of $561 million, a decrease of 7.5% year-on-year, with a gross profit of -$96 million [2][8] - The company's stock price fell over 50% in after-hours trading, prompting considerations of bankruptcy due to operational challenges and market pressures [2][8] SiC Market Dynamics - The SiC substrate and epitaxial wafer markets are projected to reach approximately 9.2 billion yuan and 8.7 billion yuan, respectively, in 2024, with year-on-year growth rates of 24.3% and 8.7% [3][23] - Domestic companies are rapidly advancing in the 8-inch SiC production, with firms like Tianyue Advanced and Sanan Optoelectronics making significant progress [9][28] Investment Opportunities - The report suggests focusing on domestic SiC industry chain companies, particularly Tianyue Advanced, as they are well-positioned to benefit from the growing demand and supply constraints in the SiC market [5][29]
爱建电子行业周报：Wolfspeed陷入困境，国产SiC企业迎来发展机遇-20250604
Shanghai Aijian Securities·2025-06-04 08:20