高盛：全球半导体-硅片、碳化硅衬底、氮化镓的供需模型更新，中国产能及对全球企业的影响

S/D model update on silicon wafer, SiC substrate, GaN. China capacity and implications to global players As a global team, we review and refresh our S/D model across (1) silicon wafers, (2) SiC substrate, (3) GaN devices, and (4) IGBT (Exhibits 8, 10, 12, 32). Key conclusions: (1) Chinese in China: Local coverage (local production/ local demand) of 12-inch silicon wafer/ 6-inch SiC substrate to grow from 41%/ 80% in 2024 to 54%/ 87% in 2027E. (2) Pricing: 8-inch silicon wafer ASP to decline 10% CAGR in 2024 ...