安海半导体：立足国产SiC发展，推进IDM战略布局

Core Viewpoint - The SiC industry is experiencing significant advancements and is expected to face new opportunities and challenges in 2025, with a focus on the development of 8-inch SiC wafers and the overall market expansion [1][2]. Industry Developments - In 2024, the SiC industry has made progress despite entering a phase of adjustment, including improved yield rates for 6-inch substrates, breakthroughs in 8-inch substrate production, and collaborations between domestic chip manufacturers and electric vehicle producers [2]. - The introduction of 12-inch SiC substrates by Shandong Tianyue marks a significant milestone in the industry [2]. Competitive Landscape - The competition in the SiC industry is intensifying, with domestic companies narrowing the gap with international giants through technological innovation and capacity expansion [3]. - The growth of the electric vehicle market and supportive policies are expected to enhance China's position in the global SiC market, although challenges such as technological barriers and supply chain dependencies remain [3]. Geopolitical Impact - The recent 301 investigation by the U.S. against Chinese SiC substrate manufacturers may increase export pressures and supply chain uncertainties in the short term, but could also catalyze the push for self-sufficiency in the SiC industry in the long term [3]. 8-Inch SiC Development - The transition from 6-inch to 8-inch SiC wafers is seen as a key development direction, with 8-inch wafers offering approximately 80% more area and potential cost reductions of over 30% per chip [4]. - Domestic manufacturers like Shandong Tianyue and Tiankai Heda have announced the mass production of 8-inch SiC substrates, indicating a shift in the industry [4][5]. Cost Challenges - Current challenges for 8-inch SiC include lower yield rates compared to 6-inch substrates and insufficient demand from downstream wafer manufacturers, leading to higher overall costs [5]. - However, the price of 8-inch SiC substrates is expected to decrease rapidly, potentially reaching parity with 6-inch prices by 2025, reinforcing the trend towards 8-inch development [5]. Future Market Focus - The company plans to focus on markets such as electric vehicles, on-board chargers (OBC), and charging stations in 2025, while also exploring opportunities in solar energy and high-end power supply markets [6].