SICC CO.(SH:688234) 是说芯语·2025-10-09 08:13Core Insights - Huawei's Hubble Investment achieved a remarkable 20-fold return on its investment in Tianyue Advanced, turning an initial investment of 111 million yuan into a market value exceeding 2.2 billion yuan over six years [1][3]. Investment Performance - In 2019, Hubble Investment acquired a 10% stake in Tianyue Advanced for 111 million yuan [3]. - Tianyue Advanced went public on the STAR Market on January 12, 2022, leading to a significant increase in its stock price, which peaked at 99.88 yuan per share in September 2023 [3]. - As of September 26, 2025, Hubble's investment in Tianyue Advanced had a market value of approximately 235.4 million yuan, resulting in a floating profit of about 224.3 million yuan [3]. Company Performance - Tianyue Advanced is a leading player in China's silicon carbide semiconductor substrate market, achieving significant breakthroughs in substrate production [4]. - In 2024, the company reported a 41.37% year-on-year increase in revenue and a staggering 491.56% increase in net profit [4]. - However, in the first half of 2025, the company experienced a 12.98% decline in revenue and an 89.32% drop in net profit, attributed to lower substrate sales prices and increased R&D expenses [4]. Market Trends - The demand for silicon carbide is driven by its advantages in high-voltage and high-temperature applications, particularly in the electric vehicle sector [7]. - The global market for silicon carbide power semiconductor devices is projected to grow at a compound annual growth rate of 35.2%, increasing from $3.24 billion in 2024 to $19.745 billion by 2030 [7]. Investment Strategy - Hubble Investment, established in 2019, focuses on building Huawei's semiconductor supply chain and has invested in 112 projects, with over 10 companies successfully going public [8]. - As of mid-2025, Hubble's investments in eight A-share listed companies had a combined market value of approximately 4.415 billion yuan [8]. - The overall value of Hubble's holdings increased to 6.482 billion yuan by September 26, 2025, reflecting a quarterly floating profit of about 2.067 billion yuan [9].