股票投资评级 买入 |维持 个股表现 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 -14% -5% 4% 13% 22% 31% 40% 49% 58% 67% 晶升股份 电子 资料来源：聚源，中邮证券研究所 证券研究报告：电子 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 38.34 | | --- | --- | | 总股本/流通股本（亿股）1.38 | / 1.03 | | 总市值/流通市值（亿元）53 | / 40 | | 52 周内最高/最低价 | 41.80 / 25.00 | | 资产负债率(%) | 15.5% | | 第一大股东 | 李辉 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 晶升股份(688478) 碳化硅材料制备关键环节全覆盖 l 投资要点 碳化硅材料制备关键环节全覆盖，助力第三代半导体产业升 级。在全球半导体产业加速向 ...

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, with a rise of 15% and a market capitalization approaching HKD 30 billion, driven by developments in silicon carbide substrate applications in advanced packaging for next-generation GPU chips [1] Group 1: Company Developments - Tianyue Advanced's stock price rose by 14.26% to HKD 60.9, with a trading volume of HKD 387 million [1] - The company is positioned as a leader in the silicon carbide substrate industry, which is gaining attention due to its potential applications in high-performance computing chips [1] Group 2: Industry Trends - NVIDIA plans to use silicon carbide substrates in the advanced packaging of its next-generation GPU chips, indicating a shift in material usage [1] - TSMC is also planning to apply 12-inch single crystal silicon carbide for thermal substrates, replacing traditional materials like aluminum oxide, sapphire, or ceramic substrates [1] - Despite concerns about the saturation of silicon carbide in the electric vehicle sector, there is still significant untapped potential for its application in high-end computing chips, particularly in advanced packaging [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, with a rise of 15% and a market capitalization approaching HKD 30 billion, driven by developments in silicon carbide substrate applications in advanced packaging for GPUs [1] Company Summary - Tianyue Advanced's stock price rose by 14.26%, reaching HKD 60.9, with a trading volume of HKD 387 million [1] - The company is positioned as a leader in the silicon carbide substrate industry, which is gaining attention due to its potential applications in high-performance computing chips [1] Industry Summary - Nvidia plans to use silicon carbide substrates in the advanced packaging of its next-generation GPU chips, indicating a shift in material usage [1] - TSMC is also planning to apply 12-inch single crystal silicon carbide for thermal substrates, replacing traditional materials like alumina, sapphire, or ceramic substrates [1] - Despite concerns about the saturation of silicon carbide in the electric vehicle sector, there is still significant untapped potential for its application in high-end computing chips, particularly in advanced packaging [1]

Core Viewpoint - Tianyue Advanced (02631) has seen a significant increase in stock price, reaching a new high of 57.9 HKD, driven by its advancements in silicon carbide (SiC) substrate applications in various industries [1] Company Summary - Tianyue Advanced's silicon carbide substrates are widely applicable in power semiconductor devices, RF semiconductor devices, optical waveguides, TF-SAW filters, and heat dissipation components [1] - The main application industries for the company's products include electric vehicles, photovoltaics, energy storage systems, power grids, rail transportation, communications, AI glasses, smartphones, and semiconductor lasers [1] - The company has established itself as a significant supplier to internationally renowned semiconductor companies, with its products gaining broad recognition globally [1] Industry Summary - Recent reports indicate that NVIDIA plans to replace silicon with silicon carbide in the intermediate substrate materials of its next-generation Rubin processors to enhance performance [1] - Huaxin Securities highlights that Tianyue Advanced is a global leader in SiC substrate materials, positioning the company to benefit from the technological iteration of terminal AI chips [1] - Dongfang Securities notes that the potential applications of silicon carbide materials in high-end computing chips have not been fully explored, suggesting future growth opportunities in advanced packaging and other areas [1]

消息面上，天岳先进日前在互动平台表示，公司的碳化硅衬底可被广泛应用于功率半导体器件、射频半 导体器件以及光波导、TF-SAW滤波器、散热部件等下游产品中，主要应用行业包括电动汽车、光伏及 储能系统、电力电网、轨道交通、通信、AI眼镜、智能手机、半导体激光等。公司已跻身为国际知名 半导体公司的重要供应商，公司的产品亦在国际上获得广泛认可。公司的碳化硅衬底经客户制成电力电 子器件，该等器件最终应用于诸如电动汽车、AI数据中心及光伏系统等多领域的终端产品中。 此前科创板日报报道称，为提升性能，英伟达在新一代Rubin处理器的开发蓝图中，计划把CoWoS先进 封装环节的中间基板材料，由硅换成碳化硅(SIC)。华鑫证券指出，公司为SiC衬底材料全球领导者，有 望受益于终端AI芯片技术迭代。东方证券认为，碳化硅材料在高端算力芯片中的应用潜力尚未完全挖 掘。未来，碳化硅材料有望应用于算力芯片的先进封装等环节，打开产业成长空间。 智通财经APP获悉，天岳先进(02631)再涨超7%，高见57.9港元刷新上市新高。截至发稿，涨7.13%，报 57.1港元，成交额1.24亿港元。 ...

Core Viewpoint - Tianyue Advanced (02631) saw a nearly 5% increase in stock price, attributed to significant advancements in silicon carbide wafer processing technology by Beijing Jingfei Semiconductor Technology, a spin-off from the Chinese Academy of Sciences [1] Company Summary - Tianyue Advanced's stock rose by 4.75% to HKD 50.7, with a trading volume of HKD 112 million [1] - The company has focused on the research and industrialization of high-quality silicon carbide substrates since its inception [1] - It is one of the few companies globally capable of mass-producing 8-inch silicon carbide substrates and was the first to commercialize the transition from 2-inch to 8-inch substrates [1] - Tianyue Advanced is also a pioneer in launching 12-inch silicon carbide substrates [1] Industry Summary - Recent breakthroughs in silicon carbide wafer processing technology are expected to lower costs and improve efficiency in the global silicon carbide industry [1] - The potential applications of silicon carbide materials in high-end computing chips have not been fully explored, indicating future growth opportunities in advanced packaging and other areas [1] - NVIDIA's plans to use silicon carbide substrates in the advanced packaging of next-generation GPU chips highlight the increasing relevance of silicon carbide in the semiconductor industry [1]

天岳先进半年报显示，公司自成立以来即专注于高品质碳化硅衬底的研发与产业化。公司是全球少数能 够实现8英寸碳化硅衬底量产、率先实现2英寸到8英寸碳化硅衬底的商业化的公司之一，也是率先推出 12英寸碳化硅衬底的公司。东方证券认为，碳化硅材料在高端算力芯片中的应用潜力尚未完全挖掘。未 来，碳化硅材料有望应用于算力芯片的先进封装等环节，打开产业成长空间。 智通财经APP获悉，天岳先进(02631)涨近5%，截至发稿，涨4.75%，报50.7港元，成交额1.12亿港元。 消息面上，据报道，近期，中国科学院半导体研究所科技成果转化企业北京晶飞半导体科技在碳化硅晶 圆加工技术领域取得重大突破，成功利用自主研发的激光剥离设备实现了12英寸碳化硅晶圆的剥离。该 突破标志着中国在第三代半导体关键制造装备领域迈出重要一步，为全球碳化硅产业的降本增效提供了 全新解决方案。此前，有报道称，英伟达计划在新一代GPU芯片的先进封装环节中采用碳化硅衬底。 ...

Core Viewpoint - Tianyue Advanced (688234) reported a revenue of 794 million yuan and a net profit of 10.88 million yuan for the first half of 2025, focusing on increasing market penetration of silicon carbide substrates and enhancing R&D investment in large-size substrates [1][2][3] Financial Performance - The company achieved a revenue of 794 million yuan and a net profit of 10.88 million yuan in the first half of 2025 [1] - R&D expenses increased by 34.94% year-on-year, amounting to 75.85 million yuan, primarily for large-size substrate technology and emerging applications like AR glasses [1] Product Development and Market Position - Tianyue Advanced has made significant breakthroughs in large-size silicon carbide substrate technology, commercializing substrates from 2 inches to 8 inches and being one of the first to launch 12-inch substrates [1] - The company aims to strengthen its long-term layout in silicon carbide substrate products to capture new industry opportunities and increase market share [1] Production Capacity and Client Expansion - The company has two production bases: Jinan factory is optimizing processes to enhance capacity, while Shanghai Lingang factory has reached an annual capacity target of 300,000 conductive substrates ahead of schedule [2] - As of June 2025, the combined design capacity of both factories exceeded 400,000 substrates [2] - The company has established business relationships with over half of the top ten power semiconductor manufacturers globally and is deepening these collaborations [2] Strategic Partnerships - In August 2025, Tianyue Advanced reached a basic agreement with Toshiba Electronic Components to enhance the performance and quality of SiC power semiconductors [2] - The company is also expanding into new application scenarios for silicon carbide substrates, including partnerships with leading optical manufacturers [2] Global Expansion and Market Strategy - Tianyue Advanced successfully listed its H-shares on the Hong Kong Stock Exchange on August 20, 2025, marking a key step in its global strategy [3] - The listing is expected to accelerate overseas business development, enhance foreign financing capabilities, and improve international brand recognition [3] - The company plans to leverage the listing to capture the growing market demand for silicon carbide as a core material in the third-generation semiconductor sector, driven by the dual engines of new energy and artificial intelligence [3]

Group 1 - Tianyue Advanced (688234) officially launched its H-share global offering in August 2025, with Shenzhen Heertai (002402) as one of the cornerstone investors, subscribing for HKD 80 million [1] - Tianyue Advanced focuses on wide-bandgap semiconductor materials and is one of the few companies capable of mass production of 8-inch silicon carbide substrates, having also launched 12-inch silicon carbide substrate products [1] - In 2024, Tianyue Advanced is projected to capture 16.7% of the global silicon carbide substrate market, ranking among the top three [1] Group 2 - The company achieved a revenue of RMB 1.768 billion in 2024, representing a year-on-year growth of 41.4%, and net profit of RMB 179 million, marking a turnaround from losses [1] - The silicon carbide substrates produced by Tianyue Advanced have advantages in high voltage, high frequency, and high temperature, with applications in electric vehicle drive systems, AI servers, and smart power management modules [2] - The global silicon carbide substrate market is expected to grow from USD 1.2 billion in 2023 to USD 8.2 billion by 2030, with a compound annual growth rate of 31.1% [2]

Core Viewpoint - Tianyue Advanced successfully listed on the Hong Kong Stock Exchange, raising its market capitalization to approximately HKD 22.8 billion (around RMB 21 billion) with a strong demand for its shares during the IPO process [2][3] Group 1: IPO Details - Tianyue Advanced's H-share was issued at HKD 42.80 per share, opening at HKD 45.60, reflecting a 6.54% increase [2] - The Hong Kong public offering accounted for 35% of the total shares, with a subscription rate of 2809.19 times, while the international offering made up 65% with a subscription rate of 9.04 times [2] - The company attracted cornerstone investors including Guoneng Environmental Investment Group, Future Asset Securities, and others [2] Group 2: Company Positioning and Market - Tianyue Advanced is a leading player in the wide bandgap semiconductor materials sector, focusing on the research and industrialization of silicon carbide (SiC) substrates [3][6] - According to Frost & Sullivan, the company ranks among the top three global manufacturers of SiC substrates, holding a market share of 16.7% as of 2024 [3][7] - The company's SiC substrates are essential for industries such as electric vehicles and AI, with applications in power devices and RF devices [4][6] Group 3: Production Capabilities - Tianyue Advanced has achieved mass production of 8-inch SiC substrates and is set to launch the industry's first 12-inch SiC substrate in 2024 [6] - The company is one of the first to industrialize semi-insulating and conductive SiC substrates, enhancing production efficiency and cost-effectiveness [6][7] Group 4: Financial Performance - The company reported revenues of approximately RMB 417 million, RMB 1.251 billion, RMB 1.768 billion, and RMB 408 million for the fiscal years 2022, 2023, 2024, and the three months ending March 31, 2025, respectively [7] - Profit figures for the same periods were approximately -RMB 176 million, -RMB 46 million, RMB 179 million, and RMB 9 million [7] Group 5: Future Plans - The company plans to allocate approximately 70% of the net proceeds from the IPO to expand its production capacity for 8-inch and larger SiC substrates, 20% for enhancing R&D capabilities, and 10% for working capital and general corporate purposes [8]