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].

Core Viewpoint - The rapid growth of the silicon carbide (SiC) semiconductor industry is driven by the booming electric vehicle (EV) market, with significant advancements in domestic production and application of SiC materials [2][3]. Industry Overview - The global semiconductor market is projected to grow by 19% in 2024, reaching $628 billion, with a notable shift towards third-generation semiconductor materials like SiC [2]. - The total market size for third-generation semiconductor power electronics is expected to reach 17.6 billion yuan in 2024, marking a 14.8% increase from 2023, with the EV and transportation sector accounting for 68% of this market [2]. Market Dynamics - The penetration rate of SiC modules in passenger vehicles is nearly 15%, with all major automakers incorporating SiC motor controller projects in new models [2]. - The domestic SiC power market for EVs is estimated to be around 12 billion yuan in 2024, with a growth rate of 19.2%, and is projected to expand to 30 billion yuan by 2029, indicating a compound annual growth rate of approximately 20% over the next five years [2]. Competitive Landscape - Leading domestic companies in the SiC substrate segment have entered the global top tier, while two domestic firms rank among the top ten in the SiC power electronics device segment [2]. - The company Xinju Neng has achieved a market share that ranks fourth globally in SiC automotive-grade modules, with over 450,000 units installed to date [4]. Regional Development - The Nansha Integrated Circuit Industrial Park in Guangzhou has become a hub for the third-generation semiconductor industry, fostering collaboration among upstream and downstream companies to accelerate domestic production capabilities [5]. - Guangdong province is actively working to establish itself as a significant player in the semiconductor industry, addressing the "chip shortage" in the EV sector by developing a complete third-generation semiconductor supply chain [5].

Group 1 - The company 聚力成半导体 (Chongqing) is facing a critical moment regarding its survival as it is undergoing bankruptcy proceedings initiated by Guangdong Zhongbao Weian Security Service Co., Ltd. due to inability to repay debts and potential for restructuring [1] - The company was established in 2018 in Chongqing with a planned investment of 5 billion yuan to build 21 production lines for gallium nitride epitaxial wafers and chips, with an expected annual output value exceeding 10 billion yuan [1] - The core team of the company comes from leading firms such as TSMC and SMIC, possessing key technologies in silicon-based and silicon carbide-based gallium nitride epitaxial wafers [1] Group 2 - Both 聚力成上海 and 重庆聚力成 have been listed as dishonest executors, involved in multiple disputes including labor disputes and contract breaches [2] - If the bankruptcy liquidation application is approved, it would not only halt a 5 billion yuan project but also impact the entire gallium nitride industry chain [2] - The fate of the company is under close scrutiny as the domestic third-generation semiconductor localization process accelerates, raising questions about its future [2]

插播： 倒计时2天！ 三菱电机、意法半导体、 Wolfspeed、三安半导体、天科合达、元山电子、大族半导体、香港大学、士兰微、长飞先进、 宏微科技、利普思、昕感科技、国扬电子、国基南方、芯长征、合盛新材料、瀚天天成、芯研 科、国瓷功能材料、季华恒一 等邀您参加上海"电动交通&数字能源SiC技术应用及供应链升级大 会"，点击文章底部 "阅读原文" 即可报名参会。 前不久，"行家说三代半"报道了13家企业的12英寸SiC技术进展（ 点击查 看）。近 日，我们发现国内又有2家SiC企业实现了12英寸突破，合计共8家企业展示了12英寸SiC晶锭和衬底： 目前， 浙江晶瑞作为晶盛机电子公司，始终专注于碳化硅和蓝宝石抛光片等化合物半导体材料的 研发与生产，其自主研发的8英寸碳化硅衬底已实现批量生产。 加入碳化硅大佬群，请加微信：hangjiashuo999 南砂晶圆： 发布 12英寸导电型SiC衬底 5月8日，南砂晶圆赴重庆参加展会，并在现场展示了12英寸导电型SiC衬底等重点产品，成功实现大尺 寸碳化硅衬底的突破。 来源： 行家说 Research-《 第三代半导体产业2025Q1季度内参》 浙江晶瑞： 成功研发12 ...

Core Viewpoint - The article highlights recent developments in the silicon carbide (SiC) semiconductor industry, focusing on new projects and advancements by companies such as Yangjie Technology and EYEQ Lab, which are significant for the growth and innovation in the sector [2][4][6]. Group 1: Yangjie Technology - Yangjie Technology announced the commencement of its SiC automotive-grade power semiconductor module packaging project, with a total investment of 1 billion yuan, covering an area of 62 acres and a planned construction area of approximately 112,000 square meters [4]. - The project aims to produce automotive-grade IGBT modules and SiC MOSFET modules, targeting international benchmarks and achieving import substitution. Once fully operational, it is expected to generate annual sales of 1 billion yuan and tax revenue of 30 million yuan [4]. - Yangjie Technology plans to conduct process and reliability verification for domestically produced SiC modules by Q4 2025 [4]. Group 2: EYEQ Lab - EYEQ Lab is set to complete its first 8-inch SiC power semiconductor manufacturing plant in Busan by September this year, with an annual production capacity of 144,000 wafers [6]. - The company has developed 8-inch SiC power semiconductor devices using trench technology, which enhances electrical stability and durability while reducing chip size [6]. - The initial investment for the 8-inch plant is approximately 100 billion Korean won (around 544 million yuan), with production expected to commence in September 2025 [6].

Core Viewpoint - The company is focused on enhancing its semiconductor equipment and materials business, leveraging its recent acquisition by a leading technology group to drive growth and innovation in the semiconductor industry. Group 1: Company Overview - The company held its annual shareholder meeting on May 16, 2025, to discuss the 2024 annual report and various proposals for the upcoming year [3][4]. - The board of directors has been actively involved in decision-making, holding seven meetings during the reporting period to address key issues such as financial planning and profit distribution [4][5]. Group 2: Business Performance - The company’s subsidiary, Kaishitong, has made significant advancements in the development of ion implantation machines, achieving notable sales milestones with over 40 units delivered and a total order value of nearly 1.4 billion [8][9]. - Kaishitong has expanded its product offerings, including low-energy and high-energy ion implantation machines, to meet the growing demands of the semiconductor market [7][9]. Group 3: R&D and Innovation - The company has increased its R&D personnel from 157 to 213, marking a growth rate of 35.67%, to enhance its innovation capabilities [15]. - The company has established a comprehensive patent system, with a total of 332 patent applications filed, including 188 invention patents [14]. Group 4: Market Trends and Opportunities - The global semiconductor equipment market is projected to grow, with a forecasted increase in sales of 7.7% to $121.5 billion in 2025, driven by rising demand for advanced manufacturing processes [19][21]. - The company is strategically positioned to capitalize on the growing demand for bismuth materials in the semiconductor industry, with plans to expand its production capabilities [22][23]. Group 5: Future Strategies - The company aims to accelerate the reduction of real estate inventory while leveraging its technology group's resources to cultivate new growth points in semiconductor materials [26]. - Plans include enhancing product development in ion implantation equipment and optimizing the supply chain to ensure stability and quality [27][28].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 52.55 for 2025, based on a 35x price-to-sales (P/S) ratio [4]. Core Insights - The company is a leading high-tech enterprise focused on the research and industrialization of GaN-on-Si technology, utilizing an IDM model that integrates chip design, epitaxy growth, chip manufacturing, and packaging [2]. - The global GaN power device market is projected to grow from CNY 3.2 billion in 2024 to CNY 50.1 billion in 2028, with a compound annual growth rate (CAGR) of 98.5%, driven primarily by applications in consumer electronics and electric vehicles [2][40]. Summary by Sections Investment Logic - The company has established deep collaborations with leading firms in various sectors, including lidar, data centers, 5G communications, and electric vehicle charging, achieving mass production of GaN power devices that range from low to high voltage (15V-1200V) [2]. - GaN power devices offer advantages such as high frequency, low loss, and cost-effectiveness, making them suitable for a wide range of applications [2]. Competitive Advantages - Cost Advantage: The company benefits from an 8-inch wafer production process, which is more cost-effective and efficient compared to the 6-inch products of most competitors. The company has achieved a manufacturing yield exceeding 95% as of 2024 [3]. - Capacity Advantage: The company has established production bases in Suzhou and Zhuhai, with a monthly capacity of 13,000 8-inch GaN power wafers, positioning it as the largest in the world [3]. - Customer and Technology Advantage: The company serves well-known brands in consumer electronics, data centers, and automotive sectors, with significant growth in automotive-grade product shipments and AI-related products [3]. Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are CNY 1.32 billion, CNY 2.21 billion, and CNY 3.45 billion, respectively, with year-on-year growth rates of 59%, 67%, and 56% [4][8]. - The company is expected to reduce losses significantly in 2025 and 2026, with a forecasted net profit of CNY 238 million in 2027, representing a year-on-year increase of 265% [4][8].

Group 1 - The establishment of Changzhou Future Industry Angel Fund marks the completion of the second batch of special funds for Jiangsu Province's strategic emerging industries [1] - The total scale of the fund is 500 million yuan, initiated by Changzhou Investment Group in collaboration with various partners [1] - The fund focuses on key future industry sectors such as synthetic biology, third-generation semiconductors, artificial intelligence, low-altitude economy, and aerospace development [1] Group 2 - The fund aims to leverage long-term, patient, and strategic capital to guide state-owned capital towards emerging and future industries [1] - It is part of the provincial strategic emerging fund cluster, promoting regional economic high-quality development [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company is experiencing high growth driven by automotive electronics, with a dual-brand strategy and new product development enhancing its long-term competitiveness [1]. - The automotive electronics segment is a key growth driver, with revenue from this sector increasing by over 60% year-on-year in 2024, contributing significantly to overall revenue growth [7]. - The company is expanding its global footprint through its "YJ+MCC" dual-brand strategy, targeting different markets effectively [7]. - The establishment of a packaging base in Vietnam is expected to enhance production capacity and local supply chain capabilities [7]. - The company is advancing in the third-generation semiconductor space, with new product launches expected to support future growth [7]. Financial Summary - Total revenue for 2024 is projected at 60.33 billion, with a year-on-year growth of 11.5% [2][7]. - Net profit attributable to the parent company is expected to reach 1.002 billion, reflecting an 8.5% increase year-on-year [2][7]. - Earnings per share (EPS) is forecasted to grow from 1.84 in 2024 to 3.19 by 2027 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 26 in 2024 to 15 in 2027, indicating potential for valuation improvement [2][7]. - The gross margin is expected to improve from 33.1% in 2024 to 35.4% in 2027, driven by higher-margin product sales [8].

插播： 英诺赛科、能华半导体、致能半导体、京东方华灿光电、镓奥科技、 鸿成半导体、中科 无线半导体等已确认参编《2024-2025氮化镓（GaN）产业调研白皮书》，参编咨询请联系许 若冰（hangjiashuo999）。 近期，天岳先进、中国台湾格棋化合物半导体及昆明国兴半导体三家企业的碳化硅项目接连取得新 进展，产能扩张与技术突破同步加速，详情请看： 天岳先进： 碳化硅单晶项目新进展 4月28日，据"济南槐荫政府"披露消息， 2025年一季度，济南市槐荫区以"开年即决战、起步即冲刺"的姿态，开启项目建设热潮。 其中， 天岳先进位于 济南先进材料智造港的 " 年产500吨碳化硅单晶基地 "扩产能项目迎来了新进展——该项目 可一次性解决 5000台 生长炉的扩产能需求，计划2025年5月进行生产设备安装调试、6月实现首批生产设备投产试运营。 3月28日， 60万片 /年 营收方面， 2024 年度天岳先进实现营业收入17.68亿元，较2023年增长 。 41.37%； 其中，碳化硅半导体材料 实现 收入 14.74 亿元，较上年同期 天岳先进正式公布 2024 年年度财务报告，报告中还披露了上海生产基地的项目进 ...