Core Viewpoint - Silicon Carbide (SiC) is recognized as a transformative material in the electric vehicle and renewable energy sectors, but major US players like Onsemi and Wolfspeed are facing significant challenges due to market demand slowdown and intense competition from Chinese firms [2][19]. Group 1: Onsemi's Challenges and Transformation - Onsemi reported disappointing Q4 2024 earnings with revenue of $1.72 billion, a nearly 15% year-over-year decline, significantly below analyst expectations [4]. - The company anticipates further revenue decline in Q1 2025, projecting between $1.35 billion and $1.45 billion, lower than the market expectation of $1.69 billion [4]. - Onsemi's stock has plummeted over 37% in 2024, reflecting deep market concerns about its fundamentals [4]. - The company is facing fierce competition from Chinese and European SiC manufacturers, which pressures its cost and technology [7]. - To address these challenges, Onsemi is implementing a restructuring plan that includes a 9% workforce reduction, expected to incur costs of $50 million to $60 million in 2025 [7][8]. - Onsemi is pursuing growth through acquisitions, including a $1.15 billion purchase of Qorvo's SiC JFET business and a proposed $6.9 billion acquisition of Allegro Microsystems to enhance its technology in automotive and industrial markets [8][19]. - The company is transitioning to a Fab-lite model, integrating nine factories and focusing on higher-margin chip self-manufacturing to improve efficiency and reduce costs [8]. Group 2: Wolfspeed's Survival Crisis - Wolfspeed, once a pioneer in wide bandgap semiconductors, is now facing a severe survival crisis due to aggressive capital expenditures and operational losses [9][10]. - The company reported revenues of less than $900 million in 2024, with a net loss exceeding $600 million, and carries over $5 billion in net debt [10][12]. - Wolfspeed's ambitious investments in 200mm SiC wafer technology have led to cash flow depletion, with production facing significant delays and low yield rates [10][12]. - The company has drastically cut its 2026 capital expenditure forecast from $1.2 billion to $300 million and halted a $3 billion factory project in Germany, indicating a retreat from aggressive expansion plans [13][14]. - Despite signing supply agreements with major EV manufacturers, Wolfspeed's outlook is clouded by delayed orders and competitive pressures from Chinese firms [13][14]. - The company is seeking $750 million in funding through the CHIPS Act, but political uncertainties raise doubts about the realization of this funding [14][19]. Group 3: Structural Challenges in the US SiC Market - Both Onsemi and Wolfspeed are experiencing a mismatch between capital and demand cycles, having made aggressive investments during the 2021-2023 boom, only to face declining EV demand in 2024 [16]. - The rise of domestic SiC companies in China is intensifying competition, with firms like Tiankong Heda and BYD Semiconductor rapidly closing the technology gap while leveraging cost advantages [16][17]. - Despite support from the CHIPS Act, US companies face policy uncertainties and inefficiencies that hinder the formation of a competitive industry cluster compared to China's integrated supply chain strategy [17]. - The future of the SiC market will increasingly depend on technological innovation, production efficiency, and cost control capabilities as demand continues to grow amid global energy transitions [17].

以下文章来源于美股投资网 ，作者StockWe.com 美股投资网 . 美国洛杉矶投资公司，TradesMax.com为美股投资者提供美股行情和投资策略的专业网站。一支有着多 年华尔街投资银行工作经验的美籍分析师团队，提供公司研究报告、美股交易技巧、美股软件、美股开 户指南、微信客服niugu88，微博美股投资网 来源 | 美股投资网 近年来，全球碳化硅（SiC）技术的领导者Wolfspeed 美股代号 WOLF 股价在上周五暴跌50%， 宣布采取措施改善其资本结构，由于对其资产负债表和融资前景的担忧日益加剧。 公司经历了从行业巅峰到深陷困境的剧烈转变。曾几何时，Wolfspeed以其在碳化硅领域的领 先地位备受瞩目，然而，近期的业绩亏损、管理层动荡以及股价暴跌等问题，使这家半导体巨 头面临前所未有的挑战。 业 绩 持 续 亏 损 ， 财 务 状 况 堪 忧 根据美股投资网，Wolfspeed的财务状况近年来持续恶化。2025财年第一财季，公司营收同 比下滑1.37%至1.95亿美元，净亏损达2.82亿美元。为应对业绩压力，Wolfspeed启动了一 项耗资4.5亿美元的设施关闭和整合计划，计划关闭位于北卡罗 ...