投资逻辑 3）客户和技术优势：公司主要客户涵盖了全球知名消费电子品牌、 数据中心运营商以及汽车和电动汽车制造商等。根据公司公告， 2024 年，公司车规级产品出货量同比增长 986.7%；AI 领域 48V 转 12V 产品量产，AI 及数据中心产品出货量同比+669.8%，公司 在汽车和 AI 等新兴领域不断突破，核心竞争优势有望加大。 盈利预测、估值和评级 预测公司 25~27 年分别实现营收 13.20/22.08/34.52 亿元，同比 +59%/+67%/+56%，25-26 年分别亏损 5.65/1.45 亿元，25-26 年 分别减亏 46%和 74%，预计 27 年实现归母净利润 2.38 亿元（同 比+265%）。公司的市占率行业领先，IDM 模式能够更好的实现协 同作用，未来有望率先受益于 GaN 渗透率的提升，给予 2025 年 35xPS，目标价 52.55 港币，首次覆盖给予"买入"评级。 风险提示 国际出口管制和经济制裁；市场竞争加剧；产品迭代不及预期； 限售股解禁。 公司是一家致力于第三代半导体硅基氮化镓（GaN-on-Si）研发与 产业化的高新技术企业，采用 IDM 模式，集芯 ...

插播： 倒计时7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、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。 除三安半导体外，会议还邀请了 三菱电机、意法半导体、Wolfspeed、天科合达、元山电子、大族半导 体、香港大学、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、 国瓷功能材料等 行业领 军企业&机构参与，将共论产业发展，再 谱产业新章。 大会现已开放报名渠道，因会议 名额有限 ，先到先得，欢迎各位行 家 扫码报名 参会，期待与你在上海相会！ 本文发自【行家说三代半】，专注第三代半导体（碳化硅和氮化镓）行业观察。 其他人都在看： 长城为何联手英诺赛科？解密背后的GaN技术创新 5月15日， "行家说三代半"将在上海召开 "电动交通&数字能源SiC技术应用及供应链升级大会" ，三安半导体 已正式确认 出席本次 ...

2007年盛夏，刚刚大学毕业的黄涛来到江西南昌，晶能光电自主创新的硅衬底LED技术尚在"襁褓"之中。厂房还在建设，生产线没有着落，实验 室数据与产业化的鸿沟犹如天堑。这位青年工程师没有被当时的困难吓跑："这是个没有天花板的地方，只有等待被点亮的未来。" 晶能光电的厂房建好后，黄涛便一头扎进LED芯片量产的工艺优化中。技术是新的，生产线是新的，硅衬底LED芯片制作有三十几道工序，每道 工序的设备参数都要记录下来，每道工序产出的结果都要第一时间通过显微镜进行确认。刚进公司那几年，黄涛几乎"扎根"在生产线旁，不停地 对各项参数进行试错、调整。他创下连续驻守产线36小时的纪录，在每个工序车间来回穿梭。在黄涛等众多技术人员的共同努力下，历时6年， 晶能光电终于率先于全球实现硅衬底大功率LED芯片的规模化量产。 新华网南昌5月1日电（吴亚芬）LED芯片大到2毫米，小到几微米，承载着第三代半导体照明的技术命脉。芯片性能的好坏，直接决定了LED产 品的性能和可靠性。18年来，这毫微大小的芯片，就是黄涛秉承匠心，持续钻研的创新"战场"。 回忆起这段从无到有的奋斗时光，黄涛没有觉得苦，而是将它视为最宝贵的财富。"刚毕业就能和海内 ...

Core Viewpoint - Tianyue Advanced (688234) reported a revenue of 410 million yuan for Q1 2025, maintaining its industry-leading position despite a slight decline in net profit due to increased R&D expenses and decreased product prices [1] Group 1: Company Performance - The company achieved a revenue of 410 million yuan, showing a slight year-on-year decline in revenue while steadily increasing market share [1] - R&D expenses increased by 101.67% year-on-year to 44.94 million yuan, focusing on product matrix improvement, emerging application markets, and optimization of product quality and costs [2] - The product shipment volume continued to grow, indicating robust operational strategies centered on high-quality products [2] Group 2: Industry Trends - The demand for third-generation semiconductor materials, particularly silicon carbide (SiC), is driven by the rapid development of renewable energy and AI technologies, making SiC a key material for high-power semiconductor devices [1] - SiC is becoming essential in applications such as electric vehicle (EV) inverters, onboard chargers, and DC/DC converters, especially with the adoption of 800V high-voltage platforms in EVs [2] - The company is expanding into new application areas, including AR glasses, leveraging the high refractive index of SiC to enhance visual performance and reduce lens thickness [2] Group 3: Technological Advancements - Tianyue Advanced launched 12-inch conductive substrates at Semicon Europe in November 2024 and showcased a full range of SiC substrates at Semicon China in March 2025, marking the entry into the "12-inch era" for the SiC industry [3] - The company has achieved breakthroughs across the entire technology chain, including crystal growth, defect control, processing detection, and component self-manufacturing [3] - Future R&D investments will focus on large-size products and new application fields, providing strong momentum for performance growth [3]

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 ...

Core Viewpoint - Blue Arrow Electronics reported a decline in both revenue and net profit for the year 2024, attributed to weak demand in the consumer electronics market and prolonged customer inventory adjustments [2][3]. Financial Performance - The company achieved an operating revenue of 713.06 million yuan in 2024, a decrease of 3.19% compared to 736.58 million yuan in 2023 [3]. - The net profit attributable to shareholders was 15.11 million yuan, down 74.11% from 58.37 million yuan in the previous year [3]. - The net profit after deducting non-recurring gains and losses was 10.89 million yuan, reflecting a 74.31% decline from 42.40 million yuan in 2023 [3]. - The net cash flow from operating activities increased by 50.14% to 139.04 million yuan, compared to 92.61 million yuan in 2023 [3]. - Basic and diluted earnings per share were both 0.08 yuan, down 77.14% from 0.35 yuan in 2023 [3]. - The total assets at the end of 2024 were 1.87 billion yuan, a decrease of 2.24% from 1.92 billion yuan in 2023 [3]. - The net assets attributable to shareholders were 1.53 billion yuan, down 2.61% from 1.57 billion yuan in 2023 [3]. Operational Insights - The company faced pressure on product prices due to a decline in gross margin, which fell by 7.66% to 7.97% [2][3]. - Increased investment in research and development and smart manufacturing was noted, impacting short-term profits [2]. - The company optimized its period expenses, resulting in a decrease in the expense ratio by 1.1% to 6.82% [2]. Strategic Focus - Blue Arrow Electronics is committed to deepening its focus on the semiconductor discrete devices and integrated circuit packaging sectors, particularly in third-generation semiconductor power devices and automotive-grade products [2][4]. - The company has successfully established a digital, intelligent, and automated production system throughout the packaging process, enhancing its capabilities from 4-inch to 12-inch wafer packaging [4]. - The company aims to develop high-end products and expand its high-end customer base, striving to become a leading packaging enterprise in the industry [5]. Recent Developments - In the first quarter of 2025, the company reported an operating revenue of 139 million yuan, a year-on-year increase of 0.8%, while the net loss attributable to shareholders narrowed to 7.29 million yuan, a 12.23% improvement [4].

Core Viewpoint - The company reported a revenue of 1.003 billion yuan for 2024, reflecting a year-on-year growth of 3.12%, while the net profit attributable to shareholders decreased by 71.27% to 40 million yuan [1][2]. Group 1: Industry Competition and Company Strategy - The company faces intensified industry competition, leading to a decline in product sales prices compared to the previous year [2]. - In response, the company is actively optimizing its product structure and continuously upgrading its technology platforms, focusing on high-pressure super junction MOSFETs, medium and low-voltage shielded gate MOSFETs, TGBT, and SiC MOSFET product lines [2]. - The company has expanded its production scale, achieving a power semiconductor production and sales ratio of 93.81%, indicating a high level of operational efficiency [2]. - The company maintains stable partnerships with manufacturers such as Huahong Semiconductor and Yuxin Semiconductor, ensuring a steady supply chain [2]. Group 2: Research and Development Investments - The company is one of the few domestic firms with complete experience from patent to mass production in high-performance power devices [3]. - Recent expansions in the high-performance medium and low-voltage power device product series have led to increased order demand from significant industrial and automotive clients [3]. - The company has developed various TGBT devices based on proprietary technology, which have entered multiple application fields, including photovoltaic inverters and energy storage [3]. - The fourth generation of SiC MOSFETs has been successfully developed and is currently in the sample verification stage, showcasing domestic leadership in performance [3]. Group 3: Financial Projections - Revenue projections for the company are estimated at 1.149 billion yuan, 1.353 billion yuan, and 1.597 billion yuan for the years 2025 to 2027, respectively [4]. - The net profit attributable to shareholders is projected to be 104 million yuan, 177 million yuan, and 241 million yuan for the same period [4]. - The company is assigned a target price of 46.51 yuan based on a 55 times PE ratio for 2025, maintaining a "Buy-A" investment rating [4].

Core Viewpoint - The company reported a revenue increase in 2024 but a decline in net profit, while showing strong growth in Q1 2025, indicating a recovery in market demand and improved profitability in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 16.106 billion yuan, a year-on-year increase of 14.61%, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02% [1]. - For Q1 2025, the company reported a revenue of 4.312 billion yuan, a year-on-year increase of 21.23%, and a net profit of 212 million yuan, a significant increase of 78.46% [1]. Market Demand and Business Segments - The traditional LED market showed signs of recovery in 2024, with high-end product segments maintaining strong demand, leading to improved revenue and profit in the LED business [2]. - The integrated circuit segment benefited from a recovery in downstream demand driven by artificial intelligence and consumer electronics, with the global semiconductor market continuing to recover [2]. - The demand for silicon carbide (SiC) products is growing, particularly in sectors like new energy vehicles, photovoltaic storage, and AI, indicating a potential second growth curve for the company [3]. Product Development and Capacity Expansion - The company has established a monthly production capacity of 16,000 pieces for 6-inch silicon carbide substrates and is expanding its 8-inch silicon carbide production [3]. - The company has completed a full range of silicon carbide diode products and is actively supplying to key customers, indicating strong market positioning in the industrial-grade market [3]. Investment Outlook - The company is projected to achieve revenues of 20.97 billion yuan, 25.646 billion yuan, and 31.416 billion yuan from 2025 to 2027, with net profits of 1.638 billion yuan, 2.501 billion yuan, and 3.169 billion yuan respectively [4]. - A target price of 14.78 yuan is set based on a 45 times PE ratio for 2025, maintaining a "Buy-A" investment rating [4].

证券之星消息，2025年4月28日中瓷电子（003031）发布公告称公司于2025年4月28日召开业绩说明会。 具体内容如下： 问：一季度报告中当期净利润同比增长 39.87%，归母净利润同比增长 48.81%，两者增长率的差异是什么 原因？ 答：您好，存在差异的原因主要为：1、2024年 7月收购国联万众剩余股权后对国联万众 100%控股，归母 比例由 94.6029%上升为 100%；2、少数股东损益同比下降。谢谢您的关心。 问：一季度报告中扣除非经常性损益的净利润同比增长 68.76%，什么因素产生的增长？ 答：您好，扣非增长主要系受公司产品结构优化及成本管控增强，公司毛利水平有所增加。谢谢您的关 心。 问：公司直销模式在 2024年实现了 36.41的增长，未来有哪些策略来维持或提升这一增长？ 答：公司直销模式的毛利率为 36.41%，具体详见公司年度报告，谢谢您的关心。 问：公司提到碳化硅主驱产品在比亚迪等车企验证中，目前验证阶段遇到哪些技术或供应链挑战？预计 2025年量产时，配套芯片的良率目标是多少？除新能源汽车外，碳化硅模块在光储逆变器、轨道交通等领 域的应用进展如何？ 答：您好，目前国联万众 ...