五矿证券称氮化镓和 SiC 二者相辅相成，SiC 拥有极高的热导率，作为衬底能快速导出氮化镓功 能层 工作时产生的热量，解决 GaN 自身散热差的短板，避免器件因过热失效。氮化镓作为功 能层，其宽禁 带、高电子迁移率等特性可以更好地实现信号放大、电能转换等核心功能。 同时方正证券表示，AI算力将大幅刺激高效率、高密度的功率器件需求。TechInsights数据显示，服务 器机架功率正攀升至100kW以上，推动功 率密度需求突破100W/立方英寸。此外，5.5kW至12kW高功 率电源和电池备份单元需求高增，催生对氮化镓和碳化硅等宽禁 带半导体材料的迫切需求。 公司方面，据上市公司互动平台表示， 据中国光谷官微12月4日报道，九峰山实验室成功研发出基于氮化镓（GaN）的新型电源模块。这种仅 指甲盖大小的"黑盒子"，若在一座1吉瓦（即10亿瓦）的超大型AI算力中心中部署100万个，每年可节省 近3亿度电，折合电费约2.4亿元。 团队负责人李思超博士说，该成果目前已完成概念验证，即将开始中试验证，预计3-5年内量产，届时 可满足千亿级市场需求。 点评：中国光谷指出，建设一座AI算力中心，可以说是以"电"换"算"。理 ...

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The semiconductor new materials, particularly synthetic diamond, are gaining attention due to their superior properties over traditional semiconductor materials [6][10]. - The electronic industry index increased by 8.49% in the week of October 20-24, outperforming the CSI 300 index, which rose by 3.24% [2][35]. - The report highlights the significant performance of the printed circuit board sector, which led the electronic industry with a 14.05% increase [2][39]. Summary by Sections Section 1: Synthetic Diamond Performance - Synthetic diamond exhibits superior performance compared to traditional semiconductor materials, with a bandgap width of 5.50 eV, electron mobility of 2200 cm²/V·s, and thermal conductivity of 20 W/cm·K [6][10]. - The increasing power design thermal (TDP) of GPUs, such as NVIDIA's chips, necessitates advanced cooling solutions, where synthetic diamond can reduce GPU temperatures by up to 60% [20][18]. Section 2: Market Dynamics - The report notes that the SW electronic industry index ranked second among 31 sectors, with significant contributions from the printed circuit board and digital chip design sectors [2][35]. - The report also mentions the recent export control measures on industrial-grade synthetic diamond, which may enhance the focus on wide bandgap semiconductor materials [5][10]. Section 3: Company Performance - The report identifies key companies in the semiconductor new materials sector, such as Tianyue Advanced and InnoScience, which are expanding their downstream applications and production capacity [2][10]. - The report provides insights into the performance of individual stocks within the electronic sector, highlighting significant gains for companies like Yuanjie Technology and Tiancheng Technology [42][39].

Core Viewpoint - Tianyue Advanced has successfully developed core technology for silicon carbide (SiC) substrate materials, becoming a leader in the industry and the first domestic company to be listed in both A and H shares [2][3]. Entry into the Market - In 2010, the silicon carbide industry in China was underdeveloped, with high technical barriers and long return cycles deterring many investors. However, the company’s founder, Zong Yanmin, was determined to make breakthroughs in semiconductor materials that are urgently needed by the country [3][4]. - The company faced significant challenges, particularly in funding, but began to gain traction in 2018 as domestic companies shifted focus to local products due to changing international circumstances [3][4]. Breakthroughs in Technology - Compared to traditional silicon materials, wide bandgap semiconductor materials like SiC offer significant advantages, including high breakdown electric field, high thermal conductivity, and strong radiation resistance. The company recognized the potential of these materials and invested heavily in R&D [4][5]. - The company achieved a major breakthrough in crystal growth technology, particularly in managing stress that can lead to crystal cracking. This advancement has been recognized within the industry [4][5]. - Tianyue Advanced introduced the world's first 12-inch silicon carbide substrate at the Munich Electronics Fair, challenging the industry’s perception of technological limits [5][6]. Market Position and Achievements - The company has established a comprehensive technology system covering all key production processes and holds over 500 patents, ranking first in China and among the top five globally [5][6]. - According to a report by Fuji Economic, Tianyue Advanced is projected to capture 22.80% of the global conductive silicon carbide substrate market by 2024, positioning itself as the second-largest player worldwide [5][6]. Future Plans and Strategic Moves - The company aims to expand its global market presence and has set a vision to become an internationally renowned semiconductor company. It won the "Global Semiconductor Materials Gold Award," marking a significant recognition for a Chinese enterprise [6][7]. - Tianyue Advanced has developed a product matrix for 6/8/12-inch silicon carbide substrates and plans to continue expanding applications in various fields, including power electronics and emerging sectors like optical and acoustic materials [6][7]. - The company has established three production bases in Jinan, Jining, and Shanghai, with an annual production capacity exceeding 400,000 pieces of silicon carbide substrates and has delivered over 1 million pieces since its inception [6][7]. Collaborations and Innovations - The company is actively exploring applications for silicon carbide substrates in new areas, including AR glasses and high-performance filters, and has formed strategic partnerships to enhance its technological capabilities [7]. - Recent collaborations with Toshiba and other industry leaders aim to improve the characteristics and quality of SiC power semiconductors, further solidifying the company's position in the Japanese market [7].

Core Viewpoint - Tianyue Advanced, a leading semiconductor material company, successfully listed on the Hong Kong capital market with a market capitalization of HKD 20.636 billion, holding a 16.7% market share in silicon carbide substrates, ranking second globally and first in China [1]. Industry Overview - Silicon carbide (SiC) is a third-generation semiconductor material composed of carbon and silicon, representing approximately 15.1% of the semiconductor materials market last year [5]. - SiC substrates are utilized in power semiconductor devices, RF semiconductor devices, and various applications including electric vehicles, photovoltaics, energy storage systems, and AI technologies. The market size for SiC substrates reached CNY 8.8 billion last year and is projected to grow to CNY 58.5 billion by 2030 [5]. Company Profile - Tianyue Advanced, established in November 2010 and headquartered in Jinan, Shandong, is one of the first companies to commercialize 2-8 inch silicon carbide substrates, with an annual production capacity exceeding 400,000 pieces [7]. - The founder, Zong Yanmin, transitioned from a successful career in machinery to establish Tianyue Advanced, investing over CNY 1.2 billion in R&D to achieve mass production of SiC substrates, breaking foreign monopolies [10]. Financial Performance - The company has seen significant revenue growth over the past three years, with revenues of CNY 417 million, CNY 1.251 billion, and CNY 1.768 billion, primarily from silicon carbide semiconductor materials [15]. - The sales volume of silicon carbide substrates increased from 64,000 pieces to 361,000 pieces during the same period, with net profits turning positive in 2024 [15].

Group 1 - Tianyue Advanced (2631.HK), a manufacturer of silicon carbide substrates, is set to be listed in Hong Kong on August 20, with its stock showing a significant increase in the dark market, rising by 28.5% to HKD 55 before closing at HKD 47.96, which is a 12.06% increase from the issue price of HKD 42.8 [1] - The company has been focused on the wide bandgap semiconductor materials industry for over 14 years and is recognized as one of the top three silicon carbide substrate manufacturers globally based on sales revenue projected for 2024, according to Frost & Sullivan [1] - Tianyue Advanced has achieved industrialization of semi-insulating silicon carbide substrates and is advancing towards the production of conductive silicon carbide substrates, with its substrate sizes increasing from 2 inches to 8 inches, and plans to launch the industry's first 12-inch silicon carbide substrate in 2024 [1] Group 2 - The stock's trading data shows a peak price of HKD 55, an opening price of HKD 50.4, and a trading volume of 4.5884 million shares, with a total transaction value of HKD 2.18 billion [2] - The company has a total market capitalization of HKD 22.899 billion, with a price-to-earnings ratio of 148.94 and a price-to-book ratio of 3.941 [2] - The stock has experienced a trading range of 23.36% and a turnover rate of 9.61%, with a 52-week high and low both recorded at HKD 55 and HKD 45 respectively [2]

Core Viewpoint - Tianyue Advanced, a leading silicon carbide manufacturer backed by Huawei, is set to list on the Hong Kong Stock Exchange, with its stock price showing a significant increase in pre-market trading [1] Company Overview - Tianyue Advanced specializes in the wide bandgap semiconductor materials industry, focusing on the research and industrialization of silicon carbide substrates since its establishment [1] - The company is ranked among the top three global manufacturers of silicon carbide substrates based on sales revenue projected for 2024, according to Frost & Sullivan [1] Product Development - Tianyue Advanced has over 14 years of experience in the silicon carbide materials sector and was one of the first companies in China to industrialize semi-insulating silicon carbide substrates [1] - The company has successfully industrialized conductive silicon carbide substrates and has improved its product size capabilities, with mass production of silicon carbide substrates increasing from 2 inches to 8 inches, and plans to launch the industry's first 12-inch silicon carbide substrate in 2024 [1]

Group 1 - Tianyue Advanced (02631) plans to conduct an IPO from August 11 to August 14, 2025, offering a total of 47.7457 million H-shares, with 5% allocated for Hong Kong and 95% for international sales [1] - The proposed maximum offer price for the H-shares is set at HKD 42.80, with a minimum purchase of 100 shares per lot [1] - The company specializes in the semiconductor materials industry, particularly in the research and industrialization of silicon carbide substrates, and is recognized as a global leader in sales revenue for silicon carbide substrates in 2024 according to Frost & Sullivan [1] Group 2 - The company's revenue has shown significant growth, increasing from RMB 417 million in 2022 to RMB 1.251 billion in 2023, representing a 199.9% increase, and is projected to rise by 41.4% to RMB 1.768 billion in 2024 [1]