这家专注碳化硅半导体材料研发生产的企业，是 "A + H" 上市公司（科创板代码 688234）。其 8 英寸碳化硅衬底专利获第 25 届中国专利银奖，为国内宽 禁带半导体领域唯一获奖企业；还通过 ISO 56005（3 级）认证，成济南及国内该领域首家获此资质企业，并主导制定《碳化硅单晶抛光片堆垛层错测试 方法且全球导电型碳化硅衬底市场占有率居全球第二。 2025 年截至 8 月 25 日，港交所已有 57 家新股上市，实际募资达 1319 亿港元，另有 5 家通过聆讯、211 家处于申请中。8 月 19 - 25 日，主板新添山东天 岳先进科技股份有限公司（02631.HK）。 ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 35.63 CNY per share, compared to the current price of 25.62 CNY [1]. Core Insights - The company is positioned as a leading player in the smart heating sector, leveraging platformization and AI algorithms to enhance its growth trajectory. The acceleration of EMC model deployment, EPC project deliveries, and initial developments in silicon carbide business are expected to strengthen the company's growth logic [1][2]. Financial Summary - The company’s total revenue is projected to grow from 428 million CNY in 2024 to 678 million CNY in 2025, reflecting a year-on-year increase of 58.4%. Net profit is expected to rise from 77 million CNY in 2024 to 162 million CNY in 2025, marking a significant growth of 110.6% [3][6]. - The earnings per share (EPS) is forecasted to increase from 0.56 CNY in 2024 to 1.19 CNY in 2025, with a net asset return rate projected to reach 8.7% in 2025 [3][6]. Revenue and Profitability Forecast - The core business of heating energy-saving system engineering is expected to generate revenue of 1.26 billion CNY in 2024, with anticipated growth rates of 100%, 30%, and 20% for the years 2025 to 2027, respectively [10]. - The intelligent modular heat exchange unit business is projected to achieve revenues of 0.76 billion CNY in 2024, with growth rates of 30%, 20%, and 15% for the subsequent years [11]. - The software business is expected to see a dramatic increase in revenue from 0.17 billion CNY in 2024 to 1.02 billion CNY in 2025, reflecting a growth rate of 500% [12]. Strategic Development - The company has established a comprehensive smart heating business system that integrates delivery and operation, focusing on energy-saving solutions and system upgrades. The low-carbon smart heating solution exemplifies the company's capabilities in system integration [24][26]. - The company is transitioning from a project-based delivery model to a more productized and standardized approach, enhancing its market resilience [30][31]. Competitive Positioning - The company maintains a high gross margin, consistently above 55%, with a gross margin of 59.69% in 2024, significantly higher than its peers [34]. - The company’s R&D expenditure reached 0.74 billion CNY in 2024, reflecting a commitment to technological advancement and competitive positioning in the market [36].

以下文章来源于远川科技评论 ，作者何律衡 远川科技评论 . 刻画这个时代（的前沿科技） CREE成立于1987年，早在1 9 9 3年就上市，但在巨人林立的半导体从产业长期缺乏存在 感。随着Mode l 3的上市交付，产业界惊讶地发现，这家年收入不到4亿美元的小公司牢 牢掐住了新能源车的命脉——碳化硅。 同一时期，研究机构Mu n r o&Ass oc i a t e s发布Mo d e l 3拆解报告，第一次揭开了碳化硅的 庐山真面目。 在Mode l 3的动力输出核心部件逆变器中，特斯拉把传统的硅材料换成了碳化硅，总重 量仅为4.8 kg，不到竞品的一半（日产聆风为11 . 1 5 k g）[ 1]，耐高压、低损耗，困扰业界 的诸多难题一次性解决。 但在当时，全世界6 0%的碳化硅晶圆产能都掌握在CREE手里，下游的半导体公司只能 排队找CREE预订产能。 正所谓酒壮怂人胆，CREE一不做二不休，卖光了跟半导体无关的所有业务，并更名为 Wolfs pe e d，决定All i n碳化硅。但转型之路难言顺利，好消息是短短三年股价就挪动了 两个小数点，坏消息是往左挪动的——从130美元到1.3美元。 事实证明 ...

1、 中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配 置改革。意见提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节 能市场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要 素畅通流动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 2、 记者从中国轻工业联合会了解到，1至4月，规模以上轻工企业实现营业收入7.35万亿元，同比增 长4.9%；实现利润4190.6亿元，同比增长3.8%。在系列扩内需、促消费政策支持下，轻工业经济运行 延续稳中有进态势。 3、 财政部拟第三次续发行2025年超长期特别国债（二期）。本次续发行国债为30年期固定利率附息 债。本次续发行国债竞争性招标面值总额710亿元，不进行甲类成员追加投标。本次续发行国债票面利 率与之前发行的同期国债相同，为1.88%。本次续发行国债的起息日、兑付安排与之前发行的同期国 债相同。 今日导读 4、5月28日，深圳市住房和建设局网站发布《深圳市配售型保障性住房管理办法（征求意见稿）》 《深圳市保障性住房规划建设管理办法（修订征求 ...

Core Viewpoint - Basic Semiconductor has officially submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading player in China's third-generation semiconductor power device industry, focusing on the research, manufacturing, and sales of silicon carbide power devices [2] Company Overview - Basic Semiconductor is the only company in China that integrates silicon carbide chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities [2] - The company has established a comprehensive product portfolio, including silicon carbide discrete devices, automotive-grade and industrial-grade silicon carbide power modules, and power semiconductor gate drivers [2][5] Market Position - According to Frost & Sullivan, Basic Semiconductor ranks seventh globally and sixth in China in the silicon carbide power module market by revenue for 2024, and third among Chinese companies [2] - The company has achieved significant sales growth, with revenue increasing from RMB 116.9 million in 2022 to RMB 220.6 million in 2023, and projected to reach RMB 299 million in 2024 [7] Product Applications - Basic Semiconductor's solutions serve various industries, including electric vehicles, renewable energy systems, energy storage systems, industrial control, data centers, and rail transportation [2] - The company has delivered over 90,000 units of its products for electric vehicle applications as of December 31, 2024, with sales of silicon carbide power modules increasing from over 500 units in 2022 to over 30,000 units in 2023, and further to over 61,000 units in 2024 [7] Technological Advancements - Basic Semiconductor holds 163 patents and has submitted 122 patent applications, with core product performance reaching international benchmark levels [5] - The company has established a research and development center in collaboration with Tsinghua University and has been recognized as a collaborative innovation center for third-generation semiconductors [5] Business Model - Basic Semiconductor operates under an IDM (Integrated Device Manufacturer) model, covering the entire value chain from silicon carbide chip design to wafer production and module packaging, with all processes achieving mass production [6] - The company plans to expand its packaging capacity in Shenzhen and Zhongshan, aiming to achieve significant supply chain and cost advantages [6]

Core Viewpoint - Wolfspeed, a semiconductor supplier, is preparing to file for bankruptcy protection due to a debt crisis, leading to a stock price drop of over 60% and record short option trading activity [1][3]. Company Overview - Wolfspeed was once a leading player in the silicon carbide (SiC) market, known for having the world's first 8-inch SiC wafer factory [4]. - Originally a division of Cree, Wolfspeed focused on third-generation compound semiconductors, initially commercializing technology for the LED market [5]. - In 2017, Cree strategically shifted its focus to the Wolfspeed division, which was officially renamed in October 2021 to concentrate on the development and innovation of third-generation compound semiconductors [6]. Market Dynamics - The demand for silicon carbide semiconductors has been significantly driven by the electric vehicle (EV) sector, which accounts for over 60% of the current SiC demand [6]. - However, recent slowdowns in the EV market in Europe and the U.S. have led to delays in orders for automotive-grade semiconductors, impacting Wolfspeed's business [7]. Financial Performance - Wolfspeed has expressed concerns about its ongoing viability, predicting annual revenue to fall below expectations, with a forecast of $850 million for 2026, significantly lower than analysts' expectations of $958.7 million [1]. - The company has faced severe financial challenges, including a 90% drop in stock price since its peak during the pandemic, leading to layoffs and factory closures [7]. Management Issues - Investment firm Jana Partners has criticized Wolfspeed's management for missteps in capital allocation, execution, and strategy, contributing to the company's ongoing operational difficulties and stock price decline [8].

一则利空消息引发暴跌。 据最新消息，美国领先的芯片制造商Wolfspeed公司准备在未来数周内申请破产。受此影响，北京时间5月21 日，Wolfspeed美股盘后股价大幅跳水，一度暴跌超66%。 华尔街分析师认为，Wolfspeed管理层在资本配置、执行和战略方面的失误导致公司经营出现巨大问题。 Wolfspeed未来的归宿基本上就是破产或者被收购。 值得一提的是，在崩盘前夕，知名投资机构提前清仓抛售。据一份监管文件显示，激进投资者JanaPartners在 今年第一季度已退出其在Wolfspeed的全部头寸。 Wolfspeed公司预计2026财年营收为8.5亿美元，低于分析师预期的9.587亿美元。 即将离任的首席财务官奈尔·雷诺兹在电话会议上表示，公司可能需要寻求法庭选择来重新协商其债务，并且 可能会在季度文件中添加"持续经营"措辞。 该公司执行董事长托马斯·沃纳表示，将把高级领导团队裁员30%。 Wolfspeed公司还表示，根据《芯片与科学法案》，预计2026财年将获得6亿美元的现金退税。 大跳水 美东时间5月20日，据《华尔街日报》援引知情人士的话报道称，由于难以解决巨额债务问题，Wolfspee ...

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].