而让高压直流技术发挥作用的关键，则是碳化硅（SiC）功率芯片。与传统硅基芯片相比，碳化硅芯片 能以更小的能量损耗、更高的频率和可靠性，实现电能的精准、高效转换。 早在2010年，黄兴博士在其主导的固态变压器（SST）研究中，便前瞻提出：以宽禁带功率器件为核 心，将传统工频电能变换体系重构为高频化、模块化与可控化的电力电子系统。这一思路在当时十分前 沿，如今正随着碳化硅功率芯片的成熟逐步走向工程落地。 黄兴所创办的派恩杰半导体，正成为铺设这条未来之路的核心力量之一。这家来自浙江的硬科技企业， 正凭借其自主研发的碳化硅芯片，让高效、稳定的高压直流电力转换，加速走向千行百业。 01 从芯片到封装，助力客户高效量产 深夜，西部数据中心。数十万台服务器持续运转，每分每秒都在消耗巨大电能。 另一边，超级充电站正以近兆瓦的功率为电动卡车补能。 这两个蓬勃发展的图景，却暗含一个巨大的挑战：我们当下的电力系统，能否支撑起一个全面电气化、 智能化的未来？这不仅是产业的课题，更是国家战略的关切。在"双碳"目标与数字中国建设的蓝图下， 让电力输送更智能、更高效，已成为关乎未来竞争力的关键。 "未来，可能有10%到20%的电能都将用于 ...

瀚天天成作为全球领先的SiC外延晶片生产商，近期也发布了全球首款12英寸高质量碳化硅外延晶片。 这一产品的推出不仅提升了下游功率器件的生产效率，还大幅降低了碳化硅芯片的单位制造成本，为产 业的规模化和低成本应用奠定了基础。与目前主流的6英寸和8英寸晶片相比，12英寸晶片在相同生产流 程下能够显著增加单片承载的芯片数量，分别为6英寸晶片的4.4倍和8英寸晶片的2.3倍。 新设备采用了独特的垂直分流进气方案，显著提升了晶圆表面温度的高精度闭环控制和工艺气体的精确 分区控制。此外，设备还配备了自动化上/下料模块及一键自动PM辅助功能，极大地提高了颗粒控制能 力和维护效率。这些技术创新将为碳化硅外延晶片的生产提供更高的效率和可靠性。 在碳化硅（SiC）核心装备领域，晶盛机电于2025年12月24日成功交付了全球首款12英寸单片式碳化硅 外延生长设备给行业领军企业瀚天天成。这一设备的研发标志着晶盛机电在SiC外延技术上的重大突 破，能够兼容8英寸和12英寸的SiC外延生产。 ...

当地时间12月9日，据外媒报道，丰田汽车公司宣布，将从明年起，在其电动车载充电系统采 用新签约供应商的车规级MOSFET（金属氧化物半导体场效晶体管）碳化硅器件。其实，近期国 内外车企对于碳化硅功率器件的关注度正持续升温。 新能源车的"新引擎" 在电动汽车发展进程中，充电系统是制约用户体验与市场普及的关键一环，而碳化硅元器件的加 入，为充电速度与能量管理精度带来变革性提升，成为打通电动车补能痛点的"金钥匙"。 如今，随着800V高压平台在电动汽车领域的逐步普及，传统硅基功率器件难以满足高压、大电流 下的高效充电需求，碳化硅器件凭借自身优势，成为破解这一充电瓶颈的关键因素。其具备的高击穿电 场强度特性，使它能够轻松支持22kW以上的大功率车载充电，这与硅基OBC（车载充电机）通常仅能 实现6.6kW的功率相比，有着质的飞跃。不仅如此，当碳化硅器件应用在充电桩上时，更是能与电动汽 车的高压平台完美配合，实现超快充体验。这也让电动车的补能效率朝着燃油车加油的便捷性迈进。 同时，在电动汽车的电池管理与DC-DC转换环节中，碳化硅器件的低损耗特性发挥着至关重要的 作用。它能够精准地控制高压电池与低压系统之间的能量流转， ...

Core Viewpoint - The approval of the overseas listing and domestic "full circulation" registration for Basic Semiconductor marks a significant step towards its IPO in Hong Kong, potentially making it the first domestic "silicon carbide chip" stock [2] Group 1: Company Overview - Basic Semiconductor was founded in 2016 by a team of PhD graduates from Tsinghua University and the University of Cambridge, focusing on silicon carbide MOSFETs, diodes, and power semiconductor devices [3] - The company has established a comprehensive industrial chain covering chip design, wafer manufacturing, module packaging, and gate driver design, creating a significant technological moat [3] - Basic Semiconductor has achieved mass production at its manufacturing bases in Shenzhen and Wuxi, effectively shortening delivery times and reducing production costs through a flexible IDM and foundry cooperation model [3] Group 2: Research and Development - The company has a strong commitment to R&D, with 28.9% of its workforce dedicated to this area and R&D expenditures exceeding 30% for three consecutive years [4] - Basic Semiconductor holds 163 patents and has submitted 122 patent applications, positioning itself as a key player in the silicon carbide sector [4] - The company collaborates with Tsinghua University and has established several research centers focused on third-generation semiconductor materials and devices [4] Group 3: Financial Performance - Basic Semiconductor's revenue is projected to grow at a compound annual growth rate (CAGR) of 59.9% from 2022 to 2024, indicating strong growth [5] - The company is one of the first in China to mass-produce silicon carbide solutions for electric vehicles, with its power modules already used in over 50 models from more than 10 automotive manufacturers [5] - The revenue CAGR for its silicon carbide power modules reached 434.3% during the reporting period, ranking the company seventh in the global market for these products by 2024 revenue [5] Group 4: Market Strategy - The upcoming Hong Kong listing will enable Basic Semiconductor to enhance R&D investments, expand its global distribution network, and establish itself as a leading international brand in silicon carbide power devices [6] - The company aims to leverage its full industrial chain and technological advantages to boost its competitiveness in the global silicon carbide power device market and accelerate its globalization strategy [6]

Core Viewpoint - The company has launched a new silicon carbide G2.0 technology platform that utilizes advanced 8-inch manufacturing technology, achieving a globally leading level [1] Group 1: Technology and Innovation - The new technology platform is optimized through both device structure and process technology to achieve core goals of "high efficiency, high power density, and high reliability" [1] - This platform covers two major application scenarios: electric drive and power supply [1] Group 2: Market Applications - The technology can be widely applied in the markets of new energy vehicle main drives, onboard power supplies, and AI data center power supplies [1]

Core Insights - The company Xilinx Integrated Circuit Manufacturing Co., Ltd. (stock code: 688469.SH) has officially launched its new Silicon Carbide G2.0 technology platform, which utilizes advanced 8-inch manufacturing technology and has reached a globally leading level [1] - This technology platform achieves the core goals of "high efficiency, high power density, and high reliability" through dual optimization of device structure and process technology, covering two main application scenarios: electric drive and power supply [1] - The G2.0 electric drive version enhances power density by 20% due to lower conduction losses and excellent switching softness, significantly improving the power output and energy efficiency of electric vehicle drive systems, thus supporting vehicle range [1] - In the power supply scenario, the G2.0 power version optimizes parasitic capacitance design and enhances heat dissipation through packaging optimization, reducing switching losses by up to 30%, while achieving significant improvements in power conversion efficiency and system power density [1] - The platform is expected to help customers seize opportunities in new energy electrification and AI computing power construction, establishing a leading differentiated competitive advantage [2]

Summary of the Conference Call for Chint Electric (2025) Company Overview - **Company**: Chint Electric - **Period**: First three quarters of 2025 Key Financial Performance - **Total Revenue**: 463.96 billion CNY, up 19.5% year-on-year [3] - **Net Profit**: 41.79 billion CNY, up 19.5% year-on-year [3] - **Low Voltage Electrical Segment Revenue**: 182.05 billion CNY, up 4.5% year-on-year; Net Profit: 20.27 billion CNY, up 16.5% [2][4] - **New Energy Segment Revenue**: 285.25 billion CNY, Net Profit: 21.52 billion CNY, up 22.4% [2][8] - **Overseas Revenue**: 38.58 billion CNY, up 23.8% year-on-year; North America growth exceeded 113% [2][6] Segment Performance Low Voltage Segment - **Net Profit Margin**: 12.1%, an increase of 1-1.3 percentage points year-on-year [4] - **Third Quarter Net Profit**: 6.31 billion CNY, up 7.1% year-on-year [4] New Energy Segment - **Installed Capacity**: 10.9 GW added, 5.6 GW sold; Net Profit: 32.22 billion CNY, up 32.8% [2][8] - **Third Quarter Revenue**: 107.9 billion CNY, Net Profit: 9.94 billion CNY, up 0.7% [8] Data Center Business - **Significant Progress**: Collaborations with Microsoft and NVIDIA; plans for local capacity layout in Singapore and the U.S. [2][9] - **Revenue from Data Center Business**: Approximately 8 billion CNY in the first half of the year, with a target of 5 billion CNY overseas [8][9] Strategic Initiatives - **SST (Solid State Transformer) Development**: On track for product launch between June and September 2026 [2][13] - **Silicon Carbide Technology**: Collaborations with Tsinghua University to accelerate development and application [2][14] - **Focus on AIDC Market**: Aiming for at least one-third of revenue from power distribution solutions [2][24] Market Dynamics - **North America ADC Revenue**: Strong performance with sufficient orders; expected to exceed 5 billion CNY in the next three years [5][18] - **Domestic Photovoltaic Industry**: Upstream silicon material companies are building storage platforms to match market demand; terminal demand may see slower growth [21] Risks and Challenges - **Potential Impacts from Policy Changes**: Adjustments in domestic photovoltaic pricing policies and global renewable energy penetration may affect future demand [21] - **No Significant Impairments Expected**: Anticipated that there will be no large impairments in the fourth quarter [5][20] Conclusion Chint Electric has demonstrated robust growth across its segments, particularly in overseas markets and the new energy sector. The company is strategically positioning itself in the data center and AIDC markets while continuing to innovate in technology development. However, it must navigate potential market fluctuations and policy changes that could impact future performance.

Core Viewpoint - The company, Xinyi Technology, has shown strong business expansion momentum with significant project announcements and ongoing collaborations in the electric vehicle and hydrogen fuel cell sectors [1]. Group 1: Business Development - Since becoming the first global company to achieve mass production of SiC drive DC-DC converters in 2013, the company has continuously optimized the application of SiC power devices, enhancing product efficiency and reliability [1]. - The company's high-voltage "electric control" solutions are widely used in the new energy vehicle and hydrogen fuel cell vehicle sectors, maintaining close strategic partnerships with major automotive manufacturers such as BYD, Geely, XPeng, Li Auto, SAIC, and BAIC [1]. Group 2: Client and Project Engagement - The company has established itself as a mainstream supplier of high-voltage "electric control" DCF series products for hydrogen energy and fuel cell vehicles, achieving stable cooperative relationships [1]. - The company has been proactive in serving overseas clients, having previously established partnerships with international automakers such as Honda, Hyundai, and Volvo [1]. - The company has extensive coverage of numerous well-known OEM clients, including domestic brands, new energy vehicle manufacturers, joint venture brands, and renowned overseas manufacturers, supporting the development of the industry and various vehicle projects [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 net profit improved sequentially, driven by enhanced cost control and increased gross margin [7] - The company has planned a total production capacity of 900,000 pieces for silicon carbide substrates, with new applications opening up for 12-inch substrates [7] - The company maintains a positive outlook on its multi-business growth potential despite current challenges in the photovoltaic industry [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 8.27 billion yuan, a year-on-year decrease of 42.9%, and a net profit attributable to shareholders of 900 million yuan, down 69.6% year-on-year [7] - In Q3 2025, the company reported a single-quarter revenue of 2.474 billion yuan, a year-on-year decrease of 42.9% and a sequential decrease of 7.0% [7] - The gross margin for Q3 2025 was 29.21%, showing a year-on-year decrease of 3.0 percentage points but a sequential increase of 8.6 percentage points [7] - The company's cash flow from operating activities for Q3 turned negative, primarily due to a decrease in cash received from sales [7] Capacity and Product Development - The company has a clear advantage in 8-inch substrate production, with plans to benefit from the industry's shift from 6-inch to 8-inch production [7] - The company has successfully launched its first 12-inch silicon carbide substrate processing pilot line, which opens new application spaces [7] - The company is focused on providing comprehensive solutions for large silicon wafers, advanced packaging, and silicon carbide equipment [7] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 1 billion, 1.2 billion, and 1.5 billion yuan, respectively, corresponding to a current P/E ratio of 52, 42, and 34 times [7]

Core Viewpoint - Tianyu Semiconductor is preparing for an IPO on the Hong Kong Stock Exchange after passing the listing hearing [2]. Financial Performance - Tianyu Semiconductor reported revenues of 437 million yuan in 2022, 1.171 billion yuan in 2023, and projected 519 million yuan in 2024, indicating a significant decline of 55.6% in 2024 compared to the previous year [4][8]. - The company experienced a net loss of 500 million yuan in 2024, following a profit of 281,000 yuan in 2022 and 95.88 million yuan in 2023 [7][10]. - For the first five months of 2025, the company generated revenue of 257 million yuan, a decrease of 13.5% from 297 million yuan in the same period of 2024 [9]. Product and Technology - Tianyu Semiconductor specializes in silicon carbide (SiC) epitaxial wafers and has developed core technologies for producing power devices ranging from 600V to 30,000V [6]. - The company has completed the construction of its Dongguan Ecological Park, which is expected to start mass production of 6-inch and 8-inch SiC epitaxial wafers by the end of 2025 [6]. Shareholder Structure - Major shareholders include Huawei and BYD, with the company's executive director, Li Xiguang, controlling approximately 29.05% of the equity directly and additional stakes through investment vehicles [11][14]. - The combined holdings of Li Xiguang, Ouyang Zhong, and their associated investment entities account for 58.36% of the total issued shares [14]. Funding and Investment - Tianyu Semiconductor has undergone seven rounds of financing prior to its IPO, including a significant 668 million yuan investment in August 2022 and 491 million yuan in December 2022 [11][12].