证券日报网讯 1月16日，时代电气在互动平台回答投资者提问时表示，当前公司SiC第四代沟槽栅产品 已完成设计定型，达行业先进水平，第五代SiC技术也已完成布局。目前SiC重点产品包括3300V高压平 面栅SiCMOSFET、1200V精细平面栅SiCMOSFET，1200VSBD等，1200V沟槽栅SiCMOSFET性能指标 基本对标国际龙头企业。公司SiCMOSFET覆盖650V-6500V电压等级，适合高频/大功率密度系统要求， 可广泛应用于新能源汽车、不间断电源（UPS）、风力发电、光伏逆变器、铁路运输、工业、智能电网 等领域。 （编辑 丛可心） ...

Key Points Summary of NVIDIA Conference Call Company Overview - **Company**: NVIDIA - **Key Product**: VR 200 architecture with significant innovations in key components and system design Core Insights and Arguments - **VR 200 Architecture**: The VR 200 architecture features a new Ruby design, upgrading from L6 to L10 level delivery, enhancing integration and functionality of the motherboard [2][4] - **Power Consumption**: The new GPUs may reach power consumption levels of 1,000 to 1,500 watts, necessitating widespread adoption of liquid cooling technology [2][5] - **Supply Chain Impact**: Increased demand for raw materials like copper and silver due to higher PCB layer counts (increased from 18 to 24 or 28 layers) [4][5] - **Standardization Effects**: NVIDIA's standardized system design reduces flexibility for brands like Dell and ASUS, potentially leading to increased product homogeneity and pushing some brands towards competitors like AMD or Google [6][7] - **Market Position**: Supermicro maintains a leading position in the domestic GPU server market due to its stable partnership with NVIDIA, while Dell remains a significant player globally [8] - **Manufacturing Partnerships**: Foxconn continues to be a key manufacturing partner for NVIDIA, producing H100, H200 GPUs, and B100, B200 modules, with expected visibility improvements in the coming months [9][10] - **Supply Chain Management**: NVIDIA collaborates closely with Foxconn, deploying automated equipment to ensure efficient production and assembly [12] Additional Important Insights - **Power Supply Improvements**: The VR 200 cabinet utilizes silicon carbide (SiC) technology to enhance power conversion efficiency to 80%-90%, reducing power loss and improving system stability [3][13] - **Future Orders**: NVIDIA anticipates a significant increase in H200 GPU orders in 2026, with an expected domestic market scale of 2 million units, equivalent to 250,000 servers [3][18] - **Delivery Schedule**: The delivery process involves multiple steps, with an estimated one-month timeline from order to final delivery, aiming for approximately 500,000 units per quarter starting from April 2026 [19] - **MPS Market Share**: MPS (New Yuan System) has seen an increase in its share within NVIDIA's supply chain, indicating growing market interest [20] - **Liquid Cooling Systems**: The Robin series integrates more GPUs per CPU compared to the GB300, requiring enhanced liquid cooling solutions to manage increased thermal output [21]

Core Viewpoint - Silicon Carbide (SiC) is gaining attention as the next-generation power semiconductor material due to its superior properties compared to silicon (Si), particularly in high-temperature and high-pressure applications [1][3]. Group 1: Historical Progress and Development - Significant advancements in SiC power devices have been made since the 2000s, overcoming early challenges related to defects in the crystal structure [3][4]. - The defect density in SiC wafers has been reduced by an order of magnitude, thanks to improved simulation technologies and experimental efforts [3][4]. - The price of SiC wafers has dramatically decreased over the past 20 years, with 8-inch wafers now costing around 4,800 RMB, a reduction of nearly an order of magnitude [4]. Group 2: Market Expansion and Key Players - The year 2001 marked a turning point for SiC with Infineon Technologies leading the small-scale production of SiC diodes, although the market was limited at that time [6]. - The introduction of SiC transistors by Cree (now Wolfspeed) and ROHM in 2010 was a significant milestone, but the market size remained minimal [6]. - Tesla's adoption of SiC power devices in its electric vehicles in 2018 catalyzed market expansion, leading to increased awareness and adoption of SiC technology in the automotive sector [6][7]. Group 3: Current Market Trends and Future Outlook - The SiC market is expected to reach approximately 30 billion RMB by 2024, driven by the growing demand for electric vehicles and advancements in railway vehicle applications [7]. - China has emerged as a leader in SiC wafer production, surpassing Japan, the US, and Germany in wafer size, quality, and cost reduction [9]. - Despite China's rapid development in SiC, Japanese companies still lead in advanced device development, maintaining a competitive edge in the power device ecosystem [9][10]. Group 4: Challenges and Technical Issues - A persistent issue for SiC is the high defect density at the SiC and SiO2 interface, which hinders its full potential [15][16]. - The resistance of SiC is currently two to three times higher than ideal values, indicating a need for breakthroughs in research to improve performance and reduce costs [15][16]. - Reliability concerns are becoming increasingly important as SiC power devices gain popularity, necessitating the design of protective circuits to prevent damage during overload conditions [15][16].

Group 1 - The conference "Electric Transportation & Digital Energy SiC Technology Application and Supply Chain Upgrade Conference" will be held in Shanghai, featuring key industry players including TianKe HeDa, Mitsubishi Electric, and STMicroelectronics [2][3][5] - TianKe HeDa's CTO Liu Chunjun will present on the progress of 8-inch SiC substrates and epitaxy technology, highlighting the company's breakthroughs in silicon carbide materials [3][4] - The report will focus on the industrialization progress of 8-inch conductive SiC substrates and key process breakthroughs in 8-inch conductive epitaxy technology, including optimized substrate thickness and defect control [4] Group 2 - TianKe HeDa aims to achieve small-scale production of 8-inch conductive substrates and epitaxy by 2024, with substrate thickness optimized to 350μm, supporting cost reduction for high-voltage devices [4] - The company has made significant advancements in defect control, addressing industry challenges such as polytype defects and dislocation clusters, ensuring reliability for automotive-grade devices [4] - The conference will also feature discussions on core challenges and innovative breakthroughs in the industrialization process of silicon carbide technology, with dedicated sessions on digital energy and electric transportation applications [4][5]

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 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、国基南方、芯长征、合盛新材料、 国瓷功能材 料 等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 近日， "行家说三代半"发现茂硅、谱析光晶、鬃晶科技等企业接连传来产线落地、园区入驻等消息，为 SiC产业链注入新动力 ： 茂硅： SiC制程产线即将投产，产能达3000片/月 4 月 23日 ， 据 中国台湾媒体 报道， 中国 台湾晶圆代工厂茂硅透露，预计于今年 6月底完成碳化硅制程产线建设，并于下半年开启试量产，月产能达 3000片 。未来，茂硅将根据市场需求，持续购置相关设备，逐步扩大生产规模，有望 使 其成为 6 吋厂的主力业务。 茂硅董事长唐亦仙在致股东报告书中指出，自 2023年6月起，茂硅着手打造SiC 制程平台，建立了生产SiC功率晶体管的代工能力。然而，由于 部分设备交付周期长达2年，2024年至2025年上半年主要处于筹备阶段。 唐亦仙还表示，茂硅将紧抓汽车电子与工业 ...

Core Viewpoint - Wolfspeed is facing significant financial pressure due to high capital expenditures and operational losses associated with its transition to silicon carbide (SiC) technology, despite positive trends in the AI market and supportive legislation like the CHIPS Act [1]. Company Overview - Wolfspeed, formerly known as Cree Inc., is a leading American company established in 1987, focusing on wide bandgap semiconductors, particularly SiC and gallium nitride (GaN) [2][4]. - The company has a strong historical presence in SiC production, being the first to launch SiC wafers in 1991, establishing itself as a market leader [2]. Financial Performance - For the fiscal year 2023, Wolfspeed reported revenues of $758 million, with a significant operating loss of $311 million [9]. - The company's total revenue for the trailing twelve months (TTM) was $776.6 million, reflecting a 3.06% decline compared to the previous year [9]. - TTM gross margin was 2.21%, down over 7% from the previous year, indicating severe cost pressures [10]. Market Dynamics - The global SiC market is projected to reach $4.2 billion in 2024, with a compound annual growth rate (CAGR) of approximately 26% from 2026 to 2030, although current demand from electric vehicles is underwhelming [6][14]. - Wolfspeed's market share has been approximately 18.5%, but it is expected to decline to around 10% by 2034 due to increasing competition and market dynamics [15][16]. Competitive Landscape - The semiconductor industry is highly competitive, with major competitors including ON Semiconductor, STMicroelectronics, and Infineon Technologies, all of which have more stable financial conditions [8]. - Wolfspeed's financial instability hampers its ability to effectively compete in a market where technology is easily replicable and competitors may have lower costs [8]. Future Outlook - The company is expected to face continued operational challenges, with projected revenues for the upcoming quarters remaining flat, and significant debt levels raising concerns about its financial health [20][21]. - Despite the potential for growth in the SiC market, Wolfspeed's high debt burden and ongoing losses create a cautious outlook for its future performance [22].