Core Viewpoint - Tianyue Advanced (02631) has seen a significant stock price increase, attributed to developments in the silicon carbide (SiC) substrate market and its strategic position in the supply chain for advanced GPU packaging [1] Group 1: Company Performance - Tianyue Advanced's stock rose over 6% in early trading, currently up 5.33% at HKD 49, with a trading volume of HKD 64.21 million [1] Group 2: Industry Developments - NVIDIA plans to adopt 12-inch silicon carbide substrates in the advanced packaging of its next-generation GPU chips, with implementation expected by 2027 [1] - The penetration rate of 800V high-voltage platform models in the domestic new energy vehicle sector has surged to 42% within six months, driven by the launch of models like Xiaomi YU7 and BYD's 1000V architecture [1] - Demand for automotive-grade SiC is expected to increase significantly, with projections indicating that SiC usage in domestic new energy vehicles will reach 8 million pieces by 2025 [1] Group 3: Market Potential - Huaxi Securities suggests that if CoWoS replaces Interposer with SiC, and considering a 35% compound annual growth rate (CAGR) over 28 years with a 70% replacement rate for SiC, over 2.3 million 12-inch SiC substrates will be needed by 2030, equivalent to approximately 9.2 million 6-inch substrates, which far exceeds current production capacity [1] - Mainland China's SiC industry is positioned to benefit significantly due to its advantages in investment scale, production costs, and downstream support [1] - Tianyue Advanced is recognized as a global leader in silicon carbide substrates, having successfully developed 12-inch semi-insulating/conductive substrates and entered NVIDIA's packaging supply chain [1]