Core Viewpoint - The article highlights the recent developments in the silicon carbide (SiC) industry in China, focusing on new projects and expansions by various companies, indicating a growing investment and interest in SiC technology. Group 1: New Projects and Investments - A new SiC controller project has been announced in Jiaxing, Zhejiang, with an estimated investment of 410 million yuan and a planned annual production of 10 million units [2][3]. - The SiC equipment project by Liguang Microelectronics has successfully signed with the Jinan Huaiyin Economic Development Zone, indicating expansion in the semiconductor equipment sector [4]. - Hebei Tongguang Technology's SiC substrate project has passed environmental acceptance, with a total investment of approximately 389 million yuan and an annual production capacity of 70,000 pieces [9][10]. Group 2: Company Developments - Liguang Microelectronics plans to build a 70,000 square meter intelligent manufacturing base, aiming for an annual output value exceeding 1.5 billion yuan and creating over 800 jobs [7]. - The company has achieved significant progress in its 12-inch SiC-PVT equipment, with a production yield exceeding 99.2% [7][8]. - Tongguang Semiconductor has initiated a new project for 200,000 pieces of 8-inch SiC substrates, with a total investment of 882 million yuan, expected to be fully operational by 2027 [10].

Core Insights - In 2024, the Chinese electric vehicle (EV) industry is expected to show strong growth driven by policy support and consumer upgrades, with production and sales reaching 12.888 million and 12.866 million units respectively, marking year-on-year increases of 34.4% and 35.5% [1] - The company, Jingjin Electric, is capitalizing on industry opportunities, achieving total revenue of 1.305 billion yuan in 2024, a year-on-year growth of 50.64% [1] Revenue Growth and Business Performance - Jingjin Electric's revenue from electric drive systems reached 1.16 billion yuan, up 47.68% year-on-year, with passenger vehicle drive systems contributing 730 million yuan, a significant increase of 82.75% [2] - The company also reported a net cash flow from operating activities of 12 million yuan, reflecting a substantial improvement of 103.74% year-on-year, indicating enhanced cash flow quality [2] Technological Advancements and R&D - Jingjin Electric possesses a complete layout in the electric drive system sector, with core technologies such as efficient motor technology and oil-water hybrid cooling technology, achieving efficiency improvements of 1% to 3% and weight reductions exceeding 10% [3] - In 2024, the company invested 110 million yuan in R&D, accounting for 8.51% of its revenue, and added 12 domestic invention patents and 36 overseas patents, bringing the total to 720 [3] Market Demand and Strategic Partnerships - The demand for electric drive systems is increasing, with the market share of new energy vehicles surpassing 50% in the second half of 2024, and plug-in hybrid vehicles accounting for 40% of sales [4] - Jingjin Electric maintains deep collaborations with leading domestic automakers and has expanded its international partnerships with companies like Stellantis and Ford, targeting high-volume projects in the European market [4] Future Outlook and Strategic Focus - The Chinese EV market is projected to grow over 30% in 2025, with trends leaning towards larger batteries and extended range [5] - The company plans to enhance its R&D in three-in-one electric drive systems and silicon carbide controllers, strengthen partnerships with top domestic and international clients, and optimize its manufacturing system to improve cost control and delivery capabilities [5]