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].