Group 1 - The core viewpoint of the articles highlights the technological advancements made by the company in the field of silicon carbide (SiC) crystal growth, particularly the successful development of a 12-inch conductive SiC crystal through innovative temperature field design and gas-phase raw material distribution processes [1][2] - The company has developed a range of SiC crystal growth and processing equipment, including grinding, cutting, thinning, chamfering, polishing, cleaning, and testing, which not only meets the demand for large-scale production of SiC substrates but also strengthens its core competitiveness in the SiC substrate sector [1] - The company is capitalizing on the industry trend of shifting towards 8-inch SiC production, leveraging its core technological advantages in SiC equipment to promote 8-inch SiC epitaxy and 6-8 inch thinning equipment, which lays a solid foundation for large-scale production [2] Group 2 - The company’s semiconductor business is experiencing continuous growth, benefiting from the ongoing development of the semiconductor industry and the acceleration of domestic production processes, with unfulfilled contracts for integrated circuits and compound semiconductor equipment exceeding 3.7 billion yuan (including tax) as of June 30, 2025 [2] - The company maintains a "buy" rating, indicating positive market sentiment and confidence in its future performance [2]

Core Viewpoint - The company, Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., is experiencing robust growth in its semiconductor equipment business, driven by the ongoing development of the semiconductor industry and the acceleration of domestic production processes. Group 1: Semiconductor Equipment Orders - The company has a substantial backlog of semiconductor equipment contracts, with over 3.7 billion yuan (including tax) in unfulfilled contracts as of June 30, 2025 [1]. Group 2: Semiconductor Equipment Sector - The company has achieved domestic production of 8-12 inch large silicon wafer equipment and is expanding into chip manufacturing and advanced packaging sectors. It holds a leading market share in the silicon wafer manufacturing segment, with clients including top semiconductor material manufacturers like Zhonghuan [1]. - In the compound semiconductor equipment sector, the company focuses on the research and development of third-generation silicon carbide equipment, successfully overcoming several core technological challenges in crystal growth, processing, and epitaxy [1]. - In the renewable energy photovoltaic equipment sector, the company has established a closed industrial chain for core equipment in silicon wafers, battery cells, and modules, positioning itself as a leading supplier in both technology and scale [1]. Group 3: Silicon Carbide Substrate Material - Silicon carbide, as a core representative of third-generation semiconductor materials, has significant application potential in high-voltage and high-temperature environments, particularly in electric vehicle drive systems and emerging fields like AR devices [1]. - The company has achieved large-scale production and sales of 6-8 inch silicon carbide substrates, with core parameters reaching industry-leading levels. It is actively expanding its global customer validation and has received bulk orders from some international clients [1]. - The company has made breakthroughs in 12-inch conductive silicon carbide single crystal growth technology, with product specifications meeting advanced industry standards. It is also developing optical-grade silicon carbide materials and advancing the industrialization of 12-inch substrates [1]. - The company is establishing production capacity with projects including an annual output of 300,000 silicon carbide substrates in Shangyu, an 8-inch silicon carbide substrate industrialization project in Penang, Malaysia, and a project in Yinchuan for an annual output of 600,000 8-inch silicon carbide substrates [1]. Group 4: Silicon Carbide Equipment Sector - The company is developing silicon carbide crystal growth and processing equipment to meet its own production capacity needs, creating technological, process, and cost barriers. It has achieved domestic substitution for 6-8 inch silicon carbide epitaxy equipment, leading the market share with clients including industry leaders like Hantian Tiancheng [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on the industrialization of silicon carbide (SiC substrate materials) to enhance its international supply capabilities. The company has made significant technological advancements in growing 12-inch conductive silicon carbide crystals and is actively expanding its production capacity [4][5] - The company is also promoting its silicon carbide equipment, which includes various processing devices, to strengthen its core competitiveness in the silicon carbide substrate field. The company has achieved a leading market share in 6-8 inch silicon carbide epitaxy equipment [5] - The financial projections indicate that the company is expected to achieve revenues of 120.31 billion yuan, 129.77 billion yuan, and 140 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 10.41 billion yuan, 12.65 billion yuan, and 15.46 billion yuan for the same years [8] Company Overview - The latest closing price of the company's stock is 38.09 yuan, with a total market capitalization of 499 billion yuan and a circulating market value of 469 billion yuan. The company has a total share capital of 1.31 billion shares, with a debt-to-asset ratio of 43.2% and a price-to-earnings ratio of 19.84 [3]

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、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，士兰微、扬杰科技、晶盛机电皆公布了2024年财务报告，在碳化硅业务方面透露了诸多信息： | 士兰微： | | --- | | IGBT+SiC收入超22亿 | 4 月19日，士兰微公布了 2024年年度报告，其中透露： 报告期内，士兰微实现营业总收入112.21亿元，同比增长20.14%；归母净利润2.2亿元， 比 2023 年增加2.56亿元。 士兰微 自主研发的Ⅱ代 SiC-MOSFET 芯片生产的电动汽车主电机驱动模块在4家国内汽车厂家出货量累计达 5 万只，客户端反映良好，随着 6 吋 SiC 芯片 生产线产能释放，已实现大批量生产和交付。 碳化硅业务方面，士兰微主要透露以下进展： ● 2024年应用于汽车、光伏的 IGBT 和 SiC（模块、器件）的营业收入达到22.61亿元，较去 ...