Core Viewpoint - The SiC industry is expected to experience accelerated growth due to increased adoption in electric vehicles and exploration of applications in AR glasses, with penetration rates projected to rise from the current 10%-20% to over 50% in the medium term [1][7]. Group 1: Electric Vehicle Sector - Leading automotive companies are driving the trend of "SiC equality," with the penetration rate of SiC in new energy vehicles expected to increase significantly [2]. - The adoption of 800V high-voltage architectures by car manufacturers has facilitated the widespread use of SiC in automotive applications, with projections indicating that by 2024, SiC penetration in domestic passenger vehicles will exceed 10% [2]. - The introduction of cost-reduction measures and hybrid carbon solutions is allowing SiC to penetrate lower price segments (e.g., vehicles priced between 100,000 to 200,000 yuan), expanding the demand for SiC in automotive applications [2]. Group 2: AR Glasses Sector - SiC materials are anticipated to become a leading solution for optical waveguides in AR glasses, with Meta's new Orion AR glasses utilizing SiC due to its high refractive index [3]. - The high refractive index of SiC (2.6-2.7) compared to glass (1.5-2.0) and resin (1.4-1.7) allows for a wider field of view (FOV) and lighter, more compact designs, making it a favorable choice for AR applications [3]. - If SiC becomes the mainstream optical waveguide solution for AR glasses, the demand in this sector could surpass that of the automotive sector [3]. Group 3: Domestic Industry Chain - By 2024, domestic leading manufacturers are expected to have completed large-scale applications of SiC MOS in main drive systems, with accelerated capacity release anticipated in 2025/2026 [4]. - Domestic substrate manufacturers are gaining strong global market competitiveness, and their market share is continuously increasing, benefiting from the rapid penetration of SiC in new energy vehicles and emerging AR glasses applications [4].