晶盛机电20250908

Summary of the Conference Call for Jing Sheng Electromechanical Industry Overview - Industry: Silicon Carbide Substrate Market - Company: Jing Sheng Electromechanical Key Points and Arguments 1. Production Capacity and Technology Leadership: Jing Sheng Electromechanical has established a production capacity of 600,000 pieces per year for silicon carbide substrates, with an additional 240,000 pieces planned in Malaysia. The company is actively collaborating with leading manufacturers to validate the application of semi-insulating silicon carbide substrates in packaging [2][3][4] 2. Market Applications: Silicon carbide substrates are primarily used in power semiconductors, new energy vehicles, AR glasses, and advanced packaging (COS). The economic benefits of silicon carbide replacing traditional silicon materials are particularly significant in the new energy vehicle and energy storage sectors. A large-scale market launch is expected between late 2026 and early 2027 [2][4][5] 3. Product Development: The company has successfully overcome challenges in producing 12-inch silicon carbide substrates and plans to launch packaging-specific products by the end of the year. The core parameters of these products are currently leading in the industry [2][6] 4. Cost Control and Automation: Jing Sheng Electromechanical has a high proportion of self-manufactured equipment and a high level of automation, which contributes to effective cost control in silicon carbide substrate production. If the 8-inch scale production expands, the gross margin is expected to lead the industry [2][12] 5. Market Demand and Competition: The demand for 8-inch power-type silicon carbide substrates is estimated at approximately 3 million pieces, with the company having secured 900,000 pieces of domestic orders. The domestic market for 8-inch silicon carbide substrates is primarily led by local manufacturers, with significant advantages in technical parameters and cost control over overseas competitors [4][17] 6. Future Growth in Emerging Applications: Jing Sheng Electromechanical is well-positioned to capture significant market share in emerging applications such as new energy vehicles and AR glasses, supported by collaborations with leading brands and ongoing R&D efforts [2][7][8] 7. Challenges in Production: The production of 12-inch semi-insulating silicon carbide substrates faces challenges related to material suppliers' technical capabilities and capital expenditure requirements. However, the company has a competitive edge due to its self-developed equipment, which allows for smoother progress compared to competitors [6][8] 8. Pricing Expectations: The price of semi-insulating silicon carbide substrates is expected to be higher than power-type substrates, but costs may be lower than optical substrates due to stronger bargaining power in the packaging sector. The anticipated price for 12-inch optical substrates is around 10,000 RMB per piece [9] 9. Market Dynamics for Power Semiconductors: The 6-inch market is experiencing oversupply and price declines, while the 8-inch market is more stable with limited suppliers, reducing the likelihood of severe price wars [11] 10. Strategic Partnerships: The company has signed a strategic agreement with Xreal to provide 8-inch optical substrates for validation and product design, with plans to develop 12-inch crystals by the end of 2025 [15] Additional Important Information - Global Market Position: Jing Sheng Electromechanical is the first domestic manufacturer to establish overseas production capacity for silicon carbide substrates, with a factory in Malaysia [16] - Inventory Management: The company employs lean production methods, resulting in minimal inventory for photovoltaic equipment, while maintaining some stock for imported raw materials [22] - Future Outlook: The company is well-prepared for the upcoming market cycle in silicon carbide, with a strong focus on R&D and production capacity, positioning it for rapid growth in this important segment [23]