晶盛机电20250909

Summary of Key Points from the Conference Call Company and Industry Involved - Company: Jing Sheng Mechanical & Electrical (晶盛机电) - Industry: Semiconductor and Carbon Silicon (碳化硅) Industry Core Insights and Arguments 1. Challenges in Packaging and Heat Dissipation: The increase in GPU power from manufacturers like NVIDIA poses significant challenges for packaging and heat dissipation, with traditional silicon interposers facing limitations. Carbon silicon (SiC) is highlighted as a potential solution due to its superior thermal conductivity, which is three times that of silicon [2][3][4] 2. Market Demand for Carbon Silicon Substrates: By 2027, if 80% of NVIDIA's Ruby series adopts carbon silicon interposers, the demand for 12-inch carbon silicon substrates could exceed 500,000 pieces annually, creating a market space of approximately 7-8 billion RMB [2][5] 3. Expansion of TSMC's CoWoS Capacity: TSMC's CoWoS capacity is expected to expand, with NVIDIA holding a significant share. The anticipated demand for carbon silicon substrates is driven by the increasing power requirements of chips [2][5] 4. Diverse Applications of Carbon Silicon: Carbon silicon is expected to see growth in various sectors, including interposer materials, electric vehicles (replacing IGBTs), photovoltaic power generation, RF devices, and AR glasses. The demand for carbon silicon in AR glasses is projected to rise significantly by 2027 [2][7] 5. Projected Market Growth: The global market for conductive carbon silicon substrates is expected to reach 20-30 billion RMB by 2026, while the semi-insulating substrate market could reach 10-20 billion RMB. The proliferation of AR glasses will notably increase the demand for semi-insulating 12-inch carbon silicon substrates [2][8] Additional Important Content 1. Technological Advantages of Carbon Silicon: The 4H type of carbon silicon is favored for its high-temperature stability and is widely used in power semiconductors and advanced packaging. Other types like 6H and 3C are less commonly used [6] 2. Jing Sheng's Competitive Edge: Jing Sheng has several advantages in the carbon silicon market, including capacity planning, self-manufactured equipment, cost advantages, and technical expertise. Their annual capacity planning for crystal growth is set at 900,000 pieces [3][9][10] 3. Domestic Market Dynamics: Domestic manufacturers like Jing Sheng are gradually gaining market share in the production of 6-inch and larger carbon silicon wafers, with a notable decline in market share for overseas companies like Wolfspeed [8][9] 4. Strategic Focus on Equipment Manufacturing: Jing Sheng manufactures all its carbon silicon substrate processing equipment in-house, which allows for lower costs and quicker responses to production feedback [10] 5. Long-term Growth Potential: Despite current pressures in the photovoltaic industry, Jing Sheng's carbon silicon and semiconductor equipment businesses are expected to support sustained growth in the long term [17][18]