天岳先进_从电动汽车到人工智能；应用领域拓展、产品结构向 8 英寸及以上升级，以及市场份额提升以缓解价格压力；买入

22 September 2025 | 7:24PM HKT Equity Research SICC (688234.SS) EV to AI; Application expansion, product mix upgrade toward 8-inch and above, and market share gain to ease pricing pressure; Buy 688234.SS 12m Price Target: Rmb111.00 Price: Rmb85.90 Upside: 29.2% SICC's shareprice has increased by 68% YTD (vs. +14% of Shanghai - Shenzhen 300 Index), surpassing our target price, and we further raise our target price to Rmb111 (implied 101.2x 2026E PE on 100% NI YoY in 2027E) on the back of: BUY Verena Jeng +85 ...