晶盛机电20250928

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call discusses Jingsheng Electromechanical and its advancements in the silicon carbide (SiC) substrate industry, particularly focusing on the 12-inch SiC substrate technology and its applications in various sectors including power devices and AR glasses [2][3][5]. Core Insights and Arguments - 12-inch SiC Substrate Development: Jingsheng has successfully completed the trial production line for 12-inch SiC substrates, achieving 100% domestic equipment development, which significantly reduces downstream application costs and enhances production efficiency by approximately 125 times compared to 8-inch substrates [2][5]. - Market Positioning: The company is actively validating its SiC substrates with global customers and has secured bulk orders from international clients, indicating strong market demand and positioning [2][5]. - Production Capacity: The company has a domestic capacity of 900,000 pieces for power devices, with plans to ramp up production of 8-inch substrates significantly by the end of 2026 to early 2027 [2][6]. - Strategic Partnerships: Jingsheng has signed strategic agreements with companies like Xreal to provide semi-insulating SiC substrates for AR glasses, with positive progress in product validation [2][6]. - Pricing Dynamics: Current prices for 6-inch SiC substrates are around 1,500 RMB, while 8-inch substrates are priced at approximately 4,000 RMB. The company plans to increase 8-inch production while maintaining the current scale for 6-inch substrates [2][13]. Additional Important Insights - Technological Leadership: Jingsheng's integration of alkaline nitrogen technology with existing large-size silicon wafer processes positions it competitively in the market, allowing rapid response to market demands [2][9]. - Chinese Manufacturers' Dominance: Chinese manufacturers, including Jingsheng, hold a dominant position in the SiC substrate market, surpassing foreign competitors in both technology and cost [10][21]. - Future Capacity Expansion: The company plans to achieve 300,000 pieces of 8-inch capacity in Shangyu by the end of 2025, and 240,000 pieces in Malaysia by 2027 [15][6]. - Market Trends in Photovoltaics: Despite the current downturn in the photovoltaic equipment sector, Jingsheng anticipates potential growth as new technologies are introduced and market conditions improve [17][18]. - Cost Efficiency and Profitability: The company is focused on improving efficiency and reducing costs in its photovoltaic equipment, with significant advancements in technologies that enhance battery performance [18][29]. Conclusion - Jingsheng Electromechanical is positioned for significant growth in the SiC substrate market, with strong technological capabilities, strategic partnerships, and a clear plan for capacity expansion. The company is also navigating challenges in the photovoltaic sector while maintaining a focus on innovation and cost efficiency.