Core Viewpoint - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 58.5 HKD, with a transaction volume of 69.01 million HKD, driven by strong demand in the transformer manufacturing sector and advancements in silicon carbide technology [1] Group 1: Industry Insights - A significant number of transformer factories in Guangdong and Jiangsu are operating at full capacity, with some orders for data center applications extending to 2027 [1] - In Hebei, the exploration of all-silicon carbide power electronic transformer technology is underway to address the challenges posed by high proportions of renewable energy integration, utilizing high-voltage silicon carbide devices to reduce energy loss and enhance renewable energy efficiency [1] Group 2: Company Developments - Guosheng Securities has indicated that silicon carbide (SiC) is a key electronic power device for Solid State Transformers (SST), which is expected to contribute new growth momentum for the company [1] - Zheshang Securities previously noted that Tianyue Advanced is actively expanding the application of silicon carbide in emerging fields, creating long-term growth opportunities [1] - Silicon carbide materials are anticipated to become ideal for the next generation of AR glasses due to their high refractive index and lightweight advantages, leading to improved display performance [1] - With the explosion of AI computing power demand, energy consumption issues in data centers are becoming prominent, and silicon carbide power devices can significantly enhance server power efficiency, aligning with the trend of major companies like NVIDIA pushing data centers towards an 800V high-voltage architecture [1]

Investment Rating - The report maintains a "Recommended" rating for Tianyue Advanced (688234.SH) [1] Core Views - The company is actively expanding its large-size product offerings, but declining product prices are putting pressure on gross margins [1][7] - For 2025, the company expects revenue to be between 1.45 billion and 1.5 billion yuan, representing a year-over-year decrease of 17.99% to 15.17% [4][7] - The projected net loss attributable to shareholders for 2025 is between 225 million and 185 million yuan, a significant decline of 225.68% to 203.34% compared to the previous year [4][7] - The company has a strong first-mover advantage in the 12-inch silicon carbide substrate market, with increasing demand driven by the growth of the global electric vehicle and renewable energy sectors [7][8] Financial Summary - Revenue for 2023 is projected at 1.25 billion yuan, with a year-over-year growth of 199.9%, followed by a decrease to 1.47 billion yuan in 2025 [6][10] - The gross margin is expected to be 17.5% in 2025, down from 25.9% in 2024 [6][10] - The company anticipates a return to profitability in 2026 with a net profit of 100 million yuan and further growth to 345 million yuan in 2027 [6][10] - The company has established a product matrix for 6/8/12-inch silicon carbide substrates, enhancing its competitive position in the market [8] Market Position and Strategy - The company has successfully established partnerships with leading firms in the optical field, expanding its customer base and product applications [8] - The introduction of the first 12-inch silicon carbide substrate is expected to significantly increase chip production efficiency and reduce costs [8] - The company is focusing on maintaining its technological leadership through continuous investment in R&D, despite the challenges posed by rising sales and R&D expenses [7][8]

【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 利空出尽，行业迎来反转 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下 【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 利空出尽，行业迎来反转 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下行，但实际市 场交易的是未来需求的增量，属于错杀。 未来三大需求AI电力、先进封装、AR眼镜需求量有望是当前市场7倍以上。 如人民日报点名的AI电力领域，下游已经在加速扩产， ➠50亿投资的泗水8英寸碳化硅晶圆厂竣工 11月 ➠株洲8英寸碳化硅晶圆线量产（36万片） 1月 ➠8英寸碳化硅芯片生产线通线（72万片） 据以上不完 ...

证券日报网讯1月30日，天岳先进在互动平台回答投资者提问时表示，2024年公司境外营业收入8.4亿 元，来自境外主体直接客户销售占比57.03%，已在德国设立子公司SICC Europe GmbH，并与英飞凌、 博世、安森美等国际知名企业建立合作。 ...

Group 1 - The company Tianyue Advanced disclosed its 2025 annual performance forecast on January 26, 2026 [1]

Core Viewpoint - Tianyue Advanced has indicated that the impact of the U.S. tariffs on its business is very limited, as sales revenue from the U.S. accounts for less than 0.1% of total revenue for the year 2024 [1] Group 1 - The company is positioned in the international first tier for substrate preparation and has mastered all core technologies involved in the production of silicon carbide substrates, including equipment design, thermal field design, powder synthesis, crystal growth, substrate processing, and quality inspection [1] - The company plans to leverage the dual engines of new energy and artificial intelligence to build a global capital and marketing network through a Hong Kong stock listing [1] - The company aims to establish a technological moat through innovation, leading the new direction of global silicon carbide industry development [1]

Core Viewpoint - Tianyue Advanced (688234.SH) is expected to report a significant decline in both revenue and net profit for the year 2025, indicating potential challenges ahead for the company. Group 1: Financial Performance Forecast - The company anticipates a revenue range of 145,000.00 million to 150,000.00 million yuan for 2025, representing a decrease of 31,814.10 million to 26,814.10 million yuan compared to the previous year, which is a year-on-year decline of 17.99% to 15.17% [1] - The projected net profit attributable to the parent company for 2025 is expected to be between -22,500.00 million and -18,500.00 million yuan, reflecting a decrease of 40,402.51 million to 36,402.51 million yuan compared to the previous year, resulting in a year-on-year decline of 225.68% to 203.34% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is forecasted to be between -27,500.00 million and -23,500.00 million yuan, which is a reduction of 43,109.30 million to 39,109.30 million yuan compared to the previous year, indicating a year-on-year decrease of 276.18% to 250.55% [1] Group 2: Historical Financial Performance - In 2024, Tianyue Advanced achieved a revenue of 176,814.10 million yuan and a net profit of 17,902.51 million yuan, with a net profit of 15,609.30 million yuan after deducting non-recurring gains and losses [2] - The company went public on the Hong Kong Stock Exchange on August 20, 2025, with a final offer price of 42.80 HKD per share, raising a total of 2,043.5 million HKD, and a net amount of 1,938.1 million HKD after expenses [2] - Tianyue Advanced was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an issue price of 82.79 yuan per share and a public offering of 4,297.11 million shares [2] Group 3: Fundraising and Use of Proceeds - The total amount raised from the initial public offering was 35.58 billion yuan, with a net amount of 32.03 billion yuan after deducting issuance costs, exceeding the original plan by 12.03 billion yuan [3] - The company initially planned to raise 20.00 billion yuan for a silicon carbide semiconductor materials project [3] - The total issuance costs for the IPO amounted to 3.54 billion yuan, with underwriting and sponsorship fees totaling 3.19 billion yuan [3]

Core Viewpoint - The company, Shandong Tianyue Advanced Technology Co., Ltd., anticipates a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and increased expenses related to sales and R&D efforts [2][9]. Financial Performance Forecast - The company expects to achieve an operating revenue of between 1,450 million yuan and 1,500 million yuan for 2025, representing a decrease of 31.81 million yuan to 26.81 million yuan, or a year-on-year decline of 17.99% to 15.17% [2]. - The projected net profit attributable to the parent company is expected to be between -225 million yuan and -185 million yuan, indicating a decrease of 404.03 million yuan to 364.03 million yuan, or a year-on-year decline of 225.68% to 203.34% [2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is forecasted to be between -275 million yuan and -235 million yuan, reflecting a decrease of 431.09 million yuan to 391.09 million yuan, or a year-on-year decline of 276.18% to 250.55% [2]. Previous Year Performance - In the previous year, the company reported an operating revenue of 1,768.14 million yuan [4]. - The total profit for the previous year was 159.26 million yuan [5]. - The net profit attributable to the parent company was 179.03 million yuan [6]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 156.09 million yuan [7]. - The earnings per share for the previous year were 0.42 yuan [8]. Reasons for Performance Changes - The primary reason for the performance decline is the increase in sales volume of substrate products, which was offset by a decrease in market prices due to competitive pressures and strategic adjustments aimed at increasing market share [9]. - Increased sales expenses were incurred as the company actively explored new applications for larger-sized products [9]. - The company continued to invest in R&D to maintain its technological leadership, resulting in a rise in R&D expenses [9]. - Additional factors contributing to the decline include increased tax expenses and penalties, a decrease in overall gross profit due to falling product prices, foreign exchange losses from currency fluctuations, increased asset impairment provisions, and higher costs associated with overseas listings [10].

Group 1 - The company expects to achieve an operating income of between 1,450 million to 1,500 million yuan in 2025, representing a decrease of 31,814.10 million to 26,814.10 million yuan compared to the previous year, which is a year-on-year decline of 17.99% to 15.17% [2] - The net profit attributable to the parent company is expected to be between -225 million to -185 million yuan, a decrease of 40,402.51 million to 36,402.51 million yuan compared to the previous year, reflecting a year-on-year decline of 225.68% to 203.34% [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between -275 million to -235 million yuan, a decrease of 43,109.30 million to 39,109.30 million yuan compared to the previous year, indicating a year-on-year decline of 276.18% to 250.55% [2] Group 2 - The previous year's operating income was 1,768.14 million yuan [4] - The previous year's total profit was 159.26 million yuan [4] - The previous year's net profit attributable to the parent company was 179.03 million yuan [4] Group 3 - The main reason for the performance change is the increase in substrate product sales, but overall revenue decreased due to market price declines [7] - The average price of the company's products decreased due to domestic market competition and strategic adjustments to expand market share [7] - Increased sales expenses and R&D expenses due to efforts to explore new applications for large-size products contributed to the decline in net profit [8]

Core Viewpoint - Tianyue Advanced (02631) expects a significant decline in both revenue and net profit for the fiscal year 2025 compared to the previous year, primarily due to market price decreases and strategic adjustments in market share expansion [1][2]. Group 1: Revenue and Profit Forecast - The company anticipates annual revenue for 2025 to be between 1.45 billion to 1.5 billion RMB, representing a decrease of 318 million to 268 million RMB, or a year-on-year decline of 17.99% to 15.17% [1]. - The expected net profit attributable to the parent company is projected to be a loss of 225 million to 185 million RMB, a reduction of 404 million to 364 million RMB compared to the previous year, indicating a year-on-year decrease of 225.68% to 203.34% [1]. Group 2: Factors Influencing Financial Performance - The increase in sales volume of substrate products was offset by a decline in overall revenue due to falling market prices, influenced by domestic market competition and strategic adjustments aimed at increasing market share [1]. - The company experienced increased sales expenses while actively exploring new applications for large-sized products, alongside a rise in R&D expenses to maintain technological leadership in the industry [1]. - Additional factors contributing to the decline in net profit include increased tax expenses and penalties, reduced gross profit due to lower product prices, foreign exchange losses from RMB fluctuations, increased asset impairment provisions, and higher costs associated with overseas listings [2].