SICC CO.(688234) 证券时报网·2025-01-24 02:31Core Viewpoint - Tianyue Advanced is expected to achieve significant revenue growth and profitability in 2024, driven by the increasing demand for silicon carbide substrates in various sectors, including electric vehicles and renewable energy [1][3]. Group 1: Financial Performance - The company forecasts 2024 revenue between 1.75 billion to 1.85 billion yuan, representing a year-on-year increase of 39.92% to 47.92% [1]. - Net profit is projected to turn positive, with an estimated profit of 170 million to 205 million yuan, an increase of 216 million to 251 million yuan compared to the previous year, reflecting a year-on-year growth of 471.82% to 548.38% [1]. Group 2: Market Trends and Demand - The global trend towards energy electrification and decarbonization is driving demand for silicon carbide substrates in electric vehicles, wind and solar energy, power grids, data centers, and low-altitude flight [1][3]. - The silicon carbide power device market is projected to grow from 1.8 billion USD in 2022 to 8.9 billion USD by 2028, with a CAGR of 31% [3]. Group 3: Technological Advancements - Tianyue Advanced has developed key technologies for the preparation of 2 to 8-inch semi-insulating and conductive substrates, achieving mass production of high-quality 4-inch and 6-inch substrates [2]. - The company plans to launch the world's first 12-inch silicon carbide substrate in November 2024, which will significantly enhance chip production efficiency and reduce costs [2]. Group 4: Production Capacity and Strategy - The Shanghai Lingang factory is expected to achieve an annual production capacity of 300,000 conductive substrates by the first half of 2024, with plans for further capacity expansion [3]. - The company aims to leverage its advantages in capacity layout, technological accumulation, and industry positioning to enhance product quality and profitability [3].