天岳先进（688521）投资价值分析报告
Analysis Date: 2026-05-09 Stock Code: 688521.SH / 02631.HK
Company Overview
Company: Shandong Tianyue Advanced Technology Co., Ltd. (SICC) Business: SiC substrate R&D, production and sales Product Sizes: 4-inch, 6-inch, 8-inch, 12-inch Key Customers: Infineon, Bosch, Onsemi
SICC is the global leader in SiC substrate market.
Market Position (Global No.1)
According to Fuji Keizai (2025): - 6-inch SiC substrate market share: 27.5% (Global No.1) - 8-inch SiC substrate market share: 51.3% (Global No.1)
According to Yole (2025): - 8-inch SiC substrate market share: 60% (Global No.1)
2025 Financial Highlights
| Metric | 2025 | 2024 | YoY |
|---|---|---|---|
| Revenue | 1.465B CNY | 1.768B CNY | -17.15% |
| Net Profit | -208M CNY | 179M CNY | -216.36% |
| OCF | 231M CNY | 66M CNY | +249.79% |
Key Findings: 1. Revenue declined due to price reduction strategy 2. Sales volume increased 75.33% YoY 3. OCF improved significantly
Core Investment Highlights
- Technology Leadership: 8-inch mass production (global first)
- Customer Quality: Infineon, Bosch (bulk supply)
- Financial Strength: H-share IPO raised 2.062B CNY
- Capacity Expansion: 2025 production +68.31% YoY
Risk Factors
High Risks: - Product price decline - High customer concentration (57.14%) - Historical tax compliance risk
Medium Risks: - RMB exchange rate fluctuation - EV/PV demand below expectation - Technology iteration uncertainty
Investment Rating
Comprehensive Rating: Hold (Cautious Recommend)
Strengths: - Global No.1 market position - 8-inch technology leadership - Strong financial position (post-IPO)
Weaknesses: - Short-term profit pressure - Negative gross margin in domestic business
Investment Logic: Trade time for space - wait for price stabilization and margin recovery.
Key Catalysts: - SiC penetration in EV exceeds expectation - AI data center demand surge - International client orders beat expectation - 12-inch product mass production
Disclaimer: This report is for reference only, not investment advice.