Tianyue Advanced, as a domestic "unicorn" in SiC materials, benefits from China's third-generation semiconductor industry chain to make up for shortcomings policy and national strategic emerging industry layout support. At present, the compound annual growth rate of the domestic SiC market is over 30%, and the market size is expected to exceed 10 billion yuan by 2024. It is expected to exceed 100 billion yuan by 2030.

Market application driven: new energy vehicle electric drive/fast charging, rail transit, photovoltaic inverter, energy storage, charging piles, 5G communication, military radar, etc

Downstream customers: leading companies such as BYD, Huawei, Sunac, CRRC, etc

2. Technological barriers and growth logic

Full size substrate production capacity: 8/12 inch mass production is at the forefront of the world

Independent intellectual property rights: multiple core patents for SiC growth and processing such as PVT and HTCVD

Supply Chain Security: Ensuring China's Key Electronics/Energy/Transportation/Defense Autonomy and Controllability

3. Risks and Challenges

Short term cyclical fluctuations and price pressures in the industry

Large scale production capacity release and digestion cycle

Competition among international giants and restrictions on core process patents

Demand elasticity of downstream industries such as new energy vehicles and photovoltaics