Securities Star News, Tianyue Advanced (688234) announced on May 9, 2024 that the company will accept institutional research and Millennium Management on May 6, 2024, LLC, UBS, Tongfang Securities Co., Ltd., Western Securities Co., Ltd., Great Wall Securities Co., Ltd., China Merchants Securities, Zheshang Securities Co., Ltd., Ping An Securities Co., Ltd., Nanjing Securities, Shanghai Gaoyi Asset Management Partnership (Limited Partnership), Shangrong Capital Management Co., Ltd., PICC Asset Management Co., Ltd., UBS Asset Management Hong Kong Ltd, Taiping Asset Management Co., Ltd., Harmony Health Insurance Co., Ltd. Company, Tianan Life Insurance Co., Ltd., Ningyin Wealth Management Co., Ltd., Sunshine Asset Management Co., Ltd., Shanghai Chenyan Asset Management Center (Limited Partnership), Shanghai Chuanliu Private Equity Fund Management Co., Ltd., Shanghai Fengchi Asset Management Co., Ltd., Shanghai Everbright Securities Asset Management Co., Ltd., Shanghai Guoli Investment Co., Ltd., Daihe Rihua (Shanghai) Enterprise Consulting Co., Ltd., Shanghai Haitong Securities Asset Management Co., Ltd., Shanghai haoqing Asset Management Co., Ltd., Shanghai Jiashi Private Equity Fund Management Co., Ltd., Boyu Capital, Dehua Venture Capital Co., Ltd., Foshan Dongying Investment Management Co., Ltd., Furui Plus Investment, Guorong Hanze Fund Management (Beijing) Co., Ltd., Shenzhen Qianhai Huashan Investment Management Co., Ltd., Shenzhen Rongshu Investment Management Co., Ltd., Agricultural Bank Huili Fund Management Co., Ltd., Shenzhen Zhongying Investment Management Co., Ltd., Shenzhen Xinran Investment Management Co, shenzhen Zhanbo Investment Management Co., Ltd., Hainan Hongsheng Private Equity Fund Management Co., Ltd., Haining Shibei Investment Management Partnership (Limited Partnership), Heyong Investment Management (Beijing) Co., Ltd., Sequoia Capital Equity Investment Management (Tianjin) Co., Ltd., Hunan Yuancheng Private Equity Fund Management Co., Ltd., Hunan Yuancheng Investment Management Co., Ltd., CCB International (China) Co., Ltd., Huaan Fund Management Co., Ltd., Jiangsu Ruihua investment Holding Group Co., Ltd., Jiangxi Peter Mingqi Private Equity Fund Management Co., Ltd., Junhong Investment, Kunwu Jiuding Investment Management Co., Ltd., Lhasa Economic and Technological Development Zone Tonglian Investment Consulting Co., Ltd., Ideal Automobile, Qingdao Jinguang Zijin Venture Capital Management Co., Ltd., Anhui Mingze Investment Management Co., Ltd., Anxin Securities Asset Management Co., Ltd., Guohua Xingyi Insurance Asset Management Co., Ltd., Guolian Fund Management Co., Ltd., Huaxia Future Capital Management Co., Ltd., Tiger Investment Management Shanghai Co., Ltd., Panhou Momentum (Shanghai) Capital Management Co., Ltd., Shanghai Orient Securities Asset Management Co., Ltd., Shanghai Heyuan Private Equity Fund Management Co., Ltd., SAIC Qizhen (Shanghai) Asset Management Co., Ltd., Shanghai Tianyi Dao Investment Management Co., Ltd., Zhejiang Zheshang Securities Asset Management Co., Ltd., Shanghai Licheng Asset Management Co., Ltd., Shanghai Mingyu Asset Management Co., Ltd., Cathay Fund Management Co., Ltd. Company, Shanghai Mingda Industrial (Group) Co., Ltd., Shanghai Panjing Investment Management Center (Limited Partnership), Shanghai Qinchen Private Equity Fund Management Partnership (Limited Partnership) Shanghai Shifeng Asset Management Co., Ltd., Shanghai Tianyu Investment Co., Ltd., Shanghai Xihong Private Equity Fund Management Co., Ltd., Shanghai Yude Investment Management Center (Limited Partnership), Shanghai Yuanhong Investment Management Co., Ltd., Shanghai Origin Asset Management Co., Ltd., Shanghai Zhengsong Investment Management Co., Ltd., Boshi Fund Management Co., Ltd., Shanghai Zhongyu Investment Co., Ltd., Tianyi Ziteng Asset Management (Ningbo) Co., Ltd., Xi 'an Jinghong fund Management Co., Ltd., Yichang Xingfa Investment Co., Ltd., Shanghai Changjian Investment Management Co., Ltd., Changjiang Securities (Shanghai) Asset Management Co., Ltd., CLP Investment Holdings Co., Ltd., Maodian Assets, Nanjing Shuangan Asset Management Co., Ltd., Zhongxin Sunac Capital Management Co., Ltd., Chuangjin Hexin Fund Management Co., Ltd., Qingdao Qingqiao Asset Management Consulting Co., Ltd., Beijing Hongcheng Investment Management Co., Ltd., Hangzhou Nuoze Private Fund Management Co., Ltd. Company, Bank of Communications Insurance Asset Management, Hawthorn Asset Management, Shanghai Fusheng Asset Management Partnership (Limited Partnership), Shanghai Seascape Investment Management Co., Ltd., Shenzhen Zhicheng Haiwei Asset Management Co., Ltd., Huatai Securities (Shanghai) Asset Management Co., Ltd., Xinhua Asset Management Co., Ltd., Oriental Alpha Fund Management Co., Ltd., Shenzhen Jiuwen Asset Management Co., Ltd., Changan Huitong (Shenzhen) Investment Co., Ltd., BlackRock Asset Norte Management. Asia Limited, Dongxing Fund Management Co., Ltd., China Life Security Fund Management Co., Ltd., Tianzhi Fund Management Co., Ltd., Qunyi Securities Investment Trust Co., Ltd., Rongjie Investment Holding Group Co., Ltd., Credit Suisse (Hong Kong) Co., Ltd., UBS Securities Co., Ltd., Fulun Investment Management (Shanghai) Co., Ltd., Franklin Huamei Securities Investment Trust Co., Ltd., Furui Financial Group Hong Kong Co., Ltd., Brilliance Capital Management Ltd., Nomura International (Hong Kong) Limited, Hong Kong Bauer Taiping Limited Shanghai Representative Office, JPMorgan Chase Securities Co., Ltd., Morgan Stanley, Morgan Stanley Fund Management (China) Ltd., E Fund Management Co., Ltd., ICBC Credit Suisse Fund Management Co., Ltd., Harvest Fund Management Co., Ltd., Tianhong Fund Management Co., Ltd., Warburg Fund Management Co., Ltd., Capital Strategy Research, Huafu Fund Management Co., Ltd., Huisheng Fund Management Co., Ltd., Xinyuan Fund Management Co., Ltd., Xingzheng Global Fund Management Co., Ltd., Yimin Fund Management Co., Ltd., Hongde Fund Management Co., Ltd., Ltd., Bank of Communications Schroeder Fund management Co., Ltd., Jingshun Great Wall Fund Management Co., Ltd., Jiutai Fund Management Co., Ltd., Pengyang Fund Management Co., Ltd., HUATAI SECURITIES, Anxin Fund Management Co., Ltd., Dacheng Fund Management Co., Ltd., Hengyue Fund Management Co., Ltd., Taiping Fund Management Co., Ltd., Industrial Fund Management Co., Ltd., Shangzheng Fund Management Co., Ltd., Zhongke Wotou Fund Management Co., Ltd., Haitong Securities Co., Guangfa Securities Co., Shanxi Securities Co., Ltd. Company, LMR Partners Limited, SDIC Securities, Caitong Securities, Everbright Securities Co., Ltd., Guohai Securities, Shanghai Securities Co., Ltd., Zhongtai Securities Co., Ltd., China Post Securities, Biyun Capital Management Co., Ltd., Shanghai Life Insurance Co., Ltd., Dazhong Asset Management Co., Ltd., Nebula Asset Management, Danshui Spring (Beijing) Investment Management Co., Ltd., China CICC Fortune Securities Co., Ltd., China United Life Insurance, China prudential Life Insurance Co., Ltd., China CITIC Bank Co., Ltd., Xingyin Wealth Management Co., Ltd., Qingdao Runyang Technology Venture Capital Co., Ltd., Xiamen Ganxing Asset Management Co., Ltd., Shandong Jinshida Investment Management Co., Ltd., Shandong Lushang Private Equity Fund Management Co., Ltd., Rays Capital, Shaanxi Dunmin Investment Partnership (Limited Partnership), Beijing Yiyuanda Investment Management Co., Ltd., Beijing Yutian Capital Management Co., Ltd., Ltd., Beijing Zhishun Investment management Co., Ltd., Galaxy Fund Management Co., Ltd., Changan Fund Management Co., Ltd., Lubo Mai Fund Management (China) Co., Ltd., CICC Fund Management Co., Ltd., Puyin AXA Fund Management Co., Ltd., China Post Venture Fund Management Co., Ltd., Taikang Asset Management HK Company Limited, Guangfa Fund Management Co., Ltd., Guojin Fund Management Co., Ltd., Zhuque Fund Management Co., Ltd., China Europe Fund, Changxin Fund Management Co., Ltd. The company, CITIC Prudential Fund Management Co., Ltd., Hongta Red Earth Fund Management Co., Ltd., Huatai Securities, Shenwan Hongyuan, Guoxin Securities Co., Ltd. participated.

The details are as follows:

Q: What is the current capacity of the two factories in Jinan, Shandong and Shanghai Lingang?

A: Based on the global market, the company will improve its production capacity and output layout, and the production capacity and output of the Jinan plant will be steadily advanced in 2023. In 2023, the company will speed up the production of the Shanghai Lingang plant, so far, the company's IPO project Shanghai Lingang plant has been able to reach 300000 pieces of conductive substrate capacity planning, the company will also continue to promote the second phase of capacity improvement planning. Lingang factory will be the main production base of the company's conductive products.

question: the price is of great concern to everyone recently, and there are rumors of price reduction in the market. how does the company view this matter and what is the future price trend of silicon carbide substrates

a: the price of silicon carbide substrate will drop, on the one hand, due to the improvement of technology and scale effect, the cost of substrate will be reduced; on the other hand, the price of silicon carbide substrate is higher than that of silicon substrate, while the price of silicon carbide substrate is conducive to the expansion of downstream applications, promoting the penetration application of silicon carbide technology and materials, and then promoting the growth of the overall application space. Similar to other semiconductor materials, at present, domestic and foreign head enterprises will consider the pricing strategy according to the market situation, their own products, specific customers and other factors, and some new participants will also obtain the market through price reduction, which is in line with the law of industry development. In recent years, the company has always insisted on strengthening cooperation with international first-line manufacturers, insisting on product quality, the company's car-grade high quality substrate, product delivery consistency, stability are very important to customers, in recent years, the market share continues to increase.

Q: What are the main reasons for the company's record profitability in the first quarter of 2024?

a: the rapid growth of the company's operating income in the first quarter of 2024 compared with the same period is mainly due to the higher-than-expected growth trend of the silicon carbide semiconductor industry in the terminal application field on the one hand; On the other hand, the company's production capacity layout has achieved initial results, and the company's conductive silicon carbide substrate products are competitive in the international market as high quality products. In 2024, the company will continue to increase its international market share, consolidate and enhance the company's industry position, and lay the foundation for the company's long-term performance growth.

Q: What steps will the company take to further optimize costs in the future?

A: On the one hand, we will increase technology research and development and cutting-edge technology layout, carry out intensive tests in core technology fields such as crystal growth and defect control, constantly break through technical bottlenecks, improve product yield, and continuously reduce preparation costs. On the other hand, continue to increase production capacity, through the scale effect to promote the reduction of substrate costs.

Q: What is the company's outlook for the future competitive landscape of the industry?

A: With the development trend of global energy electrification and low-carbon, silicon carbide semiconductor materials and devices will play an increasingly important role. The demand for silicon carbide in downstream applications is strong, and the penetration of silicon carbide materials and devices is accelerating. The silicon carbide semiconductor field will usher in long-term growth opportunities. As one of the main participants in the industry, the company participates in the global market competition and cooperates with well-known domestic and foreign semiconductor companies such as Infineon and Bosch Group, which has a competitive advantage. At the same time, the company will continue to be widely recognized by customers with high quality products, leading production capacity and stable supply capacity in large quantities.

Q: What is the progress and future planning of the company's 8-inch silicon carbide substrate? What optimization work have we done?

Answer: 8-inch silicon carbide products are the future development direction of the industry. As a technology leader in the industry, the company started early and has achieved mass sales. The company plans to increase the production capacity of 8-inch products according to downstream market demand and cooperation with customers.

the area of 8-inch products is larger than that of 6-inch products, and there are difficulties in seed crystal preparation, crystal growth process and processing. the company has independently expanded the diameter to realize the preparation technology of 8-inch silicon carbide substrate. at the same time, we have also carried out intensive tests in the core technology fields such as crystal growth and defect control, and continued to improve8-inch product quality and yield.

Tianyue Advanced (688234) main business: mainly engaged in silicon carbide semiconductor materials research and development, production and sales.

Tianyue Advanced's first quarter report for 2024 shows that the company's main revenue is 0.426 billion yuan, up 120.66 year on year. Net profit attributable to parent was 46.0999 million yuan, up 263.73 year on year. Deduction of non-net profit was 43.6067 million yuan, up 195.7 year on year. Debt ratio 26.58, investment income 988700 yuan, financial expenses -4.156 million yuan, gross profit margin 21.92.

The stock has been rated by 9 agencies in the last 90 days, with 6 buy ratings and 3 overweight ratings; the average institutional target price in the past 90 days is 75.17.

The following is detailed earnings forecast information:

The margin trading data shows that the net inflow of financing of the stock in the past three months has 92.4574 million, and the financing balance has increased; the net outflow of securities has 870300, and the margin trading balance has decreased.

the above content is compiled by the securities star according to the public information and generated by the algorithm (no 310104345710301240019 of the net letter calculation), which has nothing to do with the position of this site. if there is any problem with the data, please contact us. This article is a data compilation, does not constitute any investment advice for you, investment is risky, please be cautious in your decision-making.

View original 121K