Recently, Tianyue Advanced (stock code: 688234.SH), a leading A-share silicon carbide substrate, released its 2024 semi-annual report. According to the data, in the first half of 2024, the company achieved operating income of 912 million yuan, an increase of 108.27% over the same period of the previous year; The net profit was 102 million yuan, an increase of 241.40% over the same period of last year, and the loss was reversed year-on-year.

For the continuous growth of performance, Tianyue Advanced said in the semi-annual report that during the reporting period, thanks to the continuous penetration of silicon carbide semiconductor materials in new energy vehicles and wind and solar energy storage and other application fields, the downstream application market continued to expand, and the terminal demand for high-quality, vehicle-grade products was strong. The company's conductive product production capacity and output continue to increase, product delivery capacity continues to increase, with the increase in the utilization rate of new production capacity, the expansion of production capacity scale, and the improvement of profitability.

It is quite noteworthy that recently, Wolfspeed, a leading silicon carbide company in the industry, disclosed its quarterly progress. According to the company's disclosure, the quarterly revenue of silicon carbide materials was 96 million US dollars, equivalent to about 685 million yuan. Wolfspeed has shown sluggish growth, and has been declining revenue sequentially for several consecutive quarters, in contrast to Tianyue Advanced's continued revenue growth. As the industry continues to grow, Wolfspeed's stagnation shows that it is under competitive pressure from Tianyue's advanced technology. On the other hand, Tianyue Advanced is still full of confidence and continues to accelerate the layout on the 8-inch substrate.

In this regard, industry analysts believe that Tianyue's advanced growth trend is obvious, and it is making every effort to catch up with Wolfspeed. On the whole, Tianyue Advanced has achieved quarter-on-quarter growth in revenue for 9 consecutive quarters, with a strong momentum; Combined with Wolfspeed's latest results, it actually fell short of its expectations in terms of revenue growth and profit. On the other hand, Tianyue's advanced and clear growth momentum shows that it is making every effort to catch up with Wolfspeed.

The first-mover advantage has created a leading position in the industry, anchoring the automotive-grade high-quality silicon carbide substrate