$SICC (02631.HK)$ The stock rose nearly 10% during the trading session. As of press time, it was up 7.59%, trading at HKD 62.4, with a turnover of HKD 173 million.
In terms of news, Taiwan Semiconductor's Q1 revenue increased by 45.2% year-over-year, setting another record high. Additionally, on April 16, during its earnings call, Taiwan Semiconductor clearly stated that advanced packaging capacity remains extremely tight, with the core strategy being the development of larger-sized CoWoS technology. Guojin Securities previously noted that Taiwan Semiconductor plans to launch CoWoS with 5.5 times the reticle size in 2026 and achieve 9.5 times the reticle size in 2027, supporting 12-layer HBM and multi-chip integration. Advanced packaging has become a key variable for AI computing power. The ultra-large size introduces new bottlenecks in thermal management and warpage control. SiC materials, with their high thermal conductivity and low CTE properties, are expected to be gradually integrated as thermal diffusion layers and structural support layers, solving the thermo-mechanical coupling challenges.
Public data shows that by 2025, SICC Advanced’s market share in conductive silicon carbide substrates will reach 27.6%, surpassing Wolfspeed to claim the global top spot. Notably, the company's market share in 8-inch silicon carbide substrates is even more dominant at 51.3%. Galaxy Securities believes that driven by the dual factors of continuous expansion into emerging application scenarios and accelerated penetration in traditional ones, the market size for silicon carbide substrates is expected to grow to RMB 66.4 billion by 2030.
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