SICC (02631) saw its shares rise by over 20% at their peak. As of the latest update, the stock is up 16.87%, trading at HK$127.5 with a turnover of HK$933 million. The catalyst for the surge is the accelerated shift in AI data center power architectures towards 800V high-voltage direct current (HVDC), leading to a surge in demand for silicon carbide. Industry research indicates that AI power supply demand for silicon carbide is growing by 20% to 30% quarter-on-quarter. The adoption of 800V architectures has transformed silicon carbide from an optional component to an essential one. Analysts from Huaxi Securities note that rising power consumption in AI data centers and the introduction of NVIDIA's 800V architecture have made AI power supplies a critical component. Silicon carbide, as a power semiconductor, is poised to benefit significantly. Multiple companies across the supply chain have begun deploying silicon carbide-based solid-state transformers (SSTs). The penetration rate of silicon carbide in the automotive market remains relatively low, indicating substantial room for growth. It is projected that by 2030, the demand for silicon carbide substrates in the overall power supply market could approach RMB 70 billion, representing a potential increase of nearly eightfold. The large-scale expansion of downstream 8-inch fabrication lines is expected to significantly boost demand for substrates and related equipment. Public data shows that in 2025, SICC held a 27.6% global market share in conductive silicon carbide substrates, surpassing Wolfspeed to become the industry leader. Specifically, the company's market share for 8-inch silicon carbide substrates reached 51.3%, far ahead of competitors, whose shares were all below 15%. In April 2026, the company was awarded the "Sustainable Excellence in Supply Chain Award (Materials Category) Gold Prize" by Foxconn Group and was also recognized as a "Preferred Supplier" by Bosch Group.
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