Nvidia GPU chips from H100 to B200 all use CoWoS packaging (chip wafer substrate) technology. CoWoS significantly reduces the packaging area and greatly improves the performance and energy efficiency of chip systems by high-density stacking and integration of multiple chips (such as processors, memories, etc.) into one package. But as the power of GPU chips increases, integrating numerous chips into the silicon intermediate layer can easily lead to higher heat dissipation requirements. (1) Single crystal silicon carbide is a semiconductor with high thermal conductivity, reaching 490 W/m · K, which is 2-3 times higher than silicon. It is an ideal material for high-performance CoWoS structure interlayers. (2) Compared with the silicon intermediate layer, single crystal SiC also has better chemical resistance, so higher aspect ratio through holes can be prepared by etching, further reducing the CoWoS package size. The 350 μ m silicon carbide used by Nielsen Science in the United States can prepare a 109:1 silicon carbide interlayer, significantly higher than the 17:1 aspect ratio of conventional silicon interlayers.

The higher the refractive index of the base material, the larger the field of view of the AR lens. A single-layer SiC lens can achieve a field of view of over 80 degrees, providing a thinner size and larger, clearer visual effects. High refractive index can also effectively solve the problems of rainbow patterns and dispersion in optical waveguide structures. High thermal conductivity effectively enhances the heat dissipation capability and performance of AR glasses. Meanwhile, the high hardness and thermal stability of SiC materials also support the introduction of etching processes, effectively improving production capacity and yield.

Jingsheng has currently overcome the core challenges of uneven temperature field and crystal cracking in the growth of 12 inch silicon carbide crystals, achieving a technological breakthrough in the growth of 12 inch ultra large size crystals and successfully growing 12 inch conductive silicon carbide crystals.

We maintain a profit forecast and investment rating of 10/12/15 billion yuan for the company's net profit attributable to the parent company from 2025 to 2027, corresponding to a current PE of 58/47/38 times, and maintain a "buy" rating.