SiC concept stocks surge fiercely! Can Hanlei's technological breakthrough support the stock price, or is it another speculative feast?

Recently, the semiconductor sector has remained hot, with SiC concept stocks becoming the market darlings. Taking Hanlei (3707) as an example, this company has recently attracted market attention due to advances in silicon carbide technology. Its stock price hit the daily limit three times within just four trading days, rising to 57.7 yuan, hitting a new high in nearly a year, with monthly gains surpassing 25%, making it a hot target for capital chasing.

Technological Breakthrough Sparks Market Imagination

The core catalyst driving Hanlei’s stock price increase comes from significant progress in the silicon carbide field. Hanlei announced a key breakthrough in its fourth-generation SiC MOSFET process platform (G4). Compared to the previous generation, the new platform reduces chip area by 20% and the on-resistance by 20%, with technical indicators now aligned with international advanced standards. This progress not only elevates Hanlei’s technical position among SiC concept stocks but also, more importantly, market rumors suggest that AI chip leader NVIDIA may incorporate SiC materials into its next-generation GPU products. As a potential supply chain participant, Hanlei has suddenly become a “new leader” in the eyes of funds, attracting joint investments from foreign capital and proprietary traders.

Speculative Hot Money Flows In, Short-term Play Becomes Mainstream

Behind the stock price rally lies a wave of speculative forces. After two consecutive limit-ups, Hanlei’s stock experienced a dramatic reversal last Friday: it surged to 56.5 yuan, a 4.24% increase in the morning, but was immediately hit by large orders and turned negative, ending the day down 3.14% at 52.5 yuan. More alarmingly, the intraday volume of spot trading reached 50,285 contracts, with a day trading ratio exceeding 71%, meaning over 70% of transactions are short-term entries and exits. The market has become a main battlefield for speculative chips. Such extreme short-term volatility often signals a significant gap between fundamentals and stock price.

Disparity Between Financial Reality and Stock Price Aura

A closer look at Hanlei’s operational data reveals a picture starkly different from its stock performance. The company has been in continuous losses for seven quarters. In the first half of this year, its per-share loss reached 1.02 yuan, with profitability under continued pressure. Although revenue in July showed slight month-over-month improvement, the cumulative revenue for the first seven months still declined by 7.9% compared to the same period last year, indicating weak performance growth. This suggests that the current stock price frenzy is more based on “future imagination” rather than “actual performance.” While the SiC concept stock story is captivating, it is still far from a real profit turnaround.

Risk Warning: Technological Breakthrough Does Not Equal Investment Opportunity

For investors, Hanlei’s progress in SiC technology is certainly worth noting, but given the serious divergence between fundamentals and stock price, caution is essential. Technological innovation takes time to translate into substantial performance growth, and short-term capital enthusiasm often fades quickly. As SiC concept stocks continue to heat up, chasing hot spots may be tempting, but ignoring the underlying fundamental risks can be fatal—once the imagination space diminishes, the market often returns to calm.