Post our China SiC deep dive report and update report, we update more on local vendors’ progress in IGBT and SiC MOSFET. Overall, we see SiC MOSFET carries stronger power efficiency and stronger thermal performance, leading to smaller size, saving power consumption, and saving cooling system costs. We see growing car OEMs show their interests in using SiC MOSFET, supporting our estimates of 25% of EVs using SiC in inverter and on-board charger by 2025 (vs. <10% currently). Buy: Starpower (on CL), CR Micro, Silan, Wingtech, Sanan.