天域半导体(02658)今日盘中股价大跌5.22%，延续了其上市后的疲软表现。
消息面上，公司去年净亏损高达5亿元，毛利率暴跌至-72%，主要因碳化硅外延片价格下调30%及存货减值5.64亿元。更严峻的是，其前五大客户贡献超75%收入，而关键美国客户采购额骤降90%，导致海外收入几近归零。尽管公司在中国碳化硅外延片市场占有率第一，但"以价换量"策略导致今年前五月营收同比下滑13.6%。
市场对其商业模式可持续性存疑，叠加产能利用率不足58.9%却计划大举扩产的矛盾，投资者持续用脚投票。此次股价下跌反映了市场对其财务稳定性和客户集中风险的深度担忧。
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