8月20日，国内"碳化硅衬底第一股"天岳先进(688234.SH，02631.HK)登陆港股，成为两市唯一"A+H"上市的碳化硅衬底公司。 继2022年年初登陆科创板后，2024年年底，天岳先进披露了赴港上市计划，8个月后正式登陆港交所。 天岳先进本次全球发售4774.57万股H股，发行价为每股42.8港元，募集资金总额约20.4亿港元。截至8月20日收盘，天岳先进H股涨6.4%，收报45.54港元/ 股。 今年以来，多家碳化硅企业组团赴港上市。不止天岳先进，碳化硅功率器件企业基本半导体、碳化硅外延晶片企业瀚天天成以及天域半导体也向港股发起冲 击。下游需求高涨 此外，天岳先进还在拓展AR眼镜等新兴领域。 天岳先进预计，从2024年到2030年，xEV领域将继续引领全球碳化硅功率半导体器件市场的增长，光伏储能、电网、轨道交通领域也表现出强劲的增长势 头，家用电器、低空飞行和数据中心等碳化硅功率半导体器件新兴应用领域将展现出最快的增长速度。2024年扭亏 2022年、2023年、2024年，天岳先进分别实现收入4.17亿元、12.51亿元、17.68亿元，逐年增长。 作为第三代半导体材料的一种，碳化硅(SiC)材 ...

Core Viewpoint - Tianyue Advanced Technology Co., Ltd. (Tianyue Advanced) has successfully listed on the Hong Kong Stock Exchange, with its shares closing at HKD 45.54, reflecting a 6.40% increase on the first day of trading [1]. Summary by Relevant Sections Share Issuance and Pricing - The total number of shares issued under the global offering is 47,745,700 H-shares, with 16,711,000 shares allocated for public offering in Hong Kong and 31,034,700 shares for international offering [2][3]. - The final offering price was set at HKD 42.80 per share, resulting in total proceeds of HKD 2,043.5 million, with a net amount of HKD 1,938.1 million after deducting estimated listing expenses of HKD 105.4 million [2][3]. Use of Proceeds - Approximately 70% of the net proceeds from the global offering is expected to be used for expanding the production capacity of 8-inch and larger silicon carbide substrates. About 20% will be allocated to enhancing research and development capabilities, while the remaining 10% will be used for working capital and other general corporate purposes [5]. Key Investors - The cornerstone investors include Guoneng Environmental Investment Group Co., Ltd., Future Asset Securities (Hong Kong) Co., Ltd., Shanjin Asset Management (Hong Kong) Co., Ltd., Heertai Intelligent Control International Co., Ltd., and Lankun [5]. Previous Fundraising - Tianyue Advanced previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, with an issuance price of RMB 82.79 per share, raising a total of RMB 3.558 billion, which was higher than the initial target of RMB 2 billion for silicon carbide semiconductor material projects [6][7].

事件：公司正在进行申请发行境外上市外资股（H 股）股票并在香港联交所主板挂牌上市的相关工作。 公司已确定本次H股发行的最终价格为每股42.80港元（不包括1%经纪佣金、0.0027%香港证券及期货事 务监察委员会交易征费、0.00565%香港联交所交易费及0.00015%香港会计及财务汇报局交易征费）。 公司本次发行的H 股预计于2025 年8 月20 日在香港联交所主板挂牌并开始上市交易。 投资建议：我们预计公司2025-2027 年实现营业收入25.38/32.68/41.12亿元，归母净利润3.12/5.19/8.15 亿 元。对应PE 分别为92.0/55.3/35.3倍，维持"增持"评级。 风险提示：下游行业需求不及预期；产能扩张不及预期；技术研发不及预期。 AI 服务器电源新需求：碳化硅衬底前期主要用于电动汽车领域，为支持高功耗高性能AI 计算日益增长 的需求，碳化硅衬底逐渐被用于AI 数据中心电源供应单元的交直流转换阶段，以降低能耗、改进散热 解决方案并提升服务器的功率密度，打开了碳化硅产品的应用领域和天花板。 全球前三碳化硅制造商：公司已跻身为国际知名半导体公司的重要供货商，产品在国际上获得广 ...

【财华社讯】8月20日，天岳先进(688234.SH)公告，公司正在进行申请发行境外上市外资股(H股)股票 并香港联交所主板挂牌上市。本次全球发售H股总数为4775万股，其中香港公开发售1671万股，约占全 球发售总数的35.00%；国际发售3103.47万股，约占全球发售总数的65.00%。每股H股发售价42.80港 元，公司将收取的全球发售所得款项净额估计约为19.38亿港元。 经香港联交所批准，公司本次发行上市于2025年8月20日在香港联交所主板挂牌并上市交易。公司H股 股票中文简称为天岳先進;，英文简称为SICC;，股份代号02631.HK;。 本文源自：财华网 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 山东天岳先进科技股份有限公司（以下简称"公司"）正在进行申请发行境 外上市外资股（H 股）股票并在香港联合交易所有限公司（以下简称"香港联交 所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 公司本次全球发售 H 股总数为 47,745,700 股（行使超额配售权之前），其中， 香港公开发售 16,711,000 股，约占全球发售总数的 35.00%（行使超额配售权之 前）；国际发售 31,034,700 股，约占全球发售总数的 65.00%（行使超额配售权之 前）。根据每股 H 股发售价 42.80 港元计算，经扣除全球发售相关承销佣金及其 他估计费用后，并假设超额配售权未获行使，公司将收取的全球发售所得款项净 额估计约为 19.38 亿港元。 证券代码：688234 证券简称：天岳先进 公告编号：2025-055 山东天岳先进科技股份有限公司 关于境外上市外资股（H 股）挂牌并上市交易的公告 注：上述合计数与各明细数直接相加之和在尾数上如有差异系四舍五入所造成。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is preparing for its H-share issuance and listing on the Hong Kong Stock Exchange, with a final price set at HKD 42.80 per share [7] - The company has established itself as a significant supplier in the semiconductor industry, ranking among the top three global manufacturers of silicon carbide (SiC) substrates, with a market share of 16.7% [7] - The demand for SiC substrates is expanding into AI server power supply units, driven by the increasing need for high-performance AI computing [7] - Revenue projections for 2025-2027 are estimated at CNY 25.38 billion, CNY 32.68 billion, and CNY 41.12 billion, with corresponding net profits of CNY 3.12 billion, CNY 5.19 billion, and CNY 8.15 billion [7] Financial Performance Summary - The company reported a revenue of CNY 1,251 million in 2023, with a projected growth rate of 199.9% [6] - The net profit is expected to turn positive in 2024, reaching CNY 179 million, and continue to grow to CNY 815 million by 2027 [6] - The earnings per share (EPS) is projected to increase from -0.11 in 2023 to 1.90 by 2027 [6] - The price-to-earnings (PE) ratio is expected to decrease from 121.9 in 2024 to 35.3 in 2027, indicating improving profitability [6] Market Performance - The company has shown a significant market performance compared to the Shanghai and Shenzhen 300 index, with a 12-month performance of 76% [4]

格隆汇8月20日丨天岳先进(688234.SH)公布，经香港联交所批准，公司本次发行的47,745,700股H股股票 （行使超额配售权之前）于2025年8月20日在香港联交所主板挂牌并上市交易。公司H股股票中文简称 为"天岳先進"，英文简称为"SICC"，股份代号为"2631"。 ...

天岳先进(688234.SH)公告称，公司本次全球发售H股总数为4775万股，其中香港公开发售1671万股，约 占全球发售总数的35.00%；国际发售31,034,700股，约占全球发售总数的65.00%。每股H股发售价42.80 港元，公司将收取的全球发售所得款项净额估计约为19.38亿港元。公司H股股票中文简称为"天岳先 進"，英文简称为"SICC"，股份代号为"2631"。 ...

Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the semiconductor materials sector in Hong Kong [1][3]. Group 1: Company Overview - Tianyue Advanced is a leading player in the global silicon carbide materials industry, being one of the few participants capable of mass-producing 8-inch silicon carbide substrates [3][6]. - The company was established in November 2010 and has focused on the research and industrialization of silicon carbide substrates since its inception [6]. - Tianyue Advanced has achieved the industrialization of semi-insulating silicon carbide substrates and is advancing towards the production of conductive silicon carbide substrates [6]. Group 2: Market Highlights - The IPO raised HKD 20.44 billion, making it the first silicon carbide materials stock in the Hong Kong market [1][3]. - It is the first A to H project in the semiconductor materials sector in Hong Kong in 2023, with a subscription rate exceeding 2,800 times, the highest for an A to H project this year [3][5]. - The company plans to launch the industry's first 12-inch silicon carbide substrate in November 2024 [3][6]. Group 3: Role of CITIC Securities - CITIC Securities acted as the joint sponsor and coordinator for Tianyue Advanced's IPO, showcasing its commitment to supporting the development of China's semiconductor industry [1][4]. - The firm utilized its strong research capabilities and understanding of industry regulations to ensure the efficient progress of the project [4][5]. - CITIC Securities organized multiple high-quality investor meetings, successfully attracting a diverse range of high-quality investors, contributing to the successful completion of the IPO [5].

Group 1 - Tianyue Advanced Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 20, marking a significant step in its international strategic layout, with an opening increase of 6.54% to HKD 45.6 on the first day of trading [1] - Established in 2010, Tianyue Advanced specializes in the research and production of silicon carbide semiconductor materials, having previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 12, 2022, and is the only company in the silicon carbide substrate field to be listed in both markets [3] - The company is among the few globally capable of mass-producing 8-inch silicon carbide substrates and is set to launch the world's first 12-inch silicon carbide substrate in November 2024, representing a significant technological breakthrough [3] Group 2 - The Huaiyin District has accelerated its semiconductor industry layout, with Tianyue Advanced as the leading enterprise, gathering over 50 chain-related companies and forming a closed-loop industrial chain from "materials-equipment-design-packaging-application" [5] - Tianyue Advanced has established multiple research platforms, including a national-local joint engineering research center for silicon carbide semiconductor materials, and has received several prestigious awards, including the first-class award for technological progress from Shandong Province [6] - The company has a significant customer base, including major semiconductor firms like Infineon and Bosch, with its semi-insulating products ranking among the top three globally for five consecutive years, and its conductive products expected to achieve a global market share of 22.8% in 2024, a substantial increase from 12% in 2023 [6] Group 3 - The recent listing on the Hong Kong Stock Exchange is a crucial move for the company's internationalization strategy, with part of the raised funds allocated for overseas capacity construction and further research and development of large-size products [6] - The company aims to enhance its international visibility and broaden financing channels through the Hong Kong capital market, providing financial support for future technological research and overseas market expansion [6]