SICC CO.(688234) 搜狐财经·2025-03-30 02:54Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. (Tianyue Advanced) is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its capabilities in silicon carbide substrate manufacturing, which is essential for various high-tech applications [2]. Group 1: Company Overview - Tianyue Advanced is a manufacturer of silicon carbide substrates, which are widely used in electric vehicles, AI data centers, photovoltaic systems, AI glasses, rail transportation, power grids, home appliances, and advanced communication base stations [2]. - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of 2-inch to 8-inch substrates, as well as the introduction of 12-inch substrates [2]. Group 2: Sales and Revenue - Tianyue Advanced ranks among the top three silicon carbide substrate manufacturers globally based on sales revenue in 2023 [3]. - The sales volume of silicon carbide substrates from 2022 to the first nine months of 2024 was 63,800 pieces, 226,300 pieces, and 251,500 pieces, with average selling prices of RMB 5,110.0, RMB 4,798.1, and RMB 4,185.0 per piece respectively [3]. - Despite a decline in product prices, the significant increase in sales volume has led to continuous revenue growth, with revenues of RMB 417 million, RMB 1.251 billion, and RMB 1.281 billion for the respective periods [4]. Group 3: Revenue Composition - Revenue from silicon carbide substrate sales accounted for 78.2%, 86.8%, and 82.2% of total revenue in 2022, 2023, and the first nine months of 2024 respectively [4]. - Sales outside mainland China have been increasing, contributing RMB 52.4 million, RMB 414.4 million, and RMB 518 million, representing 12.6%, 33.1%, and 40.4% of total revenue [6]. Group 4: Customer and Procurement Insights - The top five customers contributed 65.0%, 51.3%, and 53.2% of revenue from 2022 to the first nine months of 2024, with the largest customer accounting for 26.0%, 17.1%, and 14.4% respectively [8]. - Tianyue Advanced has engaged in related-party transactions, purchasing from companies controlled by family members of its management, with total procurement from these companies amounting to RMB 94.6 million over the specified periods [8][9].