瀚天天成赴港IPO：全球最大碳化硅外延晶片供应商，近三年毛利率持续下滑

Core Viewpoint - Hantian Technology is planning to go public on the Hong Kong Stock Exchange, focusing on the development, mass production, and sales of silicon carbide (SiC) epitaxial wafers, with a significant market share in the industry [1][4]. Group 1: Company Overview - Hantian Technology was established in 2011 and specializes in SiC epitaxial wafer technology, with applications in electric vehicles (EVs), ultra-fast charging stations, energy storage systems (ESS), energy supply, and data centers [1]. - The company is entering new markets, including next-generation home appliances, high-speed rail, electric ships, and low-altitude flight applications [1]. - According to a report by Zhaoshang Consulting, Hantian Technology is the largest supplier of SiC epitaxial wafers globally in terms of sales volume since 2023, with a market share exceeding 30% in 2024 [1]. Group 2: Business Model - Hantian Technology operates under two business models: sales of epitaxial wafers and epitaxial wafer foundry services [1]. - In the sales model, the company procures raw materials, produces, and delivers products, providing a one-stop solution [1]. - In the foundry model, clients provide substrates, while the company procures other auxiliary materials, grows the SiC epitaxial layer, and delivers the final product to clients [1]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 441 million, 1.143 billion, and 974 million respectively, indicating revenue volatility with a 14.72% year-on-year decline in 2024 [1][4]. - The gross profit margin decreased from 44.7% in 2022 to 34.1% in 2024, primarily due to a decline in SiC epitaxial wafer prices [1]. - Net profit figures for the same years were 143 million, 122 million, and 166 million, with the increase in 2024 attributed to government subsidies amounting to 112 million, which constituted 67.24% of total profit [4]. Group 4: IPO Plans - Hantian Technology previously applied for a listing on the Sci-Tech Innovation Board in December 2023 but withdrew the application in June 2024 based on its corporate development strategy [4]. - The company plans to use the proceeds from the IPO to expand SiC epitaxial chip production capacity, enhance research and development, and for general corporate purposes [6].