Core Viewpoint - Guangdong Tianyu Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, marking a significant step in its growth strategy [1]. Company Overview - Tianyu Semiconductor is one of the earliest specialized suppliers of silicon carbide (SiC) epitaxial wafers in China, focusing on technological development and innovation in production processes [4]. - The company's revenue primarily comes from the sale of self-manufactured SiC epitaxial wafers and related value-added services [4]. Financial Performance - In 2024 and the five months ending May 31, 2025, the company sold over 78,000 and 77,000 SiC epitaxial wafers, generating total revenues of RMB 520 million and RMB 257 million, respectively [4]. - The company ranked first in China's SiC epitaxial wafer industry in terms of revenue and sales volume in 2024, with market shares of 30.6% and 32.5%, respectively [4]. - Financial results for the years 2022 to 2025 show fluctuating revenues and gross profits, with revenues of approximately RMB 437 million, RMB 1.17 billion, RMB 520 million, and RMB 257 million for the respective years [6]. Market Position and Trends - The company has successfully transitioned to mass production of 4-inch, 6-inch, and 8-inch SiC epitaxial wafers, aligning with industry trends towards larger wafer sizes [4]. - SiC epitaxial wafers are increasingly used in various end applications, including the renewable energy sector (electric vehicles, photovoltaics, charging stations, and energy storage), rail transportation, smart grids, and consumer electronics [5]. Customer Dependency - The company has a high dependency on major customers, with revenues from the top five clients accounting for 61.5%, 77.2%, 75.2%, and 61.8% of total revenue in the years 2022, 2023, 2024, and the five months ending May 31, 2025, respectively [5].
新股消息 | 天域半导体二次递表港交所 对大客户依赖度较高
智通财经网·2025-07-22 22:53