Workflow
广东半导体材料独角兽冲刺港交所,中国第一,华为比亚迪参投
3 6 Ke·2025-07-24 07:18

Core Viewpoint - Tianyu Semiconductor ranks first in China's silicon carbide epitaxial wafer industry in terms of both revenue and sales volume, with a market share of 30.6% as of 2024 [3][7][9]. Company Overview - Tianyu Semiconductor was established on January 7, 2009, in Dongguan, Guangdong, filling a gap in the domestic supply chain [3]. - The company has undergone seven rounds of investment, with notable shareholders including Huawei's Hubble Technology and BYD, holding 6.57% and 1.50% of shares respectively [3]. - The company submitted an application for listing on the Shenzhen Stock Exchange in June 2023 but agreed to terminate the advisory agreement in August 2024 [3]. Market Position - The company leads the Chinese silicon carbide epitaxial wafer market, holding over 30% market share in revenue and 32.5% in sales volume [7][9]. - The top five players in the market account for 87.6% of the total market share, indicating a highly concentrated competitive landscape [7]. Financial Performance - Revenue for Tianyu Semiconductor was reported at RMB 4.37 billion in 2022, RMB 11.71 billion in 2023, and projected at RMB 5.20 billion in 2024, with a significant loss of RMB 5 billion in 2024 due to inventory write-downs and declining prices [12][14]. - The company experienced a negative gross margin of 72.0% in 2024, primarily due to a drop in silicon carbide wafer prices and increased expenses [14]. - In the first five months of 2025, revenue reached RMB 2.57 billion, with a profit of RMB 9.5 million and a gross margin of 22.5% [12]. Production Capacity - As of May 31, 2025, Tianyu Semiconductor's annual production capacity for 6-inch and 8-inch epitaxial wafers is approximately 420,000 pieces, making it one of the largest producers in China [3]. - The company has begun mass production of 8-inch wafers, expanding its product offerings [7]. Research and Development - The company employs 94 R&D personnel, accounting for 11.0% of its total workforce, and has accumulated 84 patents, including 33 invention patents [11]. - R&D expenses have increased from RMB 0.29 billion in 2022 to RMB 0.61 billion in 2024 [12]. Customer Base - In 2023, a significant portion of revenue (42.0%) came from a single customer, identified as Customer J, a subsidiary of a U.S. listed company [19][28]. - The top five customers contributed 61.5% of total revenue in 2022, 77.2% in 2023, and 75.2% in 2024, indicating a reliance on a concentrated customer base [27].