新股前瞻|天域半导体“二次递表”：行业高速发展，半导体“独角兽”投资价值如何?

Group 1: Company Overview - Tianyu Semiconductor, a notable "semiconductor unicorn" backed by major industry players like Huawei and BYD, has submitted a listing application to the Hong Kong Stock Exchange [1] - The company aims to use the IPO proceeds for capacity expansion, enhancing R&D capabilities, and strategic investments or acquisitions over the next five years [1] Group 2: Financial Performance - From 2021 to 2023, Tianyu Semiconductor's revenue grew from 155 million to 1.171 billion yuan, with a compound annual growth rate (CAGR) of 174.9%, while gross profit increased from 24 million to 217 million yuan, achieving a CAGR of 200% [3] - In the first half of 2024, the company reported a revenue of 361 million yuan, a year-on-year decline of 14.86%, with gross profit and net profit turning negative due to a decrease in market prices for epitaxial wafers [3][5] Group 3: Market Trends - The silicon carbide (SiC) epitaxial wafer market in China is expected to grow at a CAGR of 32.2% from 2024 to 2029, outpacing the global market's 24.3% CAGR [2] - The shift towards 8-inch SiC epitaxial wafers is becoming a focal point in the industry, as they offer higher yield rates and lower costs compared to 6-inch wafers [4][6] Group 4: R&D and Production Capacity - Tianyu Semiconductor is increasing its R&D expenditures significantly, with investments rising from 29.2 million yuan in 2022 to 199 million yuan by May 2025, indicating a commitment to enhancing technological capabilities [6] - As of May 31, 2025, the company has an annual production capacity of approximately 420,000 pieces for 6-inch and 8-inch epitaxial wafers, positioning it as a leading manufacturer in China [6] Group 5: Future Outlook - The demand for 8-inch SiC epitaxial wafers is anticipated to rise significantly, driven by favorable government policies and increasing orders from downstream customers [7] - Despite the promising market outlook, the company faces challenges related to technology, competition, and funding pressures that may introduce uncertainties in future performance [7]