SICC CO.(SH:688234) 智通财经网·2025-08-04 01:08Core Viewpoint - Tianyue Advanced is on the verge of a significant milestone with its "A+H" capital layout, having successfully passed the Hong Kong Stock Exchange listing hearing, which will enhance its financing channels and support business development [1] Company Development - Tianyue Advanced has evolved from a technology breakthrough to an international leader in the silicon carbide (SiC) substrate industry since its establishment in 2010, achieving mass production of 4-inch SiC substrates in 2015 and 6-inch conductive substrates in 2017 [2] - The company has made significant advancements in technology and market expansion, launching on the STAR Market in 2022 and signing a long-term order worth 1.393 billion yuan [2] - Tianyue Advanced has introduced the industry's first 12-inch silicon carbide substrate and received the "Gold Award" in the semiconductor electronic materials category at the 31st Annual Semiconductor Awards, marking a first for a Chinese company [2] Financial Performance - In 2024, Tianyue Advanced reported record annual performance with revenue of 1.768 billion yuan, a year-on-year increase of 41.4%, and a gross profit of 435 million yuan, doubling from the previous year, resulting in a gross margin of 24.6% [3] - The net profit reached 179 million yuan, also a historical high, positioning the company as the second-largest silicon carbide substrate manufacturer globally with a market share of approximately 16.7% [3] Market Position and Growth - Tianyue Advanced has established business relationships with over half of the top ten power semiconductor manufacturers globally, enhancing its influence in the market [3] - The company has seen a 35% year-on-year increase in revenue from N-type silicon carbide substrates, leading the growth among the top eight manufacturers in this category, with a market share increase to 15% [4] Industry Trends - The silicon carbide material is recognized for its excellent performance and vast application potential in the semiconductor field, particularly in emerging areas like AI glasses, which are expected to revolutionize the industry [6][7] - The demand for silicon carbide materials is projected to significantly boost the commercialization of AI glasses, with expected shipments exceeding 65.9 million units by 2030 [7] - Tianyue Advanced is well-positioned to capitalize on the trend of larger substrate sizes, which will facilitate the widespread application of silicon carbide materials in consumer electronics [8] Capital Market Perspective - The company is at a critical growth phase, with its visibility and growth potential expected to improve as it seeks to list in Hong Kong, which will diversify its financing channels and support further global expansion [9]