SICC CO.(SH:688234) Zhi Tong Cai Jing·2025-08-04 01:20Core Viewpoint - Tianyue Advanced is approaching a significant milestone in its "A+H" capital layout, having successfully passed the Hong Kong Stock Exchange listing hearing, which positions the company closer to completing its listing on the Hong Kong market [1] Company Development - Tianyue Advanced has a history dating back to 2010, focusing on the industrialization of silicon carbide (SiC) semiconductor materials. The company achieved mass production of 4-inch SiC substrates in 2015 and 6-inch conductive substrates in 2017. In the 2020s, the company has accelerated its technological upgrades and market expansion, launching on the STAR Market in 2022 and signing a long-term order worth 1.393 billion yuan [2] - The company has introduced the industry's first 12-inch SiC substrate and has been recognized with a gold award in the "Semiconductor Electronic Materials" category at the 31st Annual Semiconductor Awards, marking the first time a Chinese company has received this honor [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%. Gross profit doubled to 435 million yuan, with a gross margin of 24.6%, up 10 percentage points year-on-year. Net profit reached 179 million yuan, also a historical high [3] - The company has become the second-largest manufacturer of SiC substrates 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 device manufacturers globally, enhancing its influence in the market. Recently, the company signed a strategic cooperation agreement with Sunny Optical Technology Group's subsidiary to focus on SiC optical waveguide lenses [3] - The revenue from N-type SiC substrates increased by 35% in 2024, ranking first among the top eight global manufacturers in this category, with a market share of 15%, up 4 percentage points from the previous year [4] Industry Trends - The market for SiC materials is expanding due to their superior performance in semiconductor applications. The potential for SiC materials in emerging fields, such as AI glasses, is being recognized, with significant commercial opportunities anticipated [6][7] - The trend towards larger SiC substrates is providing a technical foundation for widespread application in consumer electronics, including AI glasses and smartphones. Companies like Tianyue Advanced, which have advantages in large-size substrates, are expected to seize market opportunities [8] Capital Market Perspective - Tianyue Advanced is at a critical growth phase, with its visibility and growth potential expected to improve further. The company's pursuit of a Hong Kong listing aims to diversify its financing channels and support stronger growth momentum [9]