SICC CO.(SH:688234) Zhi Tong Cai Jing·2025-08-10 01:31Core Viewpoint - Tianyue Advanced (688234.SH), a leading company in the silicon carbide (SiC) sector, is progressing steadily towards its IPO in Hong Kong, having passed the listing hearing on July 30. The company is recognized for its significant market share in SiC substrates and is poised to become a major player in the "hard technology" field with its upcoming listing [1][2]. Group 1: Company Overview - Tianyue Advanced specializes in the research, production, and sales of SiC single crystal substrate materials, having been established in November 2010. It became the first domestic company focused on wide bandgap semiconductor materials to be listed on the Science and Technology Innovation Board in January 2022 [2][4]. - The company has rapidly increased its market share, projected to reach 22.8% in 2024, making it the second-largest player globally, following Wolfspeed [2][3]. Group 2: Financial Performance - From 2022 to 2024, Tianyue Advanced's revenue is expected to grow from 417 million yuan to 1.768 billion yuan, with a compound annual growth rate (CAGR) of 96.75%, significantly outpacing competitors like Wolfspeed [3][4]. - The company is forecasted to achieve a market share of nearly 26% by 2025, indicating its potential to become a global leader in the SiC substrate market [3]. Group 3: Technological Advancements - Tianyue Advanced holds 503 patents, including 198 invention patents, ranking among the top five globally in terms of SiC substrate-related patents. The company has received recognition for its technological breakthroughs, including a prestigious award from a Japanese semiconductor media outlet [4][10]. - The company has developed an innovative method for producing 8-inch SiC substrates without macro defects and plans to launch the first 12-inch SiC substrate in November 2024, enhancing production efficiency and reducing costs [9][10]. Group 4: Market Applications and Growth Potential - SiC materials are increasingly applied in various sectors, including electric vehicles, photovoltaic energy storage, and AI glasses. The SiC power device market in the electric vehicle sector is projected to grow from $2.31 billion in 2024 to $14.69 billion by 2030, with a CAGR of 36.1% [11][13]. - The rapid growth of AI glasses, which are expected to see a shipment increase of 82.3% in 2023, is closely linked to the application of SiC materials, indicating a promising second growth curve for Tianyue Advanced [13]. Group 5: Future Plans and Funding - The company plans to allocate 70% of its IPO proceeds to expand its production capacity for 8-inch and larger SiC substrates, while also enhancing its R&D capabilities to improve defect control and detection [14]. - Tianyue Advanced's strategic focus on expanding its market presence and product offerings positions it well for future growth in the rapidly evolving semiconductor landscape [14][15].