【港股IPO】天岳先进申购分析，布局“A+H”

Group 1 - Tianyue Advanced (2631) is set to launch its IPO on the Hong Kong Stock Exchange from August 11 to August 14, 2025, with a focus on silicon carbide substrates [3][9] - The company specializes in the research, production, and sales of silicon carbide single crystal substrate materials, which are widely used in various sectors including electric vehicles, AI data centers, and renewable energy systems [5][7] - Tianyue Advanced has rapidly increased its market share, becoming one of the top three silicon carbide substrate manufacturers globally, with a market share of 16.7% in 2024 [7] Group 2 - The financial performance of Tianyue Advanced shows significant growth, with revenues increasing from 417 million RMB in 2022 to 1.768 billion RMB in 2024, while net profit turned positive in 2024 at 179 million RMB [8] - The company plans to use 70% of the funds raised from the IPO to expand production capacity for 8-inch and larger silicon carbide substrates, 20% for enhancing R&D capabilities, and 10% for daily operations [16] - The IPO aims to raise approximately 2 billion HKD, with a total market capitalization estimated at around 20 billion HKD [9][13] Group 3 - The IPO will offer 47.7457 million H-shares, with a maximum offer price of 42.8 HKD per share, and the minimum investment amount is set at 4,323.17 HKD [9][13] - The company has attracted five cornerstone investors who have collectively subscribed to approximately 740.2 million HKD of the offering [18] - Tianyue Advanced's stock was previously listed on the STAR Market in China, where it had a peak price of 137.5 RMB per share, but has since experienced volatility [22]