Core Viewpoint - Tianyue Advanced, a leading semiconductor materials manufacturer in Shandong, successfully listed on the Hong Kong Stock Exchange, with an initial share price of HKD 42.80, rising to a peak of HKD 47.80, giving it a market capitalization of approximately HKD 228 billion (around RMB 210 billion) [1][2]. Company Overview - Tianyue Advanced is recognized as the top manufacturer of silicon carbide substrates in China and ranks among the top three globally, holding a market share of 16.7% as of 2024 [4]. - The company was established in 2010 and has pioneered the industrialization of semi-insulating and conductive silicon carbide substrates, with production sizes evolving from 2 inches to 8 inches, and plans to launch the first 12-inch silicon carbide substrate in November 2024 [6][8]. Financial Performance - The revenue figures for Tianyue Advanced from 2022 to 2025 (Q1) are as follows: RMB 4.17 billion (2022), RMB 12.51 billion (2023), RMB 17.68 billion (2024), and RMB 4.08 billion (Q1 2025). The net profits for the same periods were -RMB 1.76 billion, -RMB 0.46 billion, RMB 1.79 billion, and RMB 0.085 billion respectively [9][12]. - The gross profit margins for the same periods were -7.9% (2022), 14.6% (2023), 24.6% (2024), and 22.7% (Q1 2025) [12]. Production and Sales - Tianyue Advanced's production capacity for silicon carbide substrates has increased significantly, with annual production figures of 71,000 pieces (2022), 262,000 pieces (2023), 410,200 pieces (2024), and 83,700 pieces (Q1 2025) [25]. - The average selling prices for silicon carbide substrates have decreased from RMB 5,110.4 (2022) to RMB 3,369.4 (Q1 2025) [18]. Research and Development - The company has a dedicated R&D team of 154 members, with over 40% holding doctoral or master's degrees, and has accumulated 503 patents and 176 patent applications [16][17]. Customer Base - Revenue from the largest customer accounted for 26.0% of total revenue in 2022, decreasing to 15.3% in Q1 2025. Revenue from the top five customers represented 65.0% in 2022 and 52.9% in Q1 2025 [20][22]. Supply Chain - Tianyue Advanced has two production bases located in Shandong and Shanghai, with total construction areas of 69,732 square meters and 93,897 square meters respectively [25]. - The procurement from the largest supplier accounted for 14.4% of total procurement in 2022, increasing to 23.9% in Q1 2025 [25][30].
股价涨超11%，山东半导体材料巨头上市，中国第一，华为持股，市值228亿