Venture(US:VEMLY) Sou Hu Cai Jing·2025-08-20 06:49Core Viewpoint - Shandong Tianyue Advanced Technology Co., Ltd. is a leading manufacturer of silicon carbide substrates, ranking among the top three globally with a market share of 16.7% as of 2024 [3][4]. Company Overview - Founded in November 2010, Tianyue Advanced focuses on the research, production, and sales of wide-bandgap (third-generation) semiconductor silicon carbide substrate materials [3]. - The company has gained significant attention from capital markets since 2019, with notable investments from major players like Huawei's Hubble Investment [4][10]. Financial Performance - In 2021, Tianyue Advanced reported revenue of 494 million yuan, a year-on-year increase of 16.25%, and a net profit of 89.95 million yuan, up 114.02% [9]. - The company faced a revenue decline of 15.56% in 2022, with total revenue dropping to 417 million yuan and a net loss of 175 million yuan [9]. - In 2023, revenue surged by 199.9% to 1.25 billion yuan, although the company continued to report losses [10]. - The company is projected to achieve profitability in 2024, with expected revenue of 1.768 billion yuan, a 41.37% increase year-on-year, and a net profit of 179 million yuan [10]. Market Position and Applications - Tianyue Advanced's silicon carbide materials are essential for renewable energy and AI industries, with applications in electric vehicles, AI data centers, photovoltaic systems, and advanced communication bases [4][10]. - The company has expanded its overseas business significantly, with international revenue reaching 840 million yuan, a 104.43% increase, marking the first time overseas revenue surpassed domestic revenue [11]. Shareholder Structure - The largest shareholder, Zong Yanmin, holds 30.09% of the shares, followed by other significant investors including Hubble Investment with 6.34% [9][10]. - Strategic placements include investments from industry leaders such as CATL, SAIC Group, and XPeng Motors [9].