SICC CO.(SH:688234) Ge Long Hui·2025-08-21 01:35Core Viewpoint - Tianyue Advanced officially listed on the Hong Kong Stock Exchange on August 20, 2025, becoming the first domestic company to achieve an "A+H" dual-platform layout in the silicon carbide substrate industry [1] Group 1: Market Position and Financial Performance - The company has established itself as a global leader in the silicon carbide substrate market, with a projected market size of 8.8 billion RMB in 2024, expected to grow to 58.5 billion RMB by 2030, representing a compound annual growth rate (CAGR) of 37.1% from 2024 to 2030 [2] - Tianyue Advanced is projected to capture 16.7% of global substrate revenue in 2024, ranking among the top three, and has a market share of 22.8% in the conductive segment, making it the second globally [2] - Revenue is expected to grow from 417 million RMB in 2022 to 1.768 billion RMB in 2024, with a turnaround to profitability and a gross margin of 24.6%, resulting in a net profit of 179 million RMB [2] Group 2: Technological Advancements - The company has achieved significant technological advancements, completing the commercialization of 2-8 inch substrates and planning to launch the first 12-inch sample in 2024, marking a breakthrough in size and defect control [3] - Tianyue Advanced holds over 500 patents, transitioning from "point innovations" to a "systematic moat" in technology, validated by international authorities and clients [3] Group 3: Manufacturing and Supply Chain - The company has established a dual-base layout in Shandong and Shanghai, with a total production capacity of approximately 420,000 pieces per year and a utilization rate of 97.6% [3] - The Tianyue Advanced factory has effectively reduced fixed costs and improved yield rates since ramping up production in May 2023, with a mid-term goal of reaching a million pieces per year [3] Group 4: Customer Base and Global Expansion - Tianyue Advanced has formed partnerships with over half of the top ten power semiconductor manufacturers globally, including Infineon, Bosch, and ON Semiconductor, with overseas revenue expected to grow by 104% year-on-year in 2024 [4] - The company is positioned to benefit from the increasing demand for silicon carbide substrates in AI glasses and has established deep collaborations with clients like Sunny Optical [6] Group 5: Strategic Positioning and Future Outlook - The company is at a pivotal intersection of the "AI glasses + NVIDIA ecosystem" dual concept, tapping into the rapidly growing AI smart glasses market and embedding itself within NVIDIA's supply chain [6] - The listing on the Hong Kong Stock Exchange provides a significant financing channel for capacity expansion, with an issue price of 42.8 HKD creating a safety margin of over 40% compared to A-shares [7] - The company has received recognition in Japan, winning a semiconductor materials award, which enhances its brand influence from a "Chinese leader" to an "international brand" [7]