Core Viewpoint - Hantian Technology (Xiamen) Co., Ltd. is pursuing an IPO in Hong Kong, revealing significant financial and operational information in its prospectus, indicating notable revenue and gross margin fluctuations alongside various risks [1] Business Focus - The company specializes in the research, production, and sales of silicon carbide (SiC) epitaxial wafers, becoming the largest global supplier by sales volume in 2023, with a projected market share exceeding 30% in 2024. Its products are utilized in electric vehicles and charging infrastructure [2] Business Models - Hantian operates two business models: direct sales of epitaxial wafers, where it procures raw materials and produces the wafers, and a contract manufacturing model, where clients provide substrates, and the company grows the epitaxial layers, charging for materials and services [3] Financial Performance - Revenue experienced significant growth of 159.3% in 2023, reaching 1.1425 billion yuan, but is projected to decline to 974.3 million yuan in 2024, a decrease of 14.7%, primarily due to reduced sales in the contract manufacturing model. For the first five months of 2025, revenue was 266.4 million yuan, down 29.99% from the same period in 2024 [4][5] - Net profit fluctuated, with figures of 143.4 million yuan in 2022, 121.9 million yuan in 2023, and a projected decline in 2025 due to lower chip prices and ongoing costs [5][6] - Gross margin decreased from 44.7% in 2022 to 39.0% in 2023, further dropping to 34.1% in 2024, and 18.7% in the first five months of 2025, reflecting challenges from service mix changes and increased competition [6][7] - Net profit margin also showed a declining trend, with rates of approximately 32.54% in 2022, 10.67% in 2023, and 5.29% in the first five months of 2025 [8] Revenue Composition - The revenue from epitaxial wafer sales constituted a significant portion of total income, with figures of 847.7 million yuan in 2023 and 839.6 million yuan in 2024. Contract manufacturing revenue decreased from 292.8 million yuan in 2023 to 121.1 million yuan in 2024 [9] Operational Risks - The company faces risks from related party transactions, with overlapping identities among major clients and suppliers, leading to potential conflicts of interest [10] - The semiconductor industry is undergoing inventory adjustments, impacting sales and pricing, with the company implementing strategies to expand its customer base [10] - Intense competition exists within the industry, necessitating continuous innovation to maintain market leadership [11] - High customer concentration poses risks, as the top five clients accounted for 86.5% of sales in 2022, with potential impacts from any decline in their purchasing [12] - Supplier concentration is also high, with the top five suppliers representing a significant portion of procurement costs, which could affect operations if their financial health changes [13] - The ownership structure may pose risks, as a concentrated shareholding could lead to decisions that may not align with broader shareholder interests [14] - Concerns exist regarding the incentive structure for core management, which may lead to increased compensation and impact overall performance [15] - The company faces multiple risks, including technological innovation, market competition, pricing pressures, and geopolitical factors [16]
瀚天天成招股书解读：营收下滑29.99%，毛利率降26pct，多风险待解
Xin Lang Cai Jing·2025-10-15 00:30