新股解读|碳化硅外延片领跑者躲不掉“成长烦恼”，天域半导体赴港上市激活后劲？

Core Viewpoint - The rapid growth of the silicon carbide market has led companies in the industry, such as Tianyu Semiconductor, to pursue listings in capital markets, with Tianyu Semiconductor recently passing the Hong Kong Stock Exchange hearing and potentially becoming a mainboard listed company soon [1][9]. Company Overview - Tianyu Semiconductor is the largest manufacturer of silicon carbide epitaxial wafers in China, holding market shares of 30.6% and 32.5% in revenue and sales respectively for 2024 [1]. - As of May 2023, the company's annual production capacity for 6-inch and 8-inch epitaxial wafers is approximately 420,000 pieces, making it one of the companies with the highest capacity in the domestic market [1]. Financial Performance - The company's revenue and net profit have shown volatility from 2022 to May 2025, with revenues of 437 million RMB in 2022, 1.171 billion RMB in 2023, and a decline to 520 million RMB in 2024 [2][3]. - In the first five months of 2025, the revenue was 257 million RMB, down from 297 million RMB in the same period of 2024 [2]. - The average selling price of products has decreased significantly, from 7,924 RMB per piece in 2024 to 3,813 RMB per piece in 2025, contributing to the decline in overall revenue despite increased sales volume [2][6]. Sales and Market Dynamics - In 2023, the company sold 130,700 pieces of epitaxial wafers, a significant increase from 44,500 pieces in 2022, but projected sales for 2024 are expected to drop to 78,900 pieces due to global trade tensions [2][5]. - The company’s revenue from other sales and services has increased from 8.8% in 2022 to 12.6% in the first five months of 2025, indicating a diversification in revenue sources [3]. Production Capacity and Expansion Plans - Tianyu Semiconductor is expanding its production capacity, with a new production base expected to add 380,000 pieces of 8-inch silicon carbide epitaxial wafer capacity by the end of the year, bringing total capacity to approximately 800,000 pieces [7][9]. - The company plans to further expand production in Southeast Asia to meet overseas customer demand, although no specific timeline has been provided [7][8]. Strategic Focus - To mitigate the impact of international trade tensions, the company aims to strengthen its market position in China by focusing on domestic customer needs and enhancing customer loyalty [8]. - Despite challenges in overseas sales, the company intends to expand its global sales network by establishing sales centers in Malaysia, Italy, and Japan [8][10].