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 seek capital market opportunities, with Tianyu recently passing the Hong Kong Stock Exchange hearing for a potential listing. Group 1: 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, Tianyu'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] Group 2: Financial Performance - Tianyu'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 520 million RMB in 2024 [2][3] - 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 a decline in overall revenue despite increased sales volume [2][3] Group 3: Sales and Market Dynamics - In 2023, Tianyu's sales volume reached 130,700 pieces, a significant increase from 44,500 pieces in 2022, but is projected to drop to 78,900 pieces in 2024 due to global trade tensions [2] - The company has seen a shift in revenue sources, with a notable portion coming from regions outside mainland China, including 12.26 million RMB from Hong Kong and 488 million RMB from South Korea in 2023 [5] Group 4: Profitability and Challenges - Tianyu's gross profit fluctuated from 87.49 million RMB in 2022 to a loss of 374 million RMB in 2024, with corresponding gross profit margins of 20% and -72% [6] - The company faced significant challenges in 2024 due to falling product prices, reduced production, and increased fixed costs, leading to a net loss of 500 million RMB [6] Group 5: Future Growth and Expansion Plans - Despite industry challenges, Tianyu is expanding its production capacity, with a new facility 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] - The company plans to deepen its market presence in China while also targeting expansion into Southeast Asia and other overseas markets through new sales centers in Malaysia, Italy, and Japan [8][9] Group 6: Listing and Financial Strategy - The upcoming Hong Kong listing is seen as a potential "springboard" for Tianyu's growth, as the company currently has cash and cash equivalents of 95.34 million RMB, down from 115 million RMB the previous year [9] - Successful listing is expected to improve financing channels and positively impact the company's ability to develop overseas customer relationships [9]