Core Viewpoint - The IPO of Tianyu Semiconductor is set against a backdrop of high demand and significant market interest, with a notable increase in application rates and a competitive market environment for silicon carbide epitaxial wafers [1][2][9]. Company Overview - Tianyu Semiconductor, established in 2009 and headquartered in Dongguan, Guangdong, has become a leading player in the domestic silicon carbide epitaxial wafer sector, focusing on design, R&D, and manufacturing [3]. - The company holds the largest market share in China for silicon carbide epitaxial wafers, with shares of 30.6% and 32.5% in revenue and sales volume respectively for 2024 [3]. Financial Performance - Revenue projections for Tianyu Semiconductor show significant growth from 436.9 million RMB in 2022 to an estimated 1.171 billion RMB in 2023, marking a 168.1% increase, primarily driven by demand in the new energy sector [4]. - However, a sharp decline in revenue is expected in 2024, with a forecasted drop of 55.6% to 519.6 million RMB, alongside a net loss of 500 million RMB [4]. - In the first five months of 2025, the company reported a net profit of 9.5 million RMB, indicating a recovery from the previous year's losses due to product optimization and cost control [5]. Market Dynamics - The global silicon carbide epitaxial wafer market is experiencing rapid growth, with a projected increase from 400 million USD in 2020 to 1 billion USD by 2024, reflecting a compound annual growth rate (CAGR) of 27.6% [9]. - The trend of domestic substitution is crucial, as Tianyu Semiconductor is positioned to replace foreign suppliers, enhancing its market share [9]. Competitive Landscape - The Chinese silicon carbide epitaxial wafer market is characterized by high concentration, with the top five suppliers accounting for 87.6% of the market share in 2024 [9]. - Despite being a market leader, Tianyu Semiconductor faces challenges from increasing production capacities and rapid technological advancements among domestic and international competitors, leading to declining prices for epitaxial wafers [9]. Product and Customer Insights - The company’s main revenue source is the sale of self-manufactured silicon carbide epitaxial wafers, which accounted for over 90% of total revenue from 2022 to 2024 [7]. - The 8-inch product line is emerging as a strategic growth driver, with sales increasing over 75 times in the first five months of 2025 [8]. - Customer concentration remains a concern, with the top five clients contributing 61.5% to 75.2% of revenue from 2022 to 2024 [8].
天域半导体港股IPO，估值很贵，申购需要信仰