天域半导体孖展认购已达21.6亿港元 超购11.4倍

Core Viewpoint - Tianyu Semiconductor, a manufacturer of silicon carbide (SiC) epitaxial wafers, is experiencing strong demand in its IPO, with a subscription amount of at least HKD 2.16 billion, indicating an oversubscription of 11.4 times against the public offering amount of HKD 174 million [1] Group 1: Company Overview - Tianyu Semiconductor was established in 2009 and focuses on the production of self-manufactured silicon carbide epitaxial wafers [1][2] - The company is the third-largest manufacturer of self-manufactured silicon carbide epitaxial wafers in the global market, holding a market share of 6.7% by revenue and 7.8% by volume for 2024 [1] - In the Chinese market, Tianyu is the largest manufacturer of self-manufactured silicon carbide epitaxial wafers, with a market share of 30.6% by revenue and 32.5% by volume for 2024 [1] Group 2: Product and Technology Development - The company provides 4-inch, 6-inch, and 8-inch silicon carbide epitaxial wafers and is upgrading its manufacturing processes and R&D capabilities to meet evolving customer demands [2] - A new Dongguan Ecological Park base has been completed, expected to be operational by the end of 2025, primarily for mass production of 6-inch and 8-inch silicon carbide epitaxial wafers [2] - Tianyu Semiconductor offers value-added services related to silicon carbide epitaxial wafers, including epitaxial wafer foundry services, wafer cleaning services, and related testing services [2] Group 3: Financial Performance - The company's revenue increased from RMB 437 million in 2022 to RMB 1.171 billion in 2023, but is projected to decline to RMB 519.6 million in 2024 [2] - Net profit surged from RMB 2.8 million in 2022 to RMB 95.9 million in 2023 [2] Group 4: Use of IPO Proceeds - Tianyu Semiconductor plans to allocate 62.5% of the net proceeds from the global offering to expand overall production capacity [3] - 15.1% of the proceeds will be used to enhance R&D and innovation capabilities [3] - 10.8% will be directed towards strategic investments or acquisitions, while 2.1% will be for expanding global sales and marketing networks [3]