CCTC(SZ:300408) Zhi Tong Cai Jing·2025-12-05 13:54Core Viewpoint - The company, Chaozhou Sanhuan (Group) Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, with China Galaxy International as the sole sponsor [1]. Company Overview - The company focuses on advanced ceramic materials and has become a global leader in the field of advanced electronic ceramic materials and components. It has established a core product matrix covering four categories: electronic and ceramic materials, electronic components, communication devices, and equipment components [2]. - The company specializes in upstream basic materials in the electronic industry chain, including alumina ceramic substrates, aluminum nitride ceramic substrates, electronic pastes, and solid oxide fuel cell (SOFC) membranes [2]. Competitive Position - The company has achieved significant competitiveness in specific segments, such as alumina ceramic substrates, where it has become one of the top suppliers globally, holding over 50% market share by revenue in 2024 [3]. - The company ranks first in the global market for SOFC membranes, which are critical components for energy transition [3]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and projected for 2024 is approximately RMB 5.09 billion, RMB 5.68 billion, and RMB 7.27 billion, respectively [4]. - The profit figures for the same periods are approximately RMB 1.51 billion, RMB 1.58 billion, and RMB 2.19 billion, respectively [5]. Industry Overview - The global market for advanced electronic ceramic materials is expected to grow from RMB 16.8 billion in 2020 to RMB 22.1 billion in 2024, with a compound annual growth rate (CAGR) of 7.1% [7]. - The market for core ceramic electronic components is projected to increase from RMB 136 billion in 2020 to RMB 167.3 billion in 2024, with a CAGR of 5.3% [10]. Market Dynamics - The global alumina ceramic substrate industry is highly concentrated, with the top four companies accounting for about 97% of the market share in 2024. The company holds approximately 52% of the global market share in this segment [9]. - The global resistor paste market is also concentrated, with the top five companies holding about 84% of the market share in 2024, where the company ranks fourth with approximately 13% market share [9]. Board of Directors - The board will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors, with a term of three years [15]. Shareholding Structure - As of the latest feasible date, Mr. Zhang holds approximately 59.21% of the equity in Sanjiang Investment, which in turn holds about 33.67% of the company's equity [16].