Sou Hu Cai Jing·2025-12-05 18:25Core Viewpoint - Guangdong Tianyu Semiconductor Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first company to focus on silicon carbide epitaxial wafers, raising a total of HKD 1.744 billion through its IPO [1] Company Overview - Tianyu Semiconductor was established in 2009 and is one of the earliest companies in China to industrialize third-generation semiconductor silicon carbide epitaxial wafers [1] - The company is recognized as the first silicon carbide semiconductor materials enterprise in China to obtain automotive quality certification (IATF 16949) [1] - Tianyu Semiconductor has the largest production capacity for 6-inch and 8-inch epitaxial wafers in China and ranks first in revenue and sales in the domestic market, as well as among the top three globally [1] Financial Performance - The company’s revenue for 2022, 2023, and 2024 is projected to be CNY 437 million, CNY 1.171 billion, and CNY 520 million respectively, with gross profits of CNY 87.486 million, CNY 217 million, and a loss of CNY 374 million [2] - The gross profit margins are expected to be 20%, 18.5%, and -72% for the respective years [2] - In the first five months of 2025, the company reported revenue of CNY 257 million, a year-on-year decrease of 13.6% [2] Sales and Market Dynamics - In the first three quarters of 2025, the total sales volume of the company's epitaxial wafers reached 162,826 pieces, a 180% increase compared to the same period in 2024 [2] - The sales of 6-inch and 8-inch epitaxial wafers showed significant growth, with increases of 90% and 972% respectively compared to the entire year of 2024 [2] - However, this sales growth was achieved at the cost of price reductions, with the price of 6-inch wafers dropping from CNY 9,631 per piece in 2022 to CNY 3,138 per piece, a decline of 67.4% from the peak in 2023 [2] Industry Context - Silicon carbide epitaxial wafers are critical materials for power semiconductor devices, widely used in electric vehicles, power supply, and rail transportation [3] - China, being the largest market for new energy vehicles, presents significant market opportunities for the silicon carbide industry [3] - As of May 30, 2025, Tianyu Semiconductor's production capacity utilization rate is close to 60%, indicating a tight supply-demand balance in the current market [3]