CCTC(SZ:300408) Ju Chao Zi Xun·2025-12-06 02:30Core Viewpoint - SanHuan Group has officially submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of its IPO process, focusing on advanced electronic ceramic materials and components [1] Group 1: Company Overview - SanHuan Group specializes in advanced electronic ceramic materials and components, with a complete business system covering basic materials, electronic components, communication devices, and equipment components [1] - The company's products are widely used in various fields, including communication, AI and data centers, consumer electronics, automotive electronics, semiconductors, new energy, and smart industrial control [1] - According to a Frost & Sullivan report, SanHuan Group has become a significant leading enterprise in the global advanced electronic ceramic materials and components sector [1] Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 5.088 billion to 7.266 billion yuan, with a compound annual growth rate (CAGR) of approximately 19.5% [3] - Net profit is expected to increase from 1.506 billion to 2.190 billion yuan during the same period [3] - In the first nine months of 2025, the company achieved revenue of 6.420 billion yuan and a net profit of 1.957 billion yuan, demonstrating strong profitability and operational efficiency [3] Group 3: Market Position and Competitive Advantage - In the electronic ceramic materials sector, SanHuan Group holds over 50% of the global market share for alumina ceramic substrates, ranking first in the industry [3] - The company also ranks first in the global market share for solid oxide fuel cell (SOFC) membranes and fourth for resistor pastes, with a market share of approximately 13% [3] - As a major supplier of multilayer ceramic capacitors (MLCC), SanHuan Group is ranked ninth globally and is the largest MLCC supplier in mainland China [3] Group 4: Market Outlook - The global advanced electronic ceramic materials market is expected to grow from 24.1 billion yuan in 2025 to 42.2 billion yuan by 2030, with a CAGR of approximately 11.8% [4] - Key growth drivers include the penetration of high-performance substrate materials in power electronics, automotive electric drives, and high-speed communications, as well as new demand from AI, IoT, and new energy sectors [4] - The MLCC and core ceramic electronic components market is projected to expand alongside developments in optical communication, AI data centers, and automotive electronics, with an expected global market size of 251.7 billion yuan by 2030 [4] Group 5: Strategic Intentions - The founder and actual controller, Zhang Wanzhen, controls approximately 36.47% of the issued shares, indicating a stable shareholding structure [4] - The IPO aims to leverage international capital markets to enhance R&D investment, strengthen capacity layout, and expand global business, thereby consolidating its leading position in high-end electronic ceramic materials and components [4] - The company seeks to capitalize on long-term development opportunities arising from downstream industry upgrades and domestic substitution [4]