Core Viewpoint - The report from Citi highlights that Tianyu Semiconductor (02658) is set to benefit from the increasing adoption of silicon carbide (SiC) epitaxial wafers in high-power and high-voltage applications, with a projected compound annual growth rate (CAGR) of 40.5% for the global SiC power semiconductor market from 2025 to 2029, reaching a total addressable market (TAM) of $16 billion [1] Group 1 - The global SiC power semiconductor market is expected to grow at a CAGR of 40.5% from 2025 to 2029, with a TAM of $16 billion [1] - Citi forecasts that Tianyu Semiconductor's revenue will increase to RMB 3.31 billion by 2027 [1] - The target price for Tianyu Semiconductor is set at HKD 70, based on a price-to-sales ratio of 7.5 times [1] Group 2 - SiC epitaxial wafers are identified as one of the most value-added segments in the upstream supply chain [1] - Tianyu Semiconductor is the largest supplier of SiC epitaxial wafers in the Chinese market for 2024 and is among the first companies capable of mass-producing 8-inch SiC epitaxial wafers [1] - The company is expected to be a major beneficiary of the growing demand for SiC technology [1]
里昂：首次覆盖天域半导体予“跑赢大市”评级 目标价70港元