Investment Rating - The report suggests a cautious subscription for Tianyu Semiconductor (2658.HK) [4] Core Insights - The company focuses on the manufacturing of self-produced silicon carbide (SiC) wafers, which are essential raw materials for power semiconductor devices. Compared to traditional semiconductor materials like silicon, SiC offers significant performance advantages, making it suitable for high-voltage, high-temperature, and high-frequency environments [2] - According to Frost & Sullivan, the company ranks as the third-largest SiC wafer manufacturer in China, with a market share of 6.7% by revenue and 7.8% by volume as of 2024 [2] - The global market for SiC power semiconductor devices is projected to grow significantly, from USD 600 million in 2020 to USD 3.2 billion in 2024, representing a compound annual growth rate (CAGR) of 49.8%. The market is expected to reach USD 15.8 billion by 2029, with a CAGR of 40.5% from 2025 to 2029 [3] Summary by Sections IPO Details - The IPO price is set at HKD 58 per share, with a total fundraising amount of HKD 1.6711 billion. The total number of shares offered is approximately 3,007,050 shares, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - The company's revenues for 2022, 2023, and 2024 were RMB 436.86 million, RMB 1,171.21 million, and RMB 519.62 million, respectively. The net profits for the same years were RMB 6.95 million, RMB 101.44 million, and RMB -492.45 million, indicating a decline in 2024 primarily due to reduced market prices and overseas sales of SiC wafers [3] Market Position - The company has an annual production capacity of approximately 420,000 6-inch and 8-inch wafers, making it one of the largest producers in China for these sizes [2] - The presence of Huawei's Hubble Technology as an investor is expected to provide significant growth opportunities for the company in the medium to long term [4]
天域半导体（02658）：IPO申购指南