新股预览：瀚天天成

Investment Rating - The investment rating for the company is set at ★★★★☆ for basic factors and valuation, ★★★★☆ for performance growth, ★★★☆☆ for industry representation, ★★★☆☆ for industry prosperity, and ★★★★☆ for market conditions [4]. Core Insights - The company is a global leader in the silicon carbide (SiC) epitaxy industry, being the largest supplier by sales volume since 2023, with a market share exceeding 30% in 2024 [1][3]. - The industry is experiencing rapid growth driven by the global energy revolution, where silicon carbide is becoming the mainstream material for power semiconductor devices due to its superior properties [2]. - The company has a strong technical foundation and a comprehensive product portfolio, having developed advanced SiC epitaxy growth technology over 14 years, which allows for high-quality and reliable product offerings [2]. Financial Summary - Revenue for the fiscal year ending December 31 is projected to be 4.41 billion RMB in 2022, increasing to 11.43 billion RMB in 2023, and then decreasing to 9.74 billion RMB in 2024 [4]. - The net profit for the same periods is expected to be 1.28 billion RMB in 2022, 1.08 billion RMB in 2023, and 1.65 billion RMB in 2024 [4]. Offering Details - The company plans to issue 0.21 billion shares, with 0.02 billion shares allocated for the Hong Kong offering and 0.19 billion for the international offering [5]. - The offering price is set at 76.26 HKD per share, with a maximum fundraising amount of 16.39 billion HKD [5]. - The subscription period is from March 20 to March 25, with the listing date on March 30 [5].