瀚天天成（02726）：IPO点评

Investment Rating - The report assigns an IPO-specific rating of 4.9 out of 10 for the company, based on operational performance, industry outlook, valuation, and market sentiment [7]. Core Insights - The company is a global leader in the silicon carbide (SiC) epitaxy industry, focusing on the research, production, and sales of SiC epitaxial wafers, which are used in power device manufacturing for sectors such as electric vehicles, charging infrastructure, renewable energy, and energy storage [1]. - The company is expected to maintain profitability from 2022 to 2024, with net profits of 128 million, 108 million, and 165 million respectively, although revenue is projected to decline in 2024 and 2025 due to industry destocking and weakening downstream demand [1]. - The global SiC power device market is projected to reach $2.6 billion in 2024, with a compound annual growth rate (CAGR) of 39.9% from 2024 to 2029, reaching $13.6 billion by 2029 [2]. Company Overview - The company serves 134 clients, with four of the top five global SiC power device manufacturers among its customers, indicating a strong market position [1]. - The company employs a dual model of epitaxial wafer sales and wafer foundry services, with wafer sales being the primary revenue source [1]. - The company has delivered over 599,700 SiC epitaxial wafers and is the first globally to mass-produce 8-inch products, with plans to launch 12-inch wafers by December 2025 [3]. Financial Performance - Revenue figures for 2022, 2023, 2024, and the first nine months of 2025 are projected at 441 million, 1.14 billion, 974 million, and 535 million respectively, indicating a peak in 2023 followed by a decline [1]. - The gross margin is expected to decrease, with the first nine months of 2025 projected at 25.6% [4]. Market Conditions - The semiconductor industry is currently in a cyclical inventory adjustment phase, which is expected to conclude in the second half of 2026, leading to a recovery in demand and pricing [2]. - The company is well-positioned to benefit from the recovery in demand for power semiconductors and the trend towards domestic production in the renewable energy sector [11]. Use of Proceeds - The company plans to use the net proceeds from the IPO, estimated at 1.56 billion HKD, for expanding SiC epitaxial wafer production capacity (71%), R&D investments (19%), and general corporate purposes (10%) [10].