全球最大碳化硅晶片企业IPO，投资者担心受贸易摩擦影响

Core Viewpoint - The company, Hantian Tiancheng Electronic Technology (Xiamen) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage capital market opportunities for further development in the silicon carbide epitaxy industry [2][4]. Group 1: Company Overview - Hantian Tiancheng specializes in the research, production, and sales of silicon carbide epitaxial wafers, with a business model that includes both wafer sales and foundry services [2]. - The company is positioned as a global leader in the silicon carbide epitaxy industry, projected to hold over 30% market share by 2024, and has established itself as the largest supplier by sales volume since 2023 [3]. Group 2: Financial Performance - Revenue projections for the company from 2022 to 2024 are RMB 441 million, RMB 1.143 billion, and RMB 974 million, respectively, with net profits of RMB 143 million, RMB 122 million, and RMB 166 million during the same period, indicating a profitable growth trend [3]. - Research and development expenditures are expected to be RMB 44 million, RMB 102 million, and RMB 80 million from 2022 to 2024, reflecting the company's commitment to innovation and maintaining technological advantages [5]. Group 3: Market Position and Customer Base - The company has a strong customer base, with four out of the top five global silicon carbide power device manufacturers and seven out of the top ten being its clients, showcasing the quality and reliability of its products [6]. - The growing demand for silicon carbide epitaxial wafers is anticipated due to the rapid development of sectors like electric vehicles and energy storage, positioning the company to benefit from industry growth [6]. Group 4: Risks and Challenges - The company faces increasing competition in the silicon carbide epitaxy industry, which may pressure its market share if it fails to innovate continuously [4]. - There is a high dependency on a few major clients, raising concerns about potential impacts on performance if these key customers were to leave [7]. - Investors are also concerned about the company's strategies to navigate international trade tensions and geopolitical risks, particularly regarding export controls and economic sanctions [8].