新股速递｜全球市占率30%！碳化硅外延龙头瀚天天成：8英寸技术领先，华为、华润微战略入股

Company Overview - Hantian Technology (Xiamen) Co., Ltd. is a global leader and innovator in the silicon carbide (SiC) epitaxy industry, becoming the largest SiC epitaxy supplier by sales volume in 2023, with a market share exceeding 30% in 2024 [1] - The company's main products include SiC epitaxial wafers in 4-inch, 6-inch, and 8-inch sizes, which are used in electric vehicles, ultra-fast charging stations, energy storage systems, and data centers, with expansion into new markets such as home appliances and high-speed rail [1] Financial Performance - Revenue for the company was 440.69 million RMB in 2022, 1.14 billion RMB in 2023, and is projected to be 974.32 million RMB in 2024 [2][3] - The primary revenue source is from epitaxial wafer sales, which increased from 63% in 2022 to 86.2% in 2024, while epitaxial wafer foundry revenue decreased from 35.5% to 12.4% during the same period [3][5] - The sales volume of SiC epitaxial wafers was 85,366 pieces in 2022, 200,603 pieces in 2023, and is expected to be 164,433 pieces in 2024, with 6-inch products accounting for over 90% of sales [5][6] Profitability and Margins - The company's gross margin has declined from 44.7% in 2022 to 34.1% in 2024, primarily due to falling prices of 6-inch epitaxial wafers and a significant drop in foundry revenue [6][22] - Government subsidies have increased but are insufficient to boost profits, with net profit projected at 54.51 million RMB in 2024, a 26.9% decline when excluding subsidies [6][20] Cash Flow and Debt Management - Cash and cash equivalents reached 2.03 billion RMB by the end of 2024, a 269% increase from 2023, largely due to a 1 billion RMB financing round [9] - The company's debt-to-asset ratio improved to approximately 37% in 2024, down from 52% in 2023, indicating a solid financial structure [10] Operational Efficiency - Inventory decreased to 248 million RMB in 2024, reflecting efforts to reduce excess stock amid a price war [11] - The company's production capacity utilization dropped from 93.7% in 2023 to 56.1% in 2024 as it prioritized inventory reduction [11] Customer Concentration - The top five customers contributed approximately 81.2% of revenue in 2024, with the largest customer accounting for 40.4% [12][20] Competitive Advantages - Hantian Technology holds the largest market share in global SiC epitaxial wafer sales, with a projected 30% market share in 2024, significantly higher than competitors [13] - The company is one of the few in China capable of mass-producing 8-inch SiC epitaxial wafers, with sales expected to rise from 285 pieces in 2023 to 7,466 pieces in 2024 [15] - Hantian Technology has established the first international SEMI standard for SiC epitaxy, enhancing its technical authority in the industry [16] - The founder, Dr. Zhao Jianhui, is an IEEE Fellow with over 50 patents, providing a strong technical foundation for the company [17] - Strategic investments from Huawei and China Resources Microelectronics ensure stable downstream demand [18] - The company's gross margin of 34.1% in 2024 is higher than its domestic peers, supported by a strong cash reserve [19] Industry Outlook - The global SiC epitaxy market is projected to grow at a CAGR of 38.2% from 2024 to 2029, with the Chinese market expected to grow at over 45% [26] - The demand for SiC is driven by the rapid growth of electric vehicles, with global sales expected to exceed 30 million units in 2024 [26]