华为、比亚迪投资，又一半导体材料龙头上市！

Core Viewpoint - The article highlights the successful listing of Guangdong Tianyu Semiconductor Co., Ltd. on the Hong Kong Stock Exchange, marking it as the first company to produce silicon carbide epitaxial wafers in China, and discusses its market position and financial performance. Group 1: Company Overview - Guangdong Tianyu Semiconductor was established in 2009 and is recognized as one of the earliest companies in China to industrialize third-generation silicon carbide epitaxial wafers [1] - The company is the first in China to obtain automotive quality certification (IATF 16949) for silicon carbide semiconductor materials and has the largest production capacity for 6-inch and 8-inch epitaxial wafers in the country [1] Group 2: Financial Performance - Tianyu Semiconductor's IPO price was HKD 58, with a total fundraising amount of HKD 1.744 billion, and a net fundraising amount of HKD 1.673 billion after deducting expenses [1] - Revenue projections for 2022 to 2024 are CNY 437 million, CNY 1.171 billion, and CNY 520 million respectively, with gross profits of CNY 87.486 million, CNY 217 million, and a loss of CNY 37.4 million, indicating a gross margin of 20%, 18.5%, and -72% [3] - In the first five months of 2025, the company achieved revenue of CNY 257 million, a year-on-year decrease of 13.6% [3] Group 3: Market Position and Sales - Tianyu Semiconductor ranks first in both revenue and sales in the Chinese silicon carbide epitaxial wafer market and is among the top three globally [2] - The company has gained recognition from top international clients such as Infineon and ON Semiconductor, successfully entering the supply chain of leading integrated device manufacturers [2] - In the first three quarters of 2025, the total sales volume of epitaxial wafers reached 162,826 pieces, a 180% increase compared to the same period in 2024, with 6-inch and 8-inch wafers showing significant growth of 90% and 972% respectively [3] Group 4: Pricing and Market Dynamics - The average selling price of the main product, the 6-inch epitaxial wafer, dropped from CNY 9,631 per piece in 2022 to CNY 3,138 per piece, a decline of 67.4% from its peak in 2023 [3] - The price of the 8-inch product also decreased from CNY 34,467 per piece in 2023 to CNY 8,377 per piece, falling below the industry forecast for 2025 [3] - As of May 30, 2025, the production capacity utilization rate of Tianyu Semiconductor was nearly 60%, indicating a tight supply-demand situation in the market [4]