Core Viewpoint - Tianyu Semiconductor has passed the main board listing hearing of the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1] Group 1: Market Position - In 2024, Tianyu Semiconductor holds the largest market share in China's silicon carbide epitaxial wafer market, with a revenue market share of 30.6% and a sales market share of 32.5% [1] - The company is the third largest silicon carbide epitaxial wafer manufacturer in China based on global revenue and sales, with market shares of 6.7% and 7.8% respectively [1] Group 2: Product and Production Capacity - Silicon carbide epitaxial wafers are key raw materials for producing power semiconductor devices, offering significant advantages over silicon materials in terms of high voltage, high temperature, and high frequency [1] - The company has achieved mass production of 4-inch (2014), 6-inch (2018), and 8-inch (2023) silicon carbide epitaxial wafers [1] - As of May 31, 2025, the annual production capacity for the company's 6-inch and 8-inch wafers is approximately 420,000 pieces, making it one of the largest companies in China in this field [1]

Core Viewpoint - The MOCVD (Metal-Organic Chemical Vapor Deposition) technology is crucial for the production of LED epitaxial wafers, with significant implications for the recovery of valuable metals like gallium and indium from production waste, which are essential for the electronics industry [1][5][7]. MOCVD Equipment Industry Definition - MOCVD is a new type of vapor deposition technology developed from vapor phase epitaxy, utilizing organic compounds and hydrides as growth materials to produce various III-V and II-VI compound semiconductors [2][3]. MOCVD Equipment Industry Development Status - The global MOCVD equipment market is projected to grow, with an estimated 5,150 units in 2024 and a market size of approximately $686 million, increasing to 5,650 units and $709 million in 2025 [5][7]. - In China, the MOCVD equipment market is expected to reach a scale of approximately 2.806 billion yuan in 2024, with a forecasted increase to 2.835 billion yuan in 2025 [7][19]. MOCVD Equipment Industry Chain - The LED industry chain includes substrate processing, LED epitaxial wafer production, chip manufacturing, and device packaging, with MOCVD equipment being a key component in the production of LED epitaxial wafers [9]. MOCVD Equipment Industry Competitive Landscape - The MOCVD equipment industry is characterized by a highly monopolized market, primarily dominated by foreign companies like Veeco and Aixtron, which has limited the healthy development of the industry [13][16]. - Domestic companies such as Zhongwei Semiconductor and Zhongsheng Optoelectronics are emerging as key players, with Zhongwei being recognized as the largest supplier of MOCVD equipment for GaN-based LEDs since 2017 [19][20]. MOCVD Equipment Industry Development Trends - The demand for MOCVD equipment is expected to grow due to advancements in LED technology and its applications in optoelectronic materials and devices, indicating a positive market outlook [24][25].