Core Viewpoint - Tianyue Advanced (688234.SH), a leading company in the silicon carbide (SiC) sector, is progressing steadily towards its IPO in Hong Kong, having passed the listing hearing on July 30. The company is recognized for its significant market share in SiC substrates and is poised to become a major player in the "hard technology" field with its upcoming listing [1][2]. Company Overview - Tianyue Advanced focuses on the research, production, and sales of SiC single crystal substrate materials since its establishment in November 2010. It became the first domestic company to list on the Sci-Tech Innovation Board, specializing in wide bandgap semiconductor materials [2][4]. - The company has rapidly increased its market share, projected to reach 22.8% in 2024, making it the second-largest player globally, following Wolfspeed [2][3]. Financial Performance - From 2022 to 2024, Tianyue Advanced's revenue is expected to grow from 417 million yuan to 1.768 billion yuan, with a compound annual growth rate (CAGR) of 96.75%, significantly outpacing competitors like Wolfspeed [3][4]. - The company is forecasted to achieve a market share of nearly 26% by 2025, indicating its potential to become a global leader in the SiC sector [3]. Technological Advancements - Tianyue Advanced holds 503 patents, including 198 invention patents, ranking among the top five globally in SiC substrate-related patents. The company has received recognition for its technological breakthroughs, including a prestigious award from a Japanese semiconductor media outlet [4][9]. - The company has developed an innovative method for producing 8-inch SiC substrates and plans to launch the first 12-inch SiC substrate in 2024, enhancing production efficiency and reducing costs [8][10]. Market Applications - SiC materials are increasingly utilized in various sectors, including electric vehicles, photovoltaic energy storage, and AI glasses. The SiC power device market in the electric vehicle sector is projected to grow from $2.31 billion in 2024 to $14.69 billion by 2030, with a CAGR of 36.1% [10][12]. - The rapid growth of AI glasses, which are expected to see a shipment increase of 82.3% in 2023, is closely linked to the application of SiC materials, enhancing user experience and reducing manufacturing complexity [12][10]. Strategic Initiatives - Tianyue Advanced plans to allocate 70% of its IPO proceeds to expand its production capacity for 8-inch and larger SiC substrates, focusing on quality and efficiency through automation [12][13]. - The company aims to enhance its R&D capabilities and defect control measures, further solidifying its market position and product offerings [13][9].