Industry Overview - The silicon carbide (SiC) market is rapidly expanding due to growth in sectors such as electric vehicles, photovoltaic energy storage, data centers, and AR glasses. The global sales of SiC power semiconductor devices are projected to reach $2.6 billion in 2024, with a compound annual growth rate (CAGR) of 45.4% from 2020 to 2024. By 2029, the market size is expected to increase to $13.6 billion, with the penetration rate in the global power semiconductor market rising from 4.9% in 2024 to 17.1% in 2029 [1][4]. Company Performance - Hantian Technology (Xiamen) Co., Ltd. is a leading player in the global SiC epitaxy industry, holding a significant market position. In 2024, the company is expected to capture 31.6% of the global sales volume and 29.2% of the revenue, both ranking first globally. Hantian Technology has been at the forefront of industry innovation, being the first in China to achieve commercial production of 3-inch, 4-inch, 6-inch, and 8-inch SiC epitaxy wafers [6][7]. Revenue Trends - Hantian Technology's revenue has shown volatility, with total revenues of 441 million yuan in 2022, 1.143 billion yuan in 2023, and a projected 974 million yuan in 2024. The revenue structure indicates that sales of epitaxy wafers have consistently been the largest source of income, increasing from 63% in 2022 to 86.4% in 2024. Conversely, the contribution from epitaxy wafer foundry services has declined significantly [7][10]. Market Dynamics - The price of SiC epitaxy wafers has been on a downward trend due to reduced raw material costs and technological advancements. For instance, the average price of 6-inch SiC epitaxy wafers is expected to drop from 11,400 yuan in 2020 to approximately 4,400 yuan by 2029, indicating a potential decline of nearly 40% [11][12]. Strategic Initiatives - To ensure sustained growth, Hantian Technology is focusing on technological innovation and scaling up production to reduce costs. The company has made significant progress in 8-inch SiC epitaxy technology, which is anticipated to enhance production efficiency and lower unit costs. By expanding the production of 8-inch wafers, Hantian Technology aims to capture a larger market share and improve profitability [12][13].