Before the balance sheet was handed down, Tianyue Advanced rushed to Hong Kong stocks again,”the first stock in silicon carbide substrates”

(Photo source: Visual China)

Blue Whale News, February 25 (Reporter Shao Yuting)2months24On the 20th, the official website of the Hong Kong Stock Exchange showed that Tianyue Advanced, a company listed on the Science and Technology Innovation Board (688234.SH) Submit a listing application and plan to realize“A+H”, China International Capital Corporation and CITIC Securities are co-sponsors.

2022years1In September, Tianyue Advanced landed on the Science and Technology Innovation Board and became the first stock of silicon carbide substrates. After listing, the company’s performance changed and its stock price was also in a long-term situation. After two years of adjustment, the company finally achieved a turnaround into profit before this statement submission. If it is successfully listed in Hong Kong, Tianyue Advanced’s valuation may also be redefined.

2months25On the same day, Tianyue advanced report63.70Yuan/Shares, up4.86%, the total market value is273.73100 million yuan.

APerformance after listing“Change your face and turn losses before handing over the bill

The prospectus shows that Tianyue Advanced was established in2010In 2010, focusing on silicon carbide (SiC) R & D and production of substrate materials, products are widely used in new energy vehicles,AIData centers, photovoltaics and other fields. Based on sales revenue, Tianyue Advanced is2023Ranked among the top three global silicon carbide substrate manufacturers in 2001, with market shares of14.8%。

2022years1months, Tianyue advanced landing on the Science and Technology Innovation Board and became“The first strand of silicon carbide substrate”, total amount of funds raised35.58100 million yuan, the net raised capital after deducting relevant expenses is32.03100 million yuan, over-raised12100 million yuan.

However, on the first day of listing, Tianyue Advanced suffered an intraday break.2022years1months12On the 20th, Tianyue Advanced was listed on the Science and Technology Innovation Board, with the issue pricefor82.79Yuan/shares, the stock price once broke after the opening, and the lowest intraday price was only74.51Yuan/shares. Since then, the company’s share price has continued to fluctuate, falling to a minimum of 100%.41Yuan/Share around,2months25On the same day, Tianyue advanced report63.70Yuan/Shares, which have not yet reached the issue price, and the total market value is273.73100 million yuan.

While the secondary market performed poorly, Tianyue Advanced’s performance also suffered from Waterloo. Financial reports show that2022Annual net profit loss attributable to parent company1.76100 million yuan, deducting non-net profit losses2.58100 million yuan;2023Although revenue increased to12.51100 million yuan, but net profit still lost4572Ten thousand yuan.

The annual report shows that the losses were mainly due to the temporary decline in the production line caused by the delay in the progress of new production capacity, the decline in capacity utilization caused by product structure adjustment, and the surge in salary expenses caused by personnel expansion. Tianyue Advanced said that the company’s wide-band-gap semiconductor industry has large initial investment and high R & D expenditures. If production capacity continues to expand in the future, the company’s performance will still be at risk of loss.

However, the day before this submission,2months23On the 20th, Tianyue Advanced released the latest performance report.2024In 2009, the company achieved revenue17.68100 million yuan, a year-on-year increase41.37%, net profit attributable to the parent is1.8100 million yuan, deducting non-net profit of1.58100 million yuan, both turning losses into profits year-on-year.

Tianyue AdvancedSaid that revenue growth was mainly due to the large size (8inch) production capacity release of conductive silicon carbide substrates and overseas market expansion,2024Annual overseas revenue increased to34%。

According to the prospectus, Tianyue’s advanced conductive substrates market share ranks second in the world, and semi-insulating substrates market share ranks first for many years. Customers cover the world’s top ten power semiconductor companies50%

over-raised12100 million yuan is still not enough to spend, so I will go to Hong Kong to raise funds after terminating the fixed increase

althoughPreviously, Tianyue advanced passed the Science and Technology Innovation Boardsuperofferingthe12Billion yuan,However, the capital demand for fundraising projects is large.

At present, Tianyue’s advanced fundraising project has not yet been completed. According to the announcement, as of2024years3months31Day, cumulative investment in fundraising projects18.96100 million yuan, completion rate94.8%, remaining1.04Hundreds of millions of yuan have not been invested. Shanghai Lingang Factory Phase I30million pieces/years8The production capacity of inch conductive substrates has reached production ahead of schedule, and the second phase is planned96million pieces/Annual production capacity is advancing.

Two years since its launch, Tianyue Advanced35Billion yuan of raised funds has been used26100 million yuan, the remaining funds are only5.77billion Yuan。as of2024At the end of the third quarter of 2010, the company’s monetary funds were10.25100 million yuan, short-term borrowings are4100 million yuan, with strong short-term debt repayment ability.

Tianyue Advanced who is not short of moneyStill pass fixed increase or Hong Kong stocksIPOSupplement liquidity.

2024years7In September, Tianyue Advanced issued an announcement stating that it plans to issue shares to specific targets through summary procedures, with the total amount of funds raised not exceeding3Billion yuan, all invested in8Inch gauge grade silicon carbide substrate preparation technology improvement project. However, in the end, Tianyue Advanced terminated the fixed increase and instead chose to go public in Hong Kong to raise funds.

From an industry perspective, the global silicon carbide substrate market is extremely concentrated, with the top five manufacturers occupying the market.68.3%Share. Currently, the silicon carbide substrate industry is accelerating its move towards8Inch substrate transformation, although Tianyue Advanced has been achieved8Inch substrates are sold in batches, but global market share still lags behind international manufacturersWolfspeed, STMicroelectronics, etc., while domestic manufacturers such as Sanan Optoelectronics and Slanmicro are accelerating their deployment8Inch substrate production capacity, price wars may compress profit margins.

According to Zhuo Zhi Consulting,2024In 2010, the silicon carbide wafer market experienced significant price adjustments, with price cuts reaching nearly30%。6inchSiCThe price of the substrate is2024Mid-year has fallen500Below the US dollar, it is close to the production cost line of China manufacturers, and in the fourth quarter, prices fell further to450Dollar.

Third generation semiconductor silicon carbideisfrom6inch wafer orientation8inch wafer transition，This trip to Hong KongIPO, Tianyue Advanced plans to use the raised funds to expand production8inch substrate; increase R & D investment and accelerate12Breakthroughs and international layout of inch substrate technology have strengthened cooperation with international car companies such as Tesla, BYD and wafer foundries such as TSMC.