天域半导体登陆港股募17亿港元，华为、比亚迪为股东

21世纪经济报道12-06 16:49

南方财经记者程浩东莞报道12月5日，全国最大碳化硅外延片厂商天域半导体正式登陆港股市场。此次IPO，天域半导体以58港元/股的价格发行3007.05万股新股，募资17.44亿港元。上市首日，天域半导体开盘报38港元，跌破发行价。截至收盘，该股报40.5港元，跌幅30.17%。作为粤港澳大湾区三代半导体独角兽企业，天域半导体身后聚集了一批亮眼的投资人阵容，天域半导体上市前曾进行了7轮融资，合计融资...

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东莞报道12月5日，全国最大碳化硅外延片厂商天域半导体正式登陆港股市场。此次IPO，天域半导体以58港元/股的价格发行3007.05万股新股，募资17.44亿港元。上市首日，天域半导体开盘报38港元，跌破发行价。截至收盘，该股报40.5港元，跌幅30.17%。作为粤港澳大湾区三代半导体独角兽企业，天域半导体身后聚集了一批亮眼的投资人阵容，天域半导体上市前曾进行了7轮融资，合计融资规模14.64亿元，曾获得比亚迪、哈勃科技（华为旗下）、大中实业等众多产业资本与财务投资人的加持，还有不少政府背景基金的身影。此次IPO，天域半导体计划将募集资金17亿港元，用于未来五年内扩张公司的整体产能、提升公司的自主研发及创新能力、战略投资及/或收购、扩展公司的全球销售及市场营销网络、营运资金及一般企业用途。2009年1月7日，天域半导体在广东东莞成立，总部位于东莞松山湖高新区，是为一家主要专注于自制碳化硅外延片的碳化硅外延片制造商，也是国内为数不多的第三代半导体公司之一，目前提供4英寸及6英寸碳化硅外延片，并已开始量产8英寸外延片。功率半导体器件是电力电子产品中用作开关或整流器的半导体器件，需要外部电源才能主动工作。外延片是生产功率半导体器件的关键原材料。碳化硅功率半导体器件被广泛应用于电动汽车、光伏+储能系统、电力供应、铁路、新兴行业等市场。天域半导体的创始人是李锡光和欧阳忠，均为“60后”二人原本从事音像光碟制造业务，在1990年代末通过业务联系相识，随后在2000年代合作经营音像光碟制造业务，随着音像光碟需求下降，两人开始寻找新机会，决定进军碳化硅外延片领域。在天域半导体内部，李锡光主要负责行政职能和日常运营，欧阳忠主要负责提供战略建议。碳化硅半导体的研发和产业化都需要巨大的资金投入。2009年，天域半导体斥资数千万元，引进了当时国际上最先进的设备和仪器；2010年，天域半导体与中国科学院半导体研究所合作，共同创建了碳化硅研究所。天域半导体的成立填补了国内产业链的空白，在2022年末进行新融资后，天域半导体的投后估值突破百亿元。在碳化硅外延片细分领域，天域半导体先后在国内首先实现了4英寸、6英寸碳化硅外延材料的量产，打破了国外厂商在3300V以上碳化硅厚外延材料上的技术垄断，并成为国内首家获得汽车质量管理体系IATF 16949认证的碳化硅企业。在碳化硅外延片这一高速成长的黄金赛道中，天域半导体已确立国内龙头地位。根据弗若斯特沙利文报告，2024年，天域半导体在中国碳化硅外延片市场的收入和销量份额分别达到30.6%和32.5%，位列第一；以2024年全球市场收入及销量计，公司亦跻身中国制造商前三，市场份额分别为6.7%、7.8%。招股书显示，截至2025年5月31日，目前天域半导体拥有94名研发人员，占总员工数的11.0%；已累积84项专利，包括33项发明专利和51项实用新型专利。天域半导体6英寸及8英寸外延片的年度产能约为42万片，使其成为中国具备6英寸及8英寸外延片产能的最大公司之一。近年来，随着电动汽车、光伏、AI、储能、智能电网及轨道交通等应用场景的持续扩展，碳化硅外延片市场需求将不断释放。招股书显示，天域半导体收入主要来自销售自制4英寸、6英寸及8英寸碳化硅外延片及提供与碳化硅外延片相关的若干增值服务。尽管行业地位彰显，但天域半导体近几年业绩如坐“过山车”般。由于整体市场状况的变化及海外市场销量下降，2022年至2024年，天域半导体公司收入分别为4.37亿元、11.71亿元、5.20亿元。尤其是天域半导体在2024年收入大降55.6%，亏损多达5亿元，公司解释主要是由于年内录得存货撇减拨备而产生毛损及其碳化硅外延片售价下降，以及各种开支增加所致。因碳化硅外延片制造商在早期供应短缺及需求强劲的情况下加速扩张，导致暂时的产业供过于求，2024年碳化硅外延片及衬底的市场价格下降。自今年以来，天域半导体8英寸碳化硅外延产品开始规模供应，2025年1-5月虽实现净利润950万元，同比扭亏，但收入同比下降13.6%。然而销量增长的背后，是“以价换量”与“消化库存”的被动策略，而非市场需求驱动的良性增长。招股书显示，目前碳化硅外延产品单价持续下滑直接拉低收入增速，而库存压力仍居高不下。库存问题还直接影响资产周转效率，2024年公司存货周转天数骤增至308天，2025年前三季度虽改善至219天，但仍处于行业高位。若未来市场价格继续下行，已减值的存货仍面临二次减值风险，进一步侵蚀公司利润。该公司曾在2023年6月向深交所提交创业板上市申请，2024年8月同意终止辅导机构协议。此次上市，广东天域半导体引入多家战略基石投资者，其中包括广东原始森林及广发全球以及Glory Ocean等，合计认购1.615亿港元的股份。天域半导体上市前进行了7轮融资，合计融资规模14.64亿元，获得比亚迪、哈勃科技（华为旗下）等众多产业资本投资。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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