Changes in Hong Kong stocks | Hantian Tiancheng (02726) rose more than 6%. The company opened up room for growth for the world's absolute leader in silicon carbide epitaxial AI and new energy resonance

The Zhitong Finance App learned that Hantian Tiancheng (02726) rose more than 6%. As of press release, it had risen 6.3% to HK$87.7, with a turnover of HK$22.8625 million.

According to the news, Sino-Thai International released a research report, covering the company for the first time and giving it a “buy” rating. Based on an estimate of 22 times the expected market sales rate in 2027, the target price is HK$166.30. The bank pointed out that the company is the world's largest supplier of silicon carbide epitaxial, with a market share of 31.6% in 2024. It is also the first company in the world to achieve commercial supply of 8-inch silicon carbide epitaxial, and is leading the way in formulating the world's only international standard for silicon carbide epitaxial. As demand for AI and new energy vehicles increases, the share of large products and capacity utilization increases, the bank expects the company's revenue to rise 77.5%/107.2% year-on-year in 2026/2027, and gross margin to increase 5.2/3.2 percentage points to 30%/32.5%.

It is worth mentioning that in terms of customer resources, the company is the first silicon carbide epitaxial company in China to enter the international supply chain on a large scale, covering 4 of the top 5 silicon carbide device manufacturers in the world, and they are all companies in Nvidia's AIDC supply chain. Eight of the world's top ten power device manufacturers are long-term partners of the company. The silicon carbide epitaxial certification cycle is long, and the customer's stickiness is very strong. The company's global customer layout continues to improve, and the triple barriers of scale, technology, and customers form competitive advantages that are difficult to replicate.