Hantian Tiancheng surges over 7% after Zhongtai initiates Buy rating, citing SiC leadership
Zhongtai International initiated coverage on Hantian Tiancheng (02726) with a Buy rating and a HK$166.30 target price, citing its 31.6% global market share in silicon carbide epitaxy. The company is the first to commercialize 8-inch SiC epitaxy and released a 12-inch wafer in late 2025. Shares rose over 7% in Hong Kong trading. The brokerage forecasts revenue growth of 77.5% in 2026 and 107.2% in 2027, driven by AI and EV demand.
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Zhongtai International Initiates Coverage on Han Tian Tian Cheng with Buy Rating, Citing Leading SiC Epitaxy Position
Zhongtai International has initiated coverage on Han Tian Tian Cheng (02726) with a 'Buy' rating and a target price of HK$166.30, based on 22 times the 2027 expected price-to-sales ratio. The report highlights the company as the world's largest silicon carbide (SiC) epitaxy supplier, with a 31.6% global market share in 2024. It is the first to commercialize 8-inch SiC epitaxy and released the world's first 12-inch SiC epitaxial wafer in late 2025. The company serves four of the top five global SiC device makers, all of which are NVIDIA AI data center supply chain partners. Despite industry overcapacity and price wars in 2024-2025, the company maintained profitability due to scale, high yield, and product mix. The report forecasts a supply-demand reversal in 2026 driven by AI, 800V EVs, and solar storage. Revenue and adjusted net profit grew 92.0% and 43.4% year-on-year in the first half of 2026. Revenue is expected to rise 77.5% in 2026 and 107.2% in 2027, with gross margins improving to 30% and 32.5%, respectively. Risks include price competition, demand fluctuations, technology iteration, customer concentration, raw material costs, expansion costs, and Hong Kong stock liquidity.
Read sourceZhongtai International Initiates Han Tian Tian Cheng at Buy, Citing Leading SiC Epitaxy Position
Zhongtai International initiated coverage on Han Tian Tian Cheng (02726) with a 'Buy' rating and a target price of HK$166.30, based on 22 times 2027 expected price-to-sales ratio. The report highlights the company as the world's largest silicon carbide (SiC) epitaxial wafer supplier, with a 31.6% global market share in 2024. It is the first to commercialize 8-inch SiC epitaxy and released the world's first 12-inch SiC epitaxial wafer in late 2025. The company serves four of the top five global SiC device makers, all of which are in NVIDIA's AI data center supply chain. Despite industry overcapacity and price wars in 2024-2025, the company maintained profitability due to scale and high yields. The report forecasts a supply-demand reversal in 2026 driven by AI, 800V EVs, and solar storage. Capacity expansion includes an 8-inch line in Xiamen (84,000 wafers/year by end-2026) and a new Malaysia plant (400,000 wafers/year, trial production by H2 2027). Revenue and adjusted net profit surged 92.0% and 43.4% year-on-year in H1 2026. The report projects 2026/2027 revenue growth of 77.5%/107.2% and gross margin improvement to 30%/32.5%. Risks include price competition, demand fluctuations, technology iteration, customer concentration, raw material costs, expansion costs, and Hong Kong stock liquidity.
Hantian Tiancheng Rises Over 7% After Zhongtai International Initiates Coverage with Buy Rating
Hantian Tiancheng (02726) rose over 7% in morning trading, reaching 88.40 Hong Kong dollars with a turnover of 24.62 million Hong Kong dollars. Zhongtai International issued a research report initiating coverage with a 'Buy' rating and a target price of 166.30 Hong Kong dollars, based on 22 times the expected 2027 price-to-sales ratio. The brokerage noted that the company is the world's largest silicon carbide epitaxy supplier with a 31.6% market share in 2024, the first to commercialize 8-inch silicon carbide epitaxy, and the lead drafter of the only international standard for silicon carbide epitaxy. Driven by rising demand from AI and new energy vehicles, as well as increasing large-size product share and capacity utilization, Zhongtai forecasts the company's revenue to grow 77.5% in 2026 and 107.2% in 2027, with gross margins improving by 5.2 and 3.2 percentage points to 30% and 32.5%, respectively. The company is among the first Chinese silicon carbide epitaxy firms to enter the global supply chain at scale, covering four of the top five global silicon carbide device makers, all of which are in NVIDIA's AI data center supply chain. Eight of the top ten power device makers are long-term partners. The article highlights long certification cycles and strong customer stickiness as competitive advantages.
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Hantian Chengcheng Rises Over 6% on Analyst Buy Rating, AI and EV Demand Cited
Shares of Hantian Chengcheng (02726) rose over 6% to HK$87.7 in Hong Kong trading. Zhongtai International initiated coverage with a 'Buy' rating and a target price of HK$166.30, based on 22 times the expected 2027 price-to-sales ratio. The brokerage noted that the company is the world's largest supplier of silicon carbide epitaxy, with a 31.6% market share in 2024, and the first to commercialize 8-inch silicon carbide epitaxy. It also leads the development of the only international standard for silicon carbide epitaxy. The analyst expects revenue to grow 77.5% in 2026 and 107.2% in 2027, driven by rising demand from AI and new energy vehicles, along with a shift to larger products and higher capacity utilization. Gross margins are forecast to improve to 30% in 2026 and 32.5% in 2027. The company counts four of the top five global silicon carbide device makers, all part of Nvidia's AI data center supply chain, as customers, and has long-term partnerships with eight of the top ten power device makers globally.
Read sourceZhongtai International Initiates Coverage on Hantian Tiancheng with Buy Rating, Target Price 166.30 HKD
Zhongtai International has initiated coverage on Hantian Tiancheng (02726) with a 'Buy' rating and a target price of 166.30 Hong Kong dollars, based on 22 times the expected 2027 price-to-sales ratio. The report highlights that Hantian Tiancheng held a 31.6% global market share in silicon carbide (SiC) epitaxy in 2024, establishing competitive barriers through technology, scale, and customer relationships. The analyst forecasts that rising demand from AI and new energy vehicles, along with an increasing share of large-size products and higher capacity utilization, will drive revenue growth of 77.5% in 2026 and 107.2% in 2027. Gross margins are expected to improve by 5.2 and 3.2 percentage points to 30% and 32.5%, respectively. The company is the world's first to commercialize 8-inch SiC epitaxy and has achieved a small-scale order breakthrough for 12-inch wafers. Risks include price competition, demand fluctuations, technology iteration, customer concentration, raw material costs, and Hong Kong stock market liquidity.