恒坤新材闯上市：利润受益于大额补贴，产能利用率低仍要募资扩产

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has submitted a new version of its prospectus to the Shanghai Stock Exchange and responded to the first round of inquiries regarding its planned IPO on the Sci-Tech Innovation Board [1][3]. Group 1: IPO and Fundraising - Hengkang New Materials initially planned to raise 1.2 billion yuan for projects including the second phase of integrated circuit precursors, SiARC development and industrialization, and advanced materials for integrated circuits. However, the total fundraising amount has been reduced to 1.007 billion yuan after the removal of the SiARC project from the fundraising plan [3][4]. - The company aims to allocate the raised funds primarily for the second phase of integrated circuit precursors and advanced materials projects, with total investments of approximately 5.191 billion yuan and 9.091 billion yuan respectively [4][5]. Group 2: Production Capacity and Utilization - As of the end of 2024, Hengkang New Materials operates several production lines, including 7 SOC lines and 16 BARC lines, but the capacity utilization rates remain low. For instance, the utilization rates for SOC, BARC, KrF, i-Line, and TEOS were approximately 57.42%, 21.43%, 17.55%, 46.67%, and 46.47% respectively in 2024 [6][7]. - The company has acknowledged that despite low utilization rates, it still seeks to expand production capacity through fundraising [6]. Group 3: Financial Performance - Hengkang New Materials reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan during the same periods [9]. - The total assets of the company reached approximately 2.645 billion yuan by the end of 2024, with a debt-to-asset ratio of 43.26% [10]. Group 4: Cash Flow and Funding Management - The company has a cash balance of approximately 291 million yuan and short-term borrowings of about 400 million yuan as of the end of 2024. It anticipates a funding gap of approximately 1.628 billion yuan over the next three years [8][12]. - Hengkang New Materials has indicated that the scale of its fundraising is reasonable, as only 5.31% of the funds will be allocated for R&D and working capital [8]. Group 5: Governance and Management - The chairman and general manager, Yi Rongkun, is the controlling shareholder, holding 19.52% of the voting rights directly and an additional 16.13% indirectly through related entities [17]. - The company has faced inquiries from the Shanghai Stock Exchange regarding the governance structure and the roles of key management personnel, particularly concerning the involvement of family members in decision-making processes [18].