Core Viewpoint - The upcoming IPO of Yitang Co., a leading global player in the semiconductor equipment sector, is anticipated to perform well on its first trading day, potentially achieving significant price increases similar to recent new listings in the market [1][4]. Company Overview - Yitang Co. specializes in the research, production, and sales of wafer processing equipment necessary for integrated circuit manufacturing, providing solutions including dry stripping equipment, rapid thermal processing equipment, and dry etching equipment [1][2]. - The company was established nearly 10 years ago and is controlled by the Finance State-owned Assets Supervision and Administration Commission of Beijing Economic-Technological Development Area [1][3]. - Yitang Co. acquired the well-known U.S. semiconductor equipment company MTI in 2016, which focuses on critical chip manufacturing processes [1][2]. Market Position - Yitang Co. holds a 34.60% market share in the global dry stripping equipment market as of 2023, ranking second globally, and has maintained a stable 13.05% market share in rapid thermal processing equipment, also ranking second [2]. - The company is one of the few domestic manufacturers capable of mass-producing etching equipment, consistently ranking among the top ten globally from 2021 to 2023 [2]. Financial Performance - The company reported revenues of 4.763 billion yuan, 3.931 billion yuan, and 4.633 billion yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 46.96%, -17.45%, and 17.84% respectively [3]. - Net profits for the same years were 383 million yuan, 309 million yuan, and 541 million yuan, with growth rates of 111.06%, -19.11%, and 74.78% respectively [3]. - In Q1 2025, Yitang Co. achieved a revenue of 1.16 billion yuan, reflecting a year-on-year growth of 14.63% [3]. IPO Details - Yitang Co. plans to issue 62.88 million shares and raise 2.5 billion yuan through its IPO, with funds allocated to two projects and technology reserves [3]. - The company’s R&D and manufacturing service center project will utilize 800 million yuan, while the high-end integrated circuit equipment R&D project will use 1 billion yuan [3]. Expected Market Performance - Recent trends indicate that new stocks have performed well, with an average first-day increase of 301.38% over the past month [4]. - If Yitang Co. achieves the average first-day increase of recent new listings, its price could range between 13.1 yuan and 26.7 yuan, corresponding to a potential increase of 55% to 215.81% [5].
半导体细分领域全球龙头，国内刻蚀设备三强之一，屹唐股份明日上市能否涨3倍？