Core Viewpoint - Yitang Semiconductor Technology Co., Ltd. (Yitang Co., stock code "688729") successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2023, with a significant first-day performance, closing at 23.2 yuan per share, a 174.56% increase, and raising 2.497 billion yuan in its IPO, making it the top fundraising company in Beijing [2][5]. Group 1: Company Overview - Yitang Co. was established in December 2015 and operates globally, with R&D and manufacturing bases in China, the USA, and Germany [3]. - The company specializes in the R&D, production, and sales of wafer processing equipment necessary for integrated circuit manufacturing, providing solutions to global semiconductor manufacturers [3]. - Yitang's products are utilized by leading global semiconductor manufacturers, including TSMC, Samsung, Micron Technology, Intel, SK Hynix, SMIC, and Hua Hong Semiconductor [3]. Group 2: Market Position and Performance - As of the end of 2024, Yitang's cumulative global installed equipment exceeds 4,800 units, holding a leading position in its market segments [3]. - According to Gartner's 2023 statistics, Yitang ranks second globally in dry stripping and rapid thermal processing equipment market share, and is among the top ten in dry etching equipment market share [3]. Group 3: R&D and Innovation - Yitang emphasizes R&D and innovation, with R&D expenses of 529 million yuan, 608 million yuan, and 716 million yuan from 2022 to 2024, representing 11.13%, 15.47%, and 15.47% of revenue, respectively [4]. - The company holds 445 invention patents as of February 11, 2025, and plans to invest IPO proceeds into the construction of an integrated circuit equipment R&D and manufacturing service center [4]. Group 4: Financial Performance - Yitang achieved revenues of 4.763 billion yuan, 3.931 billion yuan, and 4.633 billion yuan from 2022 to 2024, with net profits of 383 million yuan, 310 million yuan, and 540 million yuan, respectively [6]. - The gross profit margins for the main business were 28.52%, 35.03%, and 37.39% during the same period [6]. Group 5: Strategic Developments - In May 2016, Yitang acquired Mattson Technology for $300 million, marking a significant step in filling the domestic high-end semiconductor equipment technology gap [5]. - The establishment of a new factory in Beijing in 2018 led to the production of the first domestically manufactured dry stripping equipment, increasing the domestic 12-inch wafer fab coverage from 15% to 60% [5].
屹唐股份科创板“敲钟”首日市值达685亿元 系今年北京最大IPO