恒坤新材IPO：净利最高才1亿元，却要募资超10亿元

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on the development, production, and sales of photolithography materials and precursors, with a strong emphasis on semiconductor manufacturing [1][3]. Group 1: Company Overview - Hengkang New Materials is one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [1]. - The company’s products are primarily used in advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1]. Group 2: Ownership and Control - The actual controller, Yi Rongkun, holds approximately 36% of the voting rights and serves as both chairman and general manager [3]. - Frequent shareholding entrustment has occurred, with Yi Rongkun delegating shares to multiple shareholders over the years [3][4]. Group 3: Business Strategy - The company has divested its optoelectronic products to focus on its core semiconductor materials business, enhancing management efficiency [4][5]. - Hengkang New Materials has made high-premium acquisitions, including the purchase of minority stakes in Yiguang Semiconductor [5]. Group 4: Financial Performance - Revenue has shown steady growth, with figures of 322 million, 368 million, and 548 million yuan from 2022 to 2024, while net profit has fluctuated significantly [12]. - The company’s cash flow has decreased, with cash and cash equivalents dropping from 523 million to 235 million yuan over the past years [12][13]. Group 5: Research and Development - R&D expenses have increased significantly, totaling approximately 88.61 million yuan in 2024, representing a growth of about 107% from previous years [16][17]. - The company’s R&D personnel primarily consist of undergraduates, with a total of 54 researchers as of the latest report [21]. Group 6: Market Position and Risks - Hengkang New Materials has a high concentration of sales and procurement, with the top five customers accounting for over 97% of sales and the top five suppliers for about 75% of purchases [22][23]. - The company’s patent portfolio is relatively weak compared to peers, with only 36 invention patents, indicating a need for increased innovation [21].