Sou Hu Cai Jing·2025-07-25 10:39Core Viewpoint - Hengkun New Materials is seeking to raise 1.007 billion yuan through an IPO on the Sci-Tech Innovation Board, focusing on the development and production of key materials for integrated circuit manufacturing [1] Financial Performance - The company's projected operating revenues for 2024 are 547.94 million yuan, with a net profit of 97.1 million yuan [1][2] - Historical operating revenues for 2022, 2023, and 2024 are 321.77 million yuan, 367.71 million yuan, and 547.94 million yuan respectively, showing a growth trend [2] - Net profits for the same years are 100.90 million yuan, 89.85 million yuan, and 96.92 million yuan, indicating fluctuations in profitability [2] Assets and Liabilities - Total assets as of December 31, 2024, are projected to be 2.645 billion yuan, up from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [3] - The company's equity attributable to shareholders is expected to reach 1.500 billion yuan in 2024, compared to 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [3] - The asset-liability ratio is projected to be 43.26% in 2024, up from 33.92% in 2023 and 22.19% in 2022, indicating increasing leverage [3] Customer Concentration - The top five customers account for 99.22%, 97.92%, and 97.20% of the company's main business revenue over the past three years, reflecting a high customer concentration risk [4] Research and Development - The company invests 16.17% of its operating revenue in R&D for 2024, up from 14.59% in 2023 and 13.28% in 2022, highlighting a commitment to innovation [3] Investment Projects - The funds raised will be allocated to two main projects: the second phase of the integrated circuit precursor project and the advanced materials project for integrated circuits, with total investments of 5.191 billion yuan and 9.091 billion yuan respectively [6] Market Position - Hengkun New Materials is one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing, positioning it as an innovative player in the industry [1]