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集成电路“小巨人”恒坤新材IPO又有新进展
Sou Hu Cai Jing·2025-08-25 08:34

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) has disclosed its IPO prospectus, indicating progress in its listing process and plans to raise funds for key projects in the integrated circuit sector [1][4]. Funding Utilization - The IPO proceeds will primarily fund the second phase of the integrated circuit precursor project and advanced materials project, with CNY 400 million allocated to the precursor project in Dalian and CNY 607 million for the advanced materials project in Anhui [4]. Business Overview - Hengkang New Materials specializes in the research and industrial application of critical materials for integrated circuits, particularly in photolithography and precursor materials, filling a domestic gap in these areas [5]. - The company has achieved mass production of products such as SOC, BARC, i-Line photoresists, and KrF photoresists, leading the domestic market in terms of sales volume [5]. Revenue and Profitability - Revenue for Hengkang New Materials is projected to grow from CNY 322 million in 2022 to CNY 548 million in 2024, representing a 49.01% year-on-year increase in 2024 due to increased sales volume and business expansion [6]. - Net profit is expected to slightly decline from CNY 100 million in 2022 to CNY 97 million in 2024, with a year-on-year growth of 7.96% in 2024 [6]. - The gross margin for self-produced products is decreasing, from 33.52% in 2022 to 28.97% in 2024, indicating a downward trend in profitability [6]. Product Performance - Sales revenue from self-produced precursor materials has increased significantly, from CNY 1.89 million in 2022 to CNY 44.20 million in 2024, although the gross margin remains negative due to high fixed costs during the market promotion phase [7]. - The company has indicated that if it cannot secure sustainable orders for self-produced precursor materials, the gross margin may remain low or negative, impacting overall profitability [7]. Customer Concentration - Hengkang New Materials has a high customer concentration, with the top five customers accounting for over 97% of total revenue during the reporting period, indicating a significant reliance on a few key clients [9]. - The company faces risks if relationships with major customers change or if they reduce orders due to operational issues or unmet product quality and delivery standards [9]. Supplier Relationships - The company has seen a decline in the contribution of introduced product sales to overall gross margin, from 82.05% in 2022 to 65.86% in 2024, indicating a shift towards self-produced products [10]. - A termination of cooperation with key suppliers could adversely affect revenue and profitability, particularly as the company has ended its collaboration with SKMP for certain photolithography materials [11]. Client Relationship Risks - Sales to a specific client (Client C) have decreased from CNY 43.08 million in 2022 to CNY 29.61 million in 2024, raising concerns about the stability of this relationship due to a recent acquisition by SK Hynix [12][13].