恒坤新材IPO：公司盈利还是依赖引进产品的代理业务

Group 1 - The core viewpoint of the article is that Hengkun New Materials' IPO is facing skepticism despite the likelihood of approval due to its classification as a "hard technology" company, which may not be as robust as claimed [1][2][3] - Hengkun New Materials positions itself as a "hard technology" enterprise focused on key materials for integrated circuits, claiming to be one of the few domestic companies capable of developing and mass-producing critical materials for 12-inch integrated circuit wafers [2][3] - The company's revenue from self-produced products has shown significant growth, with a compound annual growth rate of 66.89% from 2022 to 2024, and the proportion of self-produced product revenue in total revenue increased from 38.94% in 2022 to 63.77% in 2024 [3][6] Group 2 - Despite the growth in self-produced products, Hengkun New Materials' profitability still heavily relies on agency business for imported products, which accounted for 65.86% of the gross profit in 2024 [3][6] - The gross margin for self-produced products has been declining, indicating a lack of market competitiveness, while the gross margin for imported products remains stable and high [6][7] - The company faces challenges in utilizing its production capacity effectively, with low utilization rates for key products like KrF photoresist, which was below 20% [8][9] Group 3 - Hengkun New Materials has adjusted its fundraising plans, reducing the total amount to 100,669.50 million yuan for projects related to integrated circuit precursor materials and advanced materials [9][11] - The company has a high level of bank deposits and loans, with deposits reaching 654 million yuan and loans at 633 million yuan, raising concerns about its financial management [13][14] - Although the company has shown some profit through financial management strategies, the overall profit has been declining, with net profits dropping from 99.73 million yuan in 2022 to 89.76 million yuan in 2023 [15][17]