恒坤新材IPO再闯关：业绩增速放缓，毛利率下滑引发市场关注

Core Viewpoint - Hengkun New Materials is preparing for a second attempt to list on the Sci-Tech Innovation Board after facing delays, despite showing revenue growth but declining net profits in recent years [1] Financial Performance - Revenue increased from 322 million to 548 million CNY from 2022 to 2024, but net profit fell below 100 million CNY for two consecutive years, with figures of 101 million and 89.84 million CNY, before a slight recovery to 96.92 million CNY in 2024 [1] - The gross margin of the main business decreased significantly from 72.74% to 54.10% during the same period, with self-produced precursor materials maintaining negative gross margins until the first half of 2025 [1][2] - In the first half of 2025, revenue grew by 23.74%, but total profit and net profit declined by 16.76% and 5.71%, respectively, with non-recurring net profit dropping by 25.18% [2] Customer Dependency - The company relies heavily on a concentrated customer base, with the top five customers accounting for over 97% of revenue from 2022 to 2024, and the first two customers contributing to over 84% of total revenue [3] Operational Challenges - Hengkun New Materials faces low capacity utilization rates, with existing capacity utilization below 50%, and high operating costs compared to industry peers [4] - The company plans to raise funds through the IPO to expand production capacity [4] Production Metrics - For the SOC product line, capacity utilization improved from 20.87% in 2022 to 57.42% in 2024, while the production and sales rates remained high [5] - The precursor product line continues to struggle with negative gross margins, indicating ongoing challenges in profitability [2][5] Market Position - The company is positioned in the semiconductor materials sector, specifically focusing on photoresist and precursor materials, which are critical for integrated circuit development [1]