恒坤新材IPO拟募资10.07亿，锚定集成电路关键材料国产化突破

Core Viewpoint - The domestic production process of key materials in the integrated circuit industry is being driven by both policy and market forces, with Hengkun New Materials successfully passing the IPO process to raise 1.007 billion yuan for projects targeting high-end materials and precursor production [1][3]. Policy Support - The projects related to precursors and photoresists are included in the "Key New Materials First Batch Application Demonstration Guidance Catalog (2024 Edition)," which are encouraged by the state [3]. - A series of policies, including tax incentives and local government support, have provided substantial benefits for integrated circuit material companies, laying a solid policy foundation for Hengkun New Materials' capacity expansion [3]. Technical Capability - Hengkun New Materials has accumulated research and development capabilities and mass production experience in key materials for integrated circuits, with products like TEOS and SOC already in mass production [3]. - The company has formed a composite technical team covering material formulation design, process development, quality control, and application, which is crucial for achieving true domestic substitution [3][4]. Market Outlook - The demand for precursors and high-end photoresists is rapidly increasing as domestic wafer manufacturing processes advance, with a projected compound annual growth rate of over 27% for the integrated circuit precursor market in the next five years [4]. - The ArF photoresist market is expected to grow at an annual rate of 30.5%, indicating significant room for domestic substitution as the current localization rate remains low [4]. - Hengkun New Materials' fundraising projects have multiple feasibilities in terms of policy, technology, and market, which may enhance the company's competitiveness in the key materials sector and support the realization of domestic substitution and industrial autonomy [4].