恒坤新材IPO：募资加码研发、产能布局，持续提升公司市场竞争力

Industry Overview - The Chinese integrated circuit industry is experiencing unprecedented development opportunities driven by national policies and market demand, with the "14th Five-Year Plan" elevating integrated circuit technology innovation and new material research to a national strategic level [1] - The collaboration between upstream and downstream sectors of the industry chain is increasingly enhanced, with the localization of key materials becoming a core aspect of supply chain security [1] Company Profile - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is a significant participant and beneficiary in this process, focusing on the research, production, and sales of photolithography materials and precursor materials required for 12-inch wafer manufacturing [3] - The company has become one of the few domestic innovators to achieve mass production of related materials and enter the supply chain of mainstream wafer manufacturers [3] Financial Performance - Hengkang New Materials has shown significant revenue growth in recent years, with projected revenues of 321.77 million yuan, 367.71 million yuan, and 547.94 million yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 30.50% [3] - This performance is attributed to the continuous expansion of industry demand and the company's strong technological foundation and market positioning [3] Market Expansion - The company has established stable partnerships with several leading domestic 12-inch wafer manufacturers, enhancing order continuity and customer loyalty through active participation in client process development and production line validation [4] - Future projects, such as the "Phase II of Integrated Circuit Precursor" and "Advanced Materials for Integrated Circuits," are expected to further enrich the product structure, increase production capacity, and enhance the company's competitiveness in the high-end semiconductor materials market [4] Growth Potential - Hengkang New Materials is positioned to maintain strong growth and profitability in the favorable industry policy environment, continuously injecting new momentum into the localization process of key materials in China's integrated circuit sector [4]