恒坤新材IPO获批文：SOC国内市占率10%，领航集成电路材料技术升级

Company Overview - Xiamen Hengkang New Materials Technology Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board, marking a significant milestone for the company after over a decade in the integrated circuit key materials sector [2] - The company is one of the few domestic suppliers capable of mass-producing photolithography materials and precursors for 12-inch wafer manufacturing, reflecting a critical breakthrough in China's semiconductor industry [2] Core Business and Technology - Hengkang New Materials focuses on the research, production, and sales of photolithography materials and precursors, with a product range that includes SOC, BARC, KrF photoresists, and i-Line photoresists [3] - The company achieved a domestic market share of approximately 10% for SOC products in 2024, with revenues from self-produced photolithography materials reaching 299.99 million yuan [3] - Hengkang has developed a comprehensive R&D verification system with over 100 products, successfully completing national major science and technology projects [3] Industry Growth and Market Potential - The integrated circuit key materials sector is experiencing a golden development period, with the market size reaching 113.93 billion yuan in 2023 and projected to exceed 258.96 billion yuan by 2028, reflecting a compound annual growth rate of 14.4% [5] - High-end products like KrF/ArF photoresists have a domestic market penetration of less than 2%, indicating significant potential for domestic alternatives [6] Competitive Landscape - The global photolithography materials market is dominated by international giants such as JSR, Shin-Etsu Chemical, and DuPont, while the precursor materials market is monopolized by companies like Merck and Air Liquide [7] - Hengkang has obtained 36 invention patents, with its products reaching international advanced levels, and has become one of the first domestic companies to achieve mass production in advanced process applications [7] Financial Performance - From 2022 to 2024, the company's revenue from self-produced products grew from 124 million yuan to 344 million yuan, representing a compound annual growth rate of 66.89% [8] - The company has supplied over 36,000 gallons of SOC and BARC products, successfully replacing foreign competitors and breaking their monopoly [8] Strategic Positioning - Hengkang is accelerating the localization of upstream raw materials, supported by national policies and capital market dynamics [9] - The company's IPO journey exemplifies the growth of a "hard technology" enterprise and reflects the broader narrative of China's semiconductor industry overcoming challenges [11]