恒坤新材IPO注册生效 厦门耐心资本投出光刻胶“隐形冠军”

Core Viewpoint - The IPO registration of Xiamen Hengkang New Materials Technology Co., Ltd. has been approved, marking a significant step towards its public offering in the context of the ongoing U.S.-China trade tensions and the strategic push for domestic integration of key materials in the integrated circuit industry [1][6]. Company Overview - Hengkang New Materials specializes in the research, production, and sales of photolithography materials and precursor materials, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [6][9]. - The company has a history of nearly 20 years, evolving from initially importing technology to developing its own through a process of "introduction, digestion, absorption, and innovation" [9][11]. Financial Information - The company aims to raise approximately 1.007 billion yuan through its IPO, with funds allocated to the second phase of the integrated circuit precursor project and advanced materials project [8]. - Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan for the same years [15][16]. Product Development and Market Position - The company has achieved significant sales in the domestic market, ranking first among local manufacturers in the sales scale of SOC (carbon film coating) and BARC (anti-reflective coating) in 2023 [13][14]. - Hengkang New Materials has developed a strong patent portfolio with 89 patents, including 36 invention patents, and has been involved in national-level research projects [14][15]. Investment and Support - The company has received substantial investment from various local funds, with the Xiamen Industrial Investment Fund investing over 100 million yuan [8][23]. - Hengkang New Materials has established stable sales relationships with several of the top ten wafer foundries in China, ensuring a solid customer base for its products [20][27]. Future Outlook - The company plans to continue enhancing the localization of its products and expand into international markets, aiming to become a leading domestic and internationally competitive player in the integrated circuit key materials sector [27].