恒坤新材IPO：发挥国产化优势 筑牢集成电路供应链安全防线

Core Viewpoint - Hengkun New Materials has shown steady growth in performance, with significant increases in revenue and profit projected from 2022 to 2024, indicating a strong market position and operational efficiency [1][2][3] Financial Performance - Revenue is expected to rise from 322 million yuan in 2022 to 548 million yuan in 2024 - Net profit is projected to recover from 89.76 million yuan in 2023 to 96.91 million yuan in 2024, after a dip in 2023 from 99.73 million yuan in 2022 - Non-recurring net profit is forecasted to increase from 81.53 million yuan in 2023 to 94.30 million yuan in 2024, following a decline in 2023 from 91.04 million yuan in 2022 [1] Product Revenue Composition - The revenue from self-produced products is increasing, with the proportion of self-produced product sales in total revenue rising from 38.94% in 2022 to 52.72% in 2024, and expected to reach 63.77% in 2024 - The revenue from photolithography materials is also growing, with significant contributions from both self-produced and introduced products [2] Market Position and Strategy - In the context of ongoing US-China trade tensions, the localization of key materials for integrated circuits has become a national strategic focus - Hengkun New Materials has achieved performance standards comparable to similar products from the US and Japan, providing strong support for the domestic integrated circuit supply chain [3] Customer Relationships and Market Expansion - The company has successfully entered the supply chains of several top ten domestic wafer fabs and established stable, ongoing partnerships with leading clients - Due to high quality and supply stability requirements from wafer fabs, Hengkun has gained a first-mover advantage in new product introduction and customer validation [3] Technological Innovation - Hengkun New Materials is increasing R&D investment to advance new products and processes, with several high-end photolithography materials and precursor materials currently in the customer validation stage - The ArF photolithography resin has passed validation and is in small-scale sales, while the company is also working on breakthroughs in the synthesis process of core raw materials for photolithography [3]