Piotech (SH:688072) Xin Lang Cai Jing·2025-10-29 13:01Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is making progress in its IPO application for the Sci-Tech Innovation Board, with updated financial data indicating increased accounts receivable and a longer credit policy for its largest customer, Tuo Jing Technology [1][12]. Financial Performance - Hengyun Chang's revenue for the first half of 2025 is projected at 3.04 billion yuan, with a net profit of 694.24 million yuan, reflecting a significant increase in revenue from previous years [7]. - The company's gross profit margin has improved, reaching 49.03% in the first half of 2025, up from 41.65% in 2022 [7]. - Accounts receivable have increased significantly, with a balance of 130.24 million yuan as of June 30, 2025, representing 42.83% of total revenue [13]. Customer Dependency - Over 60% of Hengyun Chang's revenue comes from Tuo Jing Technology, with sales to this customer amounting to 1.89 billion yuan in the first half of 2025, which is 62.06% of total revenue [8][9]. - The company has adjusted its credit policy for Tuo Jing Technology from 30 days to 60 days, indicating a potential increase in payment delays [12][13]. Market Position - Hengyun Chang holds a 6.1% market share in the domestic semiconductor plasma RF power supply market, ranking first among domestic manufacturers [5]. - The overall market share for Hengyun Chang in the plasma RF power supply market is projected at 3.8% for 2024 [5]. Product Development - The company has developed three generations of plasma RF power supply systems, with self-developed products expected to account for over 80% of revenue by 2024 [3]. - A new generation of plasma RF power supply systems, the Cedar series, is under development and is expected to support advanced processes below 5nm, with prototypes anticipated in Q4 2025 [4]. Competitive Landscape - The competition in the plasma RF power supply market is intensifying, with companies like Yingjie Electric and Northern Huachuang Microelectronics increasing their focus on this sector [6]. - Hengyun Chang's reliance on a single major customer raises concerns about its long-term growth potential, as highlighted by industry experts [10]. Funding and Investment - The company plans to raise 1.55 billion yuan through its IPO to fund various projects, including the industrialization of semiconductor RF power systems and a research and innovation center [14].