恒坤新材IPO：主营业务突出，自主产品收入规模与占比实现双提升

Core Insights - The article highlights the significant progress of domestic companies in the semiconductor industry, particularly in the localization of key materials for integrated circuits, with Hengkun New Materials Technology Co., Ltd. being a key player in this field [1][3]. Group 1: Company Overview - Hengkun New Materials is one of the few innovative companies in China that integrates research and production capabilities in the field of key materials for 12-inch integrated circuit wafer manufacturing [1]. - The company has successfully filled several technological gaps in the domestic market, becoming a crucial force in promoting the localization of key materials for integrated circuits in China [1][3]. Group 2: Product and Market Position - Hengkun New Materials focuses on critical processes in integrated circuit wafer manufacturing, supplying essential materials for advanced NAND, DRAM storage chips, and logic chips below the 90nm technology node [3]. - The company has achieved mass production and supply of various photolithography materials, including SOC, BARC, and i-Line photoresists, effectively replacing foreign counterparts and breaking the foreign monopoly in the 12-inch integrated circuit key materials market [3][4]. Group 3: Competitive Performance - In 2023, Hengkun New Materials ranked first in the domestic market for its main photolithography materials, SOC and BARC, reflecting high industry recognition of its product quality and technological strength [4]. - The company has made significant progress in advanced process materials, with BARC for immersion lithography achieving mass production, supporting domestic integrated circuit manufacturers in advancing to higher technology nodes [4]. Group 4: Research and Development - Hengkun New Materials maintains a forward-looking strategy by increasing R&D investment and developing a series of core technologies and new products, including ArF photoresists and silicon-based precursor materials [5]. - The ArF immersion photoresist has completed customer validation and has begun small-scale sales, filling a domestic technological gap and breaking the foreign monopoly in advanced photoresist materials [5]. Group 5: Financial Performance - The company has shown robust and rapid growth, with revenues projected to reach 322 million yuan, 368 million yuan, and 548 million yuan from 2022 to 2024, respectively [6]. - The sales revenue from self-produced products has significantly increased, with a compound annual growth rate of 66.89% from 2022 to 2024, indicating strong market competitiveness and production capacity [6][7]. Group 6: Future Outlook - With the further promotion of advanced products like ArF photoresists and the expansion of domestic wafer manufacturing capacity, Hengkun New Materials is expected to solidify its leading position in China and enter the global market for key materials in integrated circuits [7]. - The company aims to contribute to the autonomous, safe, and efficient development of China's integrated circuit industry, marking a new chapter in the localization of key materials for domestic chips [7].