Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is undergoing listing review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on plasma radio frequency power systems, which are critical components in the semiconductor industry [1] Company Overview - Hengyun Chang specializes in plasma radio frequency power systems, essential for maintaining stable plasma operations in semiconductor manufacturing, often referred to as the "heart" of semiconductor equipment [1] - The company has achieved significant technological advancements, breaking the overseas monopoly in this sector and enhancing the resilience and security of China's semiconductor supply chain [1][3] Market Position - Hengyun Chang is the first domestic manufacturer to achieve over 100 million yuan in sales of plasma radio frequency power systems, with a market share leading among domestic manufacturers in 2024 [3] - The company's self-developed products have shown a consistent increase in revenue, with figures of 1.04 billion yuan, 2.39 billion yuan, 4.56 billion yuan, and 2.58 billion yuan over the reporting periods, representing a growing share of total revenue [3] Product Development - The company has launched three product series: CSL, Bestda, and Aspen, with the Bestda series supporting 28nm processes and the Aspen series supporting advanced 7-14nm processes, competing with international giants [3] - As of June 30, 2023, Hengyun Chang has obtained 108 patents and has made significant investments in R&D, totaling 157 million yuan from 2022 to mid-2025 [4] Industry Growth - The global market for plasma radio frequency power systems is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2028, with China's market showing a CAGR of 12.5% during the same period [5] - The market size in China's semiconductor industry has increased from 3.17 billion yuan in 2019 to 5.84 billion yuan in 2023, reflecting a CAGR of 16.5% [5] Financial Performance - The gross profit from self-developed products has been rising, with figures of 52.77 million yuan, 131.33 million yuan, 249.42 million yuan, and 140.99 million yuan over the reporting periods, indicating a strong upward trend [8] - The self-developed products accounted for 80.11%, 87.56%, 94.69%, and 94.59% of the main business gross profit, showcasing the company's strong focus on proprietary technology [8] Future Outlook - Hengyun Chang aims to leverage the opportunities presented by the domestic semiconductor industry's push for localization, supported by national policies, to enhance its product matrix and become a leading global supplier of semiconductor equipment components [9] - The company is committed to contributing to the self-sufficiency of China's semiconductor supply chain and accelerating the domestic replacement process for plasma radio frequency power systems [9]
恒运昌科创板IPO即将上会 夯实半导体产业基石
Quan Jing Wang·2025-11-10 13:35