Piotech (SH:688072) Sou Hu Cai Jing·2025-11-11 22:45Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (Hengyun Chang) is progressing smoothly in its IPO process, with the listing review scheduled for November 14, 2025, after being accepted on June 13, 2023 [1][3] Company Overview - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, and related core components [3] - The company aims to create a core component platform to serve the high-end equipment manufacturing industry, emphasizing technological and product innovation [3] Performance Trends - Despite a steady increase in revenue and profit from 2022 to 2024, the company is experiencing a decline in performance in 2025 [4] - In the first half of 2025, Hengyun Chang's revenue grew by 4.06%, but net profit attributable to the parent company decreased by 11.99% [6] - The company forecasts a revenue decline of 4.69% to 9.58% and a net profit drop of 21.76% to 30.26% for the full year 2025 [6] Customer Dependency - Hengyun Chang has a high customer concentration, with the top five clients accounting for 73.54% to 90.62% of its main business revenue [7] - The first major client, Tuojing Technology, represents over 60% of the company's sales, indicating a significant dependency [7] Accounts Receivable Issues - The company has extended the payment terms for Tuojing Technology from 30 days to 60 days, leading to an increase in accounts receivable and a decline in accounts receivable turnover rate [8] - As of June 30, 2025, the accounts receivable balance was 146.86 million, with a turnover rate dropping from 8.89 to 5.31 times per year [9] Fundraising Project Concerns - Hengyun Chang's fundraising projects, including a marketing and technical support center and a liquidity supplement project, have raised questions about their necessity [10] - The proposed investment of 120 million for the marketing project is questionable given the low sales expenses historically incurred by the company [11] - The liquidity supplement project of 169 million is also deemed unnecessary, as the company has sufficient cash reserves and no debt [12]