恒运昌经营存在多项风险，董秘提前入股存争议

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is applying for an IPO to raise funds for capacity expansion and internationalization, with a focus on plasma RF power systems for semiconductor equipment [1][6]. Financial Performance - The company achieved a revenue of 325 million yuan in 2023, projected to increase to 541 million yuan in 2024, with core products applied in advanced processes of 7-14 nanometers [1]. - The company reported a significant return of 8.27 million yuan from a major client, which accounted for 50.61% of the sales revenue to that client in 2024 [5]. Management and Governance - Zhuang Lihua, the company’s board secretary, has a history of information disclosure violations while at another listed company, raising concerns about governance [2]. - There are discrepancies in the professional backgrounds of key management personnel, including Zhuang Lihua and financial director Zheng Yuejia, which may affect the company's credibility [2][4]. Market Position and Strategy - The company aims to leverage domestic semiconductor industry opportunities and enhance its product offerings through innovation, targeting to become a leading provider of core components for plasma processes [6]. - Despite plans for international expansion, the company currently lacks overseas subsidiaries or production capabilities, indicating a gap between strategy and execution [7]. Operational Challenges - The company faces challenges with inventory management, as indicated by a production capacity utilization rate of 111.24% but a sales rate of only 83.40%, leading to significant inventory buildup [5]. - The feasibility of the company's plans to significantly expand production capacity is questioned due to declining order amounts and market fluctuations [5].