恒运昌IPO迎考背后：六成营收依赖单一客户、不缺钱却拟募资补流

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, with significant revenue contributions from its largest customer, Tuojing Technology, which also holds shares in the company [1][3][8]. Group 1: Company Overview - Established in 2013, Hengyunchang specializes in semiconductor equipment core components, focusing on the research, production, and sales of plasma RF power systems and related technologies [3]. - The company aims to raise approximately 1.469 billion yuan for various projects, including the industrialization of semiconductor RF power systems and the establishment of a smart production base for core components [3][4]. Group 2: Financial Performance - Hengyunchang's revenue for the years 2022 to 2025 (first half) is projected to be approximately 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan, respectively [3]. - Corresponding net profits for the same periods are estimated at about 26.19 million yuan, 79.83 million yuan, 142 million yuan, and 69.35 million yuan [3]. Group 3: Funding and Capital Structure - The company plans to use the raised funds primarily for operational support and to meet the growing demands of research and development [4]. - As of mid-2023, Hengyunchang reported cash reserves of approximately 400 million yuan, despite a planned reduction in the amount allocated for working capital from 250 million yuan to 169 million yuan [4]. Group 4: Customer Concentration - Tuojing Technology is identified as Hengyunchang's largest customer, contributing over 60% of the company's revenue during the reporting periods [1][8]. - The company has a high customer concentration, with the top five customers accounting for a significant portion of its revenue, indicating reliance on a few key clients [8][9]. Group 5: Governance and Management - The actual controller of Hengyunchang, Le Weiping, holds a substantial share and has significant influence over the company's decisions, which raises concerns about governance risks [7]. - The company’s secretary, Zhuang Lihua, has a history of receiving regulatory warnings, which may impact investor perception [5][6].