拓荆科技 恒运昌IPO的关键“双角”

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, with significant revenue dependence on its largest customer, Tuojing Technology, which contributes over 60% of its revenue [1][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 an intelligent production base for core components [3][4]. Group 2: Financial Performance - Revenue figures for Hengyunchang from 2022 to 2024 are projected at approximately 158 million yuan, 325 million yuan, and 541 million yuan, respectively, with a revenue of 304 million yuan reported for the first half of this year [3]. - Corresponding net profits for the same periods are approximately 26.19 million yuan, 79.83 million yuan, 142 million yuan, and 69.35 million yuan for the first half of this year [3]. Group 3: Funding and Use of Proceeds - The company plans to use the net proceeds from the IPO for projects including the semiconductor RF power system industrialization and a research and innovation center, with a portion allocated to supplement working capital [4]. - The initial fundraising target was reduced from 1.55 billion yuan to 1.469 billion yuan, with the amount for working capital decreasing from 250 million yuan to 169 million yuan [4]. Group 4: Customer Concentration - Tuojing Technology is not only the largest customer but also a shareholder, with sales to this customer accounting for 62.06% of revenue in the latest reporting period [8][9]. - The company has a high customer concentration, with the top five customers contributing 89.37% of the main business revenue [8]. Group 5: Corporate Governance - The actual controller, Le Weiping, holds approximately 23.09% of the shares directly and controls about 72.87% of the voting rights through various entities, which may raise concerns regarding governance and decision-making efficiency [7]. - The company has faced scrutiny regarding the efficiency of its fundraising and the necessity of raising additional funds despite having substantial cash reserves [4].