半导体产业链IPO热潮下 恒运昌携核心技术冲刺科创板

Core Insights - The implementation of the "1+6" policy for the Sci-Tech Innovation Board has significantly increased support for national strategic emerging industries, particularly benefiting the semiconductor industry [1][2] - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (referred to as "Hengyun Chang") is set to undergo a key listing review on November 14, 2025, as the first company in the second batch selected for on-site inspection, reflecting the board's mission to support hard technology and enhance the self-sufficiency of the industrial chain [1][2] Industry Overview - The "1+6" policy, announced by the China Securities Regulatory Commission in June, aims to improve the quality of listed companies and optimize financing channels for hard technology enterprises, with a focus on strategic emerging industries such as new-generation information technology and high-end equipment [2] - The semiconductor industry, being a core pillar of information technology, is a primary focus of this policy, leading to a surge of semiconductor companies applying for listings on the Sci-Tech Innovation Board [2] Company Highlights - Hengyun Chang specializes in plasma radio frequency power systems, a critical component in the semiconductor supply chain, recognized as a challenging area for domestic production due to high technical barriers and significant R&D investment [3] - The company has successfully developed three generations of products, breaking the long-standing monopoly of two major American companies, MKS and AE, in the domestic market [3] - Hengyun Chang's products support advanced semiconductor manufacturing processes, with the second-generation Bestda series capable of supporting 28nm processes and the third-generation Aspen series supporting 7-14nm processes, achieving international advanced levels [3] Market Position - In light of restrictions on domestic wafer manufacturers regarding overseas equipment procurement, Hengyun Chang's technological advancements are increasingly significant [4] - The company has established a mature mass production capability, delivering products to leading domestic semiconductor equipment manufacturers and becoming a strategic supplier in critical manufacturing processes [4] Financial Performance - Hengyun Chang's financial performance has shown rapid growth, with revenue increasing from 158 million yuan in 2022 to 541 million yuan in 2024, representing a compound annual growth rate (CAGR) of 84.91% [6] - Net profit surged from approximately 26 million yuan to 142 million yuan during the same period, with a CAGR of 131.87% [6] - The company has consistently invested over 10% of its revenue in R&D, with R&D expenses reaching approximately 43 million yuan in the first half of 2025, a 72.63% increase year-on-year [6] Strategic Implications - Hengyun Chang's upcoming IPO is not only a significant milestone for the company but also a demonstration of the capital market's support for hard technology enterprises in overcoming critical technological challenges [6] - If successful in its IPO, Hengyun Chang aims to leverage capital to enhance R&D and expand market presence, contributing to the self-sufficiency of China's semiconductor industry and positioning itself as a leading provider of plasma process solutions [6]