Core Viewpoint - The new stock market remains vibrant despite the Shanghai Composite Index's stagnation around 4000 points, with significant interest in new listings like Hengkun New Materials, which is set to debut in the storage chip sector and has shown promising growth potential [1][4]. Company Overview - Hengkun New Materials focuses on the research, production, and sales of photolithography materials and precursor materials, essential for advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1][2]. - The company has become one of the few domestic enterprises capable of mass production of key materials for 12-inch integrated circuit wafer manufacturing, successfully replacing foreign products and breaking monopolies [2][3]. Market Position and Growth - The company has achieved a compound annual growth rate (CAGR) of 66.89% in revenue from self-produced products from 2022 to 2024, with leading sales in the domestic market for SOC and BARC materials [2][3]. - The overall market for photolithography materials in China is projected to grow from 5.37 billion yuan in 2019 to 12.19 billion yuan in 2023, with a CAGR of 22.7%, and expected to reach 31.92 billion yuan by 2028 [3]. Financial Performance - The company reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 127.93%, 14.28%, and 49.01% [4]. - The net profit attributable to shareholders for the same years was 101 million yuan, 90 million yuan, and 97 million yuan, with growth rates of 234.91%, -10.95%, and 7.87% [4]. IPO and Valuation - Hengkun New Materials plans to raise 1.01 billion yuan through its IPO, with investments allocated to two projects: a second phase for integrated circuit precursors and advanced materials [4][5]. - The dynamic price-to-earnings ratio for Hengkun New Materials is 71.34, comparable to similar companies, which average around 73 [5]. - The IPO price is set at 14.99 yuan per share, which is considered moderate within the Sci-Tech Innovation Board context [5].
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