Piotech (SH:688072) Sou Hu Cai Jing·2025-11-18 10:12Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. successfully passed the IPO on the Sci-Tech Innovation Board, attracting attention due to its leading position in the semiconductor RF power system industry [2] Company Overview - Hengyunchang, established in March 2013, focuses on the R&D, production, sales, and technical services of plasma RF power systems and related devices [4] - The company's self-developed plasma RF power systems have seen a significant increase in revenue contribution, rising from 62% in 2022 to 77% in 2024 [4][7] Product Development - The company has developed three generations of products: CSL, Bestda, and Aspen, which support advanced semiconductor manufacturing processes [4] - The Bestda series supports 28nm processes, while the Aspen series supports 7-14nm processes, filling a gap in the domestic market [2] Client Relationships - The largest client, Tuojing Technology, has significantly invested in Hengyunchang prior to the IPO, raising concerns about dependency [5] - In 2022, sales to Tuojing Technology accounted for 45% of Hengyunchang's revenue, projected to increase to 63% in 2024 [5] Financial Performance - Revenue for Hengyunchang has shown substantial growth, with figures of 158 million, 325 million, and 541 million yuan from 2022 to 2024, respectively [8] - However, the company anticipates a decline in performance for 2025, with projected revenue between 489 million and 515 million yuan, a decrease of 5% to 10% compared to 2024 [8][9] Market Outlook - The domestic market for plasma RF power systems is expected to grow from 4.27 billion yuan in 2020 to 6.56 billion yuan in 2024, with a compound annual growth rate exceeding 11% [10] - The industry is on an upward cycle, and Hengyunchang's ability to leverage IPO funding for growth will be crucial for maintaining its leading position [10]