开盘大涨287%！福建光刻材料小巨人登陆科创板

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. ("Hengkang New Materials") officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company and the Xiamen region in the A-share market [1][6]. Company Overview - Established in 2004 and headquartered in Xiamen, Hengkang New Materials focuses on the research, production, and sales of key materials for integrated circuit manufacturing, specifically photoresist materials and precursors [2]. - The company is one of the few in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [2]. Financial Performance - Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The sales revenue from self-produced products was 124 million yuan, 191 million yuan, 344 million yuan, and 250 million yuan for the same periods, with a compound annual growth rate of 66.89% from 2022 to 2024 [2]. Market Position and Growth - The company’s stock opened at 58 yuan per share, a 286.92% increase from the issue price of 14.99 yuan, and closed at 61.55 yuan, representing a 310.61% increase, with a total market capitalization of 27.6 billion yuan [1]. - Hengkang New Materials has achieved significant milestones in the domestic integrated circuit materials market, with a projected sales scale of approximately 300 million yuan for self-produced photoresist materials in 2024 [12]. Industry Context - The domestic integrated circuit industry has been rapidly developing, with some key materials gradually achieving domestic application, although the overall level of localization remains low [11]. - In the 12-inch integrated circuit sector, the localization rates for i-Line photoresist and SOC are around 10%, while BARC and KrF photoresists are at 1-2%, and ArF photoresist localization is below 1% [11]. Future Outlook - The chairman of Hengkang New Materials emphasized the company's commitment to focusing on "bottleneck" technology breakthroughs in new materials and increasing R&D investment [4]. - The company aims to leverage the opportunities presented by the Sci-Tech Innovation Board to enhance its growth trajectory and contribute to the self-sufficiency of the semiconductor industry [4][6].