恒运昌开启申购 在中国半导体行业国产等离子体射频电源系统厂商中市场份额第一

Core Viewpoint - Hengyun Chang (688785.SH) has launched its subscription with an issue price of 92.18 CNY per share and a price-to-earnings ratio of 48.39 times, positioning itself as a leading supplier of core components for semiconductor equipment in China [1] Company Overview - The company specializes in the research, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, plasma DC power supplies, and various accessories, providing comprehensive solutions for plasma processes [1][2] - It has successfully broken the long-standing monopoly of American giants MKS and AE in the domestic market by developing its own series of products over ten years, including the CSL, Bestda, and Aspen series [2] Industry Context - The plasma radio frequency power system is one of the most challenging areas for domestic semiconductor equipment component localization, with a low localization rate of less than 12% in 2024, indicating significant technological barriers and high R&D costs [2] - The domestic semiconductor industry is currently dominated by foreign companies, with MKS and AE holding a significant market share [3] Financial Performance - The company reported revenues of approximately 158 million CNY, 325 million CNY, 541 million CNY, and 304 million CNY for the years 2022, 2023, 2024, and the first half of 2025, respectively [4] - Net profits for the same periods were approximately 26.19 million CNY, 79.83 million CNY, 142 million CNY, and 69.35 million CNY [4] Market Position - As of June 30, 2025, the company is projected to have a leading market share among domestic manufacturers of plasma radio frequency power systems in the semiconductor industry, with a market size of 6.56 billion CNY in 2024 [3][4] - The company has established itself as a strategic supplier for major domestic semiconductor equipment manufacturers, achieving significant revenue milestones with its self-developed products [3]