A股申购 | 恒运昌(688785.SH)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 initiated its subscription with an issue price of 92.18 yuan 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, and various accessories, providing comprehensive solutions for plasma processes [1][2] - It has successfully developed three generations of products: CSL, Bestda, and Aspen, breaking the long-standing monopoly of American giants MKS and AE in the domestic market [2] Industry Context - The plasma radio frequency power system is one of the most challenging areas for domestic semiconductor equipment localization, with a low localization rate of less than 12% in 2024 [2] - The company has filled a significant gap in the domestic market by developing products that support advanced process nodes of 7-14 nanometers, achieving international advanced levels [2] Financial Performance - The company reported revenues of approximately 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan 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 yuan, 79.83 million yuan, 142 million yuan, and 69.35 million yuan [4] Market Position - As of June 30, 2025, the company holds the leading market share among domestic manufacturers of plasma radio frequency power systems in the semiconductor industry, with a market size projected at 6.56 billion yuan for 2024 [3][4]