半导体“开门红” 射频电源龙头科创板上市

Core Viewpoint - Hengrunchang Vacuum Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board, marking the first IPO of 2026 and achieving a significant milestone for Shenzhen's domestic listings [2] Company Overview - Hengrunchang was established in March 2013 and is a leading domestic manufacturer of plasma radio frequency power systems, with the largest market share among domestic competitors [2][3] - The company has developed three generations of products, breaking the long-standing monopoly of two major American companies in the domestic market [3][6] Financial Performance - The company’s IPO price was 92.18 yuan per share, with a market capitalization reaching 23.2 billion yuan after a peak increase of 323% on the first trading day [2] - From 2022 to 2024, the company's revenue grew from 158 million yuan to 541 million yuan, while net profit increased from 26.39 million yuan to 143 million yuan, indicating significant growth in both scale and profitability [5][6] R&D Investment - Hengrunchang has maintained a high R&D investment, with over 40% of its workforce dedicated to R&D and a cumulative investment of nearly 114 million yuan from 2022 to 2024, representing 11.11% of total revenue during that period [4][6] - The company holds 108 authorized invention patents, showcasing its commitment to innovation and technology advancement [6] Market Position and Growth Potential - The global semiconductor equipment market is projected to reach 138.1 billion USD by 2026, with significant growth opportunities for domestic manufacturers due to low localization rates [7][8] - The domestic market for plasma radio frequency power systems is expected to grow rapidly, with a compound annual growth rate of 12.3% from 2025 to 2029 [9] Client Relationships - Hengrunchang has established strong relationships with leading domestic semiconductor equipment manufacturers, achieving significant revenue milestones with clients such as Tuojing Technology and Zhongwei Company [4][5] - The company has become the largest supplier of plasma radio frequency power systems for Tuojing Technology, which accounted for over 60% of its sales revenue in 2024 [4]