3 6 Ke·2026-01-28 10:24Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (stock code: 688785.SH) experienced a strong market debut on the STAR Market, with its stock price surging over 320% on the first day of trading, closing at 371.3 yuan per share, a 302.8% increase from the issue price of 92.18 yuan per share [2][4]. Company Overview - Hengyun Chang specializes in the research, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, and related core components, providing comprehensive solutions for plasma processes [2][4]. - The company aims to enhance the resilience and security of China's semiconductor supply chain through increased investment in R&D and production capacity following its IPO [6]. Financial Performance - Projected main business revenues for Hengyun Chang are 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 [2][4]. - The revenue share from plasma radio frequency power systems is expected to increase from 62.47% in 2022 to 76.54% in the first half of 2025 [2][3]. Client Base and Market Position - Hengyun Chang has established itself as a leading domestic supplier of plasma radio frequency power systems, achieving mass production and delivery to major semiconductor equipment manufacturers [4][5]. - The company has a high customer concentration, with the top five clients contributing 73.54% to 89.37% of its main business revenue from 2022 to the first half of 2025, with the largest client, Tuojing Technology, accounting for a significant portion of sales [4][5]. IPO and Fundraising - The IPO raised approximately 14.14 billion yuan, which is less than the initially planned amount of 14.69 billion yuan, leading the company to adjust its investment projects based on the actual funds raised [8][9]. - The funds will be allocated to projects including the industrialization of semiconductor radio frequency power systems and the establishment of a smart production base for core components [6][8].