Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (stock code: 688785.SH) officially listed on the Shanghai Stock Exchange on January 28, becoming the first company to list on the Sci-Tech Innovation Board in 2026, adding a new player to China's semiconductor industry chain [1] Group 1: Company Overview - Hengyun Chang's core product, the plasma RF power supply system, is crucial for chip etching and film deposition processes, representing one of the highest technical barriers in semiconductor equipment [2] - The company has developed a comprehensive core technology chain through over a decade of independent innovation, resulting in three major foundational technology systems and eight supporting product technologies [2] - As of June 30, 2025, the company has obtained 261 authorized patents, including 108 invention patents, with an additional 133 invention patents pending [2] Group 2: Market Position and Growth - Hengyun Chang has achieved the highest market share among domestic plasma RF power supply manufacturers in mainland China, becoming a core force in domestic substitution [3] - The company's revenue is projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, with a compound annual growth rate exceeding 80%, while net profit after deducting non-recurring items is expected to rise from 19.61 million yuan to 129 million yuan [3] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be used to enhance the company's competitiveness in the semiconductor core component sector, focusing on five key areas: industrialization of plasma RF power supply systems, intelligent production operations for core components, R&D and innovation centers, marketing and technical support centers, and working capital [4] - The industrialization project in Shenyang aims to establish a modern production base to significantly increase the mass production capacity of plasma RF power supply systems [5] - The company plans to set up technical support centers in major semiconductor industry clusters across China, enhancing its "product + service" integrated solution capabilities [5]
国产射频电源龙头恒运昌登陆科创板