注册制新股纵览 2026011：恒运昌：国产半导体射频电源头部供应商

Group 1 - The report highlights that Hengyun Chang is a leading domestic supplier of semiconductor equipment core components, focusing on plasma radio frequency power systems, which are crucial for semiconductor manufacturing [5][10][11] - The company has achieved significant breakthroughs in domestic production of plasma radio frequency power systems, breaking the long-standing monopoly of foreign giants MKS and AE in China [14][15] - Hengyun Chang's market share in the domestic plasma radio frequency power system sector is projected to be 6.1% in 2024, making it the top domestic manufacturer [18] Group 2 - The company is expected to benefit from the expansion of domestic wafer fabs, with a projected compound annual growth rate (CAGR) of 15.6% for the plasma radio frequency power system market from 2025 to 2029 [16] - Hengyun Chang's production capacity has been consistently over-utilized, with a utilization rate of 106.35% in the first half of 2025, indicating strong market demand [19] - The company plans to expand its production capacity by adding 20,000 units annually through its new projects, including the "Shenyang Semiconductor Radio Frequency Power System Industrialization Project" [19][20] Group 3 - From 2022 to the first half of 2025, Hengyun Chang's revenue and net profit have shown a compound annual growth rate of 84.91% and 132.48%, respectively, outperforming comparable companies [26] - The company's gross margin has steadily increased, reaching 49.01% in the first half of 2025, which is higher than the average of comparable companies [30] - Hengyun Chang has maintained a high research and development (R&D) expenditure ratio, exceeding 10% in recent years, which is above the average of its peers [32] Group 4 - The report outlines several fundraising projects aimed at enhancing production capabilities and R&D, including the establishment of a smart production base for core components and a research and innovation center [36][37] - The total investment for these projects is estimated at approximately 146.9 million yuan, with a focus on expanding production scale and improving service capabilities [36][37] - The company aims to leverage its technological advancements to create value within the semiconductor supply chain and strengthen its competitive position [38]