注册制新股纵览 20260111：恒运昌：国产半导体射频电源头部供应商

Group 1: AHP Score and Expected Allocation Ratio - The AHP score for the company is calculated to be 2.94 and 2.66, placing it in the 48.6% and 45.2% percentile of the AHP model, indicating a position in the lower upstream and upper midstream levels [6][7]. Group 2: Fundamental Highlights and Features - The company is a leading domestic supplier of core components for semiconductor equipment, focusing on plasma technology with applications in semiconductors, photovoltaics, display panels, and precision optics [8][11]. - The company has achieved breakthroughs in the localization of plasma RF power systems, which are critical components in semiconductor manufacturing, breaking the long-standing monopoly of foreign giants [11][12]. - The company holds the largest market share among domestic manufacturers of plasma RF power systems, with a market share of 6.1% in 2024 [15][14]. Group 3: Financial Performance and Comparisons - From 2022 to H1 2025, the company's revenue and net profit have shown a compound annual growth rate (CAGR) of 84.91% and 132.48%, respectively, outperforming comparable companies [22][21]. - The company’s gross margin has steadily increased, reaching 49.01% in H1 2025, which is higher than the average of comparable companies [26][27]. - The company has maintained a high R&D expenditure ratio, exceeding 10% in each period from 2022 to H1 2025, indicating a strong commitment to innovation [28][29]. Group 4: Expansion and Investment Projects - The company plans to expand its production capacity through the "Shenyang Semiconductor RF Power System Industrialization Project," which will add an annual production capacity of 20,000 units [16][31]. - The investment projects aim to enhance production capabilities and R&D, including the establishment of a smart production base and a technology innovation center [31][32]. Group 5: Market Trends and Future Outlook - The domestic semiconductor market is expected to grow significantly, with a projected CAGR of 15.6% for plasma RF power systems from 2025 to 2029, driven by increased capital expenditures from wafer fabs [13][14]. - The company is positioned to benefit from the expansion of domestic wafer fabs, which are expected to increase from 29 to 71 by 2027 [13].