恒坤新材：深耕集成电路关键材料，助力国产替代进程加速

Core Viewpoint - The article highlights the significance of Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) in the domestic semiconductor materials industry, particularly in the high-end photoresist sector, as it prepares for its IPO on the Sci-Tech Innovation Board, reflecting recognition of its technological scarcity and rectification efficiency by regulatory authorities [1][12]. Industry Overview - The integrated circuit industry is a strategic and foundational sector for national economic and social development, with the self-sufficiency of key materials directly impacting the security and competitiveness of the supply chain [3]. - As of 2023, the domestic production rates for critical materials like i-Line photoresist and SOC are approximately 10%, while KrF photoresist and BARC are below 2%, and ArF photoresist is less than 1%, indicating a heavy reliance on imports [3]. Company Profile - Established in 2004, Hengkang New Materials focuses on two core product categories: photoresist materials (including SOC, BARC, KrF, i-Line, and ArF photoresists) and precursor materials (notably TEOS) [4]. - The company has achieved mass production of several key materials by 2024, supplying over 36,000 gallons of SOC and BARC, and over 320 tons of TEOS, successfully replacing foreign competitors' products [6]. Financial Performance - From 2022 to 2024, the company's revenue from self-produced products grew from 124 million to 344 million yuan, with a compound annual growth rate of 66.89%, and the revenue share increased from 38.94% to 63.77% [6][7]. - In 2023, Hengkang New Materials' self-produced photoresist revenue was 170 million yuan, accounting for approximately 2.2% of the total semiconductor photoresist market in China [11]. Research and Development - Hengkang New Materials emphasizes R&D, with total R&D investment reaching 185 million yuan from 2022 to 2024, and R&D expense ratios increasing to 16.17% by 2024, significantly above the industry average [8]. - The company has made breakthroughs in three core areas: customized development of photoresist materials, high-purity precursor synthesis, and advanced materials validation [9]. Market Position and Strategy - The company has established a leading position in the domestic market for SOC and BARC materials, with significant market shares as of 2023 [11]. - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to invest in the second phase of its precursor project and advanced materials project, aiming to enhance production capacity and product structure [15][16]. - The company aims to expand its product matrix from mid-to-low-end to high-end materials and to promote the localization of upstream raw materials to mitigate supply chain risks [16]. Future Outlook - With increasing government support for the semiconductor industry and the ongoing push for domestic material substitution, Hengkang New Materials is well-positioned to capitalize on growth opportunities in the integrated circuit materials market [12]. - The company is committed to continuous technological innovation and stable operational development, contributing to the security of the supply chain and enhancing China's global competitiveness in the semiconductor industry [16].