打破垄断！光刻材料龙头，IPO成功过会

Core Viewpoint - The article highlights significant advancements in the domestic photolithography material industry, particularly in EUV and KrF/ArF photoresists, which have historically relied on imports. Recent developments indicate a shift towards self-sufficiency and innovation in this critical sector [2][3][4]. Group 1: Technological Advancements - Tsinghua University's research team has developed a new type of EUV photoresist based on poly-telomer, significantly improving EUV absorption efficiency and meeting stringent requirements for ideal photoresists, providing new solutions for global EUV lithography technology [3]. - The first domestic 100-ton semiconductor KrF photoresist resin production line has been established by Aiyishikong, with plans to gradually expand production capacity to 200-300 tons annually over the next five years [4]. - Hangzhou Hanya Microelectronics has invested 10.15 million yuan to build a new high-end photoresist material production line, achieving initial acceptance for 2.62 tons of high-end photoresist materials [5]. Group 2: Market Developments - Several companies, including Taihe Technology and Jingrui Electric Materials, have reported small-scale sales of their photoresist products, indicating a growing market presence [6]. - Xiamen Hengkang New Materials Technology Co., Ltd. has successfully passed the IPO review, which will enable it to raise 1.007 billion yuan for projects related to advanced materials for integrated circuits, including 500 tons of KrF/ArF photoresists [7][10]. Group 3: Industry Growth Projections - According to Frost & Sullivan, the domestic market for lithography materials is expected to grow to 31.92 billion yuan by 2028, with a compound annual growth rate (CAGR) of 21.2% [16]. - In 2024, Hengkang New Materials is projected to achieve a sales scale of 23.24 million yuan for SOC, with an expected market share exceeding 10% [17]. Group 4: Financial Performance - Hengkang New Materials reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024, respectively, with a notable increase in sales from self-produced products [20]. - The company's self-produced product sales accounted for 63.77% of its main business revenue in 2024, reflecting a significant shift towards domestic production [22].