恒坤过会，科创板“光刻胶第一股”将至

Core Viewpoint - The article highlights the successful IPO of Xiamen Hengkang New Materials Technology Co., Ltd., which is set to become the first stock of photoresist on the Sci-Tech Innovation Board, emphasizing its role in breaking the foreign monopoly on key materials for 12-inch integrated circuit manufacturing [2][4]. Group 1: Company Overview - Hengkang New Materials was established in 2004 and specializes in the R&D, production, and sales of photoresist materials and precursors, being one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [4]. - The company's products are essential for the production processes of advanced NAND, DRAM storage chips, and logic chips below the 90nm technology node, indicating its critical role in the semiconductor supply chain [4]. Group 2: Financial Performance - According to the prospectus, Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022 to 2024, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [4]. - For the first nine months of 2025, the company expects to achieve revenues between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [4]. Group 3: Fundraising and Projects - Hengkang New Materials plans to raise 1.007 billion yuan for projects including the second phase of the integrated circuit precursor project and advanced materials for integrated circuits [5]. - The total investment for the projects is 1.62158 billion yuan, with 1.2 billion yuan expected to be funded through the IPO [6]. Group 4: Market Context and Future Plans - The current domestic market for photoresist materials has low localization rates, with KrF photoresist at approximately 10%, ArF photoresist below 5%, and i-Line photoresist at around 20% [7]. - The fundraising projects aim to enhance the localization rates of key materials such as precursors, SiARC, KrF, and ArF, thereby expanding the domestic substitution market [7]. - Hengkang New Materials aims to leverage its IPO to enhance technological development and industrial layout, expand its product line, and improve its core competitiveness and brand influence [7]. Group 5: Industry Events - The article mentions an upcoming conference organized by TrendBank, focusing on heterogeneous integration technology, scheduled for November 17-19, 2025, in Ningbo, aimed at fostering the development of the advanced electronic information industry in the Yangtze River Delta region [8].