Core Viewpoint - Hengkun New Materials Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board, with an IPO price of 14.99 yuan per share, opening with a surge of 287%, and reaching a market value of over 28 billion yuan, making it the largest IPO in Xiamen this year [4][5]. Company Background - The company is led by 54-year-old entrepreneur Yi Rongkun, who started his career in 1996 and founded Hengkun New Materials in 2004, becoming one of the few domestic suppliers of key materials for integrated circuits, breaking the foreign monopoly on 12-inch integrated circuit materials [5][6]. - Yi Rongkun transitioned from a manufacturing model reliant on foreign orders to focusing on key materials for integrated circuits, particularly photolithography materials, which are crucial for chip precision and yield [6][8]. Business Development - Hengkun New Materials faced significant challenges, including a debt of nearly 30 million yuan and personal liabilities exceeding 100 million yuan, before securing an order from Intel in 2017, marking a turning point for the company [7][8]. - The company has since established a stable supply of key materials to major domestic 12-inch integrated circuit wafer manufacturers and has shifted its focus entirely to this sector by divesting its optical product lines in 2019 [8]. Financial Performance - The company reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for 2022, 2023, and 2024 respectively, with net profits of about 101 million yuan, 89.8 million yuan, and 96.9 million yuan [11]. - For the first three quarters of 2025, Hengkun New Materials expects revenues between 440 million yuan and 500 million yuan, representing a year-on-year growth of 12.48% to 27.82% [11]. Market Position - The company has achieved significant sales in self-produced photolithography and precursor materials, with sales revenue from self-produced products increasing from 38.94% in 2022 to 86.68% in 2025 [12]. - However, the company faces risks related to high customer concentration, with the top five customers accounting for over 97% of its revenue during the reporting period [12]. Industry Context - Xiamen's integrated circuit industry has grown significantly, with an output value increasing from 5 billion yuan in 2014 to an expected 40 billion yuan in 2024, supported by a complete industrial chain [16]. - The local government has implemented various financial support measures to foster the growth of the semiconductor industry, including significant investments and the establishment of multiple funds to attract private capital [17].
厦门今年最大IPO诞生
投资界·2025-11-18 07:37