炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据目前的发行安排，本周有2只新股申购，北交所、科创板各有1只。 日程安排上，北交所新股爱舍伦将在周一（1月12日）申购，科创板新股恒运昌将在周五（1月16日）申 购。 爱舍伦是国内最大的医用护理垫生产商。 爱舍伦的发行价为15.98元/股，发行市盈率为14.99倍。 爱舍伦长期专注于医疗健康事业，主要从事应用在专业的康复护理与医疗防护领域的一次性医用耗材的 研发、生产和销售。爱舍伦是国内最大的医用护理垫生产厂商，同时也是国内医用敷料出口市场头部企 业，近年来快速发展，销售规模和行业地位不断攀升。公司与国际知名医疗器械品牌商合作紧密，在其 供应商体系中地位显著。 业绩方面，2022年至2024年，爱舍伦分别实现营业收入5.74亿元、5.75亿元、6.92亿元，分别实现净利 润0.63亿元、0.67亿元、0.81亿元。根据公司管理层初步预测，公司2025年营业收入同比增长28.65%至 35.89%，净利润同比增长10.63%至22.01%。 恒运昌是国产半导体设备核心部件龙头。 恒运昌本次公开发行股票数量为1693.06万股，网上发行申 ...

Core Viewpoint - The article discusses the upcoming IPOs of two companies, Aisheren and Hengyun Chang, highlighting their business focus, financial performance, and market positions. Group 1: Aisheren - Aisheren is the largest manufacturer of medical care pads in China, focusing on disposable medical consumables for rehabilitation and medical protection [2][7] - The IPO price for Aisheren is set at 15.98 CNY per share, with a price-to-earnings ratio of 14.99 [2][7] - Aisheren's revenue for 2022, 2023, and 2024 is projected to be 574 million CNY, 575 million CNY, and 692 million CNY, respectively, with net profits of 63 million CNY, 67 million CNY, and 81 million CNY [2][7] - The company forecasts a revenue growth of 28.65% to 35.89% and a net profit growth of 10.63% to 22.01% for 2025 [2][7] Group 2: Hengyun Chang - Hengyun Chang is a leading supplier of core components for semiconductor equipment, focusing on plasma RF power systems and related technologies [3][8] - The company plans to issue 16.93 million shares, with a maximum subscription limit of 4,000 shares for online investors [3][8] - Hengyun Chang's revenue for 2022, 2023, and 2024 is projected to be 158 million CNY, 325 million CNY, and 541 million CNY, respectively, with net profits of 26 million CNY, 80 million CNY, and 142 million CNY [3][8] - The company anticipates a revenue decline of 4.69% to 9.58% and a net profit decline of 19.54% to 28.21% for 2025 [3][8] Group 3: Market Context - In 2025, a total of 19 new stocks are expected to be listed on the Sci-Tech Innovation Board, bringing the total number of companies to 600 [4][9] - All 19 new stocks listed in 2025 experienced price increases on their first trading day, with an average increase of 244.37%, and 18 of them saw gains exceeding 100% [4][9] - The most recent listing, Qiangyi Co., had an IPO price of 85.09 CNY per share and a first-day increase of 165.61%, resulting in a profit of 70,500 CNY for a single subscription [4][9]

据介绍，恒运昌先后推出CSL、Bestda、Aspen三代产品系列，成功打破了美系两大巨头MKS和AE长达 数十年在国内的垄断格局。公司自主研发的第二代产品Bestda系列可支撑28纳米制程，第三代产品 Aspen系列可支撑7～14纳米先进制程，达到国际先进水平，填补国内空白。 业绩方面，2024年公司实现总营收69163.87万元，归母净利润8071.11万元。公司预计2025年营业收入 88982.21～93987.21万元，同比增长28.65%～35.89%。公司此次拟募资67046.45万元用于项目建设，达 产后预计每年产生营业收入70514万元。 截至记者发稿时，恒运昌还没有披露发行价。恒运昌此次拟募集资金14.69亿元，重点投入产业化基地 建设、研发中心升级、技术支持中心及补充流动资金。 作为国内领先的半导体设备核心零部件供应商，恒运昌深耕的等离子体射频电源系统被业内视为半导体 设备零部件国产化的"最难关卡"，技术壁垒高、研发投入大、研发周期长。 长沙晚报掌上长沙1月11日讯（全媒体记者 刘军）根据相关安排，下周A股市场共有两只新股可申购。 具体为12日（周一）北交所的爱舍伦，16日（周五）科创板 ...

Group 1 - The core viewpoint of the news is that the company is expanding its semiconductor-related operations through various projects aimed at enhancing production capacity and technological innovation in the semiconductor industry [1][5]. - The "Shenyang Semiconductor RF Power System Industrialization Construction Project" aims to establish a subsidiary in Shenyang to produce and sell semiconductor-grade plasma RF power systems, enhancing the company's presence in northern China [1]. - The "Intelligent Production Operation Base for Core Components of Semiconductor and Vacuum Equipment" and "R&D and Frontier Technology Innovation Center Project" will expand the product range and improve existing products based on customer needs, targeting sectors like photovoltaics and precision optics [1]. Group 2 - The "Marketing and Technical Support Center Project" will establish centers in key regions to provide customized technical services and improve communication with end wafer fabs, enhancing production efficiency and brand influence [2]. - The company is a leading domestic supplier of core components for semiconductor equipment, focusing on the development, production, and sales of plasma RF power systems and related technologies [4][5]. - The company plans to increase investment in R&D to promote the localization of semiconductor equipment core components, aiming to enhance the resilience and security of China's semiconductor supply chain [5]. Group 3 - The company reported a total investment of approximately 151.82 million, with significant allocations for various projects, including 69 million for the intelligent production operation base and 36.27 million for the R&D center [4]. - The company achieved a revenue of 5.408 billion in 2022, with a projected growth rate of 105.66% for the following year [7]. - The company’s R&D investment in 2024 was 55.28 million, representing a year-on-year increase of 49.55%, with R&D expenditure accounting for 10.22% of total revenue [49].

Group 1: IPO Approval and Fundraising - The Shanghai Stock Exchange and Beijing Stock Exchange approved the IPO applications of Hengyun Chang and Nongda Technology, with a total fundraising target of 1.882 billion yuan [1] - Hengyun Chang reduced its fundraising target from 1.55 billion yuan to 1.469 billion yuan, while Nongda Technology decreased its target from 552 million yuan to 413 million yuan [2][4] Group 2: Company Profiles - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, and sales of plasma RF power systems and related technologies [5][8] - The company has achieved significant milestones, including being the first domestic manufacturer to deliver plasma RF power systems supporting advanced semiconductor processes, with a market share leading among domestic competitors [8][9] - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, holding a strong market position in the industry [17][18] Group 3: Financial Performance - Hengyun Chang reported revenues of 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan from 2022 to the first half of 2025, with net profits of 19.61 million yuan, 68.53 million yuan, 129 million yuan, and 64.76 million yuan respectively [11] - Nongda Technology's revenues for the same period were 2.676 billion yuan, 2.637 billion yuan, 2.363 billion yuan, and 1.495 billion yuan, with net profits of 101.16 million yuan, 101.22 million yuan, 145.28 million yuan, and 125.65 million yuan [20][21] Group 4: Fund Utilization Plans - Hengyun Chang plans to use the raised funds for projects including the industrialization of semiconductor RF power systems, a smart production base for core components, and a research and innovation center [13] - Nongda Technology intends to allocate its funds towards the production of high tower compound fertilizers, a biological fertilizer production line, and a low-carbon biological research center [22]

Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. on November 14, 2025, highlighting its position as a leading supplier of core components for semiconductor equipment in China [1] Company Overview - Hengyun Chang specializes in plasma technology, offering a product matrix that includes plasma RF power systems, plasma excitation devices, DC power supplies, and related accessories [2] - The company has achieved significant revenue from its semiconductor-grade plasma RF power systems, which have been recognized for their performance in the market [2] - As of the end of the reporting period, Hengyun Chang holds 108 authorized invention patents and has 133 invention patents pending [3] Market Position - According to Frost & Sullivan, the market size for plasma RF power systems in China's semiconductor industry is projected to reach 6.56 billion yuan in 2024, with Hengyun Chang holding the largest market share among domestic manufacturers [2] R&D and Innovation - Hengyun Chang has maintained high R&D investment, with expenditures of 21.54 million yuan, 36.96 million yuan, and 55.28 million yuan from 2022 to 2024, representing over 10% of revenue [4] - The company has developed a comprehensive technology system focused on the requirements of plasma RF power systems, achieving significant advancements in key technologies [4] Financial Performance - The company's revenue has grown rapidly, with figures of 158.16 million yuan, 325.27 million yuan, and 540.79 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 84.91% [5] - Net profit attributable to shareholders has also seen substantial growth, with amounts of 26.19 million yuan, 79.83 million yuan, and 141.54 million yuan during the same period, resulting in a CAGR of 131.87% [5] Future Outlook - Hengyun Chang aims to capitalize on the opportunities presented by the domestic semiconductor industry and plans to enhance its product offerings and market share through continuous innovation and superior service [5]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (Hengyun Chang) is progressing smoothly in its IPO process, with the listing review scheduled for November 14, 2025, after being accepted on June 13, 2023 [1][3] Company Overview - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, and related core components [3] - The company aims to create a core component platform to serve the high-end equipment manufacturing industry, emphasizing technological and product innovation [3] Performance Trends - Despite a steady increase in revenue and profit from 2022 to 2024, the company is experiencing a decline in performance in 2025 [4] - In the first half of 2025, Hengyun Chang's revenue grew by 4.06%, but net profit attributable to the parent company decreased by 11.99% [6] - The company forecasts a revenue decline of 4.69% to 9.58% and a net profit drop of 21.76% to 30.26% for the full year 2025 [6] Customer Dependency - Hengyun Chang has a high customer concentration, with the top five clients accounting for 73.54% to 90.62% of its main business revenue [7] - The first major client, Tuojing Technology, represents over 60% of the company's sales, indicating a significant dependency [7] Accounts Receivable Issues - The company has extended the payment terms for Tuojing Technology from 30 days to 60 days, leading to an increase in accounts receivable and a decline in accounts receivable turnover rate [8] - As of June 30, 2025, the accounts receivable balance was 146.86 million, with a turnover rate dropping from 8.89 to 5.31 times per year [9] Fundraising Project Concerns - Hengyun Chang's fundraising projects, including a marketing and technical support center and a liquidity supplement project, have raised questions about their necessity [10] - The proposed investment of 120 million for the marketing project is questionable given the low sales expenses historically incurred by the company [11] - The liquidity supplement project of 169 million is also deemed unnecessary, as the company has sufficient cash reserves and no debt [12]