General Provisions - The company aims to protect the legal rights of the company, shareholders, and creditors, and to regulate its organization and behavior according to relevant laws [1] - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1] - The registered capital of the company is RMB 366,367,572 [1] Business Objectives and Scope - The company's business objectives include honesty, innovation, and inclusiveness [1] - The business scope includes research and sales of specialized inks for printed circuit boards, photolithography materials, and related chemicals, as well as import and export of goods and technology [1] Shares - The company's shares are issued in the form of stocks, with a par value of RMB 1 per share [2][3] - The total number of shares issued by the company is 366,367,572, all of which are ordinary shares [2] Shareholder Rights and Obligations - Shareholders have the right to receive dividends and participate in shareholder meetings, as well as the obligation to comply with laws and regulations [7][9] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [9] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [12] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of shares [14] Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [76][78] - The company must provide a platform for online voting to facilitate shareholder participation [81] Related Party Transactions - Related shareholders must abstain from voting on matters involving related party transactions, and such transactions must be disclosed [80]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is advancing its IPO process on the Sci-Tech Innovation Board, focusing on the development, production, and sales of photolithography materials and precursor materials, which are essential for integrated circuit manufacturing [1][9]. Group 1: Company Overview - Hengkang New Materials is one of the few companies in China capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [1][9]. - The company's products are primarily used in advanced NAND, DRAM storage chips, and logic chips at the 90nm technology node and below [1][9]. Group 2: Financing and Shareholding Structure - The company has undergone frequent financing, leading to a highly dispersed shareholding structure, with the actual controller, Yi Rongkun, holding only 19.52% directly [8][9]. - The company plans to raise approximately 1 billion yuan through its IPO, which is a reduction from the previously planned 1.2 billion yuan [9][11]. - The first five customers account for over 97% of the company's sales, indicating a high customer concentration risk [17][19]. Group 3: Financial Performance - Hengkang New Materials reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024, respectively, showing a general slowdown in growth [18][19]. - The net profit for the same years was 101 million yuan, 90 million yuan, and 97 million yuan, reflecting significant volatility [19]. - The company’s operating cash flow has been relatively stable, with figures of 149 million yuan, 88 million yuan, and 191 million yuan over the same period [19]. Group 4: Production Capacity and Utilization - The company has low capacity utilization rates for its main products, with significant portions of its production lines not yet operational [9][11][13]. - The planned fundraising will be used to build new production capacity for photolithography materials and precursor materials, raising questions about the necessity and rationality of these investments given the current low utilization rates [9][12][16]. Group 5: Supplier Relationships - The top five suppliers account for approximately 75% of the company's procurement, indicating a high supplier concentration [24][25]. - The company primarily sources its raw materials from foreign suppliers due to the technical requirements and quality control standards in the integrated circuit industry [25].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") is progressing with its IPO on the Sci-Tech Innovation Board, having recently disclosed responses to the first round of inquiry letters from the Shanghai Stock Exchange regarding various aspects of its business and financials [1][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 corresponding net profits of approximately 101 million yuan, 89.84 million yuan, and 96.92 million yuan [4]. - The company's bank deposits were approximately 603 million yuan, 619 million yuan, and 654 million yuan, while bank borrowings were approximately 101 million yuan, 346 million yuan, and 633 million yuan during the same period [4][5]. Inventory Management - The company's inventory balance increased significantly, with figures of approximately 51.49 million yuan, 125 million yuan, and 165 million yuan for 2022, 2023, and 2024, respectively. The inventory turnover rates were 2.03 times/year, 1.57 times/year, and 1.74 times/year, all below the industry average [6][7]. - The increase in inventory is attributed to rising production volumes and the need to maintain safety stock due to long supplier delivery times and the development of new products [7]. Supplier Dependency - Hengkang New Materials relies heavily on a few suppliers, with the top five suppliers accounting for approximately 74.98%, 75%, and 75.44% of total purchases during the reporting period. The largest supplier accounted for 52.04%, 40.02%, and 51.53% of purchases [8]. - The company is addressing its dependency on foreign suppliers by focusing on domestic production of key raw materials and increasing the proportion of self-produced products [8].

Group 1 - The core viewpoint of the article is that the revenue from photolithography materials is expected to grow by 7% to reach $5.06 billion by 2025, driven by the recovery of the semiconductor market and increased demand for advanced photolithography resists, particularly EUV resists which are projected to grow by 30% year-on-year [1] - In 2024, photolithography material revenue is forecasted to have a modest growth of 1.6%, reaching $4.74 billion, with photolithography resists growing by 1% and EUV resists showing a notable increase of 20% [1] - The market is benefiting from the steady growth in demand for photolithography resists due to advancements in node processes, especially EUV resists, while traditional resists like KrF and ArF are also seeing increased applications in 3D NAND [1] Group 2 - According to TECHCET's report, the photolithography materials market is expected to grow at a compound annual growth rate of 6% until 2029, influenced by trends in supply chain localization with new facilities being established in the US, South Korea, Taiwan, and mainland China [2] - Geopolitical tensions, particularly restrictions on advanced materials and China's advancements in photolithography technology, will impact material supply [2] - Innovative technologies such as dry photolithography resist deposition and nanoimprint lithography are deemed crucial for meeting advanced node demands, while the industry is also addressing challenges like the phased-out use of PFAS-related chemicals [2]

根据新华社 4月4日消息，因杜邦中国集团有限公司涉嫌违反《中华人民共和国反垄断法》，市场监管总局依 法对杜邦中国集团有限公司开展立案调查。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点评： 亚太地区为杜邦最大销售区域，电子和水处理等业务为杜邦主要增长领域 根据杜邦公司官网数据， 2023财年公司销售额为121亿美元，其中亚太地区销售占比高达43%，而北美地区销 售占比约为35%。杜邦主要聚焦于五大增长领域，分别为电子（29%，2023年销售额占比，后同）、水处理 （12% ） 、防护（ 21%）、工业技术（28% ） 和下一代智驾（ 10%）。根据杜邦2024年5月以及2025年1月公 告，杜邦计划将在2025年11月1日前将其旗下电子业务进行拆分，从而实现电子业务的独立运 ...