Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is making progress in its IPO application for the Sci-Tech Innovation Board, with updated financial data indicating increased accounts receivable and a longer credit policy for its largest customer, Tuo Jing Technology [1][12]. Financial Performance - Hengyun Chang's revenue for the first half of 2025 is projected at 3.04 billion yuan, with a net profit of 694.24 million yuan, reflecting a significant increase in revenue from previous years [7]. - The company's gross profit margin has improved, reaching 49.03% in the first half of 2025, up from 41.65% in 2022 [7]. - Accounts receivable have increased significantly, with a balance of 130.24 million yuan as of June 30, 2025, representing 42.83% of total revenue [13]. Customer Dependency - Over 60% of Hengyun Chang's revenue comes from Tuo Jing Technology, with sales to this customer amounting to 1.89 billion yuan in the first half of 2025, which is 62.06% of total revenue [8][9]. - The company has adjusted its credit policy for Tuo Jing Technology from 30 days to 60 days, indicating a potential increase in payment delays [12][13]. Market Position - Hengyun Chang holds a 6.1% market share in the domestic semiconductor plasma RF power supply market, ranking first among domestic manufacturers [5]. - The overall market share for Hengyun Chang in the plasma RF power supply market is projected at 3.8% for 2024 [5]. Product Development - The company has developed three generations of plasma RF power supply systems, with self-developed products expected to account for over 80% of revenue by 2024 [3]. - A new generation of plasma RF power supply systems, the Cedar series, is under development and is expected to support advanced processes below 5nm, with prototypes anticipated in Q4 2025 [4]. Competitive Landscape - The competition in the plasma RF power supply market is intensifying, with companies like Yingjie Electric and Northern Huachuang Microelectronics increasing their focus on this sector [6]. - Hengyun Chang's reliance on a single major customer raises concerns about its long-term growth potential, as highlighted by industry experts [10]. Funding and Investment - The company plans to raise 1.55 billion yuan through its IPO to fund various projects, including the industrialization of semiconductor RF power systems and a research and innovation center [14].

Core Viewpoint - The plasma RF power supply system industry in China has experienced rapid growth in recent years, supported by national policies, with a projected market size of 12.33 billion yuan in 2024, representing a year-on-year growth of 9.50% [1][10]. Overview - The plasma RF power supply system is a critical specialized power supply system in semiconductor manufacturing, consisting mainly of plasma RF power sources and matching networks. It generates high-frequency electric fields to ionize specific process gases, creating and maintaining high-energy plasma for various semiconductor processes [2][3]. Industry Barriers - The semiconductor equipment core components have high technical barriers due to the increasing complexity of semiconductor processes and chip structures. Manufacturers require high reliability, stability, and consistency from core component suppliers, leading to stringent verification and acceptance standards [3][4]. Policies - The Chinese government has implemented several policies to promote the development of the semiconductor industry, including action plans and guidelines aimed at enhancing the growth of the plasma RF power supply system sector [5]. Industry Chain - The industry chain includes upstream suppliers of electronic components, midstream research and manufacturing of plasma RF power supply systems, and downstream applications in sectors such as semiconductors, photovoltaics, and display panels [6][7]. Market Demand - The semiconductor sector is the largest demand market for plasma RF power supply systems in China, accounting for over 50% of the market. The semiconductor equipment market in China is projected to exceed 45 billion USD in 2024, indicating significant growth potential for plasma RF power supply systems [8][9]. Current Development - The global plasma RF power supply system market is expected to reach 5.5 billion USD in 2024, with a year-on-year growth of 10.22%. The increasing complexity of semiconductor processes drives demand for advanced plasma RF power supply systems [10][11]. Competitive Landscape - The plasma RF power supply system market is characterized by high technical barriers and low domestic production rates in China. Major international players dominate the market, while domestic companies like Sichuan Yingjie Electric and Shenzhen Hengyun Chang Vacuum Technology are making strides in production and technology [11][12]. Domestic Company Analysis - Sichuan Yingjie Electric focuses on power electronics technology and has made significant investments in semiconductor power supply technologies, achieving mass production for advanced processes [13]. Shenzhen Hengyun Chang Vacuum Technology specializes in plasma RF power supply systems and has developed a comprehensive product matrix for semiconductor applications [14]. Future Trends - The domestic market for plasma RF power supply systems is expected to grow as local semiconductor manufacturers increasingly seek self-sufficiency in components. Companies like Shenzhen Hengyun Chang are positioned to expand their market share as they meet the technical requirements of semiconductor equipment manufacturers [15][16].