国产等离子体射频电源系统供应商深圳市恒运昌真空技术股份有限公司（简称"恒运昌"）冲刺科创板IPO事宜有进展。10月17日，该公司已回复其科创板上 市申请审核问询函，并更新招股书中财务数据等重要内容。 更新后的招股书显示，2025年上半年，恒运昌调整了其占营收比重超六成的第一大客户、持股超3%的拓荆科技（688072.SH）的信用政策，将其从维持多年 的30天延长至60天。 对于这个现象，智通财经记者采访了行业多位人士，大家观点不一。 不容忽视的是，今年上半年，随着大客户拓荆科技的账期拉长，恒运昌的应收账款大幅上涨，应收账款周转率下滑，公司的资金压力有所提升。 恒运昌半导体级等离子体射频电源系统于2018年开始研发、2020年下半年开始批量交付。到2024年，恒运昌的自研产品收入占比超过80%。 不过，恒运昌的竞争对手正在增加。英杰电气（300820.SZ）、北方华创微电子等公司加紧布局射频电源业务。 智通财经了解到，英杰电气重点攻关半导体刻蚀、薄膜沉积（CVD/PECVD）、离子注入等关键制程电源技术，部分型号射频电源已实现量产，覆盖5nm刻 蚀及PECVD等先进制程，已成为中微公司（688012.SH）供应 ...

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].