Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is applying for an IPO on the Sci-Tech Innovation Board, aiming to become a leading domestic and internationally advanced enterprise in the integrated circuit key materials sector [1][8]. Company Overview - Established in 2004, Hengkang New Materials focuses on the R&D and industrial application of key materials for 12-inch integrated circuit wafer manufacturing, primarily covering photoresist materials and precursor materials [2][6]. - The company has achieved significant sales scale in self-produced photoresist materials, ranking among the top in the industry [2][3]. Market Position - Hengkang New Materials has successfully replaced products from foreign companies such as Tokyo Ohka Kogyo, Shin-Etsu Chemical, DuPont, Merck, and Japan Synthetic Rubber, becoming one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuits [3][6]. - The company has extensive coverage of major domestic 12-inch integrated circuit wafer manufacturers [3]. Product Development - Hengkang New Materials has developed a range of products, including SOC, BARC, KrF photoresist, and i-Line photoresist, which are essential for advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [2][4]. - The company has also achieved mass production supply of BARC for immersion lithography processes, supporting the rapid development of advanced processes in the domestic integrated circuit sector [3][4]. Financial Performance - The company's revenue for the years 2022 to 2024 is projected to be 322 million yuan, 368 million yuan, and 548 million yuan, respectively, with net profits of approximately 91.04 million yuan, 81.53 million yuan, and 94.30 million yuan [4][7]. - Hengkang New Materials' self-produced sales revenue has grown from 124 million yuan in 2022 to 344 million yuan in 2024, with a compound annual growth rate of 66.89% [7]. R&D Investment - The company has maintained a high level of R&D investment, with percentages of revenue allocated to R&D being 13.28%, 14.59%, and 16.17% from 2022 to 2024 [7]. - Hengkang New Materials has obtained 89 patent authorizations, including 36 invention patents, reflecting its strong innovation capabilities [7]. Industry Outlook - The integrated circuit key materials industry is experiencing significant growth, with the domestic market for photoresist materials expected to grow from 5.37 billion yuan in 2019 to 12.19 billion yuan in 2023, at a compound annual growth rate of 22.7% [9]. - The company is well-positioned to capitalize on the increasing demand for domestic production of key materials, as the overall level of localization in the integrated circuit industry remains low [8][9]. IPO Plans - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to fund projects related to integrated circuit precursors and advanced materials [10]. - The company aims to enhance its product matrix and seize market opportunities through the implementation of these fundraising projects [10].