新版分析 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 A0230524050004 zhumin@swsresearch.com 间运昌:国产半导体射频电源头部 MP 注册制新股纵览 20260111 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 2026 年 01 月 11 日 目 | 1.AHP 分值及预期配售比例 | | --- | | 2.新股基本面亮点及特色 | | 2.1 突破等离子体射频系统"卡脖子"难关，产品对标国际 ……………………………………… 4 | | 2.2 稳居半导体领域国产第一，绑定核心客户迎扩产浪潮 ………………………………………………… 5 | | 2.3 产能持续满载，募投扩产提质、加码研发 . | | 3.可比公司财务指标比较 | | 3.1 产品涉及核心功能，提供整体解决方案 | | 3.2 业绩增速领先，25 年收入承压 . ...

本周，陕西旅游正式登陆沪市主板，为2026年首只上市新股，该股首日上涨64.10%，单签收益约2.6万元。 根据目前安排，下周将有2只新股可申购。一只为医用护理垫、敷料"隐形冠军"，另一只为国内领先的半导体设备核心零部件供应商。 拟于下周一（1月12日）申购的爱舍伦是国内医用敷料头部企业，在医用护理垫等细分市场竞争力突出，与多家国际知名医疗器械品牌商形成稳定合作。 目前公司在全球范围内覆盖的客户主要包括Medline集团、Zarys International Group等国际知名企业。 拟于下周五（1月16日）申购的恒运昌是国内极少数实现批量交付半导体级等离子体射频电源系统的企业，公司已实现对拓荆科技、中微公司、北方华 创、微导纳米、盛美上海等国内头部半导体设备商的批量供货。除半导体设备企业外，公司也已通过中芯国际、长江存储等国内龙头终端晶圆厂的准入审 核。 此外，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。 展望：下周新股基本面一览 据目前安排，若无变化，下周（1月12日至16日）有2只新股可申购，包括科创板1只和北交所 ...

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 - The company plans to publicly issue 16.930559 million new shares, accounting for 25.01% of the total share capital after issuance [1] - Senior management and core employees intend to participate in the strategic placement of the issuance through an asset management plan, with a maximum participation of 10% of the issuance scale, equating to 1.6930559 million shares [1] - CITIC Securities Co., Ltd. will participate in the strategic placement with an initial investment ratio of 5%, amounting to approximately 846,527 shares [1] Group 2 - The company's net profit attributable to shareholders for the years 2022 to the first half of 2025 is projected to be 26.1879 million, 79.8273 million, 142 million, and 69.3476 million respectively [2] - As of June 30, 2025, the company's order backlog is 107 million, a decrease of 22.13% compared to the end of 2024 [2] - The company's main business gross profit margins are 41.49%, 45.86%, 48.51%, and 49.01%, indicating a steady increase in gross profit margins alongside rapid revenue growth [2] Group 3 - The rapid growth in revenue and profit is attributed to the rising prosperity of the domestic semiconductor industry, the wave of domestic substitution, the continuous enhancement of product competitiveness, ongoing product upgrades, and further market expansion [2] - The total investment for the projects funded by the raised capital is 1.518 billion, with 1.469 billion planned to be used from the raised funds [2] - The projects include the industrialization of semiconductor RF power systems, the establishment of an intelligent production operation base for core components, a research and innovation center, a marketing and technical support center, and working capital supplementation [2]

Group 1 - The company plans to publicly issue 16.930559 million new shares, accounting for 25.01% of the total share capital after issuance [1] - Senior management and core employees intend to participate in the strategic placement of the issuance through an asset management plan, with a maximum participation of 10% of the issuance scale, equating to 1.6930559 million shares [1] - CITIC Securities Co., Ltd. will participate in the strategic placement with an initial investment ratio of 5%, amounting to approximately 846,527 shares [1] Group 2 - The company 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 various accessories [1] - The net profit attributable to the parent company for the years 2022 to the first half of 2025 is projected to be 26.1879 million, 79.8273 million, 142 million, and 69.3476 million respectively [2] - The company’s gross profit margins for its main business are expected to increase from 41.49% in 2022 to 49.01% in the first half of 2025, driven by the growth of high-margin self-developed products [2] - The total investment for the projects funded by the raised capital is estimated at 1.518 billion, with 1.469 billion planned to be allocated from the raised funds [2]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, indicating a significant step in its growth trajectory [1] Financial Performance - The company reported revenues of 158 million yuan, 325 million yuan, and 541 million yuan for the years 2022, 2023, and 2024 respectively, with a projected revenue growth of 66.26% in 2024 [1] - Net profits for the same years were 26.19 million yuan, 79.83 million yuan, and 142.54 million yuan, reflecting a year-on-year increase of 77.31% in 2024 [1] - Basic and diluted earnings per share are projected to be 2.79 yuan in 2024, up from 1.62 yuan in 2023 [1] Research and Development - R&D expenditures over the past three years were 21.54 million yuan, 36.96 million yuan, and 55.28 million yuan, representing 13.62%, 11.36%, and 10.22% of revenue respectively [1] - As of June 30, 2025, the company employed 158 R&D personnel, accounting for 42.13% of its total workforce [1] Key Financial Metrics - The company’s key financial indicators for 2024 include: - Revenue: 540.79 million yuan - Net profit attributable to shareholders: 141.54 million yuan - Net profit after deducting non-recurring gains and losses: 128.97 million yuan - Net cash flow from operating activities: 99.50 million yuan - Return on equity: 23.26% [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (referred to as "Hengyun Chang") for a period of 12 months from the date of approval [1] Company Overview - Hengyun Chang specializes in the research, development, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, plasma DC power supplies, and various accessories [1] - The company also focuses on providing overall solutions for core components related to plasma processes, including the introduction of core components for vacuum acquisition and fluid control [1] IPO Details - Hengyun Chang's IPO application was accepted on June 13, 2025, and it entered the inquiry stage on July 6, 2025 [1] - The company received approval on November 14, 2025, and submitted its registration on the same day [1] - The company aims to raise approximately 1.469 billion yuan, with the net proceeds intended for various projects, including the industrialization of semiconductor radio frequency power systems, the establishment of an intelligent production and operation base for core components of semiconductor and vacuum equipment, a research and innovation center for cutting-edge technologies, a marketing and technical support center, and to supplement working capital [1]

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. successfully passed the IPO on the Sci-Tech Innovation Board, attracting attention due to its leading position in the semiconductor RF power system industry [2] Company Overview - Hengyunchang, established in March 2013, focuses on the R&D, production, sales, and technical services of plasma RF power systems and related devices [4] - The company's self-developed plasma RF power systems have seen a significant increase in revenue contribution, rising from 62% in 2022 to 77% in 2024 [4][7] Product Development - The company has developed three generations of products: CSL, Bestda, and Aspen, which support advanced semiconductor manufacturing processes [4] - The Bestda series supports 28nm processes, while the Aspen series supports 7-14nm processes, filling a gap in the domestic market [2] Client Relationships - The largest client, Tuojing Technology, has significantly invested in Hengyunchang prior to the IPO, raising concerns about dependency [5] - In 2022, sales to Tuojing Technology accounted for 45% of Hengyunchang's revenue, projected to increase to 63% in 2024 [5] Financial Performance - Revenue for Hengyunchang has shown substantial growth, with figures of 158 million, 325 million, and 541 million yuan from 2022 to 2024, respectively [8] - However, the company anticipates a decline in performance for 2025, with projected revenue between 489 million and 515 million yuan, a decrease of 5% to 10% compared to 2024 [8][9] Market Outlook - The domestic market for plasma RF power systems is expected to grow from 4.27 billion yuan in 2020 to 6.56 billion yuan in 2024, with a compound annual growth rate exceeding 11% [10] - The industry is on an upward cycle, and Hengyunchang's ability to leverage IPO funding for growth will be crucial for maintaining its leading position [10]

Group 1 - The core viewpoint of the article is that Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board and has quickly submitted its registration [1] - Hengyun Chang's IPO was accepted on June 13, 2025, entered the inquiry stage on July 6, and was approved on November 14, with registration submitted on the same evening [1] - The company specializes in the research, production, sales, and technical services of core components for semiconductor equipment, including plasma RF power systems and plasma excitation devices [1] Group 2 - Hengyun Chang aims to raise approximately 1.469 billion yuan through this IPO [1] - The company provides overall solutions for core components related to plasma processes, incorporating vacuum acquisition and fluid control technologies [1]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board and has submitted its registration shortly thereafter [1] Company Overview - Hengyun Chang specializes in the research, production, sales, and technical services of core components for semiconductor equipment, including plasma radio frequency power systems, plasma excitation devices, and plasma DC power supplies [1] - The company also provides overall solutions for core components related to plasma processes by integrating vacuum acquisition and fluid control technologies [1] IPO Details - The IPO application was accepted on June 13, 2025, entered the inquiry stage on July 6, and was approved on November 14, with registration submitted on the same evening [1] - Hengyun Chang aims to raise approximately 1.469 billion yuan through this IPO [1]