Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising approximately 1 billion RMB, with significant stock price increases and market capitalization reaching over 28 billion RMB, marking it as the largest IPO in Xiamen this year [2][3]. Company Overview - Established in 2004, Hengkang New Materials has a registered capital of approximately 381.92 million RMB and has formed joint ventures with companies like Jiu Ri New Materials and Ba Yi Space [4]. - Initially focused on optical film devices and window lenses, the company shifted its business model in 2014 to target the supply chain of photolithography materials and precursors for 12-inch integrated circuit wafer manufacturing [5]. Product Development and Market Position - By the end of 2024, Hengkang New Materials achieved mass production of various photolithography materials and precursors, including SOC, BARC C, i-Line photoresist, and KrF photoresist, successfully replacing foreign competitors [5][9]. - The company has become a leader in the domestic market for SOC and BARC sales, with projected sales of SOC reaching approximately 23.24 million RMB in 2024, capturing over 10% of the domestic market share [10][13]. Financial Performance - From 2022 to 2024, Hengkang New Materials reported revenues of approximately 322 million RMB, 368 million RMB, and 548 million RMB, with net profits of approximately 101 million RMB, 89.84 million RMB, and 96.92 million RMB respectively [13]. - The sales revenue from self-produced products increased significantly, accounting for 38.94%, 52.72%, and 63.77% of total revenue in the respective years [13][15]. Production Capacity and Utilization - In 2024, the production capacity for SOC and BARC was 26,928 gallons and 20,796 gallons respectively, with utilization rates of 57.42% and 21.43% [11]. - The production capacity for KrF photoresist reached 12,465 gallons, with a production output of 2,188 gallons and a utilization rate of 17.55% [11]. Market Outlook - According to market research, the domestic market for photolithography materials is expected to grow to 31.92 billion RMB by 2028, with a compound annual growth rate of 21.2% [9].

Core Viewpoint - The successful IPO of Xiamen Hengkang New Materials Technology Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic semiconductor materials industry, particularly in the field of photoresists, highlighting the trend of domestic substitution in critical materials [3][5][6]. Group 1: IPO Performance and Market Impact - Hengkang New Materials debuted at an issue price of 14.99 yuan per share, experiencing a remarkable opening surge of 287%, with its market capitalization briefly exceeding 28 billion yuan [3]. - The company's performance positions it as the largest IPO in Xiamen for the year, emphasizing its role in the semiconductor "bottleneck" materials sector [3]. Group 2: Technological Advancements and Market Position - Hengkang New Materials has established itself as one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing, focusing on photoresist and precursor materials since its inception in 2004 [5]. - The company’s core products, SOC (Spin Coated Silicon) and BARC (Bottom Anti-Reflective Coating), lead the domestic market, with SOC's market share exceeding 10% in 2024 [5]. - The company has invested significantly in R&D, with expenditures rising from 42.74 million yuan in 2022 to 88.61 million yuan in 2024, representing an increase in R&D expenditure ratio from 13.28% to 16.17% [5]. Group 3: Domestic Substitution and Supply Chain Integration - The domestic photoresist market remains heavily reliant on imports, with local production rates for various types of photoresists being significantly low, such as 10% for i-Line and only 1-2% for BARC and KrF photoresists [6]. - Hengkang New Materials has successfully entered the supply chains of major domestic 12-inch wafer fabs, delivering over 50,000 gallons of product, with some clients achieving sales exceeding 100 million yuan [6]. Group 4: Capital Injection and Future Prospects - The IPO has provided Hengkang New Materials with new growth momentum, with raised funds directed towards expanding production capacity and advancing R&D for high-end products like ArF photoresists [8]. - The listing serves as a benchmark for the industry, demonstrating the viability of the "technology breakthrough - customer validation - mass production - capital market entry" pathway for photoresist companies [8]. Group 5: Competitive Landscape and Global Context - The global photoresist market is dominated by Japanese and American companies, which hold a combined market share of 95%, particularly in high-end photoresists [16][17]. - Hengkang New Materials' success may inspire other domestic companies in the photoresist sector, although replicating or surpassing its achievements will require time and continued innovation [9].

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ： 内容来自 上海证券报·中国证券网 ，谢谢 。 今天，厦门恒坤新材料科技股份有限公司（正式在上海证券交易所科创板上市交易，为厦门半导体 产业再添上市新军。上市首日收盘，公司大涨310%，市值直逼300亿。 恒坤新材成立于2004年，总部位于厦门市海沧区，专注于集成电路制造过程的两大关键材料—— 光刻材料和前驱体材料的研发、生产和销售，是中国境内少数具备12英寸集成电路晶圆制造关键 材料研发和量产能力的创新企业之一。 从2004年成立，到2014年确立如今的产品路径，从引进国外产品到自产营收不断增长，恒坤新材 创新性地走出了一条"引进、消化、吸收、再创新"的发展路径，公司客户涵盖多家中国境内领先的 12英寸集成电路晶圆厂，已实现境外同类产品替代。 本次IPO，恒坤新材拟募集资金10.07亿元，主要用于"集成电路前驱体二期项目"和"集成电路用先 进材料项目"的建设，帮助公司进一步扩大产能、提升技术水平，满足不断增长的市场需要。公司 力争成为具有核心竞争力，国内领先、国际先进的集成电路关键材料本土企业。 从引进到领跑 恒坤新材成立于2004年，设立之初主要从事光电 ...

国产高端光刻胶树脂材料 将迎来重大发展时期 日前,八亿时空宣布由公司投建的国内首条百吨级半导体 KrF光刻胶树脂高自动化柔性/量产双产线顺利建成,打破 国际巨头市场垄断。 光刻胶产业背景 01 光刻胶主要分为三种类型: 新型显示 光刻胶 集成电路 PCB 光刻胶 光刻胶 光刻胶 其中,集成电路光刻胶技术壁垒最高、市场空间最大。 2025年全球集成电路光刻胶: 市场规模预计突破 同比增长 40亿美元 9% 全球集成电路用光刻胶市场(亿美元) 一 43.2 50 39.7 39.6 369 35.2 ● 40 35 20 10 nnon onor 0 nnon 1017 nnni ZULL 2 ZULI ZUZS ZUZ4 ZUZSF * 数据来源: CEMIA 截至2024年. 中国光刻胶生产能力主要集中在PCB和新型 显示领域产品. 而集成电路光刻胶产品占比较低。 主要由日本、欧美 全球光刻胶市场 等少数企业主导 竞争格局呈现高 中国等新兴市场正 度集中、区域分布 加速追赶 ▲ f ▲ 不均衡的特点: 集成电路领域用光刻胶方面,主要被日本和美国企业所垄 断,包括日本JSR、信越化学、TOK、住友化学,美国陶氏 ...

11月18日新股申购 (共1) | 精创电气(北交所, 920 | | --- | | 恒坤新材(科创板,688 | | | | --- | --- | --- | | 发行价格 | 14.99元 | | | 智签率 | 0.03% | 询价! | | 总市值 | 67.35亿 | | | 发行市盈率 | 71.42 | 行业 | | 公司是境内少数实现光刻材料与前驱体材料量 | 1、 | | | NAND、DRAM 存储芯片与 90nm 技术节点及以¯ | | | | 业务及亮点 | 等工艺环节。 | | | 2、ArF光刻胶已实现小批量销售，SiARC、TopC | | | | 体材料则已进入客户验证流程。 | | | | 南网数字(创业板, 301 | | | | 发行价格 | 5.69元 | | | --- | --- | --- | | 郎签率 | 0.04% 询价! | | | 总市值 | 180.9亿 | | | 发行市盈率 | 32.22 行业 | | | 委。 | 1、公司是南方电网下属专注于电力能源行业数字 2、公司持续发力突破"卡脖子"技术，重点培养 | | | | 统、"大瓦特"人工智 ...

Core Insights - The semiconductor photoresist industry is crucial for chip manufacturing, directly impacting chip resolution, yield, and cost, and is characterized by high technical barriers [1][2] - China is prioritizing the development of photoresists through multi-dimensional policy support, aiming for a market size of approximately $13.46 billion by 2024 [1][8] - Domestic companies are forming a multi-tiered industrial structure, with leading firms like Nanda Optoelectronics and Tongcheng New Materials achieving mass production and integration into supply chains [1][12] Industry Overview - Semiconductor photoresists, also known as photoresists, are materials that change solubility when exposed to radiation, playing a key role in accurately transferring circuit patterns onto wafers [2][3] - The market for semiconductor materials in China is projected to reach $13.46 billion in 2024, with a growth rate of approximately 2.85% [8][12] Policy Support - The Chinese government has established a comprehensive policy framework to support the semiconductor industry, including tax incentives and application demonstrations, to accelerate the development of photoresists [5][6] - Key policy documents include the "14th Five-Year Plan for the Development of Raw Materials Industry" and the "Action Plan for Stable Growth of Electronic Information Manufacturing Industry 2025-2026" [6][8] Industry Chain - The semiconductor photoresist industry chain in China is characterized by strong collaboration across upstream, midstream, and downstream sectors, with a clear path towards domestic production [6][8] - Domestic companies have achieved high self-sufficiency in mid-to-low-end raw materials, while high-end materials still require breakthroughs [6][10] Market Dynamics - The demand for high-end photoresists is increasing as chip manufacturing processes advance, with the market for photoresists expected to reach approximately 5.63 billion yuan in 2024 [12][14] - The domestic market is seeing a shift towards local alternatives, with KrF photoresists becoming the mainstay for mid-to-high-end applications and ArF photoresists achieving significant breakthroughs [12][14] Competitive Landscape - The global photoresist market is dominated by foreign giants, with Japanese and American companies holding about 87% of the market share [12][14] - Domestic companies are gradually increasing their market share in mature processes, with firms like Nanda Optoelectronics leading in ArF photoresists and Tongcheng New Materials dominating KrF photoresists [14][16] Future Trends - The semiconductor photoresist industry in China is expected to evolve along three main lines: technological breakthroughs, ecological collaboration, and competitive restructuring [15][16] - Future developments will focus on enhancing the performance of KrF and ArF photoresists, advancing EUV photoresist technology, and fostering vertical integration within the industry [15][16]

Group 1 - The company is a subsidiary of Southern Power Grid, focusing on digital solutions for the power energy sector, with a total market value of 15.38 billion yuan and an issuance price of 5.69 yuan [2][3] - The company's main revenue sources include digitalization of the power grid (39.23%), enterprise digitalization (33.41%), and digital infrastructure (25.29%) [2] - The company has achieved significant technological advancements, including the development of core chips for industrial control and proprietary sensors, moving from imported general-purpose products to self-developed specialized products [3] Group 2 - The company operates in the semiconductor materials sector, with a total market value of 5.725 billion yuan and an issuance price of 14.99 yuan, focusing on photolithography materials and precursors [4] - Recent financial performance shows a revenue increase of 49.01% projected for 2024, with previous years showing a revenue of 3.677 billion yuan in 2023 and 3.218 billion yuan in 2022 [4] - The company has successfully initiated small-scale sales of ArF photoresist and is in the customer validation phase for SiARC and TopC materials [4] Group 3 - The company specializes in wind power transmission equipment, holding a market share of 16.22% in China and ranking second nationally, with a total market value of 18.67 billion yuan and an issuance price of 46.68 yuan [5] - The company has established long-term partnerships with major players in the wind energy sector, including Goldwind Technology and Envision Energy, enhancing its market position [5] - Future growth is anticipated from offshore wind power gearbox orders, which are expected to contribute significantly to the company's performance [5] Group 4 - The company provides engineering cost management, bidding agency, and consulting services, with a total market value of 0.7237 billion yuan and an issuance price of 14.27 yuan [6] - The company has been recognized for its comprehensive consulting capabilities in the engineering sector, ranking among the top in various categories from 2021 to 2024 [6] - The company aims to expand its services from Suzhou to the Yangtze River Delta and nationwide, enhancing its market reach [6]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is focused on the research and industrial application of key materials for integrated circuits, aiming to break the foreign monopoly in the 12-inch integrated circuit wafer manufacturing sector and enhance domestic supply chain security [6][18]. Company Overview - The company specializes in the research, production, and sales of photolithography materials and precursor materials, being one of the few domestic firms capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [6][7]. - Its products are essential for the manufacturing processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [7]. Product Development - The company has successfully mass-produced products including SOC, BARC, i-Line photoresists, KrF photoresists, and TEOS precursor materials, with ongoing development of new products like ArF photoresists and SiARC [7][13]. - As of the reporting period, the company has over a hundred products in various stages of research, validation, and mass supply [7]. Financial Performance - The company's main business revenue has shown steady growth, with self-produced product sales revenue increasing from 123.58 million yuan in 2022 to 344.19 million yuan in 2024, reflecting a compound annual growth rate of 66.89% [13][15]. - The gross profit from the main business has also increased, with self-produced products contributing significantly to the overall gross profit [14][15]. R&D Investment - R&D expenses have been consistently increasing, amounting to 42.74 million yuan in 2022 and 88.61 million yuan in 2024, representing 16.17% of the revenue [16]. - The company emphasizes continuous innovation and product development to enhance its market position [21]. Market Position and Strategy - The company aims to fill the gap in high-end materials currently dominated by foreign manufacturers, with a focus on expanding its product line and improving product quality [19][20]. - It plans to leverage its capital market entry to enhance technological development and industrial layout, aiming to become a leading domestic and internationally competitive enterprise in the integrated circuit key materials sector [24][20]. Listing and Fundraising - The company is set to raise funds through its IPO to invest in projects related to advanced materials and precursor materials for integrated circuits, which will enhance its product offerings and competitive edge [29][30]. - The expected market capitalization post-IPO is projected to be no less than 1 billion yuan, meeting the listing standards [26].

Group 1 - The core issue raised by investors is the stagnation in the validation of multiple ArF photoresists, with only three products validated by the end of 2025 despite years of effort [2] - Nanda Optoelectronics reported that its ArF photoresist sales revenue exceeded 10 million last year, indicating a positive trend in sales [2] - The company mentioned that several products are progressing well in testing with key customers, and products that received orders earlier are maintaining stable supply [2]

Core Insights - Nanda Optoelectronics reported that its ArF photoresist sales revenue exceeded 10 million yuan last year, indicating strong market performance [2] - The company has made significant progress in testing multiple products with key customers this year, suggesting a positive outlook for future sales [2] - Products that received orders earlier are maintaining a stable supply, reflecting the company's operational efficiency and reliability [2]