龙头点睛：光刻胶板块掀起涨停潮 今日（9月24日）28股封单资金均超过1亿元。 涨停战场：3股封单资金均超5亿元 据证券时报·数据宝统计，从收盘涨停板封单量来看，蓝丰生化（002513）、启迪环境（000826）、华 软科技（002453）排名前三，封单量依次为51.82万手、36.68万手、33.88万手；TCL中环（002129）、 杭钢股份（600126）、渝开发（000514）、红豆股份（600400）紧随其后，封单量均在20万手以上。 从连续涨停天数看，华软科技斩获4连板；蓝丰生化、联美控股（600167）、向日葵实现3连板；另有张 江高科（600895）、立昂微（605358）、长川科技（300604）、南京港（002040）等2连板。 以封单金额计算，今日28股封单资金均超过1亿元。北方华创（002371）、通富微电（002156）、张江 高科排名前三，依次为8.74亿元、6.03亿元、5.03亿元；立昂微、蓝丰生化、长川科技、华软科技随 后，封单资金均在3亿元及以上。 北方华创最新收盘价为460.68元/股，1.9万手封单。盘后龙虎榜数据显示，今日合计净卖出8662万元。 深股通买入8.15亿 ...

在当前中美贸易摩擦常态化的背景下，实现集成电路关键材料的国产化替代已成为国家战略的重要方 向。恒坤新材凭借其自产产品在性能上达到美日同类产品标准，同时在客户服务响应速度、物流时效和 成本控制方面展现出明显优势，为国内集成电路产业供应链安全提供了有力支撑。 在市场拓展方面，恒坤新材已成功进入国内前十大晶圆厂中的多家企业供应链，并与部分头部客户建立 起稳定、持续的合作关系。由于晶圆厂对关键材料供应商的产品质量和供应稳定性要求极高，认证周期 较长，公司凭借已建立的优质客户基础，在新产品导入和客户验证方面占据了先发优势。 在技术创新层面，恒坤新材持续加大研发投入，积极推进新产品和新工艺的开发。目前，ArF光刻胶、 SiARC、Top Coating等高端光刻材料，以及硅基、金属基前驱体材料均已进入客户验证阶段。其中， ArF光刻胶已通过验证并实现小批量销售。同时，公司还在加快突破光刻材料核心原材料树脂的合成工 艺，有望进一步提升产品国产化程度。 来源：滇云发现 据恒坤新材近期披露IPO上市招股书（注册稿）显示，恒坤新材近年来业绩呈现稳步增长态势。2022年 至2024年，公司营业收入从3.22亿元攀升至5.48亿元； ...

Core Viewpoint - The advancement of semiconductor localization has led to the emergence of several strong companies in the photoresist sector, providing high-quality products that empower the rapid development of the semiconductor industry [1] Company Summaries - **Jiu Ri New Materials (Stock Code: 688199)**: Jiu Ri New Materials has established a full industry chain layout, becoming the world's largest supplier of photoinitiators and a potential dark horse in the photoresist field. With over 20 years of experience in chemical synthesis and process optimization, the company has developed more than 30 semiconductor photoresist formulations, achieving bulk supply after successful testing by downstream customers. The order volume has reached a ton-level scale, with photoinitiators achieving large-scale sales across various sectors including display panels and semiconductor chip production [3] - **Rongda Photosensitive (Stock Code: 300576)**: Rongda Photosensitive focuses on the research, production, and sales of photoresist products, primarily G-line and I-line photoresists. The company plans to launch its semiconductor photoresist production line in 2025, targeting the packaging market [4] - **Tongcheng New Materials (Stock Code: 603650)**: Tongcheng New Materials operates as a platform enterprise for new materials, covering photoresists (semiconductor/display), specialty rubber additives, and biodegradable materials. Its subsidiary, Beijing Kehua, focuses on semiconductor photoresists, achieving a high domestic market share for KrF photoresists, while ArF photoresists have passed customer validation and are in continuous mass production. EUV packaging photoresists are currently in the research and development stage [5] - **Nanda Optoelectronics (Stock Code: 300346)**: Nanda Optoelectronics' main business includes advanced precursor materials, electronic special gases, photoresists, and supporting materials. Its semiconductor materials cover ArF photoresists and electronic special gases, applicable in the manufacturing of chips with a process node of 28nm and above [6] - **Shanghai Xinyang (Stock Code: 300236)**: Shanghai Xinyang is dedicated to providing integrated solutions for key process materials, supporting equipment, application processes, and on-site services for integrated circuits. Its product offerings include KrF photoresists, wafer-level packaging photoresists, electroplating solutions, and cleaning agents, serving the manufacturing of storage and logic chips [7]

Core Viewpoint - Hengkun New Materials has successfully registered for an IPO on the Sci-Tech Innovation Board, marking a significant milestone in its transformation from traditional optoelectronic film business to key materials for integrated circuits [1] Group 1: Company Development History - Established in 2004, Hengkun New Materials initially focused on the research, production, and sales of optoelectronic film devices and window lens products [2] - Since 2014, the company has been planning a business transformation towards key materials in the integrated circuit field [2] Group 2: Technological Innovation Achievements - The company has achieved significant milestones in technology innovation and R&D investment, focusing on the development and industrial application of key materials for integrated circuits [5] - Hengkun New Materials has successfully introduced imported photoresist materials and precursor materials, which have been validated by leading 12-inch integrated circuit wafer fabs in China since 2017 [4] - The company has achieved over 100 million yuan in sales revenue from self-produced products by 2022, including various photoresist materials and precursor materials [4] - Current products are essential for advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below, addressing critical areas in the integrated circuit wafer manufacturing process [5] - Hengkun New Materials has successfully replaced foreign products in the 12-inch integrated circuit key materials market, breaking the foreign monopoly and moving towards innovation leadership [5]

Core Viewpoint - The domestic photoresist industry is experiencing a critical period of accelerated development, with leading companies showing impressive performance in revenue, profit, and technological advancements [4][5][6]. Group 1: Company Performance - Nanda Optoelectronics achieved a revenue of 1,228.87 million yuan in the first half of 2025, a year-on-year increase of 9.48%, and a net profit of 207.81 million yuan, up 16.30% [5][6]. - Tongcheng New Materials reported a revenue of 165.47 million yuan, a growth of 4.97%, with its semiconductor photoresist business growing over 50% for two consecutive years [6][8]. - Jingrui Electric Materials saw a revenue of 767.94 million yuan, a 10.68% increase, and a net profit of 69.75 million yuan, a significant increase of 1,501.66% [9][10]. - Shanghai Xinyang achieved a revenue of 896.65 million yuan, a growth of 35.67%, and a net profit of 133.31 million yuan, up 126.31% [11][12]. - Yongda Photosensitive reported a revenue of 506.30 million yuan, a 14.10% increase, but a net profit decline of 4.31% [13][14]. - Yake Technology's revenue reached approximately 4.29 billion yuan, a growth of 31.82%, with a net profit of 52.28 million yuan, up 0.63% [15][16]. - Dinglong Co., Ltd. reported a revenue of 1.73 billion yuan, a 14.00% increase, and a net profit of 311.04 million yuan, up 42.78% [17][18]. - Feikai Materials achieved a revenue of 146.23 million yuan, a 3.80% increase, and a net profit of 21.68 million yuan, up 80.45% [19][20]. - Bayi Shikong's revenue was 41.54 million yuan, a 10.63% increase, but net profit decreased by 37.90% [21][22]. - Ruilian New Materials reported a revenue of approximately 80.62 million yuan, a growth of 16%, and a net profit of about 16.61 million yuan, up 74% [23][24]. - Guangxin Materials achieved a revenue of 23.35 million yuan, a decrease of 10.38%, with a net profit decline of 51.38% [25][26]. - Huamao Technology reported a revenue of 1.11 billion yuan, a growth of 14.42%, and a net profit of 136.58 million yuan, up 3.21% [27][28]. - Jiuri New Materials saw a revenue of 71.35 million yuan, a decrease of 7.11%, with a net loss of 9.06 million yuan [29][30]. Group 2: Industry Trends - The photoresist industry is witnessing significant technological advancements, with many companies achieving breakthroughs in product development and production capacity [4][6][19]. - The domestic market is increasingly competitive, with companies focusing on R&D and expanding their product lines to meet the growing demand in semiconductor manufacturing [6][17][19]. - Companies are investing heavily in R&D, with some allocating over 13% of their revenue to develop advanced materials for integrated circuits and other applications [11][27].

Core Viewpoint - The domestic production process of key materials in the integrated circuit industry is being driven by both policy and market forces, with Hengkun New Materials successfully passing the IPO process to raise 1.007 billion yuan for projects targeting high-end materials and precursor production [1][3]. Policy Support - The projects related to precursors and photoresists are included in the "Key New Materials First Batch Application Demonstration Guidance Catalog (2024 Edition)," which are encouraged by the state [3]. - A series of policies, including tax incentives and local government support, have provided substantial benefits for integrated circuit material companies, laying a solid policy foundation for Hengkun New Materials' capacity expansion [3]. Technical Capability - Hengkun New Materials has accumulated research and development capabilities and mass production experience in key materials for integrated circuits, with products like TEOS and SOC already in mass production [3]. - The company has formed a composite technical team covering material formulation design, process development, quality control, and application, which is crucial for achieving true domestic substitution [3][4]. Market Outlook - The demand for precursors and high-end photoresists is rapidly increasing as domestic wafer manufacturing processes advance, with a projected compound annual growth rate of over 27% for the integrated circuit precursor market in the next five years [4]. - The ArF photoresist market is expected to grow at an annual rate of 30.5%, indicating significant room for domestic substitution as the current localization rate remains low [4]. - Hengkun New Materials' fundraising projects have multiple feasibilities in terms of policy, technology, and market, which may enhance the company's competitiveness in the key materials sector and support the realization of domestic substitution and industrial autonomy [4].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has been approved for IPO on the Sci-Tech Innovation Board, indicating its compliance with the necessary conditions for issuance, listing, and information disclosure [2] Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [2] - The company was established in 2004, initially engaged in the development and production of optoelectronic film devices and window lens products, and shifted its business strategy towards key materials for integrated circuits starting in 2014 [2] - Since 2020, the company has achieved over 100 million yuan in sales revenue from self-produced products, ranking among the top domestic peers in the sales scale of self-produced photoresist materials [2][3] Product Applications - The company's products are essential for the production of advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below, including photoresist and precursor materials [3] - Hengkang New Materials has successfully mass-produced and supplied various products, including SOC, BARC, i-Line photoresist, KrF photoresist, and TEOS precursor materials, with continuous increases in supply as product validations are completed [3] Market Position and Strategy - The company has developed a unique approach of "introducing, digesting, absorbing, and innovating" in the integrated circuit key materials market, successfully replacing foreign products and breaking the monopoly in the 12-inch integrated circuit key materials sector [3][7] - The domestic integrated circuit key materials market is currently dominated by foreign manufacturers, with local companies facing significant challenges in terms of raw material supply, technology, and funding [7] Fundraising and Project Development - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to invest in two major material projects, including the second phase of the precursor project and the development of SiARC [4] - The total fundraising amount has been adjusted to 1.006695 million yuan due to changes in project plans, reflecting the company's strategic focus on enhancing its production capabilities [4]

Core Viewpoint - The article highlights the significance of Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) in the domestic semiconductor materials industry, particularly in the high-end photoresist sector, as it prepares for its IPO on the Sci-Tech Innovation Board, reflecting recognition of its technological scarcity and rectification efficiency by regulatory authorities [1][12]. Industry Overview - The integrated circuit industry is a strategic and foundational sector for national economic and social development, with the self-sufficiency of key materials directly impacting the security and competitiveness of the supply chain [3]. - As of 2023, the domestic production rates for critical materials like i-Line photoresist and SOC are approximately 10%, while KrF photoresist and BARC are below 2%, and ArF photoresist is less than 1%, indicating a heavy reliance on imports [3]. Company Profile - Established in 2004, Hengkang New Materials focuses on two core product categories: photoresist materials (including SOC, BARC, KrF, i-Line, and ArF photoresists) and precursor materials (notably TEOS) [4]. - The company has achieved mass production of several key materials by 2024, supplying over 36,000 gallons of SOC and BARC, and over 320 tons of TEOS, successfully replacing foreign competitors' products [6]. Financial Performance - From 2022 to 2024, the company's revenue from self-produced products grew from 124 million to 344 million yuan, with a compound annual growth rate of 66.89%, and the revenue share increased from 38.94% to 63.77% [6][7]. - In 2023, Hengkang New Materials' self-produced photoresist revenue was 170 million yuan, accounting for approximately 2.2% of the total semiconductor photoresist market in China [11]. Research and Development - Hengkang New Materials emphasizes R&D, with total R&D investment reaching 185 million yuan from 2022 to 2024, and R&D expense ratios increasing to 16.17% by 2024, significantly above the industry average [8]. - The company has made breakthroughs in three core areas: customized development of photoresist materials, high-purity precursor synthesis, and advanced materials validation [9]. Market Position and Strategy - The company has established a leading position in the domestic market for SOC and BARC materials, with significant market shares as of 2023 [11]. - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to invest in the second phase of its precursor project and advanced materials project, aiming to enhance production capacity and product structure [15][16]. - The company aims to expand its product matrix from mid-to-low-end to high-end materials and to promote the localization of upstream raw materials to mitigate supply chain risks [16]. Future Outlook - With increasing government support for the semiconductor industry and the ongoing push for domestic material substitution, Hengkang New Materials is well-positioned to capitalize on growth opportunities in the integrated circuit materials market [12]. - The company is committed to continuous technological innovation and stable operational development, contributing to the security of the supply chain and enhancing China's global competitiveness in the semiconductor industry [16].

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].

Core Insights - Hengkun New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][3] - The company’s products are essential for the production processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below, including photolithography and thin film deposition [2] Group 1 - Hengkun New Materials has successfully mass-produced and supplied products such as SOC, BARC, i-Line photoresists, KrF photoresists, and TEOS precursor materials, with the number of products supplied continuously increasing as product validation progresses [2] - The company is actively developing new products, including ArF photoresists, SiARC, Top Coating materials, and silicon-based and metal-based precursor materials, with ArF photoresists having passed validation and entered small-scale sales [2] - The total number of products in research, validation, and mass supply has exceeded one hundred [2] Group 2 - In response to the increasing demand for supply chain security in the domestic integrated circuit sector, Hengkun New Materials has adopted an innovative development path of "introducing, digesting, absorbing, and re-innovating" based on its professional understanding and technical accumulation of various processes and key materials in integrated circuit wafer manufacturing [3] - The company serves several leading domestic 12-inch integrated circuit wafer manufacturers, achieving domestic leadership and international advanced levels, thereby replacing foreign counterparts and breaking the monopoly on key materials for 12-inch integrated circuits [3] - Hengkun New Materials is actively participating in collaborative innovation with customers, providing customized development of key materials for product technology iteration, transitioning from following and replacing to leading innovation [3]