Core Viewpoint - Hengyun Chang Vacuum Technology Co., Ltd. is a leading domestic semiconductor equipment core component enterprise focusing on plasma radio frequency power systems, facing challenges in its IPO process due to being included in the inspection list by the China Securities Association, despite its continuous performance growth [1][3]. Group 1: Company Performance and Market Position - Hengyun Chang's core products are crucial in chip manufacturing processes, successfully breaking the long-standing monopoly of American giants MKS and AE, with its second-generation Bestda series supporting 28nm processes and the latest Aspen series supporting 7 to 14nm advanced processes [2]. - The company reported a compound annual growth rate (CAGR) of 84.91% in revenue and 156.72% in net profit from 2022 to 2024, indicating explosive growth [4]. - However, the company has a high dependency on its largest customer, Tuojing Technology, which accounted for over 50% of total revenue for two consecutive years, reaching 63.13% in 2024, raising concerns about operational risks [4]. Group 2: Technological Challenges - Hengyun Chang acknowledged a technological lag compared to international leaders, particularly in impedance matching and multi-frequency power supply capabilities, which are critical for advanced semiconductor manufacturing [2]. - The company is addressing the challenges posed by the low domestic localization rate of plasma radio frequency power systems, which is projected to be less than 12% in 2024, highlighting the dependency on international suppliers [2]. Group 3: Financial and Operational Concerns - The company's gross profit margin increased from 41.65% in 2022 to 48.71% in 2024, surpassing that of industry leader MKS, despite its products only matching the performance of MKS's next-generation products [4]. - There are concerns regarding the rapid increase in inventory and the significant amount of returns, amounting to 29.35 million yuan in 2024, attributed to changes in the photovoltaic market rather than product quality issues [5][6]. - The planned fundraising of 1.55 billion yuan for various projects has raised questions about its necessity, given the company's substantial cash reserves of 427 million yuan at the end of 2024 [7].