Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. (referred to as "Hengyunchang") is pursuing an IPO on the Sci-Tech Innovation Board, aiming to raise 1.55 billion yuan for various projects to enhance its production capacity and R&D capabilities in the semiconductor equipment sector [2][5]. Company Overview - Hengyunchang 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 related components [2][3]. - The company has developed three product series over ten years, successfully breaking the long-standing monopoly of American giants MKS and AE in the domestic market [3]. Market Position - In 2023, the domestic market for plasma RF power systems in China's semiconductor industry was valued at 5.84 billion yuan, with Hengyunchang holding the largest market share among domestic manufacturers [4]. - The company’s products have been recognized for their performance, and it has established itself as a strategic supplier for leading domestic semiconductor equipment manufacturers [4][5]. Financial Performance - Hengyunchang's revenue has shown significant growth, with figures of 158 million yuan in 2022, 325 million yuan in 2023, and projected 541 million yuan in 2024. Net profits for the same years are 26.39 million yuan, 80.54 million yuan, and 143 million yuan respectively [5]. - The funds raised from the IPO will be allocated to projects aimed at enhancing production scale, R&D investment, and customer support capabilities, further solidifying its leading position in the plasma RF power system sector [5].