Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, highlighting the strong support for hard technology enterprises, particularly in the semiconductor industry [1][2][3] Group 1: Company Overview - Hengyunchang is positioned as a platform company providing core components and overall solutions for plasma processes, with its second-generation Bestda series supporting 28nm processes and third-generation Aspen series supporting 7-14nm advanced processes, achieving international advanced levels [2] - The company’s net profit attributable to the parent company is projected to grow from 19.61 million yuan in 2022 to 129 million yuan in 2024 [2] Group 2: IPO Fund Utilization - The IPO funds will be primarily allocated to several key projects, including the industrialization of semiconductor RF power systems in Shenyang, the establishment of an intelligent production base for core components, a research and innovation center, and a marketing and technical support center [4][5][6] - The Shenyang project aims to expand production capacity and enhance service coverage in northern regions, while the intelligent production base will improve production efficiency and product consistency through automation and advanced technologies [5][7] Group 3: Strategic Importance - The establishment of the research and innovation center is crucial for maintaining technological leadership, focusing on eight core technologies, and developing the next generation of plasma RF power systems, expected to support processes below 5nm [5] - The marketing and technical support center will enhance direct communication with end wafer fabs, allowing for real-time technical feedback and tailored services, thereby improving production efficiency and market adaptability [6][7] Group 4: Industry Context - Hengyunchang's successful IPO reflects the accelerated pace of domestic semiconductor industry chain localization, supported by the optimized policies of the Science and Technology Innovation Board [3][4] - The company has maintained a capacity utilization rate exceeding 100% for three consecutive years, indicating strong demand and operational efficiency [7]