11月18日共有2只新股上市，分别为创业板南网数字、科创板恒坤新材、北交所北矿检测。 南网数字IPO首发价为5.69元/股，发行市盈率为32.22倍，共发行4.77亿股，网上发行9774.15万股。公司 主营业务是为电力能源等行业客户提供数字化建设综合解决方案。 恒坤新材IPO首发价为14.99元/股，发行市盈率为71.42倍，共发行6739.79万股，网上发行1618.65万股。 公司主营光刻材料和前驱体材料的研发、生产和销售，具体包括KrF/ArF光刻胶和TEOS等。 北矿检测IPO首发价为6.70元/股，发行市盈率为14.99倍，共发行2832.00万股，网上发行2548.80万股。 公司专业从事有色金属矿产资源检验检测技术研发、技术服务及仪器研发。 ...

Core Viewpoint - The article discusses the rapid IPO process of Xiamen Hengkang New Materials Technology Co., Ltd., which is set to become the first stock in the "photoresist materials" sector on the Sci-Tech Innovation Board, amidst the backdrop of China's semiconductor industry striving for self-sufficiency in the face of Western restrictions [1][4]. Company Overview - Xiamen Hengkang is one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [2]. - The company plans to raise 1.007 billion yuan for two major projects related to integrated circuit precursors and advanced materials [1]. Financial Performance - The company has faced scrutiny regarding its revenue recognition methods, particularly the distinction between self-produced and introduced products, which has raised questions about its financial health [5][6]. - Under the net method, Hengkang's revenue growth appears robust, but the total revenue growth is significantly lower when calculated using the gross method [7][9]. Market Position and Challenges - Hengkang's self-produced business has shown a compound annual growth rate (CAGR) of 66.9% from 2022 to 2024, but over 60% of its gross profit still comes from introduced products [9][10]. - The company has lost a significant customer, SKMP, leading to a sharp decline in introduced business revenue and gross profit in the first half of the year [9][10]. Strategic Direction - Hengkang is diversifying its product offerings by entering new fields such as KrF/ArF photoresists and TEOS, aiming to reduce operational risks [11][13]. - The company has faced challenges in profitability, with cumulative losses nearing 95 million yuan from 2021 to 2024, and ongoing royalty payments impacting its profit margins [13][14]. Industry Context - The domestic semiconductor industry is experiencing a surge, but companies like Hengkang still face significant hurdles in breaking the dominance of established foreign players in the photoresist market [11][15]. - The competitive landscape includes established players like Nanda Optoelectronics and Tongcheng New Materials, making market share acquisition challenging for newcomers like Hengkang [14][15].

Core Viewpoint - The company is actively developing nearly 30 high-end wafer photoresists, with over 15 products already sent for customer validation and more than 10 products entering the gallon sample testing phase, indicating smooth overall testing progress [1] Group 1: Product Development - The company has laid out nearly 30 high-end wafer photoresists [1] - More than 15 products have been sent for customer validation [1] - Over 10 products have entered the gallon sample testing phase [1] Group 2: Technology Advancement - The company's KrF/ArF photoresist products are continuously expanding from mature processes to more advanced processes [1]

Core Viewpoint - The company has developed nearly 30 high-end wafer photoresists, with over 15 products sent for customer validation and more than 10 products entering the gallon sample testing phase, indicating smooth overall testing progress [1] Product Development - The company is expanding its KrF/ArF photoresist products from mature processes to more advanced processes, showcasing its commitment to innovation and market competitiveness [1]

Core Viewpoint - Dinglong Co., Ltd. continues to experience rapid growth in the semiconductor innovation materials sector, with significant increases in revenue and net profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, Dinglong Co., Ltd. achieved operating revenue of 1.732 billion yuan, a year-on-year increase of 14.00% [2]. - The company reported a net profit attributable to shareholders of 311 million yuan, representing a year-on-year growth of 42.78% [2]. - The net profit after deducting non-recurring gains and losses was 294 million yuan, up 49.36% year-on-year [2]. - The net cash flow from operating activities was 439 million yuan, an increase of 28.78% compared to the previous year [2]. - In Q2 2025, the company recorded operating revenue of 908 million yuan, an increase of 11.9% year-on-year, and a net profit of 170 million yuan, up 24.8% year-on-year [2]. Semiconductor Business - Dinglong Co., Ltd. focuses on semiconductor innovation materials, including CMP process materials, photoresists, semiconductor display materials, and advanced packaging materials [3][4]. - The semiconductor business generated revenue of 943 million yuan in the first half of 2025, with CMP polishing pads, polishing liquids, and cleaning liquids accounting for over 90% of this revenue [3]. - The semiconductor segment achieved a main business income of 1.52 billion yuan in 2024, reflecting a year-on-year growth of 77.40% and constituting 45.5% of the company's total operating revenue [2][3]. Research and Development - The company maintained a high level of R&D investment, totaling 250 million yuan in the first half of 2025, a year-on-year increase of 13.92%, representing 14.41% of operating revenue [5]. - As of June 30, 2025, Dinglong Co., Ltd. held 1,301 patents, with 1,052 granted, including 108 design patents, 397 invention patents, and 547 utility model patents [5]. - The company has transitioned from a traditional printing consumables business to a leader in semiconductor materials since initiating R&D in CMP polishing pads in 2012 [5][6]. Competitive Position - Dinglong Co., Ltd. is the only global supplier capable of providing four types of CMP materials, controlling 96% of the raw material value in the CMP process [6]. - The company has established a production line for 30 tons of KrF/ArF photoresists, with plans for a project to produce 300 tons, aimed at alleviating the supply shortage of high-end photoresists in China [6].

Core Viewpoint - The company has shown significant growth in revenue and net profit, driven primarily by its semiconductor business, which is expected to maintain high growth in the coming years [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [1]. - In Q1 2025, the company reported revenue of 824 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 141 million yuan, a year-on-year increase of 72.84% [1]. Semiconductor Business Growth - The semiconductor segment has driven the company's revenue and profitability, with sales from CMP polishing pads, CMP polishing liquids, and semiconductor display materials reaching 716 million yuan, 215 million yuan, and 402 million yuan in 2024, reflecting year-on-year growth rates of 71.51%, 178.89%, and 131.12% respectively [2]. - In Q1 2025, the same segments reported sales of 220 million yuan, 55 million yuan, and 130 million yuan, with year-on-year growth rates of 63.14%, 53.64%, and 85.61% respectively [2]. - The semiconductor business is expected to continue high growth in 2025 due to increased orders and new product validations [2]. Profitability and Margins - The company's overall gross margin improved to 46.88% in 2024 and 48.82% in Q1 2025, representing increases of 9.93 percentage points and 4.56 percentage points year-on-year, respectively [2]. Future Growth Prospects - The company is advancing new businesses such as high-end wafer photoresists and advanced semiconductor packaging materials, which are expected to contribute to growth in 2025 [2]. - The company plans to raise 910 million yuan through convertible bonds to fund projects related to KrF/ArF photoresist production and the localization of key raw materials for optoelectronic semiconductor materials [3]. - The company is positioned as a leader in the domestic semiconductor materials market, with significant growth potential driven by its technological and production capabilities [3]. Earnings Forecast - The company is projected to achieve net profits of 714 million yuan, 917 million yuan, and 1.186 billion yuan for the years 2025, 2026, and 2027, corresponding to price-to-earnings ratios of 39x, 30x, and 24x, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth in the semiconductor materials sector [5]. Core Insights - The company's revenue for 2024 reached 3.338 billion RMB, a year-on-year increase of 25.14%, with a net profit attributable to shareholders of 521 million RMB, up 134.54% [2]. - The semiconductor materials segment is driving revenue growth, with a reported income of 1.52 billion RMB in 2024, reflecting a 77.40% increase year-on-year [3]. - The company has issued convertible bonds to expand its production capacity for photolithography and semiconductor materials, raising 910 million RMB for key projects [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 824 million RMB, a 16.37% increase year-on-year, and a net profit of 141 million RMB, up 72.84% [2]. Operational Analysis - The semiconductor materials business is a key growth driver, with significant market penetration in domestic wafer and panel manufacturers [3]. - The company has optimized its operational efficiency, reducing its expense ratio to 26.26% in 2024, while maintaining a research and development expense ratio around 14% [3]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 684 million RMB, 876 million RMB, and 995 million RMB, respectively, with corresponding EPS of 0.73, 0.93, and 1.06 RMB [5]. - The current price-to-earnings ratios are estimated at 41, 32, and 28 times for the years 2025, 2026, and 2027, respectively [5].