如果您希望可以时常见面，欢迎标星收藏哦~ 来 源 ： 内容来自 上海证券报·中国证券网 ，谢谢 。 今天，厦门恒坤新材料科技股份有限公司（正式在上海证券交易所科创板上市交易，为厦门半导体 产业再添上市新军。上市首日收盘，公司大涨310%，市值直逼300亿。 恒坤新材成立于2004年，总部位于厦门市海沧区，专注于集成电路制造过程的两大关键材料—— 光刻材料和前驱体材料的研发、生产和销售，是中国境内少数具备12英寸集成电路晶圆制造关键 材料研发和量产能力的创新企业之一。 从2004年成立，到2014年确立如今的产品路径，从引进国外产品到自产营收不断增长，恒坤新材 创新性地走出了一条"引进、消化、吸收、再创新"的发展路径，公司客户涵盖多家中国境内领先的 12英寸集成电路晶圆厂，已实现境外同类产品替代。 本次IPO，恒坤新材拟募集资金10.07亿元，主要用于"集成电路前驱体二期项目"和"集成电路用先 进材料项目"的建设，帮助公司进一步扩大产能、提升技术水平，满足不断增长的市场需要。公司 力争成为具有核心竞争力，国内领先、国际先进的集成电路关键材料本土企业。 从引进到领跑 恒坤新材成立于2004年，设立之初主要从事光电 ...

Core Viewpoint - The successful IPO of Hengkun New Materials, founded by Yi Rongkun, marks a significant milestone in the development of the integrated circuit industry in Xiamen and China, showcasing a remarkable transformation from OEM to a key player in semiconductor materials [2][3]. Group 1: Company Background and Development - Yi Rongkun, a 54-year-old entrepreneur from Fujian, founded Hengkun in 1996, initially focusing on OEM production for companies like Panasonic and Sharp [3]. - In 2004, the company shifted its focus to the research and manufacturing of optoelectronic films and window lens products, eventually rebranding as Hengkun New Materials [3][5]. - The pivotal moment came in 2017 when Hengkun secured an order from Intel's Dalian factory, allowing it to enter the integrated circuit wafer manufacturing supply chain [5]. Group 2: Business Focus and Product Development - Hengkun New Materials specializes in key materials for integrated circuits, including photolithography materials and precursors, which have been historically dominated by foreign companies [5][8]. - The company has successfully developed and mass-produced various photolithography materials, including SOC, BARC, KrF, and i-Line photoresists, with advanced ArF immersion photoresists entering small-scale sales [9]. - The revenue from self-produced products has significantly increased, rising from 38.94% in 2022 to 86.68% in the first half of 2025, indicating a strong improvement in business structure and product competitiveness [10]. Group 3: Financial Performance - The company's revenue grew from 322 million yuan in 2022 to an expected 548 million yuan in 2024, with net profits consistently around 100 million yuan [10][12]. - As of June 30, 2025, total assets reached approximately 293.75 million yuan, with a debt-to-asset ratio of 47.18% [11]. Group 4: Industry Context and Capital Support - Hengkun's growth is supported by local capital, with multiple rounds of financing from Xiamen-based investment institutions, reflecting strong market confidence in the company [15][18]. - The integrated circuit industry in Xiamen has evolved from a 50 billion yuan output in 2014 to an expected 400 billion yuan by 2024, establishing a complete supply chain encompassing design, manufacturing, packaging, testing, and materials [18][20]. - The local government has implemented innovative funding models to attract investment, further enhancing the development of the semiconductor industry in Xiamen [20].

Core Viewpoint - Hengkun New Materials has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant stock price increase of 280.32% post-IPO, indicating strong market interest and potential growth in the semiconductor materials sector [1]. Company Overview - Established in December 2004, Hengkun New Materials focuses on the research, production, and sales of key materials for 12-inch integrated circuits, including photoresist and precursor materials, addressing domestic gaps and providing solutions for advanced semiconductor manufacturing [4][6]. - The company has achieved mass production of its products, including SOC, BARC, KrF photoresist, and i-Line photoresist, with ArF immersion photoresist undergoing validation for small-scale sales [4]. Market Position and Financial Performance - According to Frost & Sullivan, Hengkun New Materials ranks among the top domestic manufacturers in the 12-inch integrated circuit sector, with its SOC and BARC sales leading the domestic market in 2023 [6]. - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are projected at 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, respectively, with self-produced product sales increasing significantly [6]. - The revenue share of self-produced products is expected to grow from 38.94% in 2022 to 86.68% by mid-2025, reflecting a strong upward trend in market penetration [6]. Product Growth and Market Trends - SOC product revenue has more than doubled over three years, with projected sales of 232 million yuan in 2024 and a domestic market share exceeding 10%, indicating successful competition against international giants [6]. - BARC products have maintained over 140% year-on-year growth since their market introduction in 2021, showcasing robust market penetration capabilities [6]. - The growth of i-Line and KrF photoresists, which began sales in 2022, is notable, with projected sales reaching 7.15 million yuan and 13.52 million yuan in 2024, respectively, highlighting the acceleration of domestic substitution [7]. Future Prospects and Industry Integration - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO to invest in projects aimed at enhancing production capacity for high-purity precursors and advanced materials, marking a strategic move towards deeper domestic integration [7]. - The domestic integrated circuit key materials market is projected to reach 258.96 billion yuan by 2028, with manufacturing materials accounting for over 70%, providing a substantial growth opportunity for Hengkun New Materials [7]. - The company's development is closely tied to the broader Chinese semiconductor industry's efforts to overcome challenges, with several major domestic wafer manufacturers already among its clients, ensuring stable orders and fostering a collaborative ecosystem [8].

Core Viewpoint - Hengkun New Materials, a supplier of photolithography and precursor materials for integrated circuits, successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with an initial offering price of 14.99 yuan per share and a market capitalization of 24.308 billion yuan at the time of listing [1][2]. Company Overview - Hengkun New Materials was established in December 2004 and focuses on the research, production, and sales of key materials for 12-inch integrated circuits, including photolithography and precursor materials [3][4]. - The company has filled several domestic gaps in the market and provides technological solutions for photolithography materials to domestic wafer manufacturers, particularly in advanced memory chip production [4][6]. Financial Performance - The company raised a total of 1.01 billion yuan through its IPO, with a net amount of 892 million yuan allocated for projects related to integrated circuit precursor materials and advanced materials [4][8]. - Revenue from self-produced products exceeded 300 million yuan in the first half of the year, with self-produced products accounting for over 86% of total revenue [8][12]. - Historical revenue figures show a steady increase: 141 million yuan in 2021, 322 million yuan in 2022, and 368 million yuan in 2023, with projected revenue of 548 million yuan for 2024 [13][16]. Market Position - In the 12-inch integrated circuit sector, Hengkun New Materials ranks among the top domestic suppliers of photolithography materials, with its SOC and BARC sales leading the domestic market in 2023 [6][12]. - The company has established a significant customer base, including several leading domestic wafer manufacturers, achieving a sales concentration of over 95% with its top five customers [31][32]. Product Development - Hengkun New Materials has developed a range of products, including SOC, BARC, KrF, and i-Line photolithography materials, with ArF immersion photolithography materials also validated for small-scale sales [4][20]. - The company has achieved a cumulative sales volume of over 55,000 gallons of self-produced photolithography materials, with ongoing development of additional precursor materials [20][25]. Competitive Landscape - The domestic market for key materials in integrated circuits remains heavily reliant on imports, with major international players like DuPont and Shin-Etsu holding significant market share [41]. - Hengkun New Materials aims to compete effectively by achieving product quality comparable to that of leading foreign manufacturers and has successfully replaced some imported products in the domestic market [41].

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkong New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric Overview - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment smart controllers, monitoring recorders, and environmental detection instruments, and is recognized as a national high-tech enterprise [2] - The company has established subsidiaries in the USA, UK, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers like Panasonic and Haier [2] - As of November 17, Jingchuang Electric holds a market share of 13.13% in China's cold chain temperature and humidity control market, ranking first domestically, and 4.64% globally [3] Group 3: Nanfang Digital Overview - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation and maintaining grid safety [4] - The company has developed key technologies, including the "Dihong" IoT operating system and the "Fuxi" power-specific main control chip, contributing to the domestic energy control field [4] Group 4: Hengkong New Materials Overview - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, particularly in photolithography materials [6] - The company's self-produced product sales revenue has increased from 12,357.89 million in 2022 to 34,418.93 million in 2024, with a rising proportion of total revenue [6][7] Group 5: Beikang Testing Overview - Beikang Testing, established in 2016, is a leading institution in the R&D and service of non-ferrous metal inspection and testing technology [9] - The company is involved in the formulation of numerous national and international standards in the field of mineral and metal testing [9][10]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]

Core Viewpoint - The new stock market remains vibrant despite the Shanghai Composite Index's stagnation around 4000 points, with significant interest in new listings like Hengkun New Materials, which is set to debut in the storage chip sector and has shown promising growth potential [1][4]. Company Overview - Hengkun New Materials focuses on the research, production, and sales of photolithography materials and precursor materials, essential for advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1][2]. - The company has become one of the few domestic enterprises capable of mass production of key materials for 12-inch integrated circuit wafer manufacturing, successfully replacing foreign products and breaking monopolies [2][3]. Market Position and Growth - The company has achieved a compound annual growth rate (CAGR) of 66.89% in revenue from self-produced products from 2022 to 2024, with leading sales in the domestic market for SOC and BARC materials [2][3]. - The overall market for photolithography materials in China is projected to grow from 5.37 billion yuan in 2019 to 12.19 billion yuan in 2023, with a CAGR of 22.7%, and expected to reach 31.92 billion yuan by 2028 [3]. Financial Performance - The company reported revenues of 322 million yuan, 368 million yuan, and 548 million yuan for 2022, 2023, and 2024, respectively, with year-on-year growth rates of 127.93%, 14.28%, and 49.01% [4]. - The net profit attributable to shareholders for the same years was 101 million yuan, 90 million yuan, and 97 million yuan, with growth rates of 234.91%, -10.95%, and 7.87% [4]. IPO and Valuation - Hengkun New Materials plans to raise 1.01 billion yuan through its IPO, with investments allocated to two projects: a second phase for integrated circuit precursors and advanced materials [4][5]. - The dynamic price-to-earnings ratio for Hengkun New Materials is 71.34, comparable to similar companies, which average around 73 [5]. - The IPO price is set at 14.99 yuan per share, which is considered moderate within the Sci-Tech Innovation Board context [5].

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanguang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun New Materials focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][3] - Nanguang Digital provides comprehensive digital construction solutions for the power and energy sectors, aiming to drive digital transformation in the electricity industry [4] Hengkun New Materials - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million yuan in 2022 to 344.19 million yuan in 2024 [2] - The company has a high customer concentration, primarily serving major domestic wafer manufacturers, with significant clients being among the top ten wafer fabs in China [2][3] - Hengkun New Materials has achieved a domestic market share of over 10% in 2024 for its photoresist materials, indicating its strong position in the market [3] Nanguang Digital - The company’s revenue from digital grid construction in the first half of 2025 is projected to be 75.51 million yuan, accounting for 48.64% of total revenue, with enterprise digitalization and digital infrastructure contributing 40.98 million yuan and 38.65 million yuan, respectively [5] - Nanguang Digital has developed key technologies such as the "Dihong" IoT operating system and the "Fuxi" dedicated control chip for the power industry, enhancing its technological capabilities [4] - The company is involved in several national key research and development projects, showcasing its commitment to advancing technology in the energy sector [4] DeLijia - DeLijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [7] - The company’s revenue from onshore wind power is projected to be 3.625 billion yuan in 2024, representing 98.57% of its total revenue [7] - DeLijia has established strong partnerships with leading wind turbine manufacturers, earning recognition as a top supplier in the industry [7][8] Zhongcheng Consulting - Zhongcheng Consulting ranks among the top engineering cost consulting firms in Jiangsu Province, with its revenue from engineering cost consulting being 566.96 million yuan in the first half of the year, accounting for 53.39% of total revenue [9][10] - The company has a strong team of qualified professionals, including 130 first-class cost engineers and 190 registered supervising engineers [9] - Zhongcheng Consulting faces risks related to accounts receivable, with the value of accounts receivable increasing significantly from 141.08 million yuan in 2022 to 209.01 million yuan in 2024 [11]

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanfang Digital (301638.SZ) on the ChiNext Board [1] - 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][4] - Nanfang Digital provides comprehensive digital construction solutions for clients in the power and energy sectors, aiming to drive digital transformation in the electricity industry [7][8] Hengkun New Materials - The offering price is 14.99 CNY per share, with a market capitalization of 57.25 billion CNY and an issuance P/E ratio of 71.42, compared to the industry average of 60.47 [4] - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million CNY in 2022 to 344.19 million CNY in 2024 [5][6] - Hengkun New Materials has a high customer concentration, primarily serving top domestic wafer manufacturers, and has achieved a market share exceeding 10% in the domestic market for photoresist materials [5][6] Nanfang Digital - The offering price is 5.69 CNY per share, with a market capitalization of 153.80 billion CNY and an issuance P/E ratio of 32.22, significantly lower than the industry average of 71.22 [8][10] - The company’s revenue from digital grid construction reached 75.51 million CNY in the first half of 2025, accounting for 48.64% of total revenue, with significant contributions from enterprise digitalization and digital infrastructure [11][12] - Nanfang Digital has developed key technologies for the power industry, including an IoT operating system and a dedicated AI model, and has participated in multiple national key R&D projects [11] DeLijia - DeLijia, listed on the main board, specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [13][16] - The offering price is 46.68 CNY per share, with a market capitalization of 186.70 billion CNY and an issuance P/E ratio of 34.98 [16] - The company has established strong partnerships with leading wind turbine manufacturers and is projected to hold a 16.22% market share in China’s wind power transmission equipment sector by 2024 [19] Zhongcheng Consulting - Zhongcheng Consulting, listed on the Beijing Stock Exchange, focuses on engineering consulting services and has ranked among the top in Jiangsu province for several years [20][23] - The offering price is 14.27 CNY per share, with a market capitalization of 1300.18 billion CNY and an issuance P/E ratio of 9.69, significantly lower than the industry average of 40.16 [23] - The company’s revenue from engineering cost consulting accounted for 53.39% of total revenue in the first half of the year, with a notable increase in accounts receivable posing a potential risk [25]

Core Viewpoint - Hengkun New Materials (688727.SH) has initiated its subscription with an issue price of 14.99 CNY per share and a price-to-earnings ratio of 71.42 times, focusing on the research and industrial application of key materials in the integrated circuit field [1] Company Overview - Hengkun New Materials is one of the few domestic companies capable of mass production of photolithography materials and precursor materials, primarily engaged in the research, production, and sales of products such as SOC, BARC, KrF photoresist, and TEOS [2][1] - The company has achieved significant sales in SOC and BARC, ranking first among domestic manufacturers in 2023 [2] Market Position - The company has successfully replaced products from major foreign manufacturers like DuPont and Merck, becoming a key supplier of integrated circuit photolithography and precursor materials in China [2] - Despite breakthroughs by domestic manufacturers, the market for 12-inch integrated circuit photolithography and precursor materials is still largely dominated by foreign companies [1] Financial Performance - The company reported revenues of approximately 322 million CNY, 368 million CNY, and 548 million CNY for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 99.73 million CNY, 89.76 million CNY, and 96.91 million CNY [2] - Key financial metrics for 2024 include total assets of 2.645 billion CNY, equity attributable to shareholders of 1.500 billion CNY, and a debt-to-asset ratio of 43.26% [3] Research and Development - The company has increased its R&D investment as a percentage of revenue, reaching 16.17% in 2024, up from 14.59% in 2023 and 13.28% in 2022 [3]