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 ...

11月18日新股申购 (共1) | 精创电气(北交所, 920 | | --- | | 恒坤新材(科创板,688 | | | | --- | --- | --- | | 发行价格 | 14.99元 | | | 智签率 | 0.03% | 询价! | | 总市值 | 67.35亿 | | | 发行市盈率 | 71.42 | 行业 | | 公司是境内少数实现光刻材料与前驱体材料量 | 1、 | | | NAND、DRAM 存储芯片与 90nm 技术节点及以¯ | | | | 业务及亮点 | 等工艺环节。 | | | 2、ArF光刻胶已实现小批量销售，SiARC、TopC | | | | 体材料则已进入客户验证流程。 | | | | 南网数字(创业板, 301 | | | | 发行价格 | 5.69元 | | | --- | --- | --- | | 郎签率 | 0.04% 询价! | | | 总市值 | 180.9亿 | | | 发行市盈率 | 32.22 行业 | | | 委。 | 1、公司是南方电网下属专注于电力能源行业数字 2、公司持续发力突破"卡脖子"技术，重点培养 | | | | 统、"大瓦特"人工智 ...

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is focused on the research and industrial application of key materials for integrated circuits, aiming to break the foreign monopoly in the 12-inch integrated circuit wafer manufacturing sector and enhance domestic supply chain security [6][18]. Company Overview - The company specializes in the research, production, and sales of photolithography materials and precursor materials, being one of the few domestic firms capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [6][7]. - Its products are essential for the manufacturing processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [7]. Product Development - The company has successfully mass-produced products including SOC, BARC, i-Line photoresists, KrF photoresists, and TEOS precursor materials, with ongoing development of new products like ArF photoresists and SiARC [7][13]. - As of the reporting period, the company has over a hundred products in various stages of research, validation, and mass supply [7]. Financial Performance - The company's main business revenue has shown steady growth, with self-produced product sales revenue increasing from 123.58 million yuan in 2022 to 344.19 million yuan in 2024, reflecting a compound annual growth rate of 66.89% [13][15]. - The gross profit from the main business has also increased, with self-produced products contributing significantly to the overall gross profit [14][15]. R&D Investment - R&D expenses have been consistently increasing, amounting to 42.74 million yuan in 2022 and 88.61 million yuan in 2024, representing 16.17% of the revenue [16]. - The company emphasizes continuous innovation and product development to enhance its market position [21]. Market Position and Strategy - The company aims to fill the gap in high-end materials currently dominated by foreign manufacturers, with a focus on expanding its product line and improving product quality [19][20]. - It plans to leverage its capital market entry to enhance technological development and industrial layout, aiming to become a leading domestic and internationally competitive enterprise in the integrated circuit key materials sector [24][20]. Listing and Fundraising - The company is set to raise funds through its IPO to invest in projects related to advanced materials and precursor materials for integrated circuits, which will enhance its product offerings and competitive edge [29][30]. - The expected market capitalization post-IPO is projected to be no less than 1 billion yuan, meeting the listing standards [26].

Summary of Key Points Core Viewpoint - This week, three new stocks are available for subscription in the A-share market, including Beikang Testing, Hengkang New Materials, and Nanguang Digital, each representing different sectors of the economy [1]. Group 1: Beikang Testing - Beikang Testing's issue price is 6.7 yuan per share, with a single account subscription limit of 1.2744 million shares [2]. - The company is a leading domestic service provider in the field of non-ferrous metal inspection and testing, involved in various areas such as mineral resource testing, technical services, and high-end analytical instrument development [2]. - Projected revenues for Beikang Testing from 2022 to 2024 are 92 million yuan, 110 million yuan, and 148 million yuan, with net profits of 32 million yuan, 46 million yuan, and 55 million yuan respectively [3]. Group 2: Hengkang New Materials - Hengkang New Materials has a single account subscription limit of 10,500 shares, requiring a minimum market value of 105,000 yuan in the Shanghai market for maximum subscription [5]. - The company focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic firms capable of developing and mass-producing critical materials for 12-inch integrated circuit wafers [5]. - Revenue projections for Hengkang New Materials from 2022 to 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [7]. Group 3: Nanguang Digital - Nanguang Digital has a single account subscription limit of 47,500 shares, with a top subscription requiring a market value of 475,000 yuan in the Shenzhen market [9]. - The company provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [9]. - Revenue forecasts for Nanguang Digital from 2022 to 2024 are 5.686 billion yuan, 4.234 billion yuan, and 6.09 billion yuan, with net profits of 653 million yuan, 377 million yuan, and 570 million yuan respectively [10].

Core Insights - The article highlights the significant progress of domestic companies in the semiconductor industry, particularly in the localization of key materials for integrated circuits, with Hengkun New Materials Technology Co., Ltd. being a key player in this field [1][3]. Group 1: Company Overview - Hengkun New Materials is one of the few innovative companies in China that integrates research and production capabilities in the field of key materials for 12-inch integrated circuit wafer manufacturing [1]. - The company has successfully filled several technological gaps in the domestic market, becoming a crucial force in promoting the localization of key materials for integrated circuits in China [1][3]. Group 2: Product and Market Position - Hengkun New Materials focuses on critical processes in integrated circuit wafer manufacturing, supplying essential materials for advanced NAND, DRAM storage chips, and logic chips below the 90nm technology node [3]. - The company has achieved mass production and supply of various photolithography materials, including SOC, BARC, and i-Line photoresists, effectively replacing foreign counterparts and breaking the foreign monopoly in the 12-inch integrated circuit key materials market [3][4]. Group 3: Competitive Performance - In 2023, Hengkun New Materials ranked first in the domestic market for its main photolithography materials, SOC and BARC, reflecting high industry recognition of its product quality and technological strength [4]. - The company has made significant progress in advanced process materials, with BARC for immersion lithography achieving mass production, supporting domestic integrated circuit manufacturers in advancing to higher technology nodes [4]. Group 4: Research and Development - Hengkun New Materials maintains a forward-looking strategy by increasing R&D investment and developing a series of core technologies and new products, including ArF photoresists and silicon-based precursor materials [5]. - The ArF immersion photoresist has completed customer validation and has begun small-scale sales, filling a domestic technological gap and breaking the foreign monopoly in advanced photoresist materials [5]. Group 5: Financial Performance - The company has shown robust and rapid growth, with revenues projected to reach 322 million yuan, 368 million yuan, and 548 million yuan from 2022 to 2024, respectively [6]. - The sales revenue from self-produced products has significantly increased, with a compound annual growth rate of 66.89% from 2022 to 2024, indicating strong market competitiveness and production capacity [6][7]. Group 6: Future Outlook - With the further promotion of advanced products like ArF photoresists and the expansion of domestic wafer manufacturing capacity, Hengkun New Materials is expected to solidify its leading position in China and enter the global market for key materials in integrated circuits [7]. - The company aims to contribute to the autonomous, safe, and efficient development of China's integrated circuit industry, marking a new chapter in the localization of key materials for domestic chips [7].

Core Viewpoint - Hengkun New Materials has shown steady growth in performance, with significant increases in revenue and profit projected from 2022 to 2024, indicating a strong market position and operational efficiency [1][2][3] Financial Performance - Revenue is expected to rise from 322 million yuan in 2022 to 548 million yuan in 2024 - Net profit is projected to recover from 89.76 million yuan in 2023 to 96.91 million yuan in 2024, after a dip in 2023 from 99.73 million yuan in 2022 - Non-recurring net profit is forecasted to increase from 81.53 million yuan in 2023 to 94.30 million yuan in 2024, following a decline in 2023 from 91.04 million yuan in 2022 [1] Product Revenue Composition - The revenue from self-produced products is increasing, with the proportion of self-produced product sales in total revenue rising from 38.94% in 2022 to 52.72% in 2024, and expected to reach 63.77% in 2024 - The revenue from photolithography materials is also growing, with significant contributions from both self-produced and introduced products [2] Market Position and Strategy - In the context of ongoing US-China trade tensions, the localization of key materials for integrated circuits has become a national strategic focus - Hengkun New Materials has achieved performance standards comparable to similar products from the US and Japan, providing strong support for the domestic integrated circuit supply chain [3] Customer Relationships and Market Expansion - The company has successfully entered the supply chains of several top ten domestic wafer fabs and established stable, ongoing partnerships with leading clients - Due to high quality and supply stability requirements from wafer fabs, Hengkun has gained a first-mover advantage in new product introduction and customer validation [3] Technological Innovation - Hengkun New Materials is increasing R&D investment to advance new products and processes, with several high-end photolithography materials and precursor materials currently in the customer validation stage - The ArF photolithography resin has passed validation and is in small-scale sales, while the company is also working on breakthroughs in the synthesis process of core raw materials for photolithography [3]

Core Viewpoint - Hengkun New Materials has successfully registered for an IPO on the Sci-Tech Innovation Board, marking a significant milestone in its transformation from traditional optoelectronic film business to key materials for integrated circuits [1] Group 1: Company Development History - Established in 2004, Hengkun New Materials initially focused on the research, production, and sales of optoelectronic film devices and window lens products [2] - Since 2014, the company has been planning a business transformation towards key materials in the integrated circuit field [2] Group 2: Technological Innovation Achievements - The company has achieved significant milestones in technology innovation and R&D investment, focusing on the development and industrial application of key materials for integrated circuits [5] - Hengkun New Materials has successfully introduced imported photoresist materials and precursor materials, which have been validated by leading 12-inch integrated circuit wafer fabs in China since 2017 [4] - The company has achieved over 100 million yuan in sales revenue from self-produced products by 2022, including various photoresist materials and precursor materials [4] - Current products are essential for advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below, addressing critical areas in the integrated circuit wafer manufacturing process [5] - Hengkun New Materials has successfully replaced foreign products in the 12-inch integrated circuit key materials market, breaking the foreign monopoly and moving towards innovation leadership [5]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. has been approved for IPO on the Sci-Tech Innovation Board, indicating its compliance with the necessary conditions for issuance, listing, and information disclosure [2] Company Overview - Hengkang 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 key materials for 12-inch integrated circuit wafers [2] - The company was established in 2004, initially engaged in the development and production of optoelectronic film devices and window lens products, and shifted its business strategy towards key materials for integrated circuits starting in 2014 [2] - Since 2020, the company has achieved over 100 million yuan in sales revenue from self-produced products, ranking among the top domestic peers in the sales scale of self-produced photoresist materials [2][3] Product Applications - The company's products are essential for the production of advanced NAND, DRAM memory chips, and logic chips at 90nm technology nodes and below, including photoresist and precursor materials [3] - Hengkang New Materials has successfully mass-produced and supplied various products, including SOC, BARC, i-Line photoresist, KrF photoresist, and TEOS precursor materials, with continuous increases in supply as product validations are completed [3] Market Position and Strategy - The company has developed a unique approach of "introducing, digesting, absorbing, and innovating" in the integrated circuit key materials market, successfully replacing foreign products and breaking the monopoly in the 12-inch integrated circuit key materials sector [3][7] - The domestic integrated circuit key materials market is currently dominated by foreign manufacturers, with local companies facing significant challenges in terms of raw material supply, technology, and funding [7] Fundraising and Project Development - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to invest in two major material projects, including the second phase of the precursor project and the development of SiARC [4] - The total fundraising amount has been adjusted to 1.006695 million yuan due to changes in project plans, reflecting the company's strategic focus on enhancing its production capabilities [4]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) is applying for an IPO on the Sci-Tech Innovation Board, aiming to become a leading domestic and internationally advanced enterprise in the integrated circuit key materials sector [1][8]. Company Overview - Established in 2004, Hengkang New Materials focuses on the R&D and industrial application of key materials for 12-inch integrated circuit wafer manufacturing, primarily covering photoresist materials and precursor materials [2][6]. - The company has achieved significant sales scale in self-produced photoresist materials, ranking among the top in the industry [2][3]. Market Position - Hengkang New Materials has successfully replaced products from foreign companies such as Tokyo Ohka Kogyo, Shin-Etsu Chemical, DuPont, Merck, and Japan Synthetic Rubber, becoming one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuits [3][6]. - The company has extensive coverage of major domestic 12-inch integrated circuit wafer manufacturers [3]. Product Development - Hengkang New Materials has developed a range of products, including SOC, BARC, KrF photoresist, and i-Line photoresist, which are essential for advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [2][4]. - The company has also achieved mass production supply of BARC for immersion lithography processes, supporting the rapid development of advanced processes in the domestic integrated circuit sector [3][4]. Financial Performance - The company's revenue for the years 2022 to 2024 is projected to be 322 million yuan, 368 million yuan, and 548 million yuan, respectively, with net profits of approximately 91.04 million yuan, 81.53 million yuan, and 94.30 million yuan [4][7]. - Hengkang New Materials' self-produced sales revenue has grown from 124 million yuan in 2022 to 344 million yuan in 2024, with a compound annual growth rate of 66.89% [7]. R&D Investment - The company has maintained a high level of R&D investment, with percentages of revenue allocated to R&D being 13.28%, 14.59%, and 16.17% from 2022 to 2024 [7]. - Hengkang New Materials has obtained 89 patent authorizations, including 36 invention patents, reflecting its strong innovation capabilities [7]. Industry Outlook - The integrated circuit key materials industry is experiencing significant growth, with the domestic market for photoresist materials expected to grow from 5.37 billion yuan in 2019 to 12.19 billion yuan in 2023, at a compound annual growth rate of 22.7% [9]. - The company is well-positioned to capitalize on the increasing demand for domestic production of key materials, as the overall level of localization in the integrated circuit industry remains low [8][9]. IPO Plans - Hengkang New Materials plans to raise 1.007 billion yuan through its IPO to fund projects related to integrated circuit precursors and advanced materials [10]. - The company aims to enhance its product matrix and seize market opportunities through the implementation of these fundraising projects [10].

Core Insights - 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][3] - The company’s products are essential for the production processes of advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below, including photolithography and thin film deposition [2] Group 1 - Hengkun New Materials has successfully mass-produced and supplied products such as SOC, BARC, i-Line photoresists, KrF photoresists, and TEOS precursor materials, with the number of products supplied continuously increasing as product validation progresses [2] - The company is actively developing new products, including ArF photoresists, SiARC, Top Coating materials, and silicon-based and metal-based precursor materials, with ArF photoresists having passed validation and entered small-scale sales [2] - The total number of products in research, validation, and mass supply has exceeded one hundred [2] Group 2 - In response to the increasing demand for supply chain security in the domestic integrated circuit sector, Hengkun New Materials has adopted an innovative development path of "introducing, digesting, absorbing, and re-innovating" based on its professional understanding and technical accumulation of various processes and key materials in integrated circuit wafer manufacturing [3] - The company serves several leading domestic 12-inch integrated circuit wafer manufacturers, achieving domestic leadership and international advanced levels, thereby replacing foreign counterparts and breaking the monopoly on key materials for 12-inch integrated circuits [3] - Hengkun New Materials is actively participating in collaborative innovation with customers, providing customized development of key materials for product technology iteration, transitioning from following and replacing to leading innovation [3]