在当前中美贸易摩擦常态化的背景下，实现集成电路关键材料的国产化替代已成为国家战略的重要方 向。恒坤新材凭借其自产产品在性能上达到美日同类产品标准，同时在客户服务响应速度、物流时效和 成本控制方面展现出明显优势，为国内集成电路产业供应链安全提供了有力支撑。 在市场拓展方面，恒坤新材已成功进入国内前十大晶圆厂中的多家企业供应链，并与部分头部客户建立 起稳定、持续的合作关系。由于晶圆厂对关键材料供应商的产品质量和供应稳定性要求极高，认证周期 较长，公司凭借已建立的优质客户基础，在新产品导入和客户验证方面占据了先发优势。 在技术创新层面，恒坤新材持续加大研发投入，积极推进新产品和新工艺的开发。目前，ArF光刻胶、 SiARC、Top Coating等高端光刻材料，以及硅基、金属基前驱体材料均已进入客户验证阶段。其中， ArF光刻胶已通过验证并实现小批量销售。同时，公司还在加快突破光刻材料核心原材料树脂的合成工 艺，有望进一步提升产品国产化程度。 来源：滇云发现 据恒坤新材近期披露IPO上市招股书（注册稿）显示，恒坤新材近年来业绩呈现稳步增长态势。2022年 至2024年，公司营业收入从3.22亿元攀升至5.48亿元； ...

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]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (Hengkang New Materials) has disclosed its IPO prospectus, indicating progress in its listing process and plans to raise funds for key projects in the integrated circuit sector [1][4]. Funding Utilization - The IPO proceeds will primarily fund the second phase of the integrated circuit precursor project and advanced materials project, with CNY 400 million allocated to the precursor project in Dalian and CNY 607 million for the advanced materials project in Anhui [4]. Business Overview - Hengkang New Materials specializes in the research and industrial application of critical materials for integrated circuits, particularly in photolithography and precursor materials, filling a domestic gap in these areas [5]. - The company has achieved mass production of products such as SOC, BARC, i-Line photoresists, and KrF photoresists, leading the domestic market in terms of sales volume [5]. Revenue and Profitability - Revenue for Hengkang New Materials is projected to grow from CNY 322 million in 2022 to CNY 548 million in 2024, representing a 49.01% year-on-year increase in 2024 due to increased sales volume and business expansion [6]. - Net profit is expected to slightly decline from CNY 100 million in 2022 to CNY 97 million in 2024, with a year-on-year growth of 7.96% in 2024 [6]. - The gross margin for self-produced products is decreasing, from 33.52% in 2022 to 28.97% in 2024, indicating a downward trend in profitability [6]. Product Performance - Sales revenue from self-produced precursor materials has increased significantly, from CNY 1.89 million in 2022 to CNY 44.20 million in 2024, although the gross margin remains negative due to high fixed costs during the market promotion phase [7]. - The company has indicated that if it cannot secure sustainable orders for self-produced precursor materials, the gross margin may remain low or negative, impacting overall profitability [7]. Customer Concentration - Hengkang New Materials has a high customer concentration, with the top five customers accounting for over 97% of total revenue during the reporting period, indicating a significant reliance on a few key clients [9]. - The company faces risks if relationships with major customers change or if they reduce orders due to operational issues or unmet product quality and delivery standards [9]. Supplier Relationships - The company has seen a decline in the contribution of introduced product sales to overall gross margin, from 82.05% in 2022 to 65.86% in 2024, indicating a shift towards self-produced products [10]. - A termination of cooperation with key suppliers could adversely affect revenue and profitability, particularly as the company has ended its collaboration with SKMP for certain photolithography materials [11]. Client Relationship Risks - Sales to a specific client (Client C) have decreased from CNY 43.08 million in 2022 to CNY 29.61 million in 2024, raising concerns about the stability of this relationship due to a recent acquisition by SK Hynix [12][13].

Core Viewpoint - The article emphasizes the critical role of photoresist in semiconductor manufacturing and highlights the strategic importance of domestic production in the context of increasing global competition and supply chain uncertainties [2][4]. Company Overview - Hengkun New Materials Technology Co., Ltd. (Hengkun New Material) was established in 2004, initially focusing on the development and production of optoelectronic film devices and window lens products [4]. - In 2014, the company shifted its strategy towards integrated circuit key materials, recognizing the potential in the semiconductor industry [4]. Strategic Development - The company adopted a strategy of introducing advanced overseas products to penetrate the market, achieving significant breakthroughs in 2017 with the successful validation and sales of photoresist materials [5]. - By 2024, Hengkun New Material's R&D expenses are projected to reach 89 million, with an R&D expense ratio of 16.17%, reflecting a commitment to self-innovation [5][6]. Financial Performance - The company's revenue from self-produced photoresist materials exceeded 100 million in 2022, with a strong growth trajectory leading to projected revenues of 344 million in 2024, a nearly 180% increase from 2022 [7][10]. - The overall revenue increased from 141 million in 2021 to 548 million in 2024, with a compound annual growth rate of 57.22% [12]. Product Development and Market Position - Hengkun New Material has successfully developed over 100 self-produced products, with significant sales growth in SOC and BARC products, which ranked first among domestic manufacturers in 2023 [18][19]. - The company has replaced foreign competitors' products in the domestic market, establishing stable relationships with major domestic wafer manufacturers [21]. Market Landscape - Despite progress, the domestic market for photoresist and precursor materials is still dominated by foreign companies, with low domestic production rates for advanced technology nodes [24]. - The market for key integrated circuit materials is expected to grow at a compound annual growth rate of 17.8% from 2023 to 2028, indicating significant market potential [25]. Future Outlook - Hengkun New Material plans to raise 1 billion for R&D in new categories of precursor and photoresist materials, aiming to enhance its product matrix and increase domestic production levels [24]. - The company is positioned to transition from being a follower to a leader in the industry, contributing to the self-sufficiency and stability of China's semiconductor supply chain [26].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") is facing scrutiny regarding its high customer concentration, declining gross margins, and the necessity of its fundraising projects as it prepares for its IPO on the Sci-Tech Innovation Board [1][6][8] Group 1: IPO and Fundraising - Hengkang New Materials disclosed its second round of inquiry responses for its IPO, which was accepted on December 26, 2024, and entered the inquiry phase on January 18, 2025 [1] - The company plans to raise approximately 1.007 billion yuan, down from the initial 1.2 billion yuan, with the revised fundraising focusing on the second phase of the integrated circuit precursor project and advanced materials project [3][4] - The company has removed the "SiARC development and industrialization project" from its fundraising plan, indicating a strategic shift possibly aimed at expediting the IPO process [4][6] Group 2: Customer Concentration - Hengkang New Materials has a high customer concentration, with the top five customers accounting for 99.22%, 97.92%, and 97.20% of revenue from 2022 to 2024, significantly higher than the industry average of around 35% [6][7] - The company relies heavily on its largest customer, with sales percentages of 72.35%, 66.47%, and 64.07% over the same period, raising concerns about potential risks if relationships with key clients deteriorate [6][7] Group 3: Gross Margin and Profitability - The gross margin for Hengkang New Materials' self-produced products has been declining, particularly for precursor materials, which reported negative margins of -329.59%, -19.91%, and -1.56% from 2022 to 2024 [8][9] - The gross margin for self-produced photolithography materials also decreased from 39.17% in 2022 to 33.47% in 2024, attributed to product structure changes and price negotiations with customers [8][10] - The company faces challenges in achieving sustainable profitability for its self-produced precursor materials, which may lead to further financial strain if large-scale orders are not secured [9][10]