Photoresist is one of the most important materials in semiconductor manufacturing, and plays an indispensable role in the exposure and development of chips in the manufacturing process. For a long time, China's photoresist market has been highly dependent on imports, with Japanese, American and European companies dominating. However, with the strong support of national policies and the technological breakthroughs of local enterprises, China's photoresist industry has ushered in a historic opportunity. In this context, the rise of Hengkun New Materials has injected new impetus into the future of domestic photoresist.
Hengkun New Material IPO: a milestone in the domestic photoresist industry
On December 30, 2023, Hengkun New Material's IPO application for the Science and Technology Innovation Board was officially accepted, and it plans to raise 1.2 billion yuan. This milestone event not only represents the success of Hengkun New Materials, but also an important breakthrough in the domestic photoresist industry in the capital market.
The funds raised from the IPO will be used for three key projects: the second phase of the integrated circuit precursor project, the SiARC development and industrialization project, and the advanced materials for integrated circuits. Through the implementation of these projects, Hengkun New Materials plans to further enhance its R&D capabilities in the field of high-end photoresist and consolidate its leading position in the industry.
The technology and market achievements of Hengkun New Materials
1. Technical strength: patent and R&D investment
Since its establishment, Hengkun has always focused on technology research and development, and up to now, it has 80 patents, of which 30 are invention patents. The R&D team has 50 people, accounting for 14.71% of the company's total employees. The investment of this R&D strength has enabled Hengkun New Materials to achieve remarkable results in technological innovation, and its products cover i-Line, KrF, ArF photoresists, SOC, BARC and other key materials.
2. Market share: product competitiveness
According to industry data, Hengkun New Materials occupies more than 10% of the market share in the field of SOC and BARC photoresist in the 12-inch integrated circuit market, ranking among the top in China. The sales of SOC products in 2023 will reach 145 million yuan, and the performance is particularly eye-catching.
Sales performance: continuous growth
In 2023, the sales of lithography materials of Hengkun New Materials will reach 172 million yuan, a significant year-on-year increase. This not only reflects the company's strong performance in the market, but also shows the trend of domestic photoresist gradually winning more customer recognition.
Figure: Functional classification of lithography materials
Market expansion and supply chain construction
1. Strong partnerships
Hengkun has established long-term and stable cooperative relations with a number of domestic 12-inch wafer manufacturing enterprises, and its products are widely used in advanced processes, fully meeting the needs of customers for domestic substitution.
2. Market verification of high-end products
Hengkun New Material's i-Line and KrF photoresists have been commercially sold, while high-end products such as ArF photoresists, SiARC and Top Coating are being verified by customers, which shows that the company's technical reserves in the high-end market are gradually being realized.
3. Address supply chain risks
In view of the import dependence on the core raw materials of photoresist, Hengkun New Materials actively promotes the localization of key materials such as resins. Through the combination of independent research and development and technical cooperation, the company has gradually built a more complete and independent supply chain system.
Capital operation and future development
The 1.2 billion yuan to be raised by Hengkun New Materials will be mainly used for the research and development of advanced materials and the improvement of production capacity. Among them, the SiARC project has attracted much attention, and its technological breakthrough is expected to significantly enhance the overall competitiveness of domestic photoresists. Through the help of capital, the market position of Hengkun New Materials will be further strengthened, which also injects strong confidence into the entire domestic photoresist industry.
Challenges and opportunities of domestic photoresists
1. Technical barriers of international giants
The global photoresist market has been dominated by international giants for a long time, and these companies have obvious advantages in terms of technology accumulation and brand influence. In order to compete with it, domestic photoresist companies need to continue to invest in technology research and development and market development to narrow the gap with the international leading level.
2. The demand for improvement in the domestic semiconductor industry
The rise of domestic photoresist is inseparable from the improvement of the overall level of the domestic semiconductor industry. At present, there is still a certain gap between the domestic chip manufacturing process and the international advanced level, which also limits the application scenarios and market space of high-end photoresist products.
3. Driven by both policy and market
The state's support policies in the field of semiconductors and the market's urgent need for localized substitution have provided unprecedented development opportunities for domestic photoresist companies. The rise of Hengkun New Materials is a vivid embodiment of this trend.
Conclusion: The future prospect of domestic photoresist
The success of Hengkun New Material's IPO is not only an important step in its own development process, but also a new starting point for the domestic photoresist industry. In the future, with the technological breakthroughs and market expansion of more enterprises, domestic photoresist is expected to break the monopoly of international giants and further promote the independent and controllable semiconductor industry chain in China.
At the same time, domestic photoresist companies need to continue to strengthen R&D investment, optimize supply chain management, and actively explore the high-end market. Driven by policy, capital and technology, the domestic photoresist industry will move towards a more brilliant future and inject new impetus into the global semiconductor industry.
