Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is positioned as a leading player in adhesive materials, with a strong presence in various downstream industries such as automotive and electronics [1][13]. - The establishment of a new subsidiary focused on electronic skin technology indicates the company's strategic expansion into emerging markets, particularly in humanoid robotics [2][3]. - The financial forecasts suggest steady revenue growth, with projected revenues of 2.01 billion, 2.23 billion, and 2.50 billion yuan for 2025, 2026, and 2027, respectively, alongside significant profit growth [3][4]. Summary by Sections Company Overview - Founded in 2006 and listed in 2017, the company has evolved into a high-tech enterprise specializing in various adhesive materials, with a focus on R&D, production, and sales [1][13]. - The product portfolio includes industrial adhesives, electronic adhesives, optical adhesive films, specialty papers, and chemical materials, catering to diverse sectors such as construction, 3C electronics, and automotive [1][46]. Market Position and Growth Potential - The company is recognized as a leader in the industrial adhesive segment, with a strong market share in products like masking tape, which is widely used in construction and automotive applications [2][46]. - The optical adhesive film, particularly OCA, is highlighted for its applications in new display technologies, with expectations for significant market growth driven by trends in flexible displays and automotive screens [30][39]. Financial Performance and Projections - The company has shown a steady increase in revenue, with total revenue expected to rise from 1.56 billion yuan in 2023 to 2.50 billion yuan by 2027, reflecting a compound annual growth rate [4][21]. - Net profit is projected to grow significantly, with estimates of 0.86 billion, 1.18 billion, and 1.55 billion yuan for 2025, 2026, and 2027, respectively, indicating a robust recovery and profitability trajectory [3][4]. Strategic Initiatives - The launch of Beijing Jingzhigan New Materials Co., Ltd. marks the company's entry into the electronic skin market, focusing on multi-modal flexible tactile sensors for various applications [2][3]. - The company aims to leverage its existing material advantages to capture growth opportunities in the electronic skin sector, which is expected to see increased demand in robotics and consumer electronics [2][3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第3笔成交价格为25.00元，成交320.00万股，成交金额8,000.00万元，溢价率为-7.58%，买方营业部为中 国银河证券股份有限公司北京建国路证券营业部，卖方营业部为中信证券股份有限公司上海分公司。 进一步统计，近3个月内该股累计发生36笔大宗交易，合计成交金额为2.91亿元。该股近5个交易日累计 上涨5.13%，主力资金合计净流出881万元。 责任编辑：小浪快报 12月1日，晶华新材收涨3.24%，收盘价为27.05元，发生3笔大宗交易，合计成交量570万股，成交金额 1.43亿元。 第1笔成交价格为25.00元，成交160.00万股，成交金额4,000.00万元，溢价率为-7.58%，买方营业部为西 南证券股份有限公司吉林分公司，卖方营业部为中信证券股份有限公司上海分公司。 第2笔成交价格为25.00元，成交90.00万股，成交金额2,250.00万元，溢价率为-7.58%，买方营业部为西 南证券股份有限公司吉林分公司，卖方营业部为中信证券股份有限公司上海分公司。 ...

证券代码：603683 证券简称：晶华新材 公告编号：2025-093 上海晶华胶粘新材料股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 12 月 9 日 （星期二） 14:00-15:00 三、 参加人员 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 12 月 2 日（星期二）至 12 月 8 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 zijie.chen@smithcn.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 上海晶华胶粘新材料股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司 2025 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2025 年第三季度经营成果、财务状况， ...

Industry Overview - Aluminum foil tape is a composite tape made from aluminum foil as the substrate, coated with high-performance pressure-sensitive adhesives such as acrylic or rubber. Its core features include high temperature resistance, corrosion resistance, strong conductivity, and excellent sealing and shielding properties [1][2][5] - The aluminum foil tape industry chain consists of upstream raw materials (aluminum foil, pressure-sensitive adhesives, release paper), midstream production, and downstream applications across various sectors including construction, automotive, packaging, consumer electronics, rail transportation, and new energy [1][5][6] Market Performance - In 2023, China's aluminum foil tape sales volume exceeded 400 million square meters, with a projected increase to 420 million square meters in 2024, representing a small market share of 0.97% of total adhesive tape sales [1][10] - The sales revenue for aluminum foil tape in China is expected to reach 3 billion yuan in 2024, reflecting a year-on-year growth of 7.1% from 2023, and accounting for 4.1% of total adhesive tape sales revenue, which is higher than its sales volume share [1][11] Pricing Trends - From 2020 to 2024, the average selling price of aluminum foil tape in China has remained stable, ranging from 7.0 yuan/square meter to 7.5 yuan/square meter. The average price for 2024 is projected to be 7.14 yuan/square meter, significantly higher than the overall adhesive tape average price of 1.68 yuan/square meter, indicating a higher added value [1][12] Competitive Landscape - The domestic aluminum foil tape manufacturing sector is characterized by a large number of dispersed companies, including foreign firms like 3M and local companies such as Bont Technology, Meiyuan Industrial, and Yongguan New Materials. The market is highly competitive, with a growing emphasis on product R&D and customized solutions [1][12] - Bont Technology has emerged as a significant player, holding a market share of 12.6% in 2024, an increase of 0.9 percentage points from 2023, driven by its technological capabilities and strategic insights [1][13] Future Trends - The aluminum foil tape industry is expected to expand beyond traditional applications in packaging and construction, with increasing use in sectors such as new energy vehicles, 5G communications, and healthcare. Companies will focus on enhancing technological R&D, improving product quality, and participating in international market competition [1][14] - The industry is likely to see accelerated consolidation, with leading companies expanding market share through mergers and technological upgrades, resulting in increased market concentration [1][14]

证券时报·数据宝统计显示，晶华新材今日收盘价为26.40元，上涨2.25%，日换手率为5.13%，成交额为 3.76亿元，全天主力资金净流入589.31万元，近5日该股累计下跌5.04%，近5日资金合计净流出6751.12 万元。（数据宝） 11月21日晶华新材大宗交易一览 晶华新材11月21日大宗交易平台共发生2笔成交，合计成交量222.20万股，成交金额5583.89万元。成交 价格均为25.13元，相对今日收盘价折价4.81%。从参与大宗交易营业部来看，机构专用席位共出现在1 笔成交的买方或卖方营业部中，合计成交金额为2136.05万元，净买入2136.05万元。 进一步统计，近3个月内该股累计发生33笔大宗交易，合计成交金额为1.49亿元。 （文章来源：证券时报网） | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 137.20 | 3447.84 | 25.13 | -4.81 ...

Core Viewpoint - Jinhua New Materials (603683.SH) announced a significant reduction in shareholding by major shareholders, indicating a strategic shift in their investment approach [1] Shareholding Changes - Shareholder Zhou Xiaodong reduced his holdings by 3.4319 million shares, accounting for 1.19% of the total share capital, between October 21, 2025, and November 11, 2025 [1] - Shareholder Zhou Jinhang reduced his holdings by 3.896 million shares, representing 1.35% of the total share capital, from October 21, 2025, to November 21, 2025 [1] - Both shareholders decided to terminate their reduction plans early, with no further shares to be sold during the remaining period of the plan [1] Current Shareholding Status - As of the announcement date, the controlling shareholders Zhou Xiaodong, Zhou Xiaonan, and their concerted action person Zhou Jinhang collectively hold 94.7759 million shares, which is 32.73% of the total share capital [1]

触及 1%刻度、提前终止减持计划暨减持结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：603683 证券简称：晶华新材 公告编号：2025-092 上海晶华胶粘新材料股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 控股股东暨实际控制人及其一致行动人持股的基本情况 本次减持计划实施前，上海晶华胶粘新材料股份有限公司（以下简称"公司"） 控股股东、实际控制人周晓东先生直接持有公司股份 42,839,600 股，占公司总 股本的 14.79%。公司控股股东、实际控制人之一致行动人周锦涵先生直接持有 公司股份 13,000,000 股，占公司总股本的 4.49%。 减持计划的主要内容和实施结果情况 公司于 2025 年 8 月 29 日披露了《控股股东暨实际控制人及其一致行动人、 高级管理人员减持股份计划公告》（公告编号：2025-071），自公告披露之日起 15 个交易日后的 3 个月内（根据中国证监会及上海证券交易所相关规定禁止减持的 期间除外），周晓东先生及其一致行动人 ...

Core Viewpoint - The company announced a reduction in shareholding by its major shareholders, which has led to a decrease in their overall ownership percentage, but this change does not affect the control of the company [1] Group 1: Shareholding Changes - The controlling shareholder, Zhou Xiaodong, along with his associates Zhou Jinhang and Zhou Xiaonan, collectively hold 94,775,940 shares, representing 32.73% of the total share capital [1] - Prior to this reduction, the combined shareholding percentage was 33.49%, indicating a decrease of 0.76% due to the implementation of a share reduction plan [1] - Zhou Xiaodong reduced his holdings by 3,431,900 shares, decreasing his ownership from 14.79% to 13.61% [1] - Zhou Jinhang reduced his holdings by 3,896,000 shares, decreasing his ownership from 4.49% to 3.14% [1] Group 2: Reduction Plan Details - The share reduction plan has been terminated early, and any uncompleted share reductions will not occur during the remaining period [1] - The changes in shareholding do not lead to a change in the company's controlling shareholder or actual controller [1]

Group 1 - The core point of the article highlights that Jinghua New Materials experienced a 2.25% increase in stock price, closing at 26.40 yuan, with two block trades totaling 2.222 million shares and a transaction value of 55.8389 million yuan [1] - The first block trade occurred at a price of 25.13 yuan for 850,000 shares, amounting to 21.3605 million yuan, with a discount rate of -4.81%. The buyer was an institutional entity, while the seller was Shanghai Securities Co., Ltd. [1] - The second block trade also took place at 25.13 yuan for 1.372 million shares, totaling 34.4784 million yuan, with the same discount rate of -4.81%. The buyer was Donghai Securities Co., Ltd. [1] Group 2 - Over the past three months, Jinghua New Materials has recorded a total of 33 block trades, with a cumulative transaction value of 149 million yuan [1] - In the last five trading days, the stock has declined by 5.04%, with a net outflow of main funds amounting to 65.5118 million yuan [1]

Group 1 - The core point of the news is that Jinghua New Materials conducted a block trade on November 21, with a total of 2.222 million shares traded, amounting to 55.8389 million yuan, which represents 12.93% of the total trading volume for that day [1] - The transaction price was 25.13 yuan per share, which is a discount of 4.81% compared to the market closing price of 26.4 yuan [1] Group 2 - The block trade involved two main transactions: one for 1.372 million shares with a transaction amount of 34.4784 million yuan, and another for 0.82 million shares with a transaction amount of 21.3605 million yuan [2] - The buying departments included a development department and an institutional special account, indicating a mix of retail and institutional interest in the stock [2]