Core Viewpoint - The stock of Shihua Technology has shown significant growth this year, with a year-to-date increase of 83.47%, despite recent fluctuations in trading volume and net capital outflow [1][2]. Group 1: Stock Performance - As of December 24, Shihua Technology's stock price reached 36.02 yuan per share, with a market capitalization of 10.099 billion yuan [1]. - The stock has experienced a 3.95% increase over the last five trading days and a 5.62% increase over the last 20 days, while it has decreased by 11.44% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -5.3886 million yuan on April 18 [1]. Group 2: Financial Performance - For the period from January to September 2025, Shihua Technology reported a revenue of 845 million yuan, representing a year-on-year growth of 49.23%, and a net profit attributable to shareholders of 316 million yuan, up 61.81% year-on-year [2]. - The company's main business revenue composition includes functional electronic materials (62.90%) and high-performance optical materials (36.81%) [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 28.47% to 9,936, while the average circulating shares per person decreased by 22.16% to 26,432 shares [2]. - The company has distributed a total of 493 million yuan in dividends since its A-share listing, with 438 million yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant holding 738,900 shares, while E Fund Value Growth Mixed Fund has reduced its holdings by 40,000 shares [3].

Core Viewpoint - Suzhou Shihua New Materials Technology Co., Ltd. is a national-level specialized and innovative small giant enterprise engaged in the research, production, and sales of functional materials, with a focus on customized solutions for various industries including consumer electronics and new energy vehicles [1][14]. Company Overview - Established in 2010 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2020, the company specializes in high-performance optical materials, functional electronic materials, and functional adhesives [1][14]. - The company has developed strong partnerships with major consumer electronics brands such as Apple and Samsung, establishing long-term stable relationships within the supply chain [1][14]. Development Stages - The company's development can be divided into three stages: 1. **Initial Stage (2010-2015)**: Focused on producing process application materials for functional devices and established partnerships with leading clients [2][15]. 2. **Business Expansion Stage (2016-2020)**: Expanded product offerings, including materials for TFT-LCD and OLED modules, successfully entering Samsung's material resource pool [2][15]. 3. **Stable Development Stage (2021-Present)**: Achieved production capacity expansion and received multiple national recognitions, including "specialized and innovative small giant" [2][15]. Financial Performance - The company's total revenue has shown consistent growth, increasing from 241 million yuan in 2019 to 795 million yuan in 2024, with a five-year CAGR of 26.96% [6][20]. - In the first three quarters of 2025, revenue reached 845 million yuan, reflecting a year-on-year growth of 49.23% [6][20]. - Net profit attributable to shareholders also increased from 82 million yuan in 2019 to 280 million yuan in 2024, with a five-year CAGR of 27.84% [6][20]. Profitability Metrics - The company has maintained high gross and net profit margins, with gross margins ranging from 56.21% to 63.31% from 2019 to 2024, and net margins from 33.85% to 43.32% during the same period [7][21]. - The company has effectively controlled its expense ratios, with a decrease in sales and management expense ratios over the years [7][21]. Business Segments - The main business segments include functional electronic materials and high-performance optical materials, with the latter showing explosive growth in 2024 due to strategic development initiatives [10][23]. - The revenue from high-performance optical materials increased significantly, accounting for 27.42% of total revenue in 2024 and further rising to 36.81% in the first half of 2025 [10][23]. Product Structure - The company's functional materials are designed to meet specific functions such as adhesion, conductivity, and insulation, utilizing high polymer functional coatings combined with various substrates [12][26]. - The synthesis of high polymer functional coatings is central to product design, with the company employing advanced polymerization and modification techniques to create materials with tailored properties [12][26].

Core Viewpoint - The company emphasizes its commitment to enhancing performance in the capital market through various strategies aimed at sustainable growth and protecting investor rights [1] Group 1 - The company is focused on improving operational management quality [1] - The company actively formulates profit distribution plans [1] - The major shareholder is increasing their stake in the company [1] Group 2 - The company aims to fulfill its responsibilities and obligations as a publicly listed entity [1] - The company strives to drive sustainable growth in intrinsic value through strong performance [1] - The company is dedicated to actively safeguarding investor interests [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 48.25 CNY [5][11]. Core Insights - The company is deeply engaged in high-end electronic materials, with the explosion of AI mobile phone demand expected to drive both volume and price increases for its products. Additionally, the continuous expansion into optoelectronic display materials provides ample growth momentum for the future [2][11]. - The company has three main product lines: electronic composite materials, optoelectronic display module materials, and functional adhesives, which are applied in OLED display modules, consumer electronics, AI smart hardware, and automotive electronics. Its products are already utilized by well-known domestic and international consumer electronics brands and display panel industry clients [11]. - The company is investing 2.05 billion CNY in a new high-performance optical adhesive film project, which has already commenced construction. This will further enhance its capabilities in optical display film materials, photosensitive materials, and optical display coating materials [11]. Financial Summary - Total revenue is projected to grow from 511 million CNY in 2023 to 2,008 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 31.4% [4][12]. - Net profit attributable to the parent company is expected to increase from 193 million CNY in 2023 to 698 million CNY in 2027, reflecting a CAGR of about 29.1% [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 2.49 CNY in 2027 [4][12]. Market Position - The company operates in a market where high-end optical materials are predominantly controlled by foreign enterprises from the US, Japan, and South Korea, indicating significant potential for domestic substitution [11]. - The company has successfully broken the monopoly of foreign firms by achieving new customer certifications and mass production sales of its optoelectronic products, which are gradually ramping up [11].

Core Insights - On December 8, a total of 6 stocks received buy ratings from brokerages, with 1 stock announcing a target price [1] - Based on the highest target price, Shihua Technology ranks first in potential price increase, with an expected rise of 22.7% [1] - Among the stocks receiving buy ratings, 3 maintained their previous ratings while 3 received ratings for the first time [1] Industry Summary - The sectors with the highest number of stocks receiving buy ratings include Food, Beverage & Tobacco with 2 stocks, Technology Hardware & Equipment with 1 stock, and Capital Goods with 1 stock [1]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company, Suzhou Shihua New Materials Technology Co., Ltd., is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of functional materials [6][12]. - The company has maintained high growth in revenue and net profit, with a five-year CAGR of 26.96% for revenue and 27.84% for net profit from 2019 to 2024 [6][24]. - The company has established deep cooperation with major clients like Apple and Samsung, which enhances its market position and stability [6][20]. - The company has recently completed a fundraising of 590 million yuan to expand its optical film materials project, which is expected to significantly contribute to future growth [6][24]. Financial Forecast - Total revenue is projected to grow from 511.50 million yuan in 2023 to 1,923.41 million yuan in 2027, with a growth rate of 10.64% in 2023 and 55.36% in 2024 [5]. - Net profit attributable to shareholders is expected to increase from 193.46 million yuan in 2023 to 669.06 million yuan in 2027, with a growth rate of 4.36% in 2023 and 44.56% in 2024 [5]. - The company's EPS is forecasted to be 1.56 yuan in 2025, with a corresponding P/E ratio of 22.61 [5]. Company Overview - The company was established in 2010 and has developed a range of functional materials used in various industries, including consumer electronics and medical electronics [12][20]. - The company operates three manufacturing plants and has over 400 employees, with a strong presence in both domestic and international markets [12][20]. - The management team has extensive experience in the industry, contributing to the company's innovative capabilities and patent development [20][21]. Business Segments - The main business segments include functional electronic materials and high-performance optical materials, with the latter showing rapid revenue growth due to new project developments [29][39]. - The functional electronic materials segment has seen steady growth, while the high-performance optical materials segment is expected to contribute significantly to future revenues [29][39]. Market Trends - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by advancements in AI, IoT, and 5G technologies [53]. - The demand for high-end smartphones is increasing, with a notable shift towards premium devices, which is expected to benefit the company's functional materials [55][58].

证券代码：688093 证券简称：世华科技 公告编号：2025-055 公司董事会对保荐代表人刘一为先生在公司首次公开发行股票及持续督导 期间所做出的贡献表示衷心感谢！ 特此公告。 苏州世华新材料科技股份有限公司董事会 2025 年 12 月 9 日 附件：李响个人简历 苏州世华新材料科技股份有限公司 关于更换持续督导保荐代表人的公告 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、准确性和完整性依法承担法律责任。 苏州世华新材料科技股份有限公司（以下简称"公司"）于近日收到保荐人 华泰联合证券有限责任公司（以下简称"华泰联合"）出具的《华泰联合证券有 限责任公司关于更换苏州世华新材料科技股份有限公司首次公开发行股票持续 督导保荐代表人的函》。华泰联合作为公司首次公开发行股票项目的保荐人，原 委派吴学孔先生和刘一为先生作为保荐代表人履行持续督导职责。现因刘一为先 生工作变动，不能继续担任持续督导期的保荐工作。根据相关法律法规及监管规 定的要求，为保证持续督导工作的有序进行，由华泰联合保荐代表人李响先生（简 历附后）接替刘一为先生履行公司首次公开发行股票的持 ...

Group 1 - The company has approved a proposal to engage in foreign exchange derivative trading to mitigate risks associated with currency fluctuations and improve the efficiency of foreign exchange fund usage [2][4][16] - The total trading amount for foreign exchange derivatives is capped at 200 million RMB (or equivalent in other currencies), with a maximum margin and premium limit of 50 million RMB [4][5] - The trading will be conducted using the company's own funds and will not involve raised funds [5][24] Group 2 - The company plans to use various foreign exchange derivative products, including forward contracts, swaps, and options, to hedge against currency risks [7][10] - The trading period for these derivatives is valid for 12 months from the date of board approval, with the ability to roll over the trading amount within this period [8][9] - The board has authorized the chairman or designated personnel to make investment decisions within the approved limits without further board approval for individual trades [5][9] Group 3 - The company has outlined specific risk control measures, including the prohibition of speculative trading and the establishment of a management system for foreign exchange derivative trading [14][15] - The audit committee and the sponsor have expressed their agreement with the company's plans, confirming compliance with relevant regulations and the absence of harm to shareholder interests [18][29] Group 4 - The company has announced a cash dividend of 0.40 RMB per share for the first three quarters of 2025, which was approved at the recent shareholder meeting [32][33] - The total cash dividend distribution will amount to approximately 111.49 million RMB, based on the adjusted total share capital [33][34] - The dividend will be distributed to all shareholders registered by the end of the trading day prior to the dividend record date, excluding shares held in the company's repurchase account [33][37]

Core Viewpoint - Shihua Technology announced a cash dividend distribution plan of 0.4 yuan per share (tax included) for the first three quarters of 2025, with the record date set for December 4, 2025, and the ex-dividend date on December 5, 2025 [2] Summary by Categories - **Dividend Announcement** - The company will distribute a cash dividend of 0.4 yuan per share for the first three quarters of 2025 [2] - The dividend is inclusive of tax [2] - **Key Dates** - The record date for shareholders is December 4, 2025 [2] - The ex-dividend date is December 5, 2025 [2]

Core Viewpoint - The company, Shihua Technology, announced the approval of a proposal to engage in foreign exchange derivative trading during its board meetings held on November 28, 2025 [2] Group 1 - The third session of the board's audit committee held its eleventh meeting on November 28, 2025 [2] - The twelfth meeting of the third session of the board was also convened on the same date [2] - The proposal regarding foreign exchange derivative trading was reviewed and approved during these meetings [2]