Group 1 - The core point of the article is that Jiuri New Materials (688199.SH) has announced that its affiliated company, Tianjin Plana Nano Technology Co., Ltd., is engaged in research and development related to solid-state batteries [1]

Core Viewpoint - The company has indicated that while the prices of photoinitiators are undergoing adjustments, there are still some low-priced orders that need to be processed. Recently, the prices of domestic photoinitiators such as 907, 184, TPO, and ITX have seen an increase [1] Group 1 - In the second quarter, the company experienced a gradual increase in order volume for both photoresists and photoinitiators [1] - The company has achieved ton-level orders for photoresists and has established large-scale sales for photoinitiators [1]

格隆汇8月6日丨久日新材(688199.SH)在投资者互动平台表示，公司光引发剂产品的下游客户包含光固 化涂料和胶粘剂生产企业，其产品可部分用于人形机器人的生产制造。公司会认真评估人形机器人所涉 及的相关材料。 ...

格隆汇8月6日丨久日新材(688199.SH)在投资者互动平台表示，公司和客户正在合作开发可用于高端光 刻胶的阳离子光引发剂。 ...

Core Viewpoint - The company, Jiu Ri New Materials (688199.SH), emphasizes its strong R&D capabilities and continuous innovation, with several product development technologies reaching advanced levels both internationally and domestically [1] Group 1: R&D and Innovation - The company possesses robust R&D strength and significant ongoing innovation capabilities [1] - Multiple product development technologies have achieved international or domestic advanced standards [1] Group 2: Project Development - The company has project reserves in the fields of photopolymerization and semiconductor chemical materials [1] - Future project construction will be initiated based on situational assessments [1]

Core Insights - As of August 5, a total of 116 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stocks with the longest consecutive net inflow days are Huicheng Environmental Protection and Chengdi Xiangjiang, both achieving 17 consecutive trading days of net inflows [1] - Other notable stocks with significant consecutive net inflow days include Gaomei Co., Juhe Materials, China Baoan, Langkun Technology, Jichuan Pharmaceutical, Jiuri New Materials, Xinlicheng, Cangge Mining, Tianzhihang, and Jingcheng Co., with inflow days ranging from 9 to 15 [1]

Group 1 - A total of 107 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for 5 consecutive days or more as of August 4 [1] - The stocks with the longest consecutive net inflows are Chengdi Xiangjiang and Huicheng Environmental Protection, both achieving 16 consecutive trading days of net inflows [1] - Other notable stocks with significant consecutive net inflows include Gaocai Co., Ltd. (14 days), Juhe Materials (13 days), Juchen Co., Ltd. (12 days), China Baoan (10 days), Hongrun Construction (9 days), Jiurichuang New Materials (9 days), New Mileage (9 days), Jichuan Pharmaceutical (9 days), and Langkun Technology (9 days) [1]

Group 1 - The report from China Merchants Securities highlights the introduction of new isostatic equipment and UV printing technology in the solid-state battery manufacturing process to address core interface challenges [1] - UV printing technology is favored for its high precision and automation, making it suitable for the stringent production requirements of solid-state batteries, and is currently a primary choice for leading battery manufacturers [1][2] - The overall cycle time of the solid-state battery production line is currently a bottleneck, with precise control required over various parameters such as laser settings, dispensing speed, adhesive viscosity, and UV curing energy [2] Group 2 - The production of solid-state batteries imposes higher requirements on UV adhesives, particularly in terms of tensile strength, flexibility, and puncture resistance, due to their use in insulating the electrodes [3] - New formulations of solid-state battery UV adhesives are reported to have significant barriers to entry, as they must not react with sulfur-based electrolytes, indicating a specialized market for these materials [3] - Leading companies in the UV adhesive sector, such as Songjing Co., have made significant advancements in solid-state UV adhesive products and equipment [3]

在半导体产业链国产化替代加速的浪潮中，天津久日新材料股份有限公司（688199）正以全产业链布局 为核心竞争力，在光刻胶领域迅速崛起。作为全球光引发剂龙头企业，久日新材通过技术突破与产能扩 张，成为国产光刻胶领域的重要力量。 全产业链布局构建独家优势 随着4500吨光刻胶项目产能逐步释放，久日新材的市场渗透加速。2025年第二季度，久日新材光刻胶订 单量累计形成吨级规模，光敏剂已实现规模化销售，客户覆盖显示面板、半导体芯片、LED 及功率芯 片生产企业。业内人士指出，久日新材当前以i-线、g-线光刻胶（365nm以上工艺）切入市场，契合国 内成熟制程广泛应用的需求，随着技术进步，未来有望向高端ArF、KrF光刻胶领域渗透。 除此之外，久日新材作为全国最大光引发剂供应商，其在化学合成、工艺优化等领域积累的二十余年经 验，可直接赋能半导体材料生产。例如，通过酸-酸缩合一步连续法降低原材料消耗，采用氯代物工艺 减少废酸排放，这些技术优势已复制到光刻胶生产中，显著提升成本控制能力。 久日新材坚定以"光固化产业为核心、半导体产业为重点"的发展方向，未来将持续加大半导体化学材料 投入。除现有产品外，久日新材正在开发光致产 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, which is the largest and most comprehensive manufacturer of photoinitiators in China, actively advancing its semiconductor materials layout to create a second growth curve [3]. Core Viewpoints - The company has a leading position in the photoinitiator industry, with a market share of approximately 30%. It has been focusing on the photopolymerization industry for over 20 years and is expanding into semiconductor chemical materials [19]. - The company's revenue and operating performance are closely tied to the cyclical nature of the photopolymer materials market, with expectations for recovery as the industry improves [23]. - The company has strong R&D capabilities and is actively developing a full industrial chain from raw materials to downstream photolithography products, enhancing its diversified growth strategy [4][22]. Financial Summary - Revenue is projected to grow from 1,235 million yuan in 2023 to 2,090 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.13% [2]. - The net profit attributable to the parent company is expected to turn from a loss of 96 million yuan in 2023 to a profit of 197 million yuan in 2027, indicating a significant recovery [2]. - Earnings per share (EPS) is forecasted to improve from -0.89 yuan in 2023 to 1.22 yuan in 2027, reflecting a positive trend in profitability [2]. Industry Overview - The photoinitiator market is expected to benefit from the growing demand for UV coatings and inks, driven by environmental policies and the increasing penetration of UV technology in various applications [5][64]. - The domestic UV coating production has grown from 68,200 tons in 2015 to 194,200 tons in 2023, with a CAGR of 14%, indicating substantial growth potential in the market [5]. - The company is well-positioned to capitalize on the recovery of the PCB industry, with the market value of domestic UV inks increasing from 3.291 billion yuan in 2018 to 5.537 billion yuan in 2023, achieving a CAGR of 11% [5]. R&D and Product Development - The company has developed over ten types of photoinitiators, including 184, TPO, and 1173, and has a production capacity of 22,850 tons, making it the largest manufacturer in the country [6][21]. - The company is also advancing its semiconductor materials layout, with projects in photolithography and core raw materials expected to enter trial production in 2024 [22]. Management and Governance - The company has a stable ownership structure, with significant shareholding by executives, reflecting confidence in long-term development [47].