| 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：123076 | 债券简称：强力转债 | | 常州强力电子新材料股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 常州强力电子新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第五届董事会第十六次会议及第五届监事会第八次会议，会议审议通过 了《关于公司及子公司、孙公司银行综合授信提供相互担保的议案》。为满足公 司及控股子公司、孙公司日常经营活动需要，公司及控股子公司、孙公司向银行 申请综合授信额度提供相互担保，担保总金额不超过 12 亿元人民币，担保期限 12 个月，自公司 2024 年年度股东大会审议通过之日起算。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于公司及 子公司、孙公司银行综合授信提供担保的公告》（公告编号：2025-014）。2025 年 5 月 ...

Investment Rating - The report assigns a "Recommended" rating to the photoinitiator industry, marking its first coverage [2]. Core Viewpoints - The supply-demand dynamics in the photoinitiator industry are improving, leading to a potential recovery in industry profitability [3][10]. - The demand side is witnessing a revival in traditional sectors, while emerging applications are opening new opportunities [6][10]. - The industry is expected to see a concentration of production capacity among companies with scale, cost, and technological advantages [9][10]. Summary by Sections Supply and Demand Dynamics - The prices of various photoinitiator products have increased significantly in 2025, with notable price changes: - Photoinitiator 907: 88 CNY/kg (+27.54% since the beginning of the year) - Photoinitiator 184: 45 CNY/kg (+32.35%) - Photoinitiator TPO: 83 CNY/kg (+10.67%) - Photoinitiator ITX: 155 CNY/kg (+16.54%) [5]. - The photoinitiator market in China is projected to grow, with the UV coating market reaching 6.2 billion CNY in 2023 (+8% YoY), UV ink at 5.5 billion CNY (+11% YoY), and UV adhesive at 2.6 billion CNY (+238% YoY) [6][7]. Demand Drivers - The demand for photoinitiators is expected to rise due to recovery in the real estate sector and growth in downstream applications such as UV inks and adhesives used in electronics and packaging [7][10]. - The global 3D printing industry is projected to grow from 20 billion USD in 2023 to 21.9 billion USD in 2024 (+9.1%), with a compound annual growth rate (CAGR) of 18% expected from 2024 to 2034 [7]. - The PCB market is also on an upward trend, with a projected value of 73.6 billion USD in 2024 (+5.8% YoY) and an expected market size of 94.7 billion USD by 2029 [8]. Supply Side and Industry Structure - The production capacity of leading photoinitiator companies in China for 2024 is as follows: - Jiu Ri New Materials: 23,000 tons - Qiang Li New Materials: 17,000 tons - Wo Kai Long: 13,000 tons [9]. - The industry is experiencing a consolidation trend, with production capacity increasingly concentrated among companies with competitive advantages [9][10]. Investment Strategy - The report suggests that the photoinitiator industry is poised for a rebound in profitability as supply-demand conditions improve, and it highlights the potential for price recovery [10]. - Key companies to watch include Jiu Ri New Materials, Qiang Li New Materials, Yang Fan New Materials, and Xin Han New Materials [11].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights the recovery in demand for photoinitiators driven by the continuous growth in the downstream PCB industry, with various grades of photoinitiators seeing price increases [5] - The global PCB market is expected to recover, with a projected total output value of USD 73.57 billion in 2024, reflecting a year-on-year growth of 5.8% [5] - The concentration of production capacity in the photoinitiator industry is increasing, leading to a more favorable supply-side environment for leading companies [5] Summary by Relevant Sections Market Performance - The report indicates a significant price increase for various grades of photoinitiators, with the 907 grade price at CNY 88/kg, up 19% year-to-date [5] Demand Side - The demand for photoinitiators is driven by their critical role in photopolymerization systems, with applications in various sectors including electronics, coatings, and healthcare [5] - The global PCB market value was USD 81.74 billion in 2022, declining to USD 69.52 billion in 2023, but is expected to rebound in 2024 [5] Supply Side - China is the world's largest producer and exporter of photoinitiators, with a significant portion of global production capacity concentrated in leading firms [5] - The report notes that leading companies are expanding their production capacities, while weaker firms may face elimination as industry concentration increases [5] Recommendations - The report suggests focusing on companies such as Jiu Ri New Materials, Yangfan New Materials, and Strongly New Materials as potential investment opportunities [5]

| 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：123076 | 债券简称：强力转债 | | 常州强力电子新材料股份有限公司 关于2025年第二季度可转换公司债券转股情 况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、"强力转债"（债券代码：123076）转股期为 2021 年 5 月 25 日至 2026 年 11 月 18 日；初始转股价格：18.98 元/股；调整后转股价格：12.70 元/股（生效 日期：2024 年 7 月 24 日）。 2、2025 年第二季度，共有 220 张"强力转债"完成转股（票面金额共计 22,000.00 元人民币），合计转成 1,731 股"强力新材"股票（股票代码：300429）。 3、截至 2025 年第二季度末，公司剩余可转债为 5,825,795 张，票面总金额 为 582,579,500.00 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所可转换公 司债券业务实施细则》 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The supply-demand relationship is expected to improve, with a recovery in the market for photoinitiators. China is the main producer of photoinitiators, and the industry is becoming increasingly concentrated among leading companies. The demand for photoinitiators is anticipated to rise due to the expansion of UV curing applications [5][29] - The price of sustainable aviation fuel (SAF) has been rising, indicating a potential phase of simultaneous volume and price increases. The recent increase in SAF prices is attributed to China's announcement of an export whitelist and quotas, leading to increased inquiries from European buyers [30][31] Summary by Sections 1. Core Viewpoints - The report highlights the expected improvement in the supply-demand dynamics for photoinitiators, with China being a key player in production and export [5][29] - The report suggests that the price of photoinitiators, which has been at historical lows, is likely to recover due to expanding applications in high-end sectors [5][29] - SAF prices have increased significantly, with European prices reaching 2230 USD/ton, reflecting a 9.85% weekly increase and a 25.14% monthly increase [30][31] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 3.1% during the week, outperforming the Shanghai Composite Index by 1.2% [16] - Year-to-date, the basic chemical industry index has risen by 6.4%, outperforming both the Shanghai Composite Index and the ChiNext Index [16] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 372 stocks rose, with the top performers including Dadongnan (+50%) and Taihe Technology (+48.1%) [25][27] - The report notes significant declines in stocks such as Ningxin New Materials (-18.6%) and Jinniu Chemical (-14.4%) [25][27] 4. Key News and Company Announcements - The report emphasizes the recovery potential for photoinitiators and the rising SAF prices as significant developments in the industry [29][30]

Core Viewpoint - The article discusses the development and investment in the UV photoinitiator industry in China, highlighting the establishment of new production projects and the competitive landscape among leading companies in the sector. Company Overview - Mudanjiang Sunrise New Materials Technology Co., Ltd. has initiated a project to produce 3,000 tons of photoinitiators and intermediates, with a total investment of 240 million yuan and a construction area of 5,000 square meters [3][4]. - The company, founded in July 2017, focuses on the research and production of high-performance UV photoinitiators and has established a technology research center in Heilongjiang Province [4]. Industry Landscape - The leading companies in the photoinitiator market include Jiurichuang, Qiangli New Materials, Wokailong, IGM, Yangfan New Materials, and Gurun Technology, with respective production capacities of 22,850 tons, 16,573 tons, and others [5][6]. - Jiurichuang is the largest producer, achieving a revenue of 1.488 billion yuan in 2024, with a year-on-year growth of 20.52% and a photoinitiator sales volume of 23,100 tons [6][7]. - Yangfan New Materials reported a revenue of 731 million yuan in 2024, with a year-on-year increase of 5.80%, although it faced challenges due to low operating rates [8][9]. - Qiangli New Materials generated 924 million yuan in revenue in 2024, with a year-on-year growth of 15.93%, but experienced a net profit loss of 182 million yuan [10][11]. Technological Advancements - Mudanjiang Sunrise has accumulated multiple patents in photoinitiator technology, indicating its strength in innovation [4]. - Gurun Technology has achieved significant growth in 2024, with a revenue increase of 35.21% and a net profit growth of 393.35%, showcasing its competitive edge in product performance [12][13]. Upcoming Events - The 2025 TrendBank (Fifth) Lithography Industry Conference will be held on July 9-10 in Hefei, aiming to gather experts and industry leaders to discuss advancements and challenges in lithography technology [15].

Core Viewpoint - The credit rating report indicates that Changzhou Strongly Electronic New Materials Co., Ltd. (hereinafter referred to as "Strongly New Materials") maintains a stable credit rating of AA- due to its leading position in the electronic chemical products sector, despite facing challenges from insufficient downstream demand and increased competition [3][5][12]. Company Overview - Strongly New Materials is recognized as a key high-tech enterprise under the National Torch Program, specializing in electronic chemical products for photolithography, with a significant market share in PCB dry film photoinitiators [5][12]. - The company has a diverse production layout across multiple locations, including Changzhou, Shaoxing, Taixing, and Changsha, and offers a wide range of products in the PCB, LCD, and semiconductor sectors [5][12]. Financial Performance - In 2024, the company reported a net loss of 180 million yuan, attributed to increased asset impairment losses and rising operational expenses, which significantly eroded profits [5][6][20]. - The total assets as of March 2025 were 34.25 billion yuan, with total liabilities at 11.94 billion yuan, indicating a stable capital structure despite the operational challenges [3][20]. Market Conditions - The demand for photoinitiators and electronic chemical products is currently under pressure due to a sluggish real estate market and intensified competition, leading to a decline in product prices [9][10][12]. - The PCB market is showing signs of recovery, with a projected increase in production value, which may provide some support for the demand for photolithography chemicals [10][12]. Production Capacity and Utilization - The company has significantly increased its production capacity due to the completion of major projects funded by the Strongly Convertible Bonds, but faces challenges in capacity utilization due to weak downstream demand [5][16][18]. - The capacity utilization rate for electronic materials has declined, indicating a substantial pressure on the company to digest its increased production capacity [5][16][18]. Research and Development - Strongly New Materials continues to invest in R&D, with a focus on developing new products and enhancing existing technologies, although the R&D expenditure as a percentage of revenue has decreased [12][13]. - The company is actively working on several projects, including advanced packaging materials for semiconductors, which are currently in the customer validation phase [12][13]. Customer Base and Market Position - The company maintains stable relationships with major global photolithography manufacturers, which helps secure its market position despite competitive pressures [12][14]. - In 2024, the top five customers accounted for 24.28% of total sales, reflecting a relatively low customer concentration and stable partnerships [12][14].

常州强力电子新材料股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【418】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

Market Performance - The PET copper foil sector saw a daily increase of 2.09%, while the combustible ice sector experienced a decline of 4.14% [1] - The advanced packaging concept gained 0.79%, ranking 8th among concept sectors, with 67 stocks rising [3] Capital Flow - The advanced packaging sector attracted a net inflow of 275 million yuan, with 54 stocks receiving net inflows, and 10 stocks exceeding 50 million yuan in net inflow [1] - Strongly performing stocks in the advanced packaging sector included Strong New Materials with a net inflow of 461 million yuan, followed by Sanjia Technology and Guangli Technology with net inflows of 157 million yuan and 127 million yuan, respectively [1][2] Stock Performance - Notable stocks that hit the daily limit included Guangli Technology, Strong New Materials, and Zhengye Technology, all achieving a 20% increase [3] - Stocks with significant gains included Jingwei Huikai, Yanggu Huatai, and Sanjia Technology, which rose by 10.84%, 9.11%, and 7.33%, respectively [3] Capital Inflow Ratios - Leading stocks in capital inflow ratios included Saiwu Technology, Zhengye Technology, and Strong New Materials, with net inflow rates of 58.71%, 33.90%, and 27.48% respectively [2]

Group 1 - The photoresist concept sector increased by 1.45%, ranking second in the concept sector's growth, with 43 stocks rising, including Strong New Materials which hit the daily limit of 20% [1] - Notable gainers in the photoresist sector include Jingrui Electric Materials, Yanggu Huatai, and Jiaxian Co., which rose by 11.25%, 9.11%, and 6.86% respectively [1] - The sector saw a net inflow of 857 million yuan from main funds, with 38 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [2] Group 2 - Strong New Materials led the net inflow with 461 million yuan, followed by Jingrui Electric Materials, Kent Catalysts, and Yanggu Huatai with net inflows of 98.38 million yuan, 78.77 million yuan, and 71.71 million yuan respectively [2][3] - The net inflow ratios for Kent Catalysts, Strong New Materials, and Baichuan Co. were 29.65%, 27.48%, and 10.77% respectively, indicating strong investor interest [3]