CCEM(SZ:300655) Zheng Quan Zhi Xing·2025-06-09 09:18Core Viewpoint - The credit rating agency maintains the rating of Jingrui Electronic Materials Co., Ltd. at A+ with a stable outlook, reflecting the company's diversified business structure, stable and high-quality customer base, and strong product and technological advantages [4][10][11]. Financial Overview - Total assets of Jingrui Electronic Materials reached 51.50 billion yuan in 2023, with total liabilities at 15.21 billion yuan, resulting in a debt-to-asset ratio of 29.53% [6][20]. - The company reported total revenue of 14.35 billion yuan in 2023, with a net profit of -1.91 billion yuan, indicating a decline in profitability due to market competition and goodwill impairment losses [6][19]. - The EBITDA for 2023 was 1.76 billion yuan, with an EBITDA interest coverage ratio of 3.62 times [6][20]. Business Structure and Market Position - Jingrui Electronic Materials has a diversified business structure, focusing on semiconductor materials and new energy materials, with a significant market share in high-purity hydrogen peroxide exceeding 40% [11][12]. - The company has maintained a stable market position in the domestic microelectronics chemical sector, with ongoing expansion in production capacity for high-purity chemicals and photoresists [11][12][17]. Investment and Growth Prospects - The company plans to enhance its product and technology investments, particularly in semiconductor and new energy sectors, with ongoing projects requiring substantial capital expenditures [11][18]. - Recent capital increases through private placements and stock issuances are expected to alleviate investment pressures and improve financial strength [10][19]. Risks and Challenges - The company faces challenges from intensified market competition, leading to price declines in some products and reduced profitability [5][19]. - The low shareholding ratio of the controlling shareholder is a concern, as it has been continuously diluted due to capital increases [10][19]. Research and Development - Jingrui Electronic Materials has increased its R&D investment, with a focus on high-end photoresists and high-purity chemicals, aiming to enhance its competitive edge in the market [17][18]. - The company holds 175 patents, including 74 invention patents, reflecting its commitment to innovation and technological advancement [17].