兴业股份终结5连板光刻胶业务仅送样 营收净利三连降研发缩水突围待考

Core Viewpoint - The stock price of Xingye Co., Ltd. has surged due to market interest in its semiconductor photoresist phenolic resin, although the product is still in the sample testing phase and has not yet generated sales revenue [1][3][5]. Group 1: Stock Performance - Xingye Co., Ltd. experienced a significant stock price increase, with a cumulative rise of 70% since the beginning of June, reaching a peak of 17.06 yuan per share from a low of 7.46 yuan per share earlier this year [6][3]. - The stock has seen two rounds of price increases this year, with the first round occurring from January 17 to 24, and the second round starting on June 13, culminating in five consecutive trading days of price increases [3][6]. - On June 25, the stock reached a trading volume of 10.32 billion yuan, marking a new high with a turnover rate of 22.07% [2]. Group 2: Financial Performance - Despite the stock price surge, the company's financial performance has been under pressure, with a continuous decline in both revenue and net profit over the past three years [9][10]. - From 2022 to 2024, the company's revenue is projected to decline from 17.87 billion yuan to 14.84 billion yuan, with corresponding net profits decreasing from 1.16 billion yuan to 0.41 billion yuan [9][10]. - In the first quarter of this year, the net profit was reported at 0.13 billion yuan, reflecting a year-on-year decline of 17.47% [11]. Group 3: Research and Development - The company's research and development investment has decreased, with 2024's R&D expenditure at 0.48 billion yuan, down from 0.62 billion yuan in 2021 [12]. - The company has acknowledged the market's interest in its photoresist business, but the actual impact on performance remains uncertain as the product is still in the testing phase [4][13]. Group 4: Ownership Structure - Xingye Co., Ltd. is characterized as a family-owned enterprise, with significant control held by the founding families [8]. - The top nine shareholders are all related parties, collectively controlling 68.97% of the company's shares [8]. Group 5: Market Outlook - The market is closely watching whether Xingye Co., Ltd. can successfully advance its photoresist business and improve its financial standing [13].