Company Overview - Tongyu New Materials has been deeply engaged in the electronic resin field for nearly 10 years, breaking the monopoly of international leading companies in the lead-free and halogen-free copper-clad laminate applicable electronic resin sector [2] - The company specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates, with products including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Industry Insights - The electronic resin industry is crucial as it is one of the three main raw materials for producing copper-clad laminates, which are fundamental materials for processing printed circuit boards (PCBs) [2] - The copper-clad laminate industry in mainland China has seen rapid growth, with the output value increasing from $6.1 billion in 2014 to $9.3 billion in 2023, benefiting from the global PCB industry shifting to mainland China [2] Financial Performance - The company achieved operating revenues of 1.193 billion yuan, 886 million yuan, and 952 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 25.95%, -25.70%, and 7.47% respectively [2] - The net profit attributable to the parent company for the same years was 188 million yuan, 164 million yuan, and 143 million yuan, with year-on-year growth rates of 38.98%, -12.51%, and -12.87% respectively [2] - In Q1 2025, the company reported operating revenue of 276 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 4.43% year-on-year [2] IPO Details - The company plans to issue 10 million new shares in its IPO, raising 840 million yuan, with the funds intended for a 200,000-ton electronic resin project and to supplement working capital [3] - The company is currently experiencing tight production capacity, with utilization rates exceeding 100% during the reporting period [3] Valuation and Market Performance - Tongyu New Materials has a certain valuation advantage, with an issuance price-to-earnings ratio of 23.7 times, compared to an average dynamic P/E ratio of 36.88 times for comparable companies [5] - If the company achieves the average valuation of comparable companies on its first trading day, it would require a 55.6% increase from its issuance price [5] - The issuance price of 84 yuan is relatively high, and similar new stocks with prices around this level have shown an average first-day increase of 85.36%, significantly lower than the average first-day increase of 291.59% for new stocks over the past year [5]
四川大学博士控股，主营产品属于PCB上游原材料，中一签同宇新材能赚12万元吗？