Core Viewpoint - The company is a leading domestic player in the wet electronic chemicals industry, with significant advancements in technology and production capacity, positioning itself for future growth and profitability [1][2][3]. Group 1: Company Overview - The company was established in 2008 and is one of the earliest enterprises engaged in wet electronic chemicals in China [1]. - It has developed core technologies for producing electronic-grade phosphoric acid, sulfuric acid, hydrogen peroxide, and high-selectivity etching solutions, applicable to advanced processes of 28nm and below [1]. - The company has achieved international advanced technology levels for its main products, as recognized by the China Electronic Materials Industry Association [1]. Group 2: Technological Innovation - The company follows a "technology leads the future" strategy, with a robust innovation system and significant research and development (R&D) investment of 76.923 million yuan in the past year [2]. - A professional R&D team of 125 members has been established, with 62% holding master's or doctoral degrees [2]. - Key breakthroughs in purification technologies for electronic-grade chemicals have been made, reducing impurities such as metal ions and particle size [2]. Group 3: Project Development - The company has successfully completed several projects, including the expansion of electronic-grade sulfuric acid production to 40,000 tons/year and the construction of various other chemical production facilities, increasing total production capacity to 374,000 tons/year [3]. - Ongoing projects include the construction of ultra-pure electronic chemicals and comprehensive recycling of electronic-grade sulfuric acid, which are expected to contribute to future profit growth [3]. - The company is also planning new projects, such as the expansion of electronic-grade phosphoric acid production [3]. Group 4: Financial Forecast - The company forecasts net profits attributable to shareholders of 206 million yuan, 253 million yuan, and 305 million yuan for the years 2025 to 2027, respectively [3]. - Based on comparable company valuations, a target price of 39.05 yuan is set for 2025, with a price-to-earnings ratio of 68.5 times, indicating a "buy" rating [3].
兴福电子(688545)：国内湿电子化学品龙头 在建项目为公司发展奠定基础