研报掘金丨国盛证券：维持晶华新材“买入”评级，积极布局电子皮肤打开成长空间

Core Viewpoint - Jinghua New Materials is an internationally leading adhesive materials company actively expanding into the electronic skin market, which opens up growth opportunities [1] Group 1: Business Strategy - The company focuses on industrial adhesive materials with a development route emphasizing scale, cost-effectiveness, differentiation, and branding [1] - For electronic and functional film materials, the company enhances product quality through precision coating technology and deepens strategic cooperation with clients via embedded R&D [1] - The company innovates in specialty paper by breaking traditional papermaking techniques, continuously improving product functionality, and achieving import substitution effects [1] - In chemical materials, the company strengthens fundamental research to achieve significant advancements in product performance and functionality [1] Group 2: Market Position and Growth Potential - The company is one of the few in China entering the humanoid robot tactile sensor, or electronic skin, sector, leveraging its strong advantages in existing materials [1] - It is anticipated that the company will enter a second growth phase by relying on electronic skin technology, with its valuation being lower than the average of comparable companies [1] - The report initiates coverage with a "Buy" rating for the company [1]