Core Viewpoint - New Guangyi (301687.SZ) has initiated its subscription with an issue price of 21.93 yuan per share and a price-to-earnings ratio of 28.59 times, focusing on high-performance specialty functional materials [1] Company Overview - New Guangyi is a high-tech enterprise specializing in the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and strong resistance specialty films [1] - The company has developed high-precision acoustic films with a thickness tolerance of ±1um and excellent temperature resistance, which are currently supplied to Apple's high-end headphone products [1] Financial Performance - The company achieved operating revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [2] Revenue Breakdown by Product Category - For the first half of 2025, the revenue breakdown by product category is as follows: - Anti-overflow adhesive films: 16,417.96 million yuan (52.43%) - Strong resistance specialty films: 7,272.05 million yuan (23.22%) - New energy materials: 3,941.97 million yuan (12.59%) - Optical adhesive films: 906.95 million yuan (2.90%) - Modified materials: 1,280.92 million yuan (4.09%) - Acoustic films: 512.08 million yuan (1.64%) - Others: 985.06 million yuan (3.15%) [1] Industry Insights - The Chinese functional film materials market is experiencing rapid growth, projected to reach a market size of 162.3 billion yuan in 2024, with a year-on-year growth of 8.9% [1] - Optical functional films represent the largest segment of the market, accounting for 39.6%, followed by separation functional films and packaging functional films at 28.37% and 17.64%, respectively [1]
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