彤程新材：特种橡胶助剂龙头，电子材料业务形成二次成长曲线

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][12]. Core Insights - The company is the largest global supplier of specialty materials for tires and has been actively developing its electronic materials business, particularly in the photolithography sector [7]. - The electronic materials segment is expected to drive a second growth curve for the company, with significant revenue growth observed in recent periods [7][9]. - The company has made strategic acquisitions in the photolithography field, holding significant stakes in leading domestic firms, which positions it favorably in the semiconductor supply chain [7][9]. Company Overview - The company operates primarily in the chemical industry, focusing on specialty rubber additives, electronic materials, and fully biodegradable materials [2][7]. - As of January 9, 2025, the company's stock price was 32.38 RMB, with a target price set at 39 RMB, reflecting a potential upside [2][12]. - The company has a market capitalization of approximately 192.87 billion RMB and has seen a year-on-year revenue increase in its electronic materials segment [2][7]. Financial Performance - The company reported a net profit of 298 million RMB in 2022, with projections of 407 million RMB in 2023 and 539 million RMB in 2024, indicating a strong growth trajectory [12][16]. - Revenue from the electronic materials segment reached 3.42 billion RMB in the first half of 2024, a year-on-year increase of 36% [7][9]. - The company’s revenue from rubber additives and other products was 12.05 billion RMB in the first half of 2024, reflecting a year-on-year growth of 12.7% [11][12]. Market Position - The company is recognized as a leader in the specialty rubber additives market, serving major global tire manufacturers [7][9]. - The domestic semiconductor photolithography market is increasingly important, with the company positioned to benefit from the accelerated domestic substitution of imported materials [9][14]. - The company is also expanding its capabilities in the display panel photolithography market, with significant revenue growth reported in this segment [9][14].