彤程新材：参股企业中策橡胶上市获批，电子平台型公司多元成长-20250216

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company announced that its associate, Zhongce Rubber Group Co., Ltd., has received approval for its initial public offering (IPO) on the Shanghai Stock Exchange, which is expected to enhance the company's investment returns [3][4]. - Zhongce Rubber is one of the largest tire manufacturers in China, with significant revenue growth observed in recent years. The company reported revenues of 30.6 billion, 31.9 billion, 35.3 billion, and 18.5 billion yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively [8]. - The company is a leading supplier of specialty rubber additives and photoresists, with a strong market position in both sectors. It is the largest producer of rubber phenolic resin in China and has a comprehensive electronic materials business [8]. - The company has robust R&D capabilities, allowing it to expand its product offerings and enter new markets, such as semiconductor polishing pads [8]. - The projected net profits for the company are expected to be 5.3 billion, 6.1 billion, and 7.2 billion yuan for the years 2024 to 2026, respectively [8]. Summary by Sections Company Overview - The company holds an 8.9% stake in Zhongce Rubber, which is expected to contribute significantly to its investment income [3][4]. - The company is recognized as a dual leader in specialty rubber additives and photoresists, with a strong focus on R&D and product innovation [8]. Financial Performance - The company reported investment income from associates of 1.36 billion, 0.96 billion, 2.27 billion, and 2.08 billion yuan for the years 2021, 2022, 2023, and the first half of 2024, primarily from Zhongce Rubber [8]. - The financial forecasts indicate a steady increase in total revenue, with projections of 29.44 billion, 35 billion, 37 billion, and 41.17 billion yuan for the years 2023 to 2026 [11]. Market Position - The company is positioned as a leading domestic supplier in the semiconductor photoresist market, with a comprehensive product range that includes G-line, I-line, KrF, and ArF photoresists [8]. - The company is also expanding its production capacity for semiconductor polishing pads, with a projected annual output of 250,000 pieces and expected sales of approximately 800 million yuan upon reaching full capacity [8].