Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][8]. Core Insights - The company, Jinhua New Materials, is positioned as a leading player in the fine chemical sector, focusing on oxime series products, with significant growth potential in the semiconductor market through its hydroxylamine solution [5][11]. - The company has established a robust production chain for oxime-based products, including silane crosslinking agents and hydroxylamine salts, which are expected to drive revenue growth [7][11]. - The report highlights the company's strong financial performance, with projected revenues and net profits showing significant growth from 2023 to 2027 [6][8]. Summary by Sections 1. Company Overview - Jinhua New Materials has been dedicated to the research, production, and sales of oxime series fine chemicals since its establishment in 2007, achieving a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [16][22]. - The company has received multiple accolades, including recognition as a national-level specialized and innovative "little giant" enterprise [16]. 2. Business Operations - The company focuses on silane crosslinking agents and hydroxylamine salts, which are expected to see steady sales growth due to increasing market demand [22][29]. - The production capacity for silane crosslinking agents is projected to reach 58,300 tons per year by 2024, with a market share of 38.16% in China [7][11]. 3. Financial Analysis - The company anticipates revenues of approximately 1.24 billion RMB and a net profit exceeding 210 million RMB in 2024, reflecting a strong financial outlook [6][8]. - The report forecasts a net profit of 357 million RMB by 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 39 in 2025 to 22 in 2027 [6][8]. 4. Market Potential - The hydroxylamine solution is identified as a key product for entering the semiconductor chemicals market, with a projected global market growth from 206 million USD in 2023 to 378 million USD by 2030 [7][11]. - The company is also expanding its production capabilities for high-end coupling agents, which are expected to enhance its market position in functional silanes [7][11]. 5. Competitive Landscape - The company has established strong partnerships with major clients, including Bayer and Brenntag, which enhances its market competitiveness [46][47]. - The report notes that the company has overcome technical barriers in the hydroxylamine solution production, positioning it well against competitors like BASF [7][11].
锦华新材（920015）：羟胺水溶液突破半导体市场,酮肟产业链工艺链条壁垒深厚