中国华电“小伙伴”，来了！

Core Viewpoint - Two new stocks are available for subscription: Tongyu New Materials and Huadian New Energy, with the latter being the only platform for China Huadian's renewable energy business [2][10]. Group 1: Tongyu New Materials - Tongyu New Materials is a leading supplier of electronic resin in the copper-clad laminate sector [3]. - The subscription code for Tongyu New Materials is 301630, with an issue price of 84 CNY per share and a price-to-earnings ratio of 23.94, compared to the industry average of 38.62 [4]. - The total number of shares issued is 10 million, all through online issuance, with a maximum subscription limit of 10,000 shares requiring a market value of 100,000 CNY in the Shenzhen market [4]. - The company focuses on the research, production, and sales of electronic resins, particularly for lead-free and halogen-free copper-clad laminates, and has been recognized as a high-tech enterprise and a national-level "specialized and innovative" small giant [4][5]. - From 2022 to 2024, Tongyu's revenue is projected to be 1.193 billion CNY, 886 million CNY, and 952 million CNY, with net profits of 188 million CNY, 164 million CNY, and 143 million CNY respectively [6]. - The company has established stable long-term partnerships with major players in the copper-clad laminate industry [5]. - For the first half of 2025, Tongyu expects a revenue of 615 million CNY, a year-on-year increase of 29.09%, and a net profit of 78.21 million CNY, a year-on-year increase of 4.11% [8]. Group 2: Huadian New Energy - Huadian New Energy is the only platform for China Huadian's renewable energy business, focusing on the development, investment, and operation of wind and solar power projects [10]. - The subscription code for Huadian New Energy is 730930, with the total number of shares issued being 4.969 billion, including 745 million for online issuance [11]. - The company is expected to have a market capitalization of 14.905 million CNY for maximum subscription, with the industry price-to-earnings ratio at 17.85 [11]. - Huadian New Energy's main revenue source is wind power, and it operates in regions with abundant wind and solar resources [12]. - By the end of 2024, Huadian's installed capacity will be 68.6171 million kW, with wind power accounting for 32.0245 million kW (6.15% market share) and solar power for 36.5926 million kW (4.13% market share) [12]. - The projected revenue for Huadian from 2022 to 2024 is 24.673 billion CNY, 29.580 billion CNY, and 33.968 billion CNY, with net profits of 8.522 billion CNY, 9.620 billion CNY, and 8.831 billion CNY respectively [12]. - For the first half of 2025, Huadian expects revenue between 18.950 billion CNY and 21.000 billion CNY, with a year-on-year change of 9.84% to 21.72%, and net profit between 5.760 billion CNY and 6.690 billion CNY, with a year-on-year change of -7.19% to 7.79% [13].