毛率超60%！高分子材料龙头，再冲IPO

Core Viewpoint - Guangdong Deju Technology Co., Ltd. has restarted its A-share IPO process after nearly two years, aiming to raise funds for high-end composite functional materials production and other strategic projects [1][2]. Company Overview - Established in May 2016, Deju Technology is recognized as a national-level "specialized and innovative" small giant enterprise, with core shareholders including Intel and other prominent investors [2]. - The company has developed 18 core technologies across six chemical material systems and four strategic emerging industries, with its products integrated into the supply chains of major global companies like Apple, Tesla, and Huawei [3]. Financial Performance - From 2020 to the first half of 2023, Deju Technology's total revenue increased from 106 million to 175 million, while net profit fluctuated, peaking at 114 million in 2022 before dropping to 32 million in the first half of 2023 [4]. - The company's gross profit margins have been notably high, with the main business gross margin averaging around 64.55% in 2023, significantly outperforming competitors in the adhesive industry [5][6]. Market Potential - The electronic adhesive market in China is projected to exceed 45 billion by 2025, with an annual growth rate of 10% to 13%, indicating a robust demand for adhesive products [5]. - Despite the growth, the high-end electronic adhesive sector remains dominated by foreign companies, with domestic production rates below 50%, particularly in semiconductor packaging applications [7]. Industry Trends - The demand for advanced adhesives is increasing due to the rise of new packaging technologies and applications in robotics, where adhesives are becoming essential for structural connections and thermal management [7].