人民财讯12月10日电，恒辉安防（300952）在机构调研中表示，结合行业发展规律与自身技术积累，公 司认为机器人皮肤衣、皮肤手套正从"辅助部件"升级为"核心刚需"，是人形机器人从B端工业场景向家 庭服务、医疗健康、办公、社区、消费娱乐等To C服务场景延伸的关键支撑。要最终实现真正意义上的 电子皮肤衣、电子皮肤手套，还有很大挑战，公司将依托自身制造与原材料布局优势，稳步推进相关产 品研发落地，力争抢占细分领域先机。 ...

Core Viewpoint - Jinghua New Materials is an internationally leading adhesive materials company actively expanding into the electronic skin market, which opens up growth opportunities [1] Group 1: Business Strategy - The company focuses on industrial adhesive materials with a development route emphasizing scale, cost-effectiveness, differentiation, and branding [1] - For electronic and functional film materials, the company enhances product quality through precision coating technology and deepens strategic cooperation with clients via embedded R&D [1] - The company innovates in specialty paper by breaking traditional papermaking techniques, continuously improving product functionality, and achieving import substitution effects [1] - In chemical materials, the company strengthens fundamental research to achieve significant advancements in product performance and functionality [1] Group 2: Market Position and Growth Potential - The company is one of the few in China entering the humanoid robot tactile sensor, or electronic skin, sector, leveraging its strong advantages in existing materials [1] - It is anticipated that the company will enter a second growth phase by relying on electronic skin technology, with its valuation being lower than the average of comparable companies [1] - The report initiates coverage with a "Buy" rating for the company [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3]. Core Viewpoints - The company is positioned as a leading player in adhesive materials, with a strong presence in various downstream industries such as automotive and electronics [1][13]. - The establishment of a new subsidiary focused on electronic skin technology indicates the company's strategic expansion into emerging markets, particularly in humanoid robotics [2][3]. - The financial forecasts suggest steady revenue growth, with projected revenues of 2.01 billion, 2.23 billion, and 2.50 billion yuan for 2025, 2026, and 2027, respectively, alongside significant profit growth [3][4]. Summary by Sections Company Overview - Founded in 2006 and listed in 2017, the company has evolved into a high-tech enterprise specializing in various adhesive materials, with a focus on R&D, production, and sales [1][13]. - The product portfolio includes industrial adhesives, electronic adhesives, optical adhesive films, specialty papers, and chemical materials, catering to diverse sectors such as construction, 3C electronics, and automotive [1][46]. Market Position and Growth Potential - The company is recognized as a leader in the industrial adhesive segment, with a strong market share in products like masking tape, which is widely used in construction and automotive applications [2][46]. - The optical adhesive film, particularly OCA, is highlighted for its applications in new display technologies, with expectations for significant market growth driven by trends in flexible displays and automotive screens [30][39]. Financial Performance and Projections - The company has shown a steady increase in revenue, with total revenue expected to rise from 1.56 billion yuan in 2023 to 2.50 billion yuan by 2027, reflecting a compound annual growth rate [4][21]. - Net profit is projected to grow significantly, with estimates of 0.86 billion, 1.18 billion, and 1.55 billion yuan for 2025, 2026, and 2027, respectively, indicating a robust recovery and profitability trajectory [3][4]. Strategic Initiatives - The launch of Beijing Jingzhigan New Materials Co., Ltd. marks the company's entry into the electronic skin market, focusing on multi-modal flexible tactile sensors for various applications [2][3]. - The company aims to leverage its existing material advantages to capture growth opportunities in the electronic skin sector, which is expected to see increased demand in robotics and consumer electronics [2][3].

Core Viewpoint - The stock of Sdiq has shown significant growth, with a year-to-date increase of 111.21%, reflecting strong market interest and performance in the functional film materials sector [1][2]. Financial Performance - For the period from January to September 2025, Sdiq reported a revenue of 2.239 billion yuan, representing a year-on-year growth of 11.57%. However, the net profit attributable to shareholders decreased by 15.81% to 45.27 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 91.19 million yuan, with 32.97 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 12.63% to 20,100, while the average circulating shares per person decreased by 11.15% to 15,771 shares [2]. - The top ten circulating shareholders include notable entities such as Shenwan Lingshin New Economy Mixed A and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in investor sentiment [3]. Market Activity - On November 28, Sdiq's stock price rose by 2.47% to 27.33 yuan per share, with a trading volume of 128 million yuan and a turnover rate of 1.50% [1]. - The stock has seen a net inflow of 9.67 million yuan from major funds, indicating strong buying interest [1]. Business Overview - Sdiq, established on June 21, 2006, specializes in the research, production, and sales of functional film materials, electronic-grade adhesive materials, thermal management composite materials, and film packaging materials [1]. - The revenue composition includes electronic-grade adhesive materials (52.07%), film packaging materials (16.77%), functional film materials (15.93%), and other categories [1]. Industry Position - Sdiq is classified under the basic chemical industry, specifically in the plastic film materials sector, and is associated with concepts such as electronic skin, lithium batteries, new materials, and graphene [1].

Core Viewpoint - The stock of Xingyuan Material has shown significant growth this year, with a 59.46% increase, reflecting strong market interest and performance in the lithium-ion battery separator sector [1][2]. Financial Performance - For the period from January to September 2025, Xingyuan Material achieved a revenue of 2.958 billion yuan, representing a year-on-year growth of 13.53% [2]. - The net profit attributable to shareholders for the same period was 114 million yuan, which is a decrease of 67.25% compared to the previous year [2]. Stock Market Activity - As of November 28, the stock price of Xingyuan Material was 15.42 yuan per share, with a market capitalization of 20.788 billion yuan [1]. - The stock has seen a trading volume of 235 million yuan and a turnover rate of 1.27% [1]. - The stock has experienced a 2.80% increase over the last five trading days, an 8.21% increase over the last 20 days, and a 25.98% increase over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Xingyuan Material was 113,800, a decrease of 1.27% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.29% to 10,668 shares [2]. - The company has distributed a total of 791 million yuan in dividends since its A-share listing, with 490 million yuan distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 19.176 million shares, an increase of 4.047 million shares from the previous period [3]. - The Guangfa Guozheng New Energy Vehicle Battery ETF is a new entrant among the top ten circulating shareholders, holding 13.309 million shares [3].

Core Viewpoint - The stock price of Sdiq has experienced a significant increase of 108.35% year-to-date, but has recently seen a decline of 7.07% over the past five trading days, indicating volatility in its performance [2]. Company Overview - Sdiq, officially known as Jiangsu Sdiq New Materials Technology Co., Ltd., was established on June 21, 2006, and went public on November 25, 2019. The company is located at No. 11 Qingdao West Road, Taicang City, Jiangsu Province [2]. - The main business areas of Sdiq include the research, production, and sales of functional film materials, electronic-grade adhesive materials, thermal management composite materials, and film packaging materials [2]. - The revenue composition of Sdiq's main business is as follows: electronic-grade adhesive materials (52.07%), film packaging materials (16.77%), functional film materials (15.93%), polymer film materials (7.62%), others (6.03%), and thermal management composite materials (1.57%) [2]. Financial Performance - For the period from January to September 2025, Sdiq achieved a revenue of 2.239 billion yuan, representing a year-on-year growth of 11.57%. However, the net profit attributable to shareholders decreased by 15.81% to 45.27 million yuan [2]. - As of September 30, 2025, Sdiq's total shareholder count was 20,100, an increase of 12.63% from the previous period, while the average circulating shares per person decreased by 11.15% to 15,771 shares [2]. Shareholder and Dividend Information - Since its A-share listing, Sdiq has distributed a total of 91.199 million yuan in dividends, with 32.973 million yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders include notable entities such as Shenwan Lixin New Economy Mixed A and Hong Kong Central Clearing Limited, with changes in their respective holdings [3].

Core Viewpoint - Dao's Technology experienced a stock price decline of 2.08% on November 17, with a current price of 24.06 CNY per share and a market capitalization of 18.821 billion CNY, despite a year-to-date increase of 79.11% in stock price [1] Group 1: Financial Performance - For the period from January to September 2025, Dao's Technology reported a revenue of 6.001 billion CNY, reflecting a year-on-year decrease of 1.79%, while the net profit attributable to shareholders increased by 182.45% to 415 million CNY [2] - The company has distributed a total of 678 million CNY in dividends since its A-share listing, with 385 million CNY distributed over the past three years [3] Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 13.97% to 84,500, while the average number of circulating shares per person decreased by 12.26% to 8,137 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.0757 million shares to 10.1768 million shares, and new shareholder China Aviation New Start Flexible Allocation Mixed A, holding 6.7113 million shares [3] Group 3: Business Overview - Dao's Technology, established on September 21, 2007, and listed on December 3, 2014, specializes in the production and sale of ceramic glaze materials, along with providing related technical services and product design [1] - The company's revenue composition includes 47.44% from other businesses, 34.70% from lithium battery materials, 9.00% from carbon materials, and 8.85% from ceramic materials [1]

Group 1 - The company Hanwei Technology has confirmed that its subsidiary Suzhou Nengda is collaborating with Tesla's Optimus team on an electronic skin solution that has passed laboratory testing and is expected to complete B-sample validation by Q3 2025 [1] - Tesla requires suppliers to complete production line certification by the end of 2025, and Hanwei's Suzhou base has reserved two dedicated production lines with a capacity of 500,000 units per year [1] - Hanwei Technology has completed the expansion of its first-phase production line this year based on current demand and plans to adjust future expansion according to downstream demand [1]

Core Viewpoint - Jinhua New Materials has shown significant stock performance with a year-to-date increase of 226.11%, despite recent declines in the short term [1][2]. Financial Performance - For the period from January to September 2025, Jinhua New Materials reported revenue of 1.508 billion yuan, reflecting a year-on-year growth of 11.00% [2]. - The net profit attributable to shareholders for the same period was 64.0727 million yuan, which represents a year-on-year decrease of 4.36% [2]. Stock Market Activity - As of November 5, Jinhua New Materials' stock price was 29.19 yuan per share, with a market capitalization of 8.454 billion yuan [1]. - The stock has experienced a trading volume of 51.2578 million yuan and a turnover rate of 0.68% [1]. - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on September 18 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 14.06% to 14,100, while the average circulating shares per person decreased by 12.33% to 18,412 shares [2]. - The company has distributed a total of 96.8481 million yuan in dividends since its A-share listing, with 52.5613 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, ICBC Yuanxing Mixed Fund is among the top ten circulating shareholders, holding 2.5 million shares as a new shareholder [3].

Core Viewpoint - Hanwei Technology's stock has experienced significant fluctuations, with a year-to-date increase of 153.80% but a recent decline of 9.98% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Hanwei Technology achieved a revenue of 1.702 billion yuan, representing a year-on-year growth of 8.44% [2] - The net profit attributable to the parent company for the same period was 84.843 million yuan, reflecting a year-on-year increase of 6.33% [2] Stock Market Activity - As of November 5, Hanwei Technology's stock price was 51.80 yuan per share, with a total market capitalization of 16.962 billion yuan [1] - The stock has been on the "龙虎榜" (a trading list for stocks with significant trading activity) five times this year, with the most recent appearance on September 16, where it recorded a net buy of 374 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 79,400, up by 6.87% from the previous period [2] - The average number of circulating shares per shareholder decreased by 6.43% to 3,566 shares [2] Dividend Distribution - Since its A-share listing, Hanwei Technology has distributed a total of 239 million yuan in dividends, with 9.481 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, notable changes in institutional holdings include a decrease of 3.4046 million shares by Penghua Carbon Neutral Theme Mixed Fund, while Hong Kong Central Clearing Limited increased its holdings by 3.6098 million shares [4] - New institutional shareholders include E Fund National Robot Industry ETF, which holds 4.5506 million shares [4]