Core Viewpoint - The A-share market has seen a significant rally in photoresist concept stocks, driven by recent breakthroughs in the photoresist field in China [1][2]. Group 1: Stock Performance - Jingrui Electric Materials (300655) surged over 17%, with a market capitalization of 18.9 billion and a year-to-date increase of 89.04% [2]. - Jinhua New Materials (920015) rose more than 14%, with a market cap of 7.32 billion and a year-to-date increase of 43.67% [2]. - Other notable performers include Jiashan Co. (920489) and Wanyun Co. (002643), both increasing over 10% [1][2]. Group 2: Industry Breakthrough - A research team led by Professor Peng Hailin from Peking University has achieved a breakthrough in the photoresist field by using cryo-electron tomography to analyze the micro-3D structure of photoresist molecules in a liquid phase environment [2]. - This research guides the development of an industrialization plan that significantly reduces photoresist defects [2].

Core Insights - A research team led by Professor Peng Hailin from Peking University has successfully utilized cryo-electron tomography to analyze the three-dimensional structure, interfacial distribution, and entanglement behavior of photoresist molecules in a liquid phase environment, which aids in developing industrial solutions to significantly reduce photolithography defects [1] Group 1: Industry Developments - The published research in "Nature Communications" provides insights that could enhance the photolithography process, which is critical for semiconductor manufacturing [1] - The analysis of photoresist molecules in situ represents a significant advancement in understanding material behavior under operational conditions [1] Group 2: Financial Performance - According to data from Data Treasure, 11 photoresist-related stocks reported a year-on-year increase in net profit for the first three quarters of 2025, including companies like Jingrui Electric Materials, Jiuri New Materials, and others [1] - Notably, five photoresist concept stocks have seen net financing purchases exceeding 100 million yuan since October, including Yake Technology, Xinlai Materials, and others [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company reported a revenue of 860 million yuan in Q1 2025, representing a year-on-year increase of 9.4% and a quarter-on-quarter increase of 1.3% [2][4] - The net profit attributable to shareholders reached 160 million yuan, reflecting a year-on-year growth of 10.9% and a significant quarter-on-quarter increase of 104.8% [2][4] - The gross margin for Q1 2025 was 25.2%, up 0.4 percentage points year-on-year and 2.1 percentage points quarter-on-quarter, while the net margin was 19.2%, an increase of 0.3 percentage points year-on-year and 9.5 percentage points quarter-on-quarter [2][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 860 million yuan, with a net profit of 160 million yuan and a net profit excluding non-recurring items also at 160 million yuan, indicating a year-on-year increase of 88.8% [2][4] - The sales volume for special rubber additives, electronic chemicals, and fully biodegradable materials were 39,949 tons, 4,026 tons, and 4,720 tons respectively, with year-on-year growth rates of 4.8%, 9.6%, and 76.3% [10] - The average selling prices for special rubber additives, electronic chemicals, and fully biodegradable materials were 15,044 yuan/ton, 52,349 yuan/ton, and 8,942 yuan/ton, with respective year-on-year changes of -4.0%, +23.4%, and -17.6% [10] Research and Development - The company invested 220 million yuan in R&D in 2024, a 20.5% increase year-on-year, accounting for 6.6% of revenue [10] - New product sales accounted for 43% of total sales, with the top eight new products contributing 80% of sales revenue [10] Project Development - The company has several projects entering production phases, including a semiconductor and flat panel display photoresist project with an annual capacity of 11,000 tons and related supporting agents of 20,000 tons [10] - The semiconductor chip polishing pad project has completed construction and is in trial production as of December 2024 [10] Future Outlook - The company is positioned as a leader in special rubber additives and photoresists, with expectations for net profits of 550 million yuan, 650 million yuan, and 760 million yuan for 2025, 2026, and 2027 respectively [10]