Core Viewpoint - Chip Source New Materials has successfully completed a Series C financing round exclusively invested by Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership, indicating strong investor confidence in the company's growth potential in the semiconductor packaging materials sector [1]. Company Overview - Chip Source New Materials, established in 2022, focuses on the research, production, sales, and technical services of high-end semiconductor packaging materials, with sintered silver products as its core offering [2]. - The company has developed a series of products including automotive-grade sintered silver and communication-grade sintered silver, becoming the only domestic enterprise to achieve mass production of automotive-grade sintered materials [2]. - The products are widely used by major automotive manufacturers, with over 5,000 units being installed daily, showcasing a leading market share [2]. Financing Purpose - The CEO of Chip Source New Materials, Dr. Hu Bo, stated that the financing will primarily be used for the advanced research and industrialization of silicon carbide module packaging materials, aiming to enhance product performance and production processes [3]. - The company plans to strengthen its leading position in high-end semiconductor packaging materials and accelerate market expansion to meet growing demand [3]. Investment Rationale - A representative from Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund highlighted the strong technical strength and innovation capability of Chip Source New Materials in the semiconductor packaging materials field, particularly the large-scale production of automotive-grade sintered silver products [3]. - The investment is expected to help the company enhance its technical level, expand market share, and promote the localization process in the semiconductor packaging materials industry [3]. Industry Perspective - The founder of Shandao Venture Capital noted that the semiconductor industry has received significant support from the government, creating a favorable development environment for semiconductor material companies [3]. - The investment in Chip Source New Materials is seen as recognition of its technical strength and market potential, setting a positive example for the industry [3]. - There is an expectation for more venture capital institutions to focus on and support innovative companies in critical fields like semiconductor materials, contributing to the healthy development of the venture capital ecosystem in China [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see significant performance improvement in Q1 2025, with projected net profit increasing by 45.58% to 56.49% year-on-year [5][8] - The company achieved a revenue of 10.02 billion yuan in 2024, a year-on-year increase of 9.87%, and a net profit of 868 million yuan, also up 9.94% year-on-year [4][6] Financial Performance Summary - In Q4 2024, the company reported revenue of 2.868 billion yuan, a year-on-year increase of 18.15% and a quarter-on-quarter increase of 13.55% [5] - The company expects to achieve a net profit of 200 million to 215 million yuan in Q1 2025, compared to an increase of 62.615 million to 77.615 million yuan year-on-year [5][8] - The company’s revenue from synthetic resin products reached 5.343 billion yuan in 2024, a year-on-year increase of 4.33% [6] Market Performance - The company's stock has outperformed the CSI 300 index over the past 12 months, with a 45.6% increase compared to the index's 8.2% [3] - The current stock price is 27.26 yuan, with a 52-week price range of 17.14 to 32.01 yuan [3] Future Projections - Revenue projections for 2025-2027 are 11.678 billion, 13.041 billion, and 14.879 billion yuan respectively, with corresponding net profits of 1.273 billion, 1.421 billion, and 1.633 billion yuan [10][13] - The company is expected to maintain a PE ratio of 18, 16, and 14 for the years 2025, 2026, and 2027 respectively [10]

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投 入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者 应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 江苏华海诚科新材料股份有限公司 Jiangsu HHCK Advanced Materials Co., Ltd. （住所：连云港经济技术开发区东方大道 66 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （住所：上海市静安区新闸路 1508 号） wujia 江苏华海诚科新材料股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 ...

（住所：连云港经济技术开发区东方大道 66 号） 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投 入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者 应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 Jiangsu HHCK Advanced Materials Co., Ltd. 江苏华海诚科新材料股份有限公司 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （住所：上海市静安区新闸路 1508 号） 江苏华海诚科新材料股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 保荐人及证券服务机构承诺因其为发行人本次公开发行制作、出具的文件有 虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法赔偿投资者 损失。 1-1-1 江苏华海诚科新材料股份有限公司 招股意向书 本次发行概况 ...