透过现象看本质。 热界面材料（TIM）是一种用于改善发热元器件与散热器件之间接触热传导性能的功能性材料，起到 提高传热效率、电气绝缘、抑制燃烧等作用，可谓电子设备中的"热量桥梁"。 一般热界面材料由基体材料（聚氨酯、环氧树脂等）和填料（导热剂、阻燃剂等）两部分构成，显然 后者是决定热界面材料性能的关键。 近期风云君就注意到，一家号称导热填料领域国内领先的公司——广东金戈新材料股份有限公司 （"金戈新材"）正在冲击北交所IPO，由中金公司担任保荐人。 这家企业成色如何？我们今天就一起来看看。 主营导热填料，聚焦氧化铝路线 | 作者 | | 萧瑟 | | --- | --- | --- | | 编辑 | | 小白 | 其中，导热粉体材料的地位举足轻重，2024年实现收入3.20亿，贡献了公司总营收的68.4%，毛利占 比达83.5%。 阻燃粉体材料同期收入为1.29亿，收入占比为27.7%，但其毛利率仅6.8%，对公司总毛利的贡献 只有5.9%。 而吸波粉体材料收入规模有限，2024年仅有1,781万。 金戈新材主要从事功能性材料的研产销，目前产品涵盖 导热粉体材料、阻燃粉体材料、吸波粉体材 料 三大系列，下游客 ...

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed [1]. Core Insights - The company reported a revenue growth of 25.19% year-on-year for 2024, while profit decreased by 5.66% [21]. - The growth in revenue is attributed to the performance of four business segments: integrated circuits, smart terminals, new energy, and high-end equipment, with integrated circuits and smart terminals outperforming the industry average [21]. - The advanced packaging materials market is currently dominated by manufacturers from Japan, South Korea, and Europe, indicating significant room for improvement in domestic advanced packaging materials [22]. - The company has achieved domestic substitution for several advanced packaging materials, with small batch deliveries already in place [22]. - The company maintains a stable market share of 30%-40% in polyurethane thermal conductive materials for new energy applications, primarily serving leading domestic battery manufacturers [23]. Summary by Sections 1. Research Overview - The research focused on Debang Technology within the electronic components industry, conducted on February 25, 2025, with participation from various investment institutions [13]. 2. Business Performance - The company’s revenue growth is driven by the expansion of its product series and new application breakthroughs, particularly in integrated circuits and smart terminals [21]. - The gross margin has been steadily increasing, although the new energy segment faced some pressure due to product price reductions [21]. 3. Competitive Landscape - The advanced packaging materials market is still heavily reliant on imports for core materials, highlighting a gap in domestic capabilities [22]. - The company is actively working on enhancing its product offerings in the advanced packaging materials sector through strategic acquisitions, such as the purchase of Taijino, which focuses on high-end thermal interface materials [24]. 4. Future Outlook - The company is exploring opportunities in the humanoid robotics sector, although this area currently contributes minimally to overall revenue [25]. - The company is committed to monitoring developments in the humanoid robotics market to capitalize on future growth opportunities [25].