Core Viewpoint - The company, Haohua Technology, is actively involved in the production of electronic specialty gases, which are essential for various processes in integrated circuit manufacturing, including cleaning, etching, ion implantation, and chemical vapor deposition [1]. Group 1: Product Offerings - The company's electronic specialty gas products include electronic-grade nitrogen trifluoride, tetrafluoromethane, sulfur hexafluoride, tungsten hexafluoride, hydrogen selenide, hydrogen sulfide, hydrogen bromide, and boron trifluoride [1]. - The core technology for electrolytic fluorine production allows the company to develop high-purity fluorine gas mixed gas products, which are currently in the research and development stage [1]. Group 2: Strategic Direction - In response to investor inquiries, the company clarified that its products do not directly serve photoresists but are involved in the upstream and downstream supply chain of photoresists, such as wafer manufacturing, etching, and cleaning processes [3]. - The company aims to become a leading comprehensive electronic materials supplier in China and is considering extending its fluorochemical technology advantages into related fluorinated chemical products that complement photoresists [3].

Company Overview - Fujian Del Technology Co., Ltd. is a high-tech enterprise located in Longyan City, Fujian Province, primarily engaged in the production of fluorinated gases, with applications in electronic information, semiconductor chips, and high-end manufacturing sectors [1][4] - The company was established on June 13, 2014, with a registered capital of 1,038.783619 million RMB [4] - The actual controllers of the company are Lai Zongming, Hua Xiangbin, and Huang Tianliang, holding 15.60%, 14.88%, and 4.58% of shares respectively, totaling 35.06% [1][4] Financing History - Fujian Del has a history of financing from various investment institutions, including Guotou Yamei Fund, Meituan Longzhu, and Chongqing Agricultural Investment [1] - The company raised 2.036 billion RMB in a Pre-IPO round on September 16, 2022 [2] - Other financing rounds include an undisclosed amount in a round on August 31, 2022, and 1.18 billion RMB in a round on August 13, 2021 [2] IPO Guidance - The company has submitted a report for its initial public offering (IPO) guidance, with Shenyin Wanguo Securities as the underwriting institution, and Shanghai Jintiancheng Law Firm and Rongcheng Accounting Firm as legal and accounting advisors respectively [1][5] - The guidance agreement was signed on January 21, 2026, and the guidance work is scheduled to continue until October 2026 [5][6] Guidance Work Plan - The guidance includes comprehensive training on securities market regulations, financial knowledge, and corporate governance to ensure compliance with modern enterprise standards [6][8] - The plan emphasizes the establishment of independent operations, financial management systems, and clear business development objectives [7][8]

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the recent slight increase in international oil prices and the rise in prices of butadiene and propylene oxide, suggesting a focus on undervalued leading companies in the industry and the impact of "anti-involution" on supply in related sub-industries [2][9] - It emphasizes the strong downstream demand and the increasing importance of self-sufficiency in electronic materials and certain new energy materials companies amid a backdrop of price increases [2][9] - The report recommends a mid-to-long-term investment strategy focusing on policy support for demand recovery, continuous supply-side optimization, and the growth potential of emerging sectors such as semiconductor materials, OLED materials, and new energy materials [2][9] Industry Dynamics - As of January 18, the TTM price-to-earnings ratio for the SW basic chemical sector is 14.68, at the 59.64 percentile historically, while the price-to-book ratio is 1.54, at the 40.20 percentile historically [2][13] - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 13.44, at the 39.81 percentile historically, and a price-to-book ratio of 1.30, at the 41.38 percentile historically [2][13] - The report notes that since 2025, the industry has been significantly affected by tariff-related policies and fluctuations in oil prices [2][13] Price Trends - In the week of January 12-18, 49 out of 100 tracked chemical products saw price increases, while 20 experienced declines, and 31 remained stable [9][32] - The average price of butadiene increased to 9,663 CNY/ton, up 4.04% week-on-week and 25.98% month-on-month [34] - The average price of propylene oxide rose to 8,620 CNY/ton, up 8.84% week-on-week and 9.88% year-on-year [35] Recommendations - The report recommends investing in leading companies such as Wanhua Chemical, Hualu Hengsheng, and Yake Technology, among others, while suggesting to pay attention to companies like Yangnong Chemical and Tongcheng New Materials [2][13]

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on high-performance thermosetting composite materials for various electronic applications [1] Company Overview - The company specializes in the research, production, and sales of high-performance thermosetting composite materials, including epoxy molding compounds, liquid epoxy encapsulants, silicone gels, phenolic molding compounds, and conductive silver pastes [1] - Its products are widely used in semiconductor, automotive electronics, and other electronic packaging fields, as well as providing epoxy engineering materials and services for cleanroom projects in the electronics industry [1] Financial Performance - Projected revenues for 2022, 2023, and 2024 are 311 million yuan, 345 million yuan, and 419 million yuan, respectively, indicating a revenue growth of 21.53% in 2024 [1] - Net profits for the same years are expected to be 22.73 million yuan, 51.47 million yuan, and 61.22 million yuan, with a year-on-year growth of 18.95% in 2024 [1] - Key financial metrics for 2024 include: - Revenue: 419.04 million yuan - Net profit attributable to shareholders: 61.22 million yuan - Basic earnings per share: 1.66 yuan - Weighted average return on equity: 11.60% [1]

Group 1 - The company plans to produce 80,000 tons per year of ethylene glycol butyl ether, which is currently under construction and not yet in production [2] - The company intends to use self-developed technology to produce high-end fine chemicals in the ethylene glycol ether series, highlighting advantages in industrial layout, cost control, raw material advantages, energy saving, environmental protection, and product quality [2]

Core Viewpoint - The company maintains a good profit level for its EVA products despite a decline in EVA prices, focusing on optimizing product structure and enhancing profitability through new product development and strategic positioning in key material sectors [1] Group 1: Business Performance - The company's EVA facilities are currently operating at a satisfactory profit level [1] - The company is responding to the declining EVA price trend by optimizing and enriching its product structure [1] Group 2: Strategic Initiatives - The company is developing new grades of products to meet the evolving demands of the market [1] - The company is strategically positioning itself in key areas such as new energy materials, bio-materials, electronic materials, and other specialty materials [1] - The profitability and risk resilience of the company are expected to improve as new product facilities are gradually completed and put into production [1]

Core Viewpoint - The company, Double Star New Materials, is actively expanding its presence in the electronic materials sector, focusing on optical materials and new energy materials, with successful overseas exports in these areas [2]. Group 1: Optical Materials - The company's optical materials are applicable in 5G and consumer electronics, including MLCC release film substrates and OCA release substrates [2]. - The company has successfully achieved bulk exports of its optical materials to overseas markets [2]. Group 2: New Energy Materials - The new energy materials produced by the company include backplane substrates, reinforced PET, photovoltaic backplanes, and composite collectors [2]. - These products are primarily used in the manufacturing of photovoltaic modules and lithium battery production, serving downstream industries such as photovoltaics and new energy vehicles [2].

Core Viewpoint - Jiaxian Co., Ltd. has evolved from a small project under Bengbu Energy Group to a leading player in the semiconductor photoresist raw materials sector, aiming to become the first company listed on both the Beijing Stock Exchange and Hong Kong Stock Exchange through a dual-driven strategy of "new materials + electronic materials" [2][7]. Company Development - The company started as a small project in the early 2000s, focusing on green and environmentally friendly materials, and has since established itself as a leader in the β-diketone compound field [4]. - Jiaxian Co. has developed key products such as DBM and SBM, which are widely used in various applications including PVC processing, showcasing their commitment to safety and environmental standards [3][4]. - The company has made significant strides in the capital market, being the first to list on multiple platforms, including the New Third Board and the Beijing Stock Exchange, with a market capitalization growth from approximately 600 million to 3 billion [6][7]. Strategic Expansion - In 2023, Jiaxian Co. acquired a stake in Anhui Yintemei Technology Co., expanding into the electronic chemicals and key raw materials sector, particularly focusing on photoresist raw materials and UV absorbers [5][7]. - The company has invested 26 million yuan in a project to produce 1,000 tons of electronic material intermediates, addressing the low domestic self-sufficiency rate in high-end photoresists [5]. Employee Engagement and Corporate Culture - Jiaxian Co. emphasizes a strong corporate culture based on loyalty, responsibility, efficiency, and passion, encouraging employees to act as stakeholders in the company's success [8]. - The company has a low turnover rate among core employees, with many investing their salaries back into the company, fostering a sense of shared growth and commitment [8]. Future Outlook - The chairman of Jiaxian Co. has articulated a clear vision for the future, stating that the company's listing is just the beginning, with plans to strengthen its core business and expand into new technological sectors [9].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights the company's robust revenue growth in the first half of 2025, driven by the expansion of its electronic materials business, and maintains a "Buy" rating [2][6] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 4.293 billion, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of RMB 522.79 million, a slight increase of 0.63% year-on-year [9][10] - The second quarter of 2025 saw revenue of RMB 2.175 billion, up 32.76% year-on-year, while the net profit attributable to shareholders decreased by 4.06% to RMB 262.52 million [11] Revenue Breakdown - The electronic materials segment generated revenue of RMB 2.573 billion in the first half of 2025, reflecting a year-on-year growth of 15.37% [9] - The LNG insulation board segment reported revenue of RMB 1.165 billion, a significant increase of 62.34% year-on-year [9] Profitability Metrics - The company's gross margin for the first half of 2025 was 31.82%, down 2.34 percentage points year-on-year, while the net margin was 13.29%, down 3.00 percentage points year-on-year [9] - The company expects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share of RMB 2.49, RMB 3.23, and RMB 4.08 [6][14] Market Position - The company is positioned as a leading supplier in the domestic display photoresist industry, with ongoing development of key raw materials for color photoresists [9] - The report notes the establishment of dual R&D departments in China and South Korea to enhance the development of advanced semiconductor materials [9] Future Outlook - The company is optimistic about the continued expansion of its electronic materials business and maintains its "Buy" rating based on strong growth prospects [2][6]

Core Viewpoint - The report highlights a significant decline in net profit for Matsui New Materials Group Co., Ltd. in the first half of 2025, despite an increase in revenue, primarily due to changes in product and customer structure affecting gross margins and rising operational costs [5][6][9]. Financial Performance - Total assets at the end of the reporting period were CNY 173,425.20 million, a decrease of 4.04% compared to the previous year [4]. - Net profit attributable to shareholders was CNY 1,227.95 million, down 69.84% year-on-year [4][5]. - Revenue for the first half of 2025 was CNY 34,753.25 million, an increase of 7.48% compared to the same period last year [4]. - The weighted average return on equity decreased by 2.23 percentage points to 0.93% [4]. - Basic and diluted earnings per share were CNY 0.11, a decrease of 70.27% [4]. Business Segments - The passenger vehicle sector showed strong growth, with revenue reaching CNY 9,782.84 million, a year-on-year increase of 109.60%, accounting for 28.15% of total revenue [5][6]. - The ink business also performed well, with a revenue increase of 107.15% in the first half of 2025 [7]. - The company is expanding its product offerings in high-end consumer electronics and has successfully collaborated with major clients in North America [5][6]. R&D and Innovation - R&D expenses amounted to CNY 5,091.93 million, a 6.73% increase year-on-year, with R&D expense ratio slightly decreasing to 14.65% [9][10]. - The company has made significant advancements in technology, including the development of environmentally friendly products and innovations in UV insulation inks [9][10]. - A total of 12 new national patents were granted during the reporting period, enhancing the company's intellectual property portfolio [10]. Operational Efficiency - The company has implemented an optimized organizational structure to improve operational efficiency and management collaboration [11]. - The management expense ratio decreased by 0.9 percentage points after excluding depreciation and amortization effects [11]. - The company achieved a significant improvement in its ESG ratings, reflecting enhanced sustainability practices [12].