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中科院博士掌舵,高分子助剂“隐形冠军”能之光即将登陆A股
梧桐树下V· 2025-08-21 12:33
在高分子助剂的众多品类中,相容剂的作用尤为关键。它如同"分子桥梁",能有效提升不同材料组分间的相容 性,从而显著改善复合材料的力学性能(如强度、韧性)、加工性及功能特性。其应用广泛,尤其在电线电 缆、汽车部件、包装材料等领域不可或缺。例如在无卤阻燃电缆的生产中,高性能相容剂对于保障材料的关键 机械与安全性能具有决定性影响。 然而,我国高分子助剂产业起步相对较晚。行业发展初期,用于无卤阻燃电缆料的关键相容剂几乎完全依赖进 口,市场长期被杜邦、陶氏、埃克森美孚等国际化工巨头所垄断。成立于2001年的能之光,是国内较早投身相 容剂研发的企业之一。公司专注于高分子接枝改性技术的产业化应用,成功实现了相容剂的国产化突破,并率 先在二十一世纪初推动了国产无卤阻燃电缆护套料相容剂的广泛应用。 8月22日,宁波能之光新材料科技股份有限公司(股票代码: 920056, 简称:能之光)将正式登陆北交所。作 为国内高分子助剂细分领域的先行者,能之光深耕相容剂、增韧剂、粘合树脂等功能高分子助剂和材料领域二 十余年,产品广泛应用于汽车、光伏、线缆等新兴产业。此次IPO,公司计划募集资金1.07亿元,主要用于扩 产及研发项目,旨在为实现 ...
能之光(920056):北交所新股申购策略报告之一百三十八:高分子助剂“小巨人”,相容剂处领先地位-20250812
Investment Rating - The investment rating for the company is suggested to be "actively participate" in the new share subscription [30]. Core Viewpoints - The company is recognized as a "small giant" in the polymer additive sector, leading in the compatibilizer niche, with a stable growth in revenue and profitability [10][30]. - The company has a strong focus on technological innovation and has established multiple research platforms to support its development [8][9]. - The company is well-positioned in a growing market, with a significant potential for expansion in high-end applications and import substitution [13][19]. Summary by Sections 1. Company Overview - The company, established in 2001 and headquartered in Ningbo, Zhejiang, specializes in the research, production, and sales of polymer additives and functional polymer materials, serving various end markets including automotive, cables, electronics, and photovoltaic components [7][10]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 14.78 million shares, accounting for 18.6% of the total share capital post-issuance, and an expected fundraising of 107 million yuan [14][15]. 3. Industry Situation - The polymer additive market in China has been steadily growing, with a significant increase in market size and consumption, driven by the widespread application of polymer materials [20][21]. 4. Competitive Advantages - The company boasts strong independent research and development capabilities, advanced technology and process advantages, and comprehensive service offerings to meet diverse customer needs [23][24]. 5. Financial Performance - The company achieved a revenue of 611 million yuan in 2024, with a three-year CAGR of 4.82%, and a net profit of 55.94 million yuan, with a CAGR of 59.95% over the same period [10][18]. 6. Subscription Analysis - The company is positioned favorably for investment, with a low initial valuation and a moderate liquidity ratio, suggesting a good opportunity for investors [30].