Core Viewpoint - The demand for high-end electronic resins is increasing due to the global PCB industry shifting to China, with the company Tongyu New Materials planning to raise funds for expanding production capacity to meet this demand [1][3]. Company Summary - Tongyu New Materials is set to be listed on the Shenzhen Stock Exchange on July 10, primarily to raise funds for its subsidiary's project to produce 200,000 tons of electronic resin annually, addressing capacity constraints [1]. - The company has a production capacity utilization rate projected at 100.04%, 105.93%, and 116.37% for the years 2022 to 2024 [1]. - The chairman of Tongyu New Materials emphasized that the fundraising project will effectively expand the company's production capacity and enhance its competitive and profitability capabilities [1]. Industry Summary - China is currently the largest producer of copper-clad laminates globally, but the high-performance electronic resins used in these laminates are still dominated by companies from the US, South Korea, Japan, and Taiwan, indicating a significant domestic supply gap [2]. - The electronic resin market is crucial for the production of copper-clad laminates, semiconductor packaging materials, and other electronic components, which are essential for high-tech industries [1][2]. - The demand for electronic resins is expected to rise with the development of high-density interconnect printed circuit boards, driven by trends in miniaturization and lightweight electronic products [2]. - The company is focusing on R&D, with a compound annual growth rate of 20.28% in R&D investment from 2022 to 2024, aiming to reduce reliance on foreign suppliers and increase the domestic production rate of high-performance electronic resins [2][3]. - The market for high-performance electronic resins is anticipated to grow significantly due to the ongoing advancements in 5G and 6G communication technologies, AI computing power, and automotive intelligence [5].

Core Viewpoint - The IPO process of Tongyu New Materials (Guangdong) Co., Ltd. is accelerating, with plans to issue 10 million shares at a price of 84.00 yuan per share, focusing on expanding production capacity for electronic resins [1][2] Group 1: Company Overview - Tongyu New Materials is a domestic supplier of mid-to-high-end electronic resins, aiming to address the "bottleneck" issues in China's electronic information industry by providing key material support [1] - The company has established a solid competitive advantage through years of independent research and development, mastering a series of core technologies and production processes [2] Group 2: Product and Technology - The company has broken the monopoly of international leading enterprises in the field of lead-free and halogen-free electronic resins, particularly with its self-optimized DOPO modified epoxy resin, which significantly enhances the performance of copper-clad laminates [2] - Key technological breakthroughs in high-frequency and high-speed copper-clad laminate applicable electronic resins, such as benzoxazine resin and maleimide resin, are expected to fill domestic gaps in related applications [2] Group 3: Market Context and Future Prospects - The expansion plan of Tongyu New Materials is expected to accelerate the shift from long-term reliance on imports of high-end electronic resins, especially in the context of the "East Data West Computing" project and the rapid development of 6G technology [2] - As a high-tech enterprise and a national-level specialized and innovative "little giant," the company is poised to showcase China's determination and progress in the high-end electronic resin sector upon its market debut [2]