Core Viewpoint - Guangdong Haohui New Materials Co., Ltd. has officially submitted a listing guidance report to the Guangdong Securities Regulatory Bureau, marking the beginning of its capital process [2] Company Overview - Established on December 29, 2009, Haohui New Materials has a registered capital of 56 million yuan and is headquartered in Dongguan, Guangdong Province [3] - The major shareholder is Guangdong Haohui Industrial Co., Ltd., holding a 71.43% stake [3] - The company specializes in the research and manufacturing of UV light-curing specialty polymers, with a comprehensive product matrix covering various applications [4] Production Capacity and Expansion - The company has recently completed a strategic layout with a new R&D and manufacturing base in Huai Bei, with a total investment exceeding 1 billion yuan [6] - The new facility will cover an area of 161 acres and is expected to achieve an annual production capacity of 45,000 tons of UV resin and 30,000 tons of UV monomers [6] - A new production project in Nanyun City is estimated to cost around 80 million yuan and will have an annual capacity of 30,000 tons of light-curing resin [7] Industry Position and Recognition - Haohui New Materials is recognized as a national "little giant" and a "specialized, refined, and innovative" enterprise in Guangdong Province [6] - The company is included in Dongguan's "Doubling Plan" for key enterprises, indicating its strong industry presence and potential for listing [6] Market Trends - The UV light-curing technology is experiencing rapid growth due to its low VOC emissions and energy efficiency, aligning with current environmental policies [7] - The company's move to initiate the listing process is expected to accelerate technological iterations and promote the transformation of the entire coating industry towards greener and higher-end solutions [7]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][4] Core Viewpoints - The report highlights an expected improvement in supply-demand dynamics for photoinitiators, with a potential recovery in market conditions [4] - The report emphasizes the concentration of production in China, which has become the world's leading producer and exporter of photoinitiators, accounting for 13.21% of global exports in 2023 [4] - The report suggests that the price of photoinitiators is likely to rebound due to expanding applications in UV curing technology and a shift towards environmentally friendly solutions [4] Summary by Sections Market Performance - The report indicates a market performance trend with fluctuations ranging from -17% to 26% from July 2024 to March 2025, compared to the CSI 300 index [3] Supply Side - China is the main production country for photoinitiators, with a concentrated industry structure favoring leading companies [4] - Major domestic producers include Jiurui New Materials, Yangfan New Materials, and others, with capacities of 23,000 tons, 17,000 tons, and 13,000 tons respectively [4] - The report notes that the industry is experiencing consolidation, with smaller players facing challenges due to safety and environmental compliance issues [4] Demand Side - The report discusses the expanding application areas for UV curing technology, which is gaining traction due to its advantages over traditional methods [4] - Historical data shows a significant decline in photoinitiator prices, with a 27.8% year-on-year decrease in 2023 and a further 16.3% drop expected in 2024 [4][7] - The report anticipates a price recovery as demand in high-end applications continues to grow [4] Recommendations - The report recommends focusing on companies such as Jiurui New Materials, Yangfan New Materials, and Strong Power New Materials as potential investment opportunities [4]