11月14日，国内UV光固化材料领域传来重磅消息——广东昊辉新材料股份有限公司正式向广东证监局提交上市辅导备案报告，开启资本化进程。 据悉，该公司已选定东莞证券作为辅导机构，标志着这家深耕特种聚合物领域十余年的"小巨人"企业正式向资本市场迈进。 | 辅导 对 象 广东昊辉新材料股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 成立日期 | | 2009 年 12月 29 日 | | | | 注册资本 | | 5,600.00 万元 | 法定代表人 | 郭常州 | | 注册地址 | | 广东省东莞市松山湖园区状元路 5 号 8 栋 301 室 | | | | 控 股 股 东 及持股比 | 广东昊辉实业有限公司/持股比例 71.4286% | | | | | 例 | | | | | | 行业分类 | | C26 化学原料和化学制品 | 在其他交易场 所(申请) 挂 | 元 | | | | 制造业 况 | 牌或上市的情 | | | 备 注 | | 元 | | | 据了解，该项目建筑面积12000平方米，占地面积12000平方米，主要是扩产有机硅胶项目、PVC胶项目 ...

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]