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海优新材（688680.SH）11月18日在投资者互动平台表示，对于欧盟市场，公司目前存在出口业务，但 业务量占公司整体营业收入比例较低，对公司经营业绩不构成重大影响。 每经AI快讯，有投资者在投资者互动平台提问：注意到公司有一定的国外收入，请问公司近两年 （23/24年）有出口产品到欧盟地区吗？ （文章来源：每日经济新闻） ...

Core Viewpoint - The company has developed a packaging solution using POE adhesive film and butyl rubber, which is particularly suitable for encapsulating perovskite solar cells, addressing their sensitivity to moisture [2]. Group 1 - The company responded to an investor inquiry about the application of new materials, such as butyl rubber, in perovskite battery technology [2]. - Perovskite batteries are more sensitive to moisture compared to traditional silicon solar cells, necessitating high-performance moisture barrier solutions [2]. - The company obtained the world's first TV Rheinland certification for its butyl rubber in October this year [2].

Core Viewpoint - Three companies from Jinan, namely Lingong Heavy Machinery, Kexing Biopharmaceutical, and Jianbang High-tech, have simultaneously submitted IPO applications to the Hong Kong Stock Exchange, highlighting the industrial vitality and potential for transformation in this traditional manufacturing city [3][4][8]. Group 1: Companies Involved - Lingong Heavy Machinery is a leading manufacturer in the mining machinery and aerial work machinery sectors, established in 2012, and ranks third among domestic companies in the global mining transport equipment and excavator market as of 2024 [4][5]. - Jianbang High-tech, a well-known silver powder supplier, has over ten years of operational experience and ranks first in China's silver powder sales revenue for 2022 and 2023, with a market share of 10.1% and 10.0% respectively [5][6]. - Kexing Biopharmaceutical, founded in 1989, previously listed on the Shanghai STAR Market in December 2020 and is now seeking to establish an "A+H" dual financing platform by applying for a listing on the Hong Kong Stock Exchange [7]. Group 2: Jinan's Industrial Landscape - Jinan has a unique industrial foundation, being the only province in China with all 41 major industrial categories, which supports its economic development [3]. - The simultaneous IPO applications from these companies signal Jinan's potential to transition from traditional manufacturing to high-end intelligent manufacturing [4][5]. - The city has seen a rise in the number of listed companies, with 46 domestic listed companies and 18 companies planning to go public as of June 30, 2025, indicating a growing presence in the capital market [15]. Group 3: Financial Ecosystem and Support - Jinan has established itself as a national pilot zone for sci-tech financial reform since November 2021, enhancing the synergy between the market and government to support the growth of sci-tech enterprises [16]. - The city has implemented various financial initiatives, including a 50 billion yuan "Central Bank Sci-tech Loan" and a 20 billion yuan risk compensation fund, to improve financing efficiency for sci-tech companies [16][17]. - The number of sci-tech enterprises in Jinan has increased significantly, from over 6,800 in 2021 to over 10,000 currently, reflecting a robust growth in the innovation sector [18].

Core Viewpoint - Three companies from Jinan, Shandong, namely Lingong Heavy Machinery, Kexing Biopharmaceutical, and Jianbang High-tech, have simultaneously submitted IPO applications to the Hong Kong Stock Exchange, highlighting the industrial vitality and potential transformation of this traditional manufacturing city [4][5]. Group 1: Company Profiles - Lingong Heavy Machinery is a leading manufacturer in the mining machinery and aerial work machinery sectors, established in 2012, and ranks third among domestic companies in the global mining transport equipment and excavator market as of 2024 [5][6]. - Jianbang High-tech, a well-known silver powder supplier, has over ten years of operational experience and ranks first in China's silver powder sales revenue for 2022 and 2023, with market shares of 10.1% and 10.0% respectively [6][7]. - Kexing Biopharmaceutical, founded in 1989, was one of the first companies to go public on the Shanghai STAR Market in December 2020, and is now seeking to establish an "A+H" dual financing platform by applying for an H-share listing [7][8]. Group 2: Market Context - The simultaneous IPO applications from these three companies signify Jinan's industrial economy's vibrancy and serve as a window to observe the city's industrial transformation and upgrade [5][8]. - Jinan has a unique industrial foundation, being the only province in China with all 41 major industrial categories, which supports its economic development [4][5]. - The city has seen a surge in IPO activities, with a notable increase in the number of listed companies and those preparing for IPOs, reflecting a growing trend in capital market engagement [12][14]. Group 3: Financial Ecosystem - Jinan's unique science and technology financial ecosystem has been bolstered by the establishment of the national first science and technology financial reform pilot zone, enhancing the synergy between technology and finance [14][15]. - The city has implemented various financial support measures, including a 50 billion yuan "Central Bank Science and Technology Loan" and a 20 billion yuan risk compensation fund, to facilitate the growth of science and technology enterprises [14][15]. - The number of science and technology enterprises in Jinan has increased significantly, with loans to these enterprises rising from 109.84 billion yuan at the end of 2021 to 303.98 billion yuan by mid-2023 [15][16].

Core Viewpoint - The recent surge in prices across various chemical sectors, including organic silicon and fluorine chemicals, is a prominent theme in the market, driven by favorable supply and demand dynamics [1][6]. Group 1: Chemical Industry Performance - The basic chemical sector achieved a revenue growth of 2.6% year-on-year and a net profit growth of 9.4% in the first three quarters, indicating overall improvement in profitability [1]. - Factors such as improved supply expectations due to "anti-involution" policies, historically low prices, and low inventory levels are contributing to a positive long-term outlook for the chemical sector [1]. Group 2: Lithium Battery Sector - The lithium battery sector experienced significant gains, particularly in upstream materials, with stocks like Yongtai Technology hitting the daily limit and achieving a year-to-date price increase of 135.68% [1][4]. - The price of lithium hexafluorophosphate reached 103,500 yuan per ton as of October 30, marking a 72.5% increase from 60,000 yuan per ton on September 30, indicating tight supply and potential for further price increases [5][6]. Group 3: Solar Energy Materials - The organic silicon sector saw a collective rise, with companies like Dongyue Silicon Material reaching the daily limit, reflecting strong market performance [6][7]. - The photovoltaic industry chain's four main materials (silicon material, silicon wafers, battery cells, and modules) experienced an average price increase of 35% in Q3, the largest quarterly increase in three years, driven by recovery in pricing under "anti-involution" policies [8].

Core Viewpoint - Jianbang High-Tech Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor, following the expiration of its previous prospectus [1] Company Overview - Jianbang High-Tech is a well-known silver powder supplier in China, with over ten years of operational experience, integrating research, development, production, and sales capabilities [1] - The company's silver powder products are primarily used in the production of photovoltaic silver paste, a key raw material for solar cells [1] Competitive Position - Jianbang High-Tech has a significant advantage in producing high-end silver powder, which is utilized in advanced photovoltaic cells and their components, including PERC cells, TOPCon cells, HJT cells, and xBC cells [1] - According to Frost & Sullivan, the company ranked first among all domestic manufacturers in terms of silver powder sales revenue in China for the years ending December 31, 2022, and 2023, with market shares of 10.1% and 10.0%, respectively, and is projected to rank third in 2024 with a market share of 9.8% [1]

Core Viewpoint - Jianbang High-Tech Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor, following the expiration of its previous prospectus [1] Company Overview - Jianbang High-Tech is a well-known silver powder supplier in China, with over ten years of operational experience, integrating research, development, production, and sales capabilities [1] - The company's silver powder products are primarily used in the production of photovoltaic silver paste, a key raw material for solar cells [1] Competitive Advantage - One of the main advantages of Jianbang High-Tech is its ability to produce high-end silver powder, which is utilized in advanced photovoltaic cells and their components, including PERC cells, TOPCon cells, HJT cells, and xBC cells [1] Market Position - According to Frost & Sullivan, Jianbang High-Tech ranked first among all domestic manufacturers in terms of silver powder sales revenue for the years ending December 31, 2022, and 2023, with market shares of 10.1% and 10.0%, respectively. The company is projected to rank third in 2024 with a market share of 9.8% [1]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][6]. Core Insights - The company's revenue for the first three quarters of 2025 was 11.788 billion yuan, a year-on-year decrease of 22.32%, with a net profit attributable to shareholders of 688 million yuan, down 45.34% year-on-year [1]. - The price of EVA particles, a key raw material, has increased by approximately 16% since early August 2025, which is expected to improve the profitability of the company's film business in the fourth quarter of 2025 [2]. - The company is focusing on expanding its overseas production capacity for photovoltaic films to meet the high demand in emerging markets, aiming to stabilize its global market share [3]. - The electronic materials segment is experiencing rapid growth due to the recovery in consumer electronics and the acceleration of AI applications, positioning the company for a new growth cycle [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 16.682 billion yuan, 19.128 billion yuan, and 22.002 billion yuan, respectively, with corresponding growth rates of -12.9%, 14.7%, and 15.0% [4][5]. - Net profit attributable to shareholders is expected to be 1.001 billion yuan in 2025, 1.624 billion yuan in 2026, and 2.260 billion yuan in 2027, with growth rates of -23.5%, 62.3%, and 39.2% respectively [4][5]. - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 41X, 25X, and 18X, respectively [4][5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a slight decline in shipments in Q3 2025, while its non-photovoltaic materials business continues to grow significantly [7] - The company achieved a revenue of 2.039 billion yuan from January to Q3 2025, a year-on-year decrease of 11.61%, and a net profit attributable to shareholders of -117 million yuan, a year-on-year decrease of 22.46% [7] - The company expects improved profitability in Q4 2025 as the price of film products rebounds [7] - The non-photovoltaic materials business generated approximately 200-250 million yuan in revenue in Q3 2025, with the new energy materials segment growing over 50% year-on-year [7] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of -120 million yuan and 30 million yuan for 2025 and 2026, respectively, with a significant growth forecast for 2027 [7] Financial Summary - Total revenue for 2023 is projected at 4.166 billion yuan, with a year-on-year growth of 1.22% [1] - The net profit attributable to shareholders for 2023 is expected to be 103.61 million yuan, a year-on-year decrease of 39.50% [1] - The earnings per share (EPS) for 2023 is projected at 0.24 yuan, with a P/E ratio of 49.28 [1] - The company’s total assets are estimated to be 4.383 billion yuan in 2024, with a debt-to-asset ratio of 38.93% [6][8] - The company’s cash flow from operating activities is expected to be 365 million yuan in 2024 [8]