Core Viewpoint - The company, Kytan New Materials, has confirmed that its semiconductor packaging adhesive products are being utilized in advanced packaging fields, including 3D packaging and chip stacking, meeting high customer requirements in these areas [2]. Group 1 - The company offers a series of semiconductor packaging adhesive products, including underfill, TIM, and LID bonding [2]. - These products have been applied in advanced packaging types, indicating the company's involvement in cutting-edge technology [2]. - The company emphasizes its ability to precisely match customer demands in the advanced packaging segment [2].

| | 企业。 | | | --- | --- | --- | | | 3、公司的新能源汽车及工业胶粘剂业务发展较快 团、吉利集团、泰科电子、蜂巢能源、国轩高科、 | | | | 等终端客户。 | | | | 32.38 亿元(2024年,+1.13%) | 近三年归母 | | 近三年营收 | 32.02 亿元 (2023年, -6.81%) | 净利润及业 | | | 34.36 亿元 (2022年, +9.89%) | 绩预告 | | 募资投向 | 年产5.6万吨新能源及动力电池用等高端胶粘剂、 | | | | 还银行贷款 | | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 9月29日新股申购 (共1只) 道生天合(沪市主板,6010 | | と二人目（アルエツ、6010 | | --- | --- | | 申购代码 | 780026 | | 发行价格 | 5.98元 顶格 | | 总市值 | 31.55亿 | | 发行市盈率 | 29.05 行」 | | | 康达新材 同业公司 | | 同业可比公司 | 动态市盈率 | | | 惠柏新材 | | | 风电叶片用环氧树 ...

Company Overview - Kangda New Materials (SZ 002669) announced that as of the date of the announcement, Tangshan Industrial Control has pledged approximately 35.44 million shares, accounting for 40.54% of its total holdings [1] Financial Performance - For the first half of 2025, Kangda New Materials' revenue composition is as follows: Adhesive industry accounts for 87.98%, electronic products business accounts for 4.43%, synthetic resin accounts for 2.98%, other businesses account for 2.16%, and LTCC materials account for 1.97% [1] Market Capitalization - As of the report, Kangda New Materials has a market capitalization of 4.2 billion yuan [1]

Financial Data and Key Metrics Changes - Organic sales decreased by 0.9%, with positive pricing of 1% offset by a volume decline of 1.9% [4][10] - Adjusted EBITDA for the quarter was $171 million, up 3% year-on-year, with an EBITDA margin of 19.1%, an increase of 110 basis points year-on-year [4][11] - Adjusted earnings per share (EPS) was $1.26, reflecting a 12% increase compared to the third quarter of 2024 [12] - Revenue was down 2.8% year-on-year, with currency having a positive impact of 1% [10] Business Line Data and Key Metrics Changes - HHC (Health and Hygiene) organic revenue decreased by 3.1%, with EBITDA up 2% year-on-year and EBITDA margin at 16.9% [5][6] - Engineering Adhesives (EA) organic revenue increased by 2.2%, with EBITDA up 14% and EBITDA margin expanding to 23.3% [6][7] - Building Adhesive Solutions (BAS) organic sales decreased by 1%, with EBITDA increasing by 3% to $41 million and EBITDA margin at 17.7% [7][8] Market Data and Key Metrics Changes - Americas organic revenue was up 1% year-on-year, driven by EA's high single-digit increase [8] - EIMEA (Europe, India, Middle East, and Africa) organic revenue declined by 2% year-on-year, with EA flat and HHC and BAS down modestly [8] - Asia-Pacific organic revenue decreased by 4% year-on-year, primarily due to significant volume decline in solar [8] Company Strategy and Development Direction - The company is focused on enhancing its portfolio, driving efficiencies, and repositioning for growth and margin expansion [3][16] - Management remains cautious due to a globally subdued economic backdrop and expects volume growth to remain elusive [3][9] - The company aims for a greater than 20% EBITDA margin target and is tightening its guidance for the year [3][13] Management's Comments on Operating Environment and Future Outlook - Management noted a widespread slowing economic environment, with customer demand appearing uneven and less predictable [9] - The company anticipates a slow growth environment with continued economic challenges [9][15] - Management emphasized the importance of operational efficiency and customer service amid economic volatility [15][16] Other Important Information - The company is preparing for an Investor Day on October 20, where updates on strategic plans and M&A strategy will be provided [17] - Adjusted gross profit margin was 32.3%, up 190 basis points year-on-year, driven by pricing and raw material cost actions [10] Q&A Session Summary Question: Details behind the reduction in cash flow guidance - Management explained that the increase in working capital, specifically inventory, is driving the decrease in cash flow expectations due to ongoing footprint consolidation actions [19][20] Question: Performance in Engineering Adhesives - Management highlighted strong performance in EA, particularly in automotive and electronics, with a return to double-digit organic growth in electronics [24][25] Question: HHC volume decline versus EA performance - Management noted that EA is performing stronger than the market, while HHC volumes reflect a decline in consumer demand across major regions [32] Question: Outlook for solar business - Management discussed the challenges in the solar market, particularly with silicon sealants, and indicated a focus on higher-margin product lines [34][35] Question: Pricing trends for segments in Q4 - Management indicated a supportive pricing environment across all GBUs, with expectations for continued price increases in Q4 [60]

Financial Data and Key Metrics Changes - Organic sales decreased by 0.9%, with positive pricing of 1% offset by a volume decline of 1.9% [4][10] - Adjusted EBITDA for the quarter was $171 million, up 3% year-on-year, with an EBITDA margin of 19.1%, an increase of 110 basis points year-on-year [4][12] - Adjusted gross profit margin was 32.3%, up 190 basis points versus last year [10] - Adjusted earnings per share (EPS) was $1.26, reflecting a 12% increase compared to the third quarter of 2024 [12] - Net debt to adjusted EBITDA decreased from 3.4 times to 3.3 times [12] Business Line Data and Key Metrics Changes - HHC (Health and Hygiene) organic revenue decreased by 3.1%, with EBITDA up 2% year-on-year and EBITDA margin at 16.9% [5][6] - Engineering Adhesives (EA) organic revenue increased by 2.2%, with EBITDA up 14% and EBITDA margin expanded to 23.3% [6][7] - Building Adhesive Solutions (BAS) organic sales decreased by 1%, with EBITDA increasing by 3% to $41 million and EBITDA margin at 17.7% [7][8] Market Data and Key Metrics Changes - Americas organic revenue was up 1% year-on-year, driven by EA's high single-digit increase [8] - EIMEA (Europe, India, Middle East, and Africa) organic revenue declined by 2% year-on-year [8] - Asia-Pacific organic revenue decreased by 4% year-on-year, primarily due to significant volume decline in solar [8] Company Strategy and Development Direction - The company is focused on enhancing its portfolio, driving efficiencies, and repositioning for growth and margin expansion [3][4] - The strategy includes proactive measures in pricing and raw material management, as well as cost controls [15][16] - The company aims to achieve a greater than 20% EBITDA margin target in the long term [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed caution due to a globally subdued economic backdrop, expecting volume growth to remain elusive [3][4] - The manufacturing sector is weak, with customer demand appearing uneven and less predictable [9] - The company anticipates a slow growth environment with ongoing economic volatility and high interest rates [9] Other Important Information - The company updated its financial guidance for fiscal 2025, expecting net revenue to be down 2 to 3% year-on-year and organic revenue to be flat to up 1% [13][14] - Full-year adjusted diluted EPS is expected to be in the range of $4.10 to $4.25, equating to year-on-year growth of 7% to 11% [14] Q&A Session Summary Question: Could you provide some more detail behind the reduction in cash flow guidance? - The reduction is primarily due to increased working capital, specifically higher inventory levels in preparation for footprint consolidation actions [19][20] Question: What helped EA volumes and margins in the quarter? - EA experienced a return to double-digit organic growth in electronics and positive mid-single-digit growth in the U.S. due to strong execution and new customer wins [24][25] Question: How would you explain the HHC decline in volumes versus EA? - HHC volumes declined due to consumer demand reflecting a weakening global economy, while EA outperformed the market through share gains and unique solutions [30][31] Question: What is the outlook for solar in fiscal year 2026? - The company will continue to face headwinds in revenue from the solar segment but expects to improve EBITDA margins by exiting lower-margin product lines [34] Question: How is the pricing environment expected to trend in the fourth quarter? - The pricing environment remains supportive, with many companies in the sector raising prices due to inflation and tariffs [60]

Financial Data and Key Metrics Changes - Organic sales decreased by 0.9%, with positive pricing of 1% offset by a volume decline of 1.9% [4] - Adjusted EBITDA for the quarter was $171 million, up 3% year-on-year, with an EBITDA margin of 19.1%, an increase of 110 basis points year-on-year [4][11] - Adjusted earnings per share (EPS) was $1.26, reflecting a 12% increase compared to the third quarter of 2024 [11] - Revenue was down 2.8% year-on-year, with currency having a positive impact of 1% [10] Business Line Data and Key Metrics Changes - HHC (Health and Hygiene) organic revenue decreased by 3.1%, with EBITDA up 2% year-on-year and EBITDA margin increasing to 16.9% [5] - Engineering Adhesives (EA) organic revenue increased by 2.2%, with EBITDA up 14% and EBITDA margin expanding to 23.3% [6][7] - Building Adhesive Solutions (BAS) organic sales decreased by 1%, with EBITDA increasing by 3% to $41 million and EBITDA margin expanding to 17.7% [7] Market Data and Key Metrics Changes - In the Americas, organic revenue was up 1% year-on-year, driven by EA's high single-digit growth [8] - EIMEA (Europe, India, Middle East, and Africa) organic revenue declined by 2% year-on-year, with EA flat and HHC and BAS down modestly [8] - Asia-Pacific organic revenue decreased by 4% year-on-year, primarily due to significant volume decline in solar [8] Company Strategy and Development Direction - The company is focused on enhancing its portfolio, driving efficiencies, and repositioning for growth and margin expansion [3][16] - Management remains cautious due to a globally subdued economic backdrop and expects volume growth to remain elusive [3][9] - The company is actively managing pricing and raw material costs while emphasizing operational efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted a widespread slowing economic environment, with customer demand appearing uneven and less predictable [9] - The company anticipates a slow growth environment with continued economic volatility and high interest rates [9] - Management expressed confidence in achieving long-term EBITDA margin and growth targets despite current challenges [16] Other Important Information - The company updated its financial guidance for fiscal 2025, expecting net revenue to be down 2 to 3% year-on-year and adjusted EBITDA to be in the range of $615 to $625 million [12][14] - Full-year adjusted diluted EPS is expected to be between $4.10 and $4.25, reflecting year-on-year growth of 7% to 11% [14] Q&A Session Summary Question: Could you provide more detail behind the reduction in cash flow guidance? - Management explained that the increase in working capital, specifically inventory, is driving the decrease in cash flow expectations due to preparations for footprint consolidation [19] Question: What helped EA volumes and margins in the quarter? - Management noted a return to double-digit organic growth in electronics and strong performance in the U.S. EA business, driven by new customer wins and strong execution [24] Question: How would you explain the HHC decline in volumes versus EA? - Management indicated that EA is performing stronger than the market, while HHC volumes reflect a decline in consumer demand across major regions [27] Question: What are the pricing trends for your segments in the fourth quarter? - Management highlighted a supportive pricing environment across all three GBUs, with many companies raising prices in response to inflation and tariffs [49]

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is emerging as a key player in the global green energy transition, driven by its technological innovation, solid financial performance, and forward-looking strategic layout, as it initiates its IPO process on the Shanghai Stock Exchange [1] Financial Performance - The company forecasts a net profit of 145 million to 155 million yuan for the first nine months of 2025, with a year-on-year revenue growth of 22.32% to 27.03% and a net profit growth of 48.21% to 58.43% [2] - In the first half of 2025, the company reported a main revenue of 1.785 billion yuan, up 46.77% year-on-year, and a net profit attributable to shareholders of 86.32 million yuan, up 65.06% year-on-year [2] - The second quarter of 2025 saw a main revenue of 950 million yuan, a 32.9% increase year-on-year, and a net profit of 55.24 million yuan, a 48.62% increase year-on-year [2] IPO and Fundraising - The company plans to issue 131.88 million new shares and raise 694 million yuan, with funds directed towards a project for producing high-end adhesives and resin systems, as well as repaying bank loans [3] - This initiative aims to enhance the company's core competitiveness in high-growth sectors such as new energy vehicles and energy storage [3] Technological Strength - The company's core competitiveness stems from its deep technological foundation in high-performance thermosetting resin systems, covering epoxy resins, polyurethanes, acrylics, and organosilicon materials [4] - Daoshengtianhe is recognized as a "hidden champion" in the wind power blade material sector, with its epoxy resin series for wind turbine blades ranking first globally from 2022 to 2024 [4] Strategic Vision - The company's strategic layout aligns with China's "dual carbon" goals and the global green energy transition, focusing on high-growth areas such as new energy vehicles and energy storage [6] - The IPO fundraising projects are expected to add 37,000 tons of high-end adhesive and 19,000 tons of composite resin capacity, utilizing green manufacturing technologies [6] - The company aims to become a leading comprehensive new materials solution provider, expanding into sectors like photovoltaics, hydrogen storage, semiconductor packaging, 5G communications, and aerospace [6] Company Overview - Daoshengtianhe is a national high-tech enterprise dedicated to the R&D, production, and sales of new materials, primarily serving the wind power, new energy vehicles, energy storage, and hydrogen energy sectors [10]

Core Insights - The silicone adhesive market in China is projected to grow from 1.387 million tons in 2023 to 1.478 million tons in 2024, representing a year-on-year increase of 6.6% [5][7] - The sales revenue for silicone adhesives is expected to reach 20.37 billion yuan in 2024, marking a 4.7% increase compared to 2023 [7] - The average selling price of silicone adhesives is anticipated to decline to 13,800 yuan per ton in 2024 due to a sluggish real estate market and intense competition [7] Market Overview - Silicone adhesives, also known as organic silicone sealants, are high-elasticity sealing materials with excellent weather resistance, temperature tolerance (-40℃ to 150℃), electrical insulation, and hydrophobic properties [2][5] - The demand structure is diversifying, with green buildings, new energy applications (such as photovoltaic packaging and battery sealing), and consumer upgrades (eco-friendly home decoration) identified as core growth drivers [5][12] Application Segmentation - The construction industry remains the largest consumer of silicone adhesives, accounting for approximately 62% of total demand in 2024, with a projected consumption of 916,000 tons, up 4.5% year-on-year [10][11] - The new energy sector is the second-largest application area, expected to consume 384,000 tons of silicone adhesives in 2024, reflecting an 11.4% increase, primarily driven by the photovoltaic sector [12][13] Industry Chain - The silicone adhesive industry chain consists of upstream raw materials (silicone rubber, crosslinking agents), midstream production, and downstream applications across various sectors including construction, new energy, electronics, and transportation [8][10] - The industry is experiencing increased competition and a growing number of production enterprises, with a trend towards global expansion and participation in international standard-setting [8][10] Future Trends - The industry is expected to benefit from dual drivers of policy support and market demand, particularly in the construction sector, where green building standards and prefabricated construction are anticipated to boost demand for high-performance silicone products [14] - Innovations in technology and materials, such as eco-friendly and bio-based alternatives, are likely to accelerate the transition towards higher-value products, while leading companies are focusing on cost reduction and global market expansion [14][15]

Group 1: Financial Performance - The company achieved a revenue of CNY 2.258 billion in the first half of 2025, representing a year-on-year growth of 65.75% [2][14] - The net profit attributable to shareholders was CNY 51.1737 million, showing a significant increase of 190.56% compared to the previous year [3][14] - The adhesive business, including wind power epoxy resin, generated revenue of CNY 1.987 billion, with a year-on-year growth of 118.83% [3] Group 2: Market and Product Development - The demand for wind power blade products has surged, becoming a key driver for the growth of the adhesive and specialty resin segment [2][7] - The company is focusing on enhancing its core product advantages and leveraging scale effects to improve market competitiveness in the wind power sector [7][14] - The company is actively integrating its investments in subsidiaries like Chengdu Liyang and Mingci to enhance synergy in the electronic technology sector [3][19] Group 3: Strategic Acquisitions and Investments - The company is conducting due diligence on the acquisition of North One Semiconductor Technology (Guangdong) Co., Ltd., aiming to secure at least 51% ownership [5][17] - The acquisition of Chengdu Zhongke Huamei Electronics is progressing, with the first phase of the equity transfer payment completed [17][20] - The company plans to use a combination of self-funding and acquisition loans for financing the acquisitions [16][19] Group 4: Challenges and Risk Management - The company is addressing the decline in overseas revenue and is actively pursuing business in Southeast Asia, with the Thailand project in the planning stage [4][19] - The overall gross margin has experienced slight fluctuations due to macroeconomic factors and market competition, but remains relatively stable [11][14] - The company has implemented measures to manage accounts receivable, which currently exceed CNY 2 billion, ensuring strong recoverability due to the creditworthiness of its major clients [19]

Group 1: Company Performance and Business Progress - In the first half of 2025, the company reported revenue of approximately 533 million yuan, a year-on-year decrease of about 10.7%, and a net loss attributable to shareholders of approximately 8.3 million yuan [1] - The company plans to optimize product structure, control costs, and expand market reach to improve performance [1] Group 2: Business Development - The first phase of the Anhui Anqing New Materials Industrial Base has some production lines in trial production, with others under planned construction [2] - Marine coatings are primarily used above the waterline of ships, with some products validated by Ningde Times but not yet supplied in bulk [2] Group 3: R&D Directions and Product Layout - The company's R&D focuses on green and environmentally friendly sealants and water-based coatings, promoting low VOC, solvent-free, and water-based products [3] - In the electronics sector, the company is actively exploring the 3C coating market with mature products, while liquid cooling silicone oil is still in the verification stage [3] - For aerospace applications, the company has developed a protective matrix for eVTOLs and aims to establish a joint venture for the development of adhesives for aircraft windshields [3] Group 4: Opportunities in New Energy - The company anticipates significant market potential for its "adhesive-coating integration" technology with the implementation of the new national standard for electric vehicle batteries in July 2026 [4] - The company has provided one-stop solutions for commercial and residential energy storage and has established partnerships with clients like Pylon Technologies [4]