IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

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]

Group 1 - The article discusses the upcoming IPO of Tongyu New Materials (301630) on the ChiNext board, with a subscription limit of 10,000 shares per account and a minimum market value requirement of 100,000 yuan in the Shenzhen market [1] - The IPO price is set at 84 yuan per share, making it the third highest IPO price in the A-share market this year [1] - The company specializes in the research, production, and sales of electronic resins, which are crucial materials for the production of copper-clad laminates used in printed circuit boards (PCBs) [1] Group 2 - Tongyu New Materials is a leading supplier of electronic resins in the mid-to-high-end copper-clad laminate industry, serving notable clients such as Kingboard Group and Unimicron Technology [2] - The company's projected revenues for 2022, 2023, and 2024 are 1.193 billion yuan, 886 million yuan, and 952 million yuan, respectively, with net profits of 188 million yuan, 164 million yuan, and 143 million yuan [2] Group 3 - The funds raised from the IPO will be used to invest in a project with an annual production capacity of 200,000 tons of electronic resins and to supplement working capital [3] - Recent IPOs have shown strong market performance, with Guangxin Technology's stock price surging by 500% on its first trading day [3]

Group 1 - The core focus of the news is the upcoming IPO of Tongyu New Materials (301630), a domestic high-tech company specializing in electronic resin for copper-clad laminate production [1][3] - Tongyu New Materials' main products include MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [1][4] - The company has established a strong customer base, including well-known enterprises in the copper-clad laminate industry such as Jiantao Group, Shengyi Technology, and Nanya New Materials [1][5] Group 2 - The IPO is scheduled for subscription on July 1, 2025, with a subscription price of 84.00 yuan per share and a total issuance of 10 million shares [4] - The company has been recognized as a leading domestic supplier of electronic resin in the copper-clad laminate sector, with sales ranking among the top in the industry over the past three years [5] - Compared to comparable companies, Tongyu New Materials has a lower revenue scale but maintains a relatively high gross profit margin within the industry [5]

（原标题：中国华电"小伙伴"，来了！） 【导读】两只新股可申购，华电新能是中国华电旗下新能源业务唯一平台 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，7月1日可申购深交所创业板新股同宇新材、7月7日可申购上交所主板新股华电新 能。 同宇新材系覆铜板领域电子树脂头部供应商 同宇新材的申购代码是301630，发行价为84元/股，发行市盈率为23.94倍，参考行业市盈率为38.62倍。 同宇新材此次总发行数量为1000万股，均通过网上发行。投资者参与网上申购同宇新材，申购数量上限 为1万股，顶格申购需配深市市值为10万元。 同宇新材主营电子树脂的研发、生产和销售，主要应用于覆铜板生产，打造适用于无铅无卤覆铜板的成 熟产品体系，向高速高频覆铜板用电子树脂产品方向延伸，已被评为高新技术企业、国家级专精特 新"小巨人"企业。 目前，同宇新材与建滔集团、生益科技、南亚新材、华正新材、金宝电子、超声电子等全球覆铜板行业 厂商建立了长期稳定的合作关系。 2022年至2024年，同宇新材的营业收入分别为11.93亿元、8.86亿元、9.52亿元，归母净利润分别为1.88 亿元、1.64亿元、1.43亿元。 同 ...

Core Viewpoint - Two new stocks are available for subscription: Tongyu New Materials and Huadian New Energy, with the latter being the only platform for China Huadian's renewable energy business [2][10]. Group 1: Tongyu New Materials - Tongyu New Materials is a leading supplier of electronic resin in the copper-clad laminate sector [3]. - The subscription code for Tongyu New Materials is 301630, with an issue price of 84 CNY per share and a price-to-earnings ratio of 23.94, compared to the industry average of 38.62 [4]. - The total number of shares issued is 10 million, all through online issuance, with a maximum subscription limit of 10,000 shares requiring a market value of 100,000 CNY in the Shenzhen market [4]. - The company focuses on the research, production, and sales of electronic resins, particularly for lead-free and halogen-free copper-clad laminates, and has been recognized as a high-tech enterprise and a national-level "specialized and innovative" small giant [4][5]. - From 2022 to 2024, Tongyu's revenue is projected to be 1.193 billion CNY, 886 million CNY, and 952 million CNY, with net profits of 188 million CNY, 164 million CNY, and 143 million CNY respectively [6]. - The company has established stable long-term partnerships with major players in the copper-clad laminate industry [5]. - For the first half of 2025, Tongyu expects a revenue of 615 million CNY, a year-on-year increase of 29.09%, and a net profit of 78.21 million CNY, a year-on-year increase of 4.11% [8]. Group 2: Huadian New Energy - Huadian New Energy is the only platform for China Huadian's renewable energy business, focusing on the development, investment, and operation of wind and solar power projects [10]. - The subscription code for Huadian New Energy is 730930, with the total number of shares issued being 4.969 billion, including 745 million for online issuance [11]. - The company is expected to have a market capitalization of 14.905 million CNY for maximum subscription, with the industry price-to-earnings ratio at 17.85 [11]. - Huadian New Energy's main revenue source is wind power, and it operates in regions with abundant wind and solar resources [12]. - By the end of 2024, Huadian's installed capacity will be 68.6171 million kW, with wind power accounting for 32.0245 million kW (6.15% market share) and solar power for 36.5926 million kW (4.13% market share) [12]. - The projected revenue for Huadian from 2022 to 2024 is 24.673 billion CNY, 29.580 billion CNY, and 33.968 billion CNY, with net profits of 8.522 billion CNY, 9.620 billion CNY, and 8.831 billion CNY respectively [12]. - For the first half of 2025, Huadian expects revenue between 18.950 billion CNY and 21.000 billion CNY, with a year-on-year change of 9.84% to 21.72%, and net profit between 5.760 billion CNY and 6.690 billion CNY, with a year-on-year change of -7.19% to 7.79% [13].

Core Insights - The importance of electronic resin as a fundamental material is increasing in the rapidly developing electronic information industry, with applications extending from smartphones to new energy vehicles [1] - Tongyu New Materials (Guangdong) Co., Ltd. has established itself as a significant player in the electronic resin field for copper-clad laminates through nearly a decade of focused investment in technology research and large-scale production [1][2] - The company has diversified its product range, including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents, providing systematic resin solutions for various needs [1] Industry Analysis - The global PCB (Printed Circuit Board) industry is experiencing steady growth driven by technological iterations in end applications such as 5G communication, consumer electronics, and automotive electronics, leading to a simultaneous increase in market demand for electronic resin [1] - Companies with technological accumulation and stable supply capabilities are better positioned to capitalize on this trend [1] Company Strategy - Tongyu New Materials has gradually transformed its investment in technology research and production processes into market competitiveness by integrating R&D resources and optimizing production workflows [2] - The company aims to continue focusing on technological innovation and service capability enhancement in the electronic resin field, strengthening collaboration with industry chain partners to promote product iteration and upgrade [2]

Investment Rating - The report maintains a "Positive" outlook on the high-speed copper-clad laminate resin materials industry [5]. Core Viewpoints - The demand for high-speed resin materials is driven by the explosive growth of AI servers, which require advanced materials to meet higher electrical performance standards [7][10]. - Domestic resin manufacturers are positioned to capitalize on the opportunities presented by the AI server market, with companies like Dongcai Technology and Shengquan Group leading the way in high-end electronic resin production [3][11]. Summary by Sections 1. Introduction - The development of AI models necessitates high-performance hardware, leading to increased demand for advanced materials. Traditional epoxy resins are inadequate for the electrical performance required by AI servers, prompting the shift to low-dielectric resins such as BMI, PPO, and hydrocarbon resins [10][11]. 2. AI Server Volume and Upgrades - The global AI server shipment is projected to grow by approximately 46% in 2024, with further growth expected in 2025. This surge will drive demand for high-speed copper-clad laminates and, consequently, high-end electronic resins [12][29]. 2.1. Performance Requirements Driving Material Upgrades - AI servers require materials that minimize signal loss and energy dissipation, leading to a preference for low Dk and Df materials. The shift from traditional epoxy resins to advanced materials is essential for meeting these performance standards [15][22]. 2.2. Demand Space Estimation for High-Speed Resins - The estimated market size for high-speed resin materials is projected to reach around 3 billion yuan by 2026, driven by the increasing demand from AI servers and upgraded server platforms [28][29]. 2.3. Opportunities from Industry Concentration and Market Changes - The concentration of the copper-clad laminate industry in mainland China presents opportunities for domestic resin suppliers to enter and expand in the market, especially as the demand for high-speed laminates grows [31][32]. 3. High-End Electronic Resins with High Technical Barriers - The high-end electronic resin market is characterized by significant technical barriers, with leading companies in Japan and the US currently dominating the sector. However, domestic companies are making strides in developing competitive products [40][41]. 3.1. BMI Resins: Domestic Companies Making Progress - Domestic manufacturers like Dongcai Technology and Shengquan Group are advancing in the production of BMI resins, with significant capacity and growth projections [49][50]. 3.2. PPO Resins: Awaiting Demand from M7 and M8 High-Speed Boards - The development of PPO resins is crucial as demand for M7 and M8 high-speed boards increases, with domestic companies actively working on improving production capabilities [51][64].

Core Viewpoint - Despite the increasing number of delisted companies and fewer IPOs, the encouragement for the development of key new materials remains strong, with the IPO door still open for capable enterprises [1] Group 1: IPO and Fundraising - The China Securities Regulatory Commission approved the IPO registration of Tongyu New Materials on April 25, with a fundraising target of 1.3 billion yuan, of which 1.2 billion yuan is allocated for a project to produce 200,000 tons of electronic resin annually [1] - The IPO process took 34 months from the initial application acceptance in June 2022 to the recent registration [1] - Following the approval by the Shenzhen Stock Exchange's listing committee in April 2023, the company faced a two-year stagnation during which its performance declined [2] Group 2: Financial Performance and Market Position - The average price of the company's products dropped between 26% to 40% in 2023, with a projected decline of 5% to 20% in 2024, leading to a continuous decrease in profits [2] - Tongyu New Materials, established in 2015, is recognized as a national-level "little giant" enterprise focusing on the electronic resin industry, with products including various modified epoxy resins [2] - The company has been focusing on developing lead-free and halogen-free electronic resins, which are essential for meeting the environmental requirements in the PCB industry [3] Group 3: Product Development Trends - The demand for high-end electronic resins is driven by the PCB industry's shift towards halogen-free materials, necessitating new flame retardants and improved performance characteristics [3] - Traditional products like MDI modified epoxy resins are seeing a decline in both scale and market share, while BPA-type phenolic epoxy resins and phosphorus-containing phenolic resin curing agents are experiencing rapid growth [5] - The company's revenue from MDI modified epoxy resins accounted for 34.5% in 2023, down from 42.06% in 2022, indicating a shift in product focus [6] Group 4: Company Background and Clientele - The company's controlling shareholder, Zhang Chi, has a PhD in polymer science from Sichuan University and received significant funding from alumni to establish the company [7] - Major clients include Nanya New Materials, Jian Tao Group, and Shengyi Technology, with the top five clients contributing to 68% of the company's revenue [7]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. has officially registered, marking its entry into the capital market, despite facing challenges with declining profits and reliance on a limited customer base [1][2][4]. Company Overview - Established in 2015, Tongyu New Materials focuses on the research, production, and sales of electronic resins, primarily used in the manufacturing of copper-clad laminates [1]. - The company is led by Zhang Chi, a polymer PhD graduate from Sichuan University, who has received significant support from his mentor, Ji Zhonglin, who provided 12.4 million yuan to the founding team [1]. Financial Performance - The company has experienced two consecutive years of profit decline, attributed to falling product prices, capacity constraints, and losses from its wholly-owned subsidiary, Jiangxi Tongyu [2]. - In 2024, the company plans to raise 1.3 billion yuan through an IPO, with 1.2 billion yuan allocated for expanding production capacity to 200,000 tons of electronic resin [4]. Production and Inventory Management - In 2024, Tongyu New Materials reported a production capacity of 37,000 tons, with an actual output of 43,058.47 tons, resulting in a capacity utilization rate of 116.37% [5]. - The company's inventory surged to 95.3 million yuan in 2024, reflecting a 90% year-on-year increase, indicating challenges in inventory management alongside capacity expansion [5][6]. Market Position and Challenges - The company faces a significant market gap for high-performance electronic resins in China, which presents growth opportunities, but also raises concerns about market volatility and competition [4]. - The reliance on a network of familiar customers and suppliers poses risks to the company's bargaining power and risk management capabilities [2].