Workflow
电子树脂
icon
Search documents
IPO周报|本周1只新股申购,创业板迎电子树脂头部供应商
Xin Lang Cai Jing· 2025-06-30 00:02
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]
中国华电“小伙伴”,来了!
Zhong Guo Ji Jin Bao· 2025-06-29 10:46
(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 ...
中国华电“小伙伴”,来了!
中国基金报· 2025-06-29 10:37
【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。 同宇新材方面称,自2023年以来,公司经营业绩有所下滑,主要是受产能瓶颈制约、产品销售价格下降,以及子公司江西同宇新材料有限 公司在建设期亏损等因素影响。 | 项目 | 2024.12.31 ...
同宇新材深耕电子树脂领域 持续助力电子信息产业高质量发展
Sou Hu Wang· 2025-05-14 05:16
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]
看好高速覆铜板树脂材料的发展机遇
Orient Securities· 2025-05-09 09:42
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].
又一高分子材料国家级“小巨人”,IPO获批!
Sou Hu Cai Jing· 2025-05-07 16:59
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]
同宇新材上市在即,张驰团队千万赠金背后故事引关注
Sou Hu Cai Jing· 2025-04-30 12:36
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].
业绩连降、“国产替代”被质疑,同宇新材IPO能否闯过“注册关”
Hua Xia Shi Bao· 2025-04-29 00:59
2025年4月14日,同宇新材正式提交创业板IPO注册稿,拟募资13亿元用于扩产及补充流动资金。 然而,长达数百页的招股说明书,却暴露出业绩持续下滑、研发费用率相对较低等问题。这家自称"打破外资垄 断"的电子树脂企业,其IPO之路究竟是"国产替代"的破局之作,还是资本市场的又一次"泡沫"狂欢? 净利持续下滑 同宇新材的主营业务是电子树脂的研发、生产和销售,主要应用于覆铜板生产。 公司主要原材料是基础液态环氧树脂、四溴双酚A、DOPO、双酚A和环氧氯丙烷等。2022年度、2023年度和2024 年度(下称"报告期"或"2022年至2024年"),公司直接材料成本占主营业务成本的比例分别为91.44%、87.76%和 85.59%。如此高的占比意味着,一旦原材料价格有所波动,将对公司生产成本、销售价格和盈利能力产生较大影 响。 华夏时报记者张玫帅可聪北京报道 2023年4月7日,同宇新材料(广东)股份有限公司(下称"同宇新材")IPO申请成功通过深交所上市委会议,但其IPO进 程却在过会后陷入长达两年的停滞。 对此,同宇新材回应《华夏时报》记者称,公司凭借技术创新,在中高端电子树脂领域打破了外资、台资企业的 技术 ...