Core Viewpoint - The company has demonstrated significant growth in revenue and profit, with a focus on expanding its market presence and enhancing its product offerings in the new materials sector, while also addressing challenges in the green petrochemical segment [4][5][21]. Financial Performance - The company achieved operating revenue of 60.514 billion yuan, a year-on-year increase of 26.23% [4]. - The net profit attributable to shareholders reached 0.825 billion yuan, up 160.36% year-on-year [4]. - The net profit excluding non-recurring gains and losses was 0.675 billion yuan, reflecting a 240.13% increase [4]. - Basic earnings per share were 0.3120 yuan, an increase of 162.18% [4]. - The weighted average return on equity was 4.83%, up 2.9 percentage points year-on-year [4]. Business Development - The company is actively expanding its presence in strategic emerging industries such as smart vehicles, new energy, and artificial intelligence, which are driving high-quality growth [5][21]. - The company has accelerated the localization of its overseas supply and service capabilities, with significant production from its new factory in Vietnam [5][21]. - The sales volume of finished products in overseas markets reached 233,500 tons, a year-on-year increase of 29.51% [5]. Product and Market Strategy - The modified plastics segment achieved a sales volume of 2.5515 million tons, a year-on-year increase of 20.78%, with revenue of 32.075 billion yuan, up 18.95% [7]. - The company has developed customized high-performance ABS materials, enhancing temperature and chemical resistance for high-end kitchen appliances [9]. - The company is focusing on technological innovation and collaboration with leading global enterprises to enhance its competitive edge in the automotive and consumer electronics sectors [8][9]. Future Development Strategy - The company aims to strengthen its polymer materials business while expanding its new materials segment, targeting a production value of 800 billion yuan for modified plastics, 300 billion yuan for new materials, 400 billion yuan for green petrochemicals, and 100 billion yuan for medical health products [21][24]. - The company is committed to sustainable development, focusing on green, low-carbon, and circular growth, and enhancing resource utilization efficiency [24][25].

Company Overview - Founded in 2002, Daon Co., Ltd. specializes in high-performance thermoplastic elastomers, modified plastics, color masterbatches, and polyester materials, with a focus on R&D, production, sales, and service [2] - The company has an annual production capacity of 500,000 tons for modified plastics, 90,000 tons for thermoplastic elastomers, 30,000 tons for color masterbatches, and 60,000 tons for copolyester materials [2] - Daon has established a comprehensive R&D system with four major platforms and nine production R&D bases, emphasizing innovation and collaboration with academia [2] Performance Growth Factors - The company's first-quarter performance growth was driven by a decrease in raw material prices, leading to lower production costs [3] - Strong growth in the automotive, home appliance, and electronics sectors, supported by government policies promoting product upgrades, contributed to record sales volumes [3] Acquisition Strategy - The acquisition of Daon Titanium Industry is aimed at enhancing synergy between the two companies, leveraging Daon Titanium's products in the inorganic chemical sector to complement Daon's polymer materials business [4] - The integration of high polymer new materials and titanium industries is expected to improve management efficiency and extend the industrial chain [4] Acquisition Progress - On April 28, the board approved the asset purchase and fundraising plan for the acquisition of Daon Titanium, with a shareholder meeting scheduled for May 16 to review the matter [5] Product Applications - Daon’s modified materials are utilized in robotics, including nylon and alloy materials for robotic arms, and elastic materials for bionic robots [6] - The company is actively developing high polymer composite materials for the robotics sector [6] Expansion Plans - Daon plans to expand its TPU and polyol projects, anticipating a growing market demand, with the domestic TPU market accounting for over 70% of global capacity [7] - The company aims to establish a phased production capacity of 100,000 tons of TPU and 60,000 tons of polyol to enhance its product chain and meet future market needs [7]

Core Viewpoint - The company held a 2024 annual performance briefing to enhance communication with investors, discussing operational status and strategic development plans [1] Group 1: Company Operations - The company has a designed production capacity of 3,700 tons for its bismaleimide (BMI) resin, with actual production influenced by customer orders and market demand [2] - The company reported a continuous increase in orders for its BMI resin, achieving a high capacity utilization rate [2] - The company is focused on developing new energy materials, with significant revenue growth expected in this sector for 2024 [2] Group 2: Financial Performance - The company released its 2024 annual report and Q1 2025 report on April 25, 2025, detailing its financial performance [2] - The company acknowledged that despite increased revenue, profitability has not improved due to intense market competition and price differentiation in the epoxy resin and photovoltaic backsheet industries [3] Group 3: Future Growth Drivers - Future growth will be driven by the company's strategy to lead in new energy materials, advanced electronic materials, and environmentally friendly materials [2] - The company aims to increase the sales proportion of high-value-added products, enhancing overall profitability [2] Group 4: Market and Industry Outlook - The company views the new materials industry as having stable growth potential, supported by government policies and a significant market demand for domestic substitutes [3] - The company is actively monitoring the overseas market environment and plans to optimize its supply chain to mitigate potential risks [3] Group 5: Project Developments - The company is constructing a project in Meishan with a planned capacity of 20,000 tons for high-speed communication substrate materials, which is based on market demand and the company's technological capabilities [3] - The company is also involved in a joint venture for high-end photoresist materials, currently in the trial production phase [5] Group 6: Challenges and Responses - The company is addressing challenges from its subsidiary, Shandong Aiment, which has been a drag on overall performance, with efforts underway to achieve profitability in 2025 [3] - The company is enhancing its production processes through automation and AI technology to improve product yield and stability [5]

Group 1 - Carbon nanotubes are tubular nanostructures made of graphite crystals, categorized into single-walled and multi-walled types, with significant differences in physical properties due to structural variations [1][2] - Multi-walled carbon nanotubes (MWCNTs) have lower production costs and are more suitable for large-scale applications, while single-walled carbon nanotubes (SWCNTs) offer higher conductivity and mechanical strength but at a higher cost [1][2] - The global market for multi-walled carbon nanotube slurry is projected to reach 14.5 billion yuan by 2024, driven by the growing demand in lithium batteries and conductive plastics [6] Group 2 - The multi-walled carbon nanotube industry chain consists of upstream raw materials (NMP, propylene, dispersants, liquid nitrogen), midstream production, and downstream applications [8] - The cost structure of multi-walled carbon nanotubes indicates that raw materials account for approximately 65% of production costs, with NMP being the primary material influencing quality and cost [10] - The demand for multi-walled carbon nanotubes in lithium batteries is increasing due to their ability to enhance energy density, lifespan, and performance, with a projected production of 1,170 GWh of lithium batteries in China by 2024 [12][13] Group 3 - The conductive plastics market is expected to grow significantly, with the market size increasing from 486 million yuan in 2015 to 2.46 billion yuan by 2024, where carbon nanotubes serve as effective conductive additives [17] - Nantero has developed a new non-volatile memory based on carbon nanotubes, which could revolutionize chip manufacturing by offering lower costs and higher durability compared to traditional semiconductor materials [19][20] - The future of multi-walled carbon nanotubes appears promising, with increasing penetration in lithium batteries and potential applications in various fields such as energy storage, conductive plastics, and chip manufacturing [22]

中国 深圳 福田区 益田路 6001 号 太平金融大厦 11-12 楼 邮政编码：518038 电话(Tel)：(0755) 88265288 传真(Fax)：(0755) 88265537 电子邮件(E-mail)：info@sundiallawfirm.com 网站(Website)：www.sundiallawfirm.com 广东信达律师事务所 关于广东莱尔新材料科技股份有限公司 法律意见书 信达科会字（2025）第 020 号 致：广东莱尔新材料科技股份有限公司（下称"贵司"或"公司"） 广东信达律师事务所（以下简称"信达"）接受贵司的委托，指派信达律师 出席公司 2024 年年度股东会（以下简称"本次股东会"），对本次股东会的合 法性进行见证，并出具《广东信达律师事务所关于广东莱尔新材料科技股份有限 公司 2024 年年度股东会的法律意见书》（以下简称"本法律意见书"）。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（下称"《股东会规则》"）等法律法规和规范性文件以及 《广东莱尔新材料科技股份有限公司章程》（以下简称"《公司章程》"）的规 定，对贵公司本 ...

Core Viewpoint - The article discusses the impact of U.S. tariffs on Chinese products and highlights the growing opportunities for domestic new materials in China, particularly in the context of MXD6, ion exchange resins, and semiconductor materials [3][4][5][6]. Group 1: Tariffs and Market Dynamics - The U.S. has confirmed that additional tariffs on Chinese products have reached 145%, which is expected to increase the prices of certain American new materials and tighten the supply of imports [3]. - Domestic new materials are gaining favor among downstream customers due to their higher cost-performance ratio and timely technical responses [3]. Group 2: MXD6 Market Potential - MXD6, a high-performance engineering plastic, is projected to grow from $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [4]. - Domestic companies like Sinochem International and Qicai Chemical are making significant advancements in MXD6 production, with Qicai Chemical's 5000 tons/year MXD6 project entering trial production in September 2024 [4]. Group 3: Ion Exchange Resins Market - The high-end ion exchange resin market is dominated by multinational companies such as Dow Chemical and Lanxess, while domestic firms like Blue Sky Technology and Zhengguang Co. are making strides in achieving competitive performance [5]. - These domestic companies are gradually replacing imports in the domestic market and expanding their brand influence internationally [5]. Group 4: Semiconductor Materials Demand - The global semiconductor sales are expected to improve in 2024, reaching approximately $630.5 billion, a year-on-year increase of about 19.7% [6]. - The steady growth in the semiconductor market is anticipated to drive an increase in demand for semiconductor materials [6].

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue is projected to reach CNY 269,055,000, a 37% increase from CNY 196,852,000 in 2023 [2] - The revenue by business segment for 2024 is as follows: - Optical Display: CNY 55,159,000 (114% increase) - New Energy: CNY 47,108,000 (61% increase) - Microelectronics: CNY 11,222,000 (24% increase) - Civil Adhesive Tape: CNY 47,030,000 (16% increase) - PET Film: CNY 14,080,000 (158% increase) - Other Functional Adhesive Products: CNY 94,457,000 (9% increase) [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025: CNY 37.67 billion (40% growth) - 2026: CNY 47.09 billion (75% growth) - 2027: CNY 59.20 billion (120% growth) [2][3] Group 3: Growth Drivers - Key factors contributing to sustained revenue growth include: - Completion of large-scale expansion projects, allowing for increased sales [3] - Continuous development of new products and clients, enhancing market presence [3] - Readiness to capitalize on opportunities arising from the import substitution of critical materials [3] Group 4: Business Segment Highlights - The Optical Display segment is noted for its high R&D investment and product value, with significant growth potential due to market share previously dominated by US and Japanese suppliers [4] Group 5: Revenue vs. Profitability - Despite a 37% increase in sales revenue in 2024, profitability did not increase due to rising costs in several areas: - Depreciation: Increased from CNY 25,000,000 to CNY 37,218,000 (49% increase) - Labor Costs: Increased from CNY 30,689,000 to CNY 37,516,000 (22% increase) - R&D Expenses: Increased from CNY 8,932,000 to CNY 12,610,000 (41% increase) - Financial Costs: Increased from CNY 7,240,000 to CNY 10,643,000 (47% increase) [5][6] Group 6: Cost Structure Insights - Major cost increases are attributed to: - Transition of significant construction projects to fixed asset depreciation [6] - Increased investment in R&D, technology, and workforce [6] - Rising financial costs due to increased bank financing needs as sales scale up [7]

Group 1: Company Performance and Financials - The company's revenue in 2024 decreased by 5.97%, while net profit increased by 32.29%, with a significant rise in non-recurring net profit by 195.52% [6] - The high-end equipment manufacturing segment's revenue accounted for 10.92% of total revenue, with a decline of 25.67% due to project delays [3] - The chemical new materials segment's revenue decreased by 2.78%, but profit increased due to refined supply chain management [7] Group 2: Production and Capacity Expansion - The Zhuhai project is expected to start production in the second half of 2025, which will enhance the company's polyester resin production capacity [9] - The company plans to optimize product structure and strengthen market development to ensure stable growth in its main business [6] Group 3: Strategic Focus and Market Position - The company is focusing on dual main business strategies: chemical new materials and high-end equipment manufacturing, aligning with national policies like "dual carbon" [8] - The company aims to enhance its market competitiveness by developing environmentally friendly products and exploring bio-based technologies [8] Group 4: Investor Relations and Communication - The company is upgrading its public communication channels to improve investor engagement and information dissemination [7] - The company acknowledges the impact of macroeconomic factors on its stock price and is committed to enhancing its investment value [6]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Viewpoints - The report continues to favor domestic alternative materials such as MXD6, ion exchange resins, and semiconductor materials amid the backdrop of US-China trade tensions [1][22] - The US has confirmed that additional tariffs on Chinese products have reached 145%, which is expected to tighten the supply of imported new materials, making domestic products more appealing due to better cost-performance and timely technical responses [1][22] - Downstream customers in high-tech fields are accelerating the validation of domestic new materials to ensure supply chain security [1][22] Summary by Sections MXD6 - MXD6 is a high-performance engineering plastic with applications in automotive and drone lightweighting, expected to grow from a market size of $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [2][30] - Domestic manufacturers like Sinochem International and Qicai Chemical are breaking through technical barriers, with Qicai Chemical's 5000 tons/year MXD6 project entering trial production in September 2024 [2][31][32] Ion Exchange Resins - The high-end market for ion exchange resins is dominated by international giants such as Dow Chemical and Lanxess, while domestic leaders like Bluestar Technology and Zhengguang Co. are making strides in domestic substitution [3][41] - The report highlights that the recent antitrust investigation into DuPont in China may accelerate the domestic substitution process for ion exchange resins, benefiting domestic leaders [40][41] Semiconductor Materials - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of $630.5 billion, representing a year-on-year growth of approximately 19.7% [4][43] - The semiconductor market's steady growth is anticipated to drive demand for semiconductor materials, with a projected market size of $697.1 billion by 2025 [4][43]

2025 年 5 月 12 日 行业研究 国产替代主线不动摇，看好 MXD6、离子交换树脂、半导体材料 ——基础化工行业周报（20250505-20250509） 要点 中美贸易摩擦背景下，我们持续看好 MXD6、离子交换树脂、半导体材料等 国产替代新材料。美国白宫 4 月 10 日确认对中国产品征收的额外关税现已 达到 145%。随后，特朗普 5 月 8 日在白宫表示考虑降低对华关税。由于 "对等关税"的执行，部分原产于美国的新材料产品价格将进一步提高，叠 加前期美国政府有关政策，一系列进口新材料供应将持续趋紧。同时，国产 新材料产品凭借更高的性价比、更及时的技术响应服务等将更受下游客户的 青睐。此外，为了保证自身供应链安全，集成电路、面板等高技术领域的下 游客户也在加速针对国产新材料产品进行验证，加快了国产新材料的导入进 度。在此背景下，我们持续看好 MXD6、离子交换树脂、半导体材料等国产 替代新材料。 MXD6 可应用于汽车和无人机轻量化，国产企业突破技术壁垒即将放量。 MXD6 作为高性能工程塑料，其产品具有高强度、高刚性、耐高温、耐磨损 和耐老化、耐化学性、阻燃性、高阻隔性能等特点，主要应用于汽车 ...