| 索 引 号 | | bm56000001/2025-00011620 | સે | 类 | | --- | --- | --- | --- | --- | | 发布机构 | | | 发文日期 | | | মা | 标 | 关于同意苏州市新广益电子股份有限公司首次公开发行股票注册的批复 | | | | 文 | 름 | 证监许可〔2025〕2220号 | 主题词 | | 10月9日，中国证监会发布《关于同意苏州市新广益电子股份有限公司首次公开发行股票注册的批复》。据悉，新广益拟在深交所上市，中信证券为其保荐 机构，拟募资6.3838亿元。 据招股书披露，新广益是一家专注于高性能特种功能材料研发、生产及销售的高新技术企业，主要产品有抗溢胶特种膜、强耐受性特种膜等特种功能材料。 此外，公司还生产、研发并开展电子产品组件材料、改性材料、光学胶膜、新能源锂电材料、光伏胶膜等新兴业务。 ...

Core Viewpoint - The IPO of Suzhou Xinguangyi Electronic Co., Ltd. has been approved, aiming to raise funds for expanding its market share in high-performance specialty functional materials [1][2]. Group 1: Company Overview - Xinguangyi specializes in the research, production, and sales of high-performance specialty functional materials, with key products including anti-overflow special films and strong resistance special films [2]. - The company has established its industry-leading position by breaking the technological monopoly of foreign companies in the specialty film sector since its establishment in 2004 [2][3]. Group 2: Financial Performance - From 2022 to 2024, Xinguangyi's revenue is projected to grow from 455 million to 657 million yuan, with net profit increasing from 82 million to 116 million yuan, indicating steady growth [4]. - In the first half of this year, the company achieved a revenue of 313 million yuan, a year-on-year increase of 10.24%, and a net profit of 59 million yuan, up 17.45% year-on-year [4]. Group 3: Market Position and Strategy - The anti-overflow special film is the company's core product, accounting for approximately half of its revenue, while the strong resistance special film contributes about one-quarter of the revenue [4]. - The company aims to become a world-class innovative materials enterprise, focusing on material innovation and technological breakthroughs [3]. Group 4: Client Base and Market Expansion - Major clients include companies like Pengding Holdings and Weixin Electronics, indicating a high customer concentration [6]. - Xinguangyi has seen significant growth in its new energy materials segment, with its revenue share increasing from 0.30% in 2022 to 14.75% in 2024 [4].

Group 1 - The core viewpoint of the news is that Suzhou Xinguangyi Electronics Co., Ltd. has successfully passed the IPO review on the ChiNext board, aiming to raise approximately 638 million yuan for functional materials projects [1] - Xinguangyi focuses on the research, production, and sales of high-performance special functional materials, with main products including anti-overflow special films and strong resistance special films [1] - The company’s IPO was accepted on June 29, 2023, and entered the inquiry stage on July 25, 2023 [1] Group 2 - The listing committee requested Xinguangyi to explain the technical advantages of its main products and the sustainability of its operating performance, considering industry competition, core technology, downstream customer needs, and cost factors [1] - The committee also required an explanation of the background and contributions of core technical and R&D personnel, as well as the rationale behind the lower R&D expense ratio compared to industry peers [1] - Xinguangyi's R&D expense ratios for 2022-2024 are 4.9%, 5.35%, and 4.72%, which are significantly lower than those of peers like Fangbang Co. and Stik [2]

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. is preparing for its IPO on the ChiNext board, with the application accepted over two years ago and entering the inquiry phase in July 2023 [1][3] Financial Performance - The company reported projected revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022 to 2024, with corresponding net profits of about 81.51 million yuan, 83.28 million yuan, and 116 million yuan [3] - In the first half of the current year, the company achieved revenues of approximately 313 million yuan, reflecting a year-on-year growth of 10.24%, and a net profit of about 59.46 million yuan, up 17.45% year-on-year [3] Accounts Receivable Risk - The company has a high balance of accounts receivable, with values of approximately 160 million yuan, 216 million yuan, and 282 million yuan at the end of 2022, 2023, and 2024 respectively [3] - There is a potential risk of accounts receivable collection if the financial conditions of major debtors deteriorate, which could impact the company's operational status and cash flow [3] Fundraising and Project Adjustments - Initially, the company planned to raise 800 million yuan, with 500 million yuan allocated to functional materials projects and 300 million yuan to new energy lithium battery materials projects [4] - The latest disclosure indicates a reduction in the fundraising target to 638 million yuan, with the cancellation of the new energy lithium battery materials project and an increase in funding for functional materials projects by approximately 138 million yuan [4] R&D Expenditure - The company's R&D expense rates are lower than those of industry peers, with R&D expenses of approximately 22.33 million yuan, 27.62 million yuan, and 31.04 million yuan for 2022 to 2024, and corresponding R&D expense rates of 4.9%, 5.35%, and 4.72% [4][5] - In comparison, industry peers such as Fangbang Co. and Stik have significantly higher R&D expense rates [4][5] Shareholding Structure - The controlling shareholder and actual controller of the company is Xia Chaohua, who, along with his brother Xia Huachao, collectively controls 85.54% of the voting rights in the company [5]

Company Overview - Suzhou Xinguangyi Electronics Co., Ltd. specializes in the research, production, and sales of high-performance specialty functional materials, including anti-overflow special films and strong resistance special films, and has established itself as a leading player in the industry [2] - The company has broken the technological monopoly of foreign countries in the field of anti-overflow special films and strong resistance special films, achieving the highest market share in China for five consecutive years, reaching 30% in 2024 [2][5] Financial Performance - The company's revenue for 2022, 2023, and 2024 was 455.13 million yuan, 515.94 million yuan, and 656.95 million yuan, respectively, showing a steady growth trend [3] - In the first half of 2025, the company achieved a revenue of 313.39 million yuan, a year-on-year increase of 10.24%, and a net profit of 59.46 million yuan, up 17.45% year-on-year, indicating sustained growth momentum [3] Industry Position - As a national-level specialized and innovative "little giant" enterprise, the company has made significant achievements in technology research and patent layout, holding 35 invention patents and 41 utility model patents related to its main business [5] - The company has established deep cooperation with several top 10 FPC manufacturers globally, becoming a key supplier of anti-overflow special films for well-known clients such as Pengding Holdings and Weixin Electronics [5][11] Market Opportunities - The demand for anti-overflow special films and strong resistance special films is expected to grow due to the rapid expansion of the printed circuit board market driven by emerging technologies like 5G and AI [8] - The consumer electronics market is experiencing a dual-driven growth pattern, with increasing demand for high-precision processing materials and composite functional materials due to the upgrade of smart devices [8] - The company is poised to enter high-growth sectors such as photovoltaic packaging films and new energy lithium battery materials, with the global demand for photovoltaic packaging films expected to reach 7 billion square meters by 2025 [8] Growth Potential - The sales volume of film products increased from 9.24 million square meters in September 2022 to 14.46 million square meters in 2024, representing a significant growth of 56.5% over three years [9] - The company benefits from the acceleration of domestic production in the photovoltaic and lithium battery material sectors, supported by its strong technological capabilities and patent portfolio [9] - The optimization of the customer structure, with deep partnerships with leading companies, provides stable order guarantees for performance growth [11]

Summary of Key Points Core Viewpoint - Four companies are set to present their IPO applications at the upcoming listing committee meetings of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange, indicating a robust pipeline of new listings in the market [1]. Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board, focusing on the research, production, and sales of rubber track products [3]. - Xin Guang Yi intends to list on the ChiNext Board, specializing in high-performance special functional materials, including anti-adhesion special films and strong resistance special films [4]. - You Xun Co., Ltd. and Bai Ao Sai Tu are both targeting the Sci-Tech Innovation Board (STAR Market) for their IPOs, with You Xun focusing on optical communication front-end transceiver chips and Bai Ao Sai Tu providing innovative model animals and preclinical pharmaceutical research services based on self-developed gene editing technology [5]. Group 2: Fundraising Details - Bai Ao Sai Tu is expected to raise the highest amount of 1.185 billion yuan, with funds allocated for early drug research service platform construction, working capital, and various R&D projects [1]. - You Xun plans to raise 808 million yuan, while Xin Guang Yi aims for 638 million yuan in their respective fundraising efforts [1]. - The geographical distribution of the upcoming IPOs includes one company each from Beijing, Fujian, Jiangsu, and Zhejiang provinces [1]. Group 3: Underwriting Institutions - You Xun and Xin Guang Yi are both backed by CITIC Securities as their underwriting institution [2]. - Bai Ao Sai Tu is sponsored by China International Capital Corporation (CICC), while Yuan Chuang is underwritten by Guotai Junan Securities [5].

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. is set to undergo a listing review on September 19, 2025, marking a significant milestone for the company as it aims to enter the capital market, driven by its leading market share in the anti-overflow adhesive special film sector and technological breakthroughs in high-performance materials [2][3]. Company Overview - Xinguangyi specializes in the research, production, and sales of high-performance special functional materials, focusing on anti-overflow adhesive films and strong resistance special films [3]. - Since its establishment in 2004, the company has adhered to a technology development route of "independent innovation and import substitution," breaking the technological monopoly of foreign companies in its field and achieving the highest market share in China [3][6]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 455.13 million, 515.94 million, and 656.95 million yuan respectively, with net profits of 81.51 million, 83.28 million, and 115.70 million yuan, indicating steady growth [4]. - In the first half of 2025, the company achieved a revenue of 313.39 million yuan, a year-on-year increase of 10.24%, and a net profit of 59.46 million yuan, up 17.45% year-on-year [4][5]. Industry Position - As a national-level "little giant" enterprise, Xinguangyi has made significant achievements in technology research and patent layout, holding 35 invention patents and 41 utility model patents related to its main business [6]. - The company has maintained the number one market share in anti-overflow adhesive films in China for five consecutive years, reaching a market share of 30% in 2024 [6]. IPO Analysis - The upcoming IPO aims to raise 638.38 million yuan for the construction of functional material projects, which are expected to generate an estimated revenue of 395 million yuan upon production [7][8]. Investment Highlights - The anti-overflow adhesive films and strong resistance special films are essential materials in the printed circuit board market, which is expected to grow rapidly due to emerging technologies like 5G and AI [9]. - The consumer electronics market is experiencing a dual-driven growth pattern, increasing the demand for high-precision processing materials and composite functional materials [9]. - The company is entering high-growth sectors such as photovoltaic packaging films and lithium battery materials, with significant market potential projected for 2025 [9]. Growth Potential - The sales volume of film products has increased from 9.24 million square meters in September 2022 to 14.46 million square meters in 2024, reflecting a growth rate of 56.5% over three years [11]. - The company benefits from the rapid growth of downstream industries, including printed circuit boards and consumer electronics, alongside the acceleration of domestic production in emerging business areas [11]. - Xinguangyi's strong technological barriers, including 15 core technologies and a solid patent portfolio, have translated into increased market share [11]. - The company has established deep collaborations with top global flexible printed circuit board manufacturers, enhancing customer quality and order stability [11].

Group 1 - The core viewpoint of the news is that Suzhou Xinguangyi Electronics Co., Ltd. is set to undergo an IPO review on September 19, with CITIC Securities as the sponsor [1] - Xinguangyi specializes in the research, production, and sales of high-performance special functional materials, with key products including anti-overflow special films and strong resistance special films [3] - The company projects revenues of 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 81.51 million yuan, 83.28 million yuan, and 116 million yuan for the same years [3] Group 2 - As of December 31, 2024, the total assets are projected to be 836.05 million yuan, with equity attributable to shareholders of 678.76 million yuan [4] - The company’s debt-to-asset ratio is expected to be 18.95% in 2024, showing a slight decrease from 20.25% in 2023 [4] - The net profit for 2024 is projected to be 115.70 million yuan, an increase from 83.28 million yuan in 2023 [4] Group 3 - The IPO aims to raise 638 million yuan, which is a reduction of 20.25% from the initially proposed 800 million yuan [4] - The entire raised funds will be allocated to the functional materials project [5] - The company initially planned to invest in both functional materials and new energy lithium battery materials, but has since focused solely on the functional materials project [6][7]

Core Viewpoint - This week, three companies are scheduled for IPO meetings, indicating ongoing market activity and interest in new listings [1] Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board [2] - Youxun Co., Ltd. aims for an IPO on the Sci-Tech Innovation Board [2] - Xin Guang Yi plans to list on the Growth Enterprise Market [2] Group 2: Fundraising Details - Youxun Co., Ltd. is expected to raise the most funds, with an estimated amount of 808 million yuan, allocated for next-generation access networks, high-speed data center chip development, and other projects [2] - Xin Guang Yi and Yuan Chuang Co., Ltd. plan to raise 638 million yuan and 485 million yuan, respectively [2] Group 3: Company Profiles - Yuan Chuang Co., Ltd. specializes in the research, production, and sales of rubber track products [4] - Xin Guang Yi focuses on high-performance special functional materials, including anti-overflow special films and high-resistance special films [5] - Youxun Co., Ltd. is recognized as a "national manufacturing champion" in the optical communication field, concentrating on the research, design, and sales of optical communication front-end transceiver chips [6] Group 4: Underwriters - Both Youxun Co., Ltd. and Xin Guang Yi are sponsored by CITIC Securities [3]

Group 1 - The core viewpoint of the article is that Suzhou Xinguangyi Electronics Co., Ltd. is preparing for its IPO on the ChiNext board, scheduled for September 19 [1] - Xinguangyi is a high-tech enterprise focused on the research, production, and sales of high-performance special functional materials, including anti-overflow adhesive special films and strong resistance special films [1] - The company’s IPO application was accepted on June 29, 2023, and it entered the inquiry stage on July 25, 2023 [1] Group 2 - Xinguangyi aims to raise approximately 638 million yuan through this IPO, which will be invested in functional material projects [1]