格隆汇11月24日丨华正新材(603186.SH)在投资者互动平台表示，公司CBF积层绝缘膜部分单品实现小 批量订单销售，其他单品正在积极推动终端验证，部分小批量订单尚不影响公司的经营业绩。公司将积 极推动终端验证，加速系列产品的开发，拓展市场销售。感 ...

截至发稿，天通股份市值为109亿元。 每经头条（nbdtoutiao）——"抛售日本"？GDP负增长，股市跳水，国债被抛，日元贬值！高市早苗"亡 命一搏"："灌水"21万亿！专家：恐赴"特拉斯风暴"后尘 （记者 曾健辉） 每经AI快讯，天通股份（SH 600330，收盘价：8.81元）11月23日晚间发布公告称，截至本公告披露 日，公司已累计回购股份254.11万股，占公司总股本的比例为0.21%，购买的最高价为9.98元/股、最低 价为6.93元/股，支付的金额为人民币约2501万元。 2024年1至12月份，天通股份的营业收入构成为：电子材料制造及销售占比73.59%，专用设备及定制品 制作占比22.59%，其他业务占比3.82%。 ...

11月17日，宏和科技跌5.27%，截至发稿，报30.03元/股，成交3.42亿元，换手率1.26%，总市值264.18 亿元。 资料显示，宏和电子材料科技股份有限公司位于上海市浦东康桥工业区秀沿路123号，成立日期1998年8 月13日，上市日期2019年7月19日，公司主营业务涉及中高端电子级玻璃纤维布的研发、生产和销售。 主营业务收入构成为：薄布37.30%，超薄布24.56%，极薄布20.00%，特殊布6.93%，厚布6.54%，纱 4.12%，其他0.55%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓宏和科技。国泰智享科技1个月滚动持有混合发起A（014433）二 季度持有股数4.7万股，占基金净值比例为4.06%，位居第八大重仓股。根据测算，今日浮亏损失约7.85 万元。 国泰智享科技1个月滚动持有混合发起A（014433）成立日期2022年7月27日，最新规模1549.33万 ...

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has submitted an IPO application to raise 725 million yuan, with significant concerns regarding its financial metrics and operational practices, despite its high profitability and industry position [1][3][21] Financial Metrics Concerns - Jia De Li's revenue and net profit from 2022 to 2024 showed fluctuations, with revenues of 550 million yuan, 528 million yuan, and 734 million yuan, and net profits of 192 million yuan, 141 million yuan, and 238 million yuan respectively, indicating a 38.95% revenue growth and a 68.99% net profit increase in 2024 [4] - The company's gross profit margins from 2022 to 2024 were 49.29%, 41.91%, and 46.29%, significantly higher than the industry average of 41.31%, 33.22%, and 32.88% [6][7] - Research and development expenses were only 3.25% of revenue in 2024, lower than the industry average of 3.81%, raising questions about the sustainability of its high profit margins [6][7] Capacity Utilization Issues - Jia De Li reported capacity utilization rates of 107.74%, 99.52%, and 102.89% from 2022 to 2024, but these figures were calculated using a non-standard method that inflated the actual utilization rate [8][10] - When calculated using the standard formula of actual production over capacity, the utilization rates were significantly lower at 86.42%, 79.64%, and 79.95% [10] Debt Structure and Liquidity Concerns - Short-term debt surged from 8.68 million yuan in 2022 to 50.50 million yuan in 2024, indicating a nearly fivefold increase, with total debt reaching 62.51 million yuan in 2025 [11][12] - The rapid increase in short-term debt raises concerns about the company's cash flow and financial stability, especially given its high net profit margins [11] Supply Chain Risks - Jia De Li relies heavily on a single overseas supplier, Borouge, for over 90% of its polypropylene resin, posing significant supply chain risks [13][14] Ownership and Control Issues - The company has a highly concentrated ownership structure, with the actual controllers holding 95.89% of the shares, and a recent introduction of external investors included a buyback agreement contingent on the company's IPO success [15][17] Disclosure and Internal Control Concerns - The IPO prospectus contained errors and raised questions about the quality of disclosures, alongside past issues of providing guarantees to related parties, indicating weaknesses in internal controls [19][20] Conclusion - Despite presenting a strong image of profitability and market position, Jia De Li's financial practices, reliance on single suppliers, and ownership structure present significant risks that could impact its IPO prospects and investor confidence [21]

Core Viewpoint - The increasing integration, signal frequency, and compactness in high-end manufacturing sectors such as electronics, communications, and new energy vehicles raise the risk of electromagnetic interference (EMI), necessitating higher requirements for circuit design [1] Group 1: EMI Challenges and Solutions - EMI can lead to signal distortion, delay, or loss, and prolonged exposure may accelerate component aging or cause permanent damage [1] - To address the challenges of electromagnetic compatibility (EMC) and bonding in high-frequency, high-speed, and lightweight electronic devices, the company has launched an EM product series that includes conductive tapes and absorbing materials [1] Group 2: Conductive Tapes - Conductive tapes create conductive pathways through internal conductive fillers, allowing current to pass between materials, dispersing static electricity, and providing grounding functions to protect sensitive components [3] - The double-sided conductive non-woven tape features low impedance and high conductivity, suitable for curved surfaces, and is designed for applications in antennas, FPC, and PCB grounding [4] - The printed black conductive fabric tape offers low impedance, high conductivity, and temperature resistance, primarily used for edge wrapping of display modules, cable winding, and shielding [5] Group 3: Conductive Adhesives and Absorbing Materials - The conductive thermosetting adhesive film is made from modified epoxy resin and conductive powder, requiring heat activation for adhesion, and is suitable for high-strength applications like FPC reinforcement and small structural components [6] - The absorbing material, a flexible composite of soft magnetic alloy powder and polymer, effectively absorbs EMI and is suitable for various electronic components, enhancing system EMC performance [7] - The company’s four functional materials work synergistically to create a comprehensive EMI protection system, providing an overall solution from materials to performance, thus supporting higher reliability and better signal integrity in electronic manufacturing [7]

Group 1 - The core viewpoint of the news is that Honghe Technology's stock has experienced a decline of 5.14%, with a current price of 31.35 CNY per share and a total market capitalization of 27.579 billion CNY [1] - Honghe Technology specializes in the research, production, and sales of mid-to-high-end electronic-grade fiberglass cloth, with its main business revenue composition being: thin cloth 37.30%, ultra-thin cloth 24.56%, extremely thin cloth 20.00%, special cloth 6.93%, thick cloth 6.54%, yarn 4.12%, and others 0.55% [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Fund has a significant position in Honghe Technology, specifically the Guotai Zhixiang Technology Mixed Fund A, which held 47,000 shares in the second quarter, accounting for 4.06% of the fund's net value [2] - The Guotai Zhixiang Technology Mixed Fund A has a current scale of 15.4933 million CNY, with a year-to-date return of 3.61% and a one-year return of 36.75% [2]

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has received acceptance for its IPO application, showcasing significantly higher profit margins compared to its peers, raising questions about the sustainability of its reported capacity utilization rates and the implications of its increasing construction projects [1][2][3]. Financial Performance - Jia De Li's revenue for 2022, 2023, 2024, and the first half of 2025 were 550 million, 528 million, 734 million, and 367 million respectively, with net profits of 192 million, 141 million, 238 million, and 125 million, indicating a decline in 2023 followed by a projected increase in 2024 [2][5]. - The company's gross profit margins for the same periods were 49.29%, 41.91%, 46.29%, and 48.79%, significantly higher than the industry averages of 41.31%, 33.22%, 32.88%, and 36.85% [2][3]. - Net profit margins were reported at 34.97%, 26.66%, 32.42%, and 33.99%, while the average for comparable companies was much lower at 16.26%, 10.54%, 10.65% [3][4]. Cost Management - Jia De Li's selling expenses were 2.6647 million, 3.0174 million, 4.8748 million, and 1.47 million, representing 0.48%, 0.57%, 0.66%, and 0.40% of revenue, significantly lower than the industry average of 1.37% to 1.44% [4]. - Management expenses were 17.4068 million, 28.2156 million, 27.9604 million, and 15.7799 million, accounting for 3.16%, 5.34%, 3.81%, and 4.29% of revenue, also below the industry averages [4][5]. Research and Development - Research and development expenses were 21.3174 million, 21.7237 million, 23.884 million, and 12.0019 million, with ratios of 3.88%, 4.11%, 3.25%, and 3.27%, showing a decline below industry averages in recent years [5]. - The decrease in R&D spending raises questions about whether Jia De Li's high profit margins are driven by innovation or other factors [5]. Capacity Utilization - Reported capacity utilization rates were 107.74%, 99.52%, 102.89%, and 105.81%, but these figures are based on "standardized output" rather than actual production, leading to concerns about the accuracy of these metrics [6][8]. - If calculated using actual production, the capacity utilization rates would drop to approximately 80%, indicating a significant discrepancy in reported performance [8]. Construction Projects - The company's construction projects have seen a substantial increase, with in-progress projects rising from 78 million to 339 million within six months, primarily due to investments in new production lines [5][9]. IPO Details - Jia De Li plans to issue no less than 45.9075 million shares, aiming to raise 725 million for new production facilities and working capital [9]. - Prior to the IPO application, the company brought in four external investors through a capital increase, with a valuation of approximately 3.65 billion [9].

Core Viewpoint - The successful completion of the factory inspection by ATL for Rouzhen Technology indicates that Rouzhen Technology is preparing for large-scale production of composite aluminum foil [1] Group 1: Company Collaboration - Rouzhen Technology is preparing for mass production of composite aluminum foil, following the inspection by ATL [1] - The collaboration with ATL is not limited to aluminum foil and copper foil, but also includes the development of other new materials [1] Group 2: Production Expansion - Rouzhen Technology will continue to expand production capacity in the near future [1]

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 725 million yuan for new production facilities and working capital [3] Company Overview - Jia De Li was established in 2002 with a registered capital of 413 million yuan, focusing on the research, production, and sales of BOPP electrical films. It is recognized as a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise [3] - The company is currently controlled by its general manager Huang Zezhong and deputy general manager Huang Yanhua, who together hold 95.89% of the shares [5] Management Structure - The chairman of the company was Huang Dongliang until November 2022, when he resigned due to age, and Huang Huanming took over as chairman. Huang Huanming does not hold shares in the company and is related to the controlling shareholders [5] - Huang Zezhong, born in 1987, is the general manager and has previously held roles in sales and as deputy general manager. Huang Yanhua, born in 1985, is the deputy general manager with a background in production and engineering [6] Financial Performance - The company's main business revenues for the years 2022 to 2024 and the first half of 2025 are projected to be 550 million yuan, 528 million yuan, 734 million yuan, and 367 million yuan, respectively. The net profits for the same periods are expected to be 192 million yuan, 141 million yuan, 238 million yuan, and 125 million yuan, indicating some fluctuations in performance [7]

Core Viewpoint - Quanzhou Jiadeli Electronic Materials Co., Ltd. (referred to as "Jiadeli") has received approval for its IPO, aiming to raise a total of 725 million yuan, with 525 million yuan allocated for a new materials production base in Xiamen and 200 million yuan for working capital [1][2]. Company Overview - Jiadeli, established in 2002, focuses on the research, production, and sales of BOPP electrical films, expanding its applications from traditional sectors to emerging fields like new energy vehicles and renewable energy [2]. - The company ranks second globally and first domestically in sales of capacitor polypropylene films, with market shares of 11.7% globally and 16.4% domestically [2]. Financial Performance - Jiadeli's revenue and net profit for the years 2022 to 2025 (first half) are as follows: - 2022: Revenue 550 million yuan, Net Profit 192 million yuan - 2023: Revenue 528 million yuan, Net Profit 141 million yuan - 2024: Revenue 734 million yuan, Net Profit 238 million yuan - 2025 (H1): Revenue 367 million yuan, Net Profit 125 million yuan - The company experienced a decline in revenue and net profit in 2023 [4][5]. Product Pricing and Margins - The average selling price of BOPP electrical films has decreased over the reporting period, with prices of 53,300 yuan/ton in 2022, 49,700 yuan/ton in 2023, and 50,000 yuan/ton in 2025 (H1) [6]. - Jiadeli's gross margin for its main business significantly exceeds that of comparable companies, with margins of 49.29%, 41.91%, 46.29%, and 48.79% over the reporting periods, compared to industry averages of 41.31%, 33.22%, 32.88%, and 36.85% [6]. Supply Chain Dependencies - Jiadeli relies heavily on a single overseas supplier, Borouge, for polypropylene resin, accounting for over 90% of its raw material purchases during the reporting period [8]. - The company acknowledges potential risks if Borouge cannot supply materials due to trade policies or geopolitical factors, which could adversely affect operations [8]. Equipment Supply - The production equipment for BOPP electrical films is sourced from a limited number of global manufacturers, primarily from Germany, which poses a risk if international trade tensions arise [9][10]. Shareholding Structure - The controlling shareholders, Huang Zezhong and Huang Yanhua, are cousins, holding a combined 95.89% of the company's shares [12]. - New investors have been introduced prior to the IPO, with specific agreements in place regarding share repurchase under certain conditions [14][15].