在高分子助剂的众多品类中，相容剂的作用尤为关键。它如同"分子桥梁"，能有效提升不同材料组分间的相容 性，从而显著改善复合材料的力学性能（如强度、韧性）、加工性及功能特性。其应用广泛，尤其在电线电 缆、汽车部件、包装材料等领域不可或缺。例如在无卤阻燃电缆的生产中，高性能相容剂对于保障材料的关键 机械与安全性能具有决定性影响。 然而，我国高分子助剂产业起步相对较晚。行业发展初期，用于无卤阻燃电缆料的关键相容剂几乎完全依赖进 口，市场长期被杜邦、陶氏、埃克森美孚等国际化工巨头所垄断。成立于2001年的能之光，是国内较早投身相 容剂研发的企业之一。公司专注于高分子接枝改性技术的产业化应用，成功实现了相容剂的国产化突破，并率 先在二十一世纪初推动了国产无卤阻燃电缆护套料相容剂的广泛应用。 8月22日，宁波能之光新材料科技股份有限公司（股票代码： 920056， 简称：能之光）将正式登陆北交所。作 为国内高分子助剂细分领域的先行者，能之光深耕相容剂、增韧剂、粘合树脂等功能高分子助剂和材料领域二 十余年，产品广泛应用于汽车、光伏、线缆等新兴产业。此次IPO，公司计划募集资金1.07亿元，主要用于扩 产及研发项目，旨在为实现 ...

Group 1 - The company is rated as a "small giant" enterprise specializing in high polymer additives and functional polymer materials, with a focus on expanding production capacity for functional polymer materials [2][12] - The initial offering price is set at 7.21 CNY per share, with an issuance price-to-earnings ratio of 10.24X, and the subscription date is August 13, 2025 [3][6] - The company plans to invest the net proceeds from the offering into a "functional polymer material expansion project" and a "research and development center construction project," aiming to increase annual production capacity of functional polymer materials by 30,000 tons [10][11] Group 2 - In 2024, high polymer additives are expected to account for 94.2% of total revenue, with major global clients including LG and BASF [12][30] - The revenue from high polymer additives in 2024 is projected to be 575 million CNY, reflecting a year-on-year increase of 6%, while functional polymer materials are expected to generate 28 million CNY [25][30] - The company has maintained a stable customer concentration, with the top five customers accounting for approximately 20% of total sales from 2022 to 2024 [26][28] Group 3 - The high polymer additives industry is experiencing rapid growth, driven by strong downstream demand, with the global market capacity for polymer additives estimated at approximately 110.3 billion USD in 2021, growing at a compound annual growth rate of 21.65% from 2013 to 2021 [35][39] - The plastic additives market in China is projected to reach 9.78 billion USD by 2026, with a compound annual growth rate of 4.78% [41][39] - The demand for modified plastics in China is expected to reach approximately 22.84 million tons in 2023, representing a year-on-year growth of 8% [50][51]

（文章来源：每日经济新闻） 华源证券8月12日发布能之光（920056.SH）研报称：1）2024年高分子助剂占总营收94.2%，拥有全球 头部客户LG和巴斯夫等；2）高分子助剂行业快速增长，直接下游需求旺盛；3）申购建议：建议关 注。风险提示：原材料价格波动风险、存货减值风险、流动性风险。 ...

Investment Rating - The investment rating for the company is suggested to be "actively participate" in the new share subscription [30]. Core Viewpoints - The company is recognized as a "small giant" in the polymer additive sector, leading in the compatibilizer niche, with a stable growth in revenue and profitability [10][30]. - The company has a strong focus on technological innovation and has established multiple research platforms to support its development [8][9]. - The company is well-positioned in a growing market, with a significant potential for expansion in high-end applications and import substitution [13][19]. Summary by Sections 1. Company Overview - The company, established in 2001 and headquartered in Ningbo, Zhejiang, specializes in the research, production, and sales of polymer additives and functional polymer materials, serving various end markets including automotive, cables, electronics, and photovoltaic components [7][10]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 14.78 million shares, accounting for 18.6% of the total share capital post-issuance, and an expected fundraising of 107 million yuan [14][15]. 3. Industry Situation - The polymer additive market in China has been steadily growing, with a significant increase in market size and consumption, driven by the widespread application of polymer materials [20][21]. 4. Competitive Advantages - The company boasts strong independent research and development capabilities, advanced technology and process advantages, and comprehensive service offerings to meet diverse customer needs [23][24]. 5. Financial Performance - The company achieved a revenue of 611 million yuan in 2024, with a three-year CAGR of 4.82%, and a net profit of 55.94 million yuan, with a CAGR of 59.95% over the same period [10][18]. 6. Subscription Analysis - The company is positioned favorably for investment, with a low initial valuation and a moderate liquidity ratio, suggesting a good opportunity for investors [30].

Group 1 - The report highlights a 15% year-on-year increase in total sales during the 2025 618 shopping festival, with a notable shift towards instant retail and competition among platforms [9][2] - Major platforms extended the promotional period, leading to a significant increase in user engagement and sales across various categories, particularly in home appliances and beauty products [9][2] - Investment recommendations include focusing on Alibaba, Meituan, JD.com, and Pinduoduo due to their strong performance during the promotional period [9][2] Group 2 - The transportation industry is experiencing new opportunities due to changes in global trade dynamics, including fragmentation and reduced predictability of demand [12][10] - The report suggests that logistics companies should adapt to new consumption patterns and leverage AI technologies to enhance efficiency [12][10] - Recommendations for the shipping sector include focusing on companies like Yangtze River Shipping and China Power, which are well-positioned to benefit from long-term trends [12][10] Group 3 - Dingjide (603255) is focusing on high polymer additives and plans to develop a POE project that could significantly enhance its growth trajectory [11][11] - The domestic demand for POE is currently reliant on imports, presenting an opportunity for local companies to capture market share as they develop their production capabilities [15][11] - The report projects Dingjide's net profit for 2025-2027 to be 0.92, 1.77, and 3.6 billion yuan, with corresponding PE ratios of 42, 22, and 11, indicating a favorable investment outlook [15][11] Group 4 - Yangnong Chemical (600486) is positioned to enter a new growth cycle as the pesticide industry shows signs of recovery, with projected net profits of 14.07, 17.51, and 20.41 billion yuan for 2025-2027 [20][14] - The company is leveraging its strong market position and technological capabilities to enhance its product offerings and expand its market share [20][14] - The report maintains a "buy" rating for Yangnong Chemical, citing its competitive advantages and the expected recovery in the pesticide market [20][14]