王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 研究助理 [Table_Main] 证券研究报告 | 行业点评 基础化工 优于大市（维持） 证券分析师 王友舜 邮箱：wangys5＠tebon.com.cn 市场表现 资料来源：德邦研究所，聚源数据 -17% -9% 0% 9% 17% 26% 2024-07 2024-11 2025-03 基础化工 沪深300 相关研究 1.《供需关系存在改善预期，光引发 剂景气有望修复》，2025.6.30 2.《SAF 价格持续回升，光引发剂景 气有望修复》，2025.6.30 3. 《 关 注 钾 肥 板 块 投 资 机 会 》， 2025.6.22 4.《钾肥大合同落地，关注钾肥景 气！》，2025.6.16 5.《涨价主线！关注活性染料、生物 柴油等》，2025.6.16 PCB 需求复苏+行业集中度提升， 光引发剂协同行情或水到渠成 ——光引发剂更新② [Table_Summary] 投资要点： 基础化工 2025 年 07 月 03 日 请务必阅读正文之后的信息披露和法律声明 事件：据百川盈孚，因下游 PCB 行 ...

Core Viewpoint - The credit rating report indicates that Changzhou Strongly Electronic New Materials Co., Ltd. (hereinafter referred to as "Strongly New Materials") maintains a stable credit rating of AA- due to its leading position in the electronic chemical products sector, despite facing challenges from insufficient downstream demand and increased competition [3][5][12]. Company Overview - Strongly New Materials is recognized as a key high-tech enterprise under the National Torch Program, specializing in electronic chemical products for photolithography, with a significant market share in PCB dry film photoinitiators [5][12]. - The company has a diverse production layout across multiple locations, including Changzhou, Shaoxing, Taixing, and Changsha, and offers a wide range of products in the PCB, LCD, and semiconductor sectors [5][12]. Financial Performance - In 2024, the company reported a net loss of 180 million yuan, attributed to increased asset impairment losses and rising operational expenses, which significantly eroded profits [5][6][20]. - The total assets as of March 2025 were 34.25 billion yuan, with total liabilities at 11.94 billion yuan, indicating a stable capital structure despite the operational challenges [3][20]. Market Conditions - The demand for photoinitiators and electronic chemical products is currently under pressure due to a sluggish real estate market and intensified competition, leading to a decline in product prices [9][10][12]. - The PCB market is showing signs of recovery, with a projected increase in production value, which may provide some support for the demand for photolithography chemicals [10][12]. Production Capacity and Utilization - The company has significantly increased its production capacity due to the completion of major projects funded by the Strongly Convertible Bonds, but faces challenges in capacity utilization due to weak downstream demand [5][16][18]. - The capacity utilization rate for electronic materials has declined, indicating a substantial pressure on the company to digest its increased production capacity [5][16][18]. Research and Development - Strongly New Materials continues to invest in R&D, with a focus on developing new products and enhancing existing technologies, although the R&D expenditure as a percentage of revenue has decreased [12][13]. - The company is actively working on several projects, including advanced packaging materials for semiconductors, which are currently in the customer validation phase [12][13]. Customer Base and Market Position - The company maintains stable relationships with major global photolithography manufacturers, which helps secure its market position despite competitive pressures [12][14]. - In 2024, the top five customers accounted for 24.28% of total sales, reflecting a relatively low customer concentration and stable partnerships [12][14].

股票代码：300429 股票简称：强力新材 | 6、问：公司正在从光刻胶单体供应商向光刻胶体系服务 | | --- | | 商转型，能否详细介绍一下目前的转型进展？ | | 答：您好，公司是国内少数有能力深耕光刻胶专用电子 | | 化学品和绿色光固化材料领域的国家火炬计划重点高 | | 新技术企业。公司主要从事电子材料领域各类光刻胶专 | | 用电子化学品和绿色光固化材料的研发、生产和销售及 | | 相关贸易业务。公司坚持围绕"核心技术自主化、产业 | | 基础高级化、产业链现代化"生产经营，固旧不守旧， | | 创新向未来。谢谢！ | | 7、问：公司是否有新的业务布局或拓展计划？公司如何 | | 实现从现有业务向新业务领域的转型升级？ | | 答：您好，公司除积极开展现有主营业务外，还在积极 | | 布局研发新产品。公司研发的光敏性聚酰亚胺（PSPI） | | 应用于半导体先进封装领域，是重布线制程（RDL）的关 | | 键材料。公司开发有多款 PSPI 产品，其中高温固化 PSPI | | 用途广泛，适用于各类封装结构；低温固化 PSPI 适用于 | | FO-WLP、Chiplet/异构集成等先进封装 ...