Investment Rating - The report initiates coverage with a "Buy" rating for the company, which is the largest and most comprehensive manufacturer of photoinitiators in China, actively advancing its semiconductor materials layout to create a second growth curve [3]. Core Viewpoints - The company has a leading position in the photoinitiator industry, with a market share of approximately 30%. It has been focusing on the photopolymerization industry for over 20 years and is expanding into semiconductor chemical materials [19]. - The company's revenue and operating performance are closely tied to the cyclical nature of the photopolymer materials market, with expectations for recovery as the industry improves [23]. - The company has strong R&D capabilities and is actively developing a full industrial chain from raw materials to downstream photolithography products, enhancing its diversified growth strategy [4][22]. Financial Summary - Revenue is projected to grow from 1,235 million yuan in 2023 to 2,090 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.13% [2]. - The net profit attributable to the parent company is expected to turn from a loss of 96 million yuan in 2023 to a profit of 197 million yuan in 2027, indicating a significant recovery [2]. - Earnings per share (EPS) is forecasted to improve from -0.89 yuan in 2023 to 1.22 yuan in 2027, reflecting a positive trend in profitability [2]. Industry Overview - The photoinitiator market is expected to benefit from the growing demand for UV coatings and inks, driven by environmental policies and the increasing penetration of UV technology in various applications [5][64]. - The domestic UV coating production has grown from 68,200 tons in 2015 to 194,200 tons in 2023, with a CAGR of 14%, indicating substantial growth potential in the market [5]. - The company is well-positioned to capitalize on the recovery of the PCB industry, with the market value of domestic UV inks increasing from 3.291 billion yuan in 2018 to 5.537 billion yuan in 2023, achieving a CAGR of 11% [5]. R&D and Product Development - The company has developed over ten types of photoinitiators, including 184, TPO, and 1173, and has a production capacity of 22,850 tons, making it the largest manufacturer in the country [6][21]. - The company is also advancing its semiconductor materials layout, with projects in photolithography and core raw materials expected to enter trial production in 2024 [22]. Management and Governance - The company has a stable ownership structure, with significant shareholding by executives, reflecting confidence in long-term development [47].

Core Viewpoint - The acceleration of domestic substitution in the semiconductor industry has heightened investor interest in photoresist companies, particularly Jiuyue New Materials, which is experiencing growth in its photoresist and photosensitive agent orders [1][5]. Group 1: Company Progress and Strategy - Jiuyue New Materials has entered the photoresist market through strategic acquisitions and has developed over 30 semiconductor photoresist formulations, with some products already passing customer tests and achieving mass supply [2][3]. - The company’s 4500-ton photoresist project is set to begin trial production on November 19, 2024, marking a significant milestone in its industrialization efforts [1][3]. - The company has established a joint research institute with Nankai University, enhancing its R&D capabilities and fostering collaboration between academic research and industrial application [1][2]. Group 2: Competitive Advantages - Jiuyue New Materials has a comprehensive industry chain layout, controlling the production processes of key raw materials such as diazo naphthoquinone photosensitive agents, which allows for a stable supply chain and reduced production costs [2][4]. - The company’s experience in chemical synthesis and production over the past two decades provides it with a competitive edge in product variety, R&D capabilities, and brand influence [4]. - The synergy from its integrated operations enables cost control and efficiency, which can be replicated across its semiconductor chemical material production [4]. Group 3: Market Outlook - The domestic demand for semiconductor photoresists is expected to grow, particularly in the mid-end market, as technology advances and the domestic substitution process accelerates [3][5]. - The annual demand for diazo naphthoquinone photosensitive agents in China is approximately 800 tons, indicating a significant market opportunity for Jiuyue New Materials [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The photopolymerization industry is gradually improving, and the company is a leading player in the photoinitiator field with advanced technology, strong new product development capabilities, and global influence [26]. - The application scenarios of the company's photopolymerization products are becoming more extensive, and the future development prospects are broad [28]. - The company is confident in achieving profitability as the prices of its main photoinitiators have rebounded, and it expects the production and sales of photosensitizers to reach a certain scale [28]. - The company's photosensitizers and photoresists have gradually achieved large - scale sales, which will bring new growth to the company [29]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Tianjin Jiuri New Materials Co., Ltd., belonging to the chemical products industry. The reception time was May 22, 2025. The listed company's reception personnel included the chairman, president, independent director, vice - president, board secretary, and financial director [17]. 3.2. Detailed Research Institutions The reception objects included online investors, and the reception object type was related to institutional personnel and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Product Application and Market Situation** - The company's photoinitiators and photosensitizers can be used in the robot field, such as robot shells, components, and circuit boards [25]. - The company has business exchanges with a subsidiary of Huawei, and its photosensitizer products are in the trial - use stage [26]. - As of March 31, 2025, the company had 11,307 shareholders [26]. - The company's upstream raw material prices are relatively stable, and the prices of photoinitiators are gradually increasing [28]. - The company's photosensitizer products need to reach a certain scale of production and sales to achieve profitability [28][30]. - The company has launched new photoinitiator products, and its photosensitizers and photoresists have gradually achieved large - scale sales [29]. - The company's photosensitizers have signed multiple ton - level orders, and the sales of photoresists have exceeded one ton in total. The test performance indicators of related products can compete with similar imported products in the domestic market [30]. - **Semiconductor and Chemical Materials** - The company's semiconductor - related products include semiconductor i - line photoresists, LED g - line/h - line photoresists, panel photoresists, photosensitizers for photoresists, and other products, and it is also developing photo - acid generators [31]. - The company's 4,500 - ton photoresist production line started trial production in November 2024, and the sales have exceeded one ton while the production capacity is still in the climbing stage [31][38]. - **Business Strategy and Response Measures** - The company will seriously consider suggestions on mergers, acquisitions, and reorganizations [27]. - The company will strive to improve its operations, performance, and corporate value to bring good returns to investors [33]. - The company's exports to the United States account for a relatively low proportion of its total revenue, and most of its products are not within the scope of the previous US tariff increases [31]. - The company will start equity incentive work when the time is right [35]. - The company will actively look for suitable targets for mergers and acquisitions according to relevant policies [36]. - The company aims to achieve the localization of photosensitizers and photoresists using its photosensitizers as core raw materials to ensure the stability, continuity, and safety of the supply of corresponding photoresist products [36]. - The company is closely monitoring peer information and market changes and adjusting product prices in real - time [36].

Core Viewpoint - The global photoresist market is expected to exceed $15 billion by 2025, with China's market share increasing to 35%, highlighting significant growth potential in the industry [2]. Industry Overview - The photoresist industry is a critical component of high-tech materials, encompassing the entire chain from research and development to production and sales [2]. - In the high-end semiconductor photoresist sector, Japanese companies like JSR and Tokyo Ohka dominate with over 85% market share, while domestic production rates are below 5%, indicating a significant technological and market monopoly [2]. Market Dynamics - The advancement in the photoresist industry is driven by downstream demand, where manufacturers' process improvements necessitate technological iterations in photoresists and raw materials [2]. - Domestic manufacturers are increasingly replacing foreign suppliers and expanding production, creating opportunities for photoresist companies [2]. Supply Chain Components - The upstream of the photoresist supply chain includes raw materials such as resins, monomers, photosensitizers, and solvents; the midstream involves the production and synthesis of photoresists based on formulations; and the downstream includes applications in printed circuit boards, LCDs, and IC chips across various industries [2]. Key Raw Materials - Solvents constitute 50%-90% of photoresist composition, essential for dissolving resins and photosensitizers to create a uniform photoresist solution [3][5]. - Photosensitizers, making up 1%-6% of the composition, are crucial for initiating chemical reactions under specific wavelengths of light, altering the solubility of resins during the development process [3][8]. - Resins account for 10%-40% of photoresist, serving as the inert polymer matrix that binds materials together and determines the basic performance of the photoresist after exposure [3]. Market Players - Domestic companies like Yida Co. hold over 40% market share in electronic-grade PM solvents, while other firms like Xilong Science and Jingrui Electric Materials are also making strides in the solvent sector [7]. - The photosensitizer market is dominated by international players such as BASF and IGM Resins, with a trend of production capacity shifting towards China due to patent expirations and increased domestic demand [10]. Product Types and Applications - Different types of photoresists are used for various exposure wavelengths, with global resin supply primarily monopolized by companies like Sumitomo Chemical and Dow Chemical [11]. - Domestic enterprises such as Shengquan Group and Tongcheng New Materials are making significant advancements in photoresist resin production, with some achieving production capacities exceeding 5,000 tons per year [12]. Upcoming Events - The 2025 TrendBank (Fifth) Photoresist Materials Industry Conference will be held from July 8-10 in Hefei, focusing on new applications, current trends, and in-depth discussions on the photoresist supply chain [13].

【DT新材料】 获 悉， 久日新材 发布公告，2024年公司全年实现营业收入14.88亿元，同比增长20.52%，创近三年新高；但受光引发剂价格低迷、半导 体业务高投入拖累，归母净利润仍亏损5326.78万元，同比减亏44.59%，扣非后净利润亏损6221.89万元，同比减亏44.95%。 久日新材公司主要从事光引发剂、单体等光固化材料，光刻胶、光敏剂等半导体化学材料的研发、生产和销售，产品应用于电器/电子涂装、印刷线路 板制造、3D打印、半导体等行业。 光引发剂业务方面 ：以量补价稳增长。公司通过酸-酸缩合一步法生产中间体酮，降低原材料消耗，采用氯代物工艺替代硫酸-溴代法，减少废酸排放 并降本。光引发剂的销量突破历史记录，达到2.31万吨，同比增长20.21%。但受市场供需失衡影响，光引发剂单价同比下滑约15%，导致毛利修复 有限，且半导体产业投入较大，净利润仍为亏损，但亏损金额较上年同期大幅减少。 半导体业务方面 ：光刻胶量产破局。年产4500吨光刻胶项目于2024年11月试生产，涵盖面板光刻胶4000吨、半导体光刻胶500吨；30余款光刻胶 配方完成开发， 其中光刻胶及专用光敏剂实现批量供货，全年营收1 ...

转自：大众报业·齐鲁壹点 齐鲁晚报·齐鲁壹点 张頔 近日，山东省应急厅官网行政处罚公示栏显示，久日新材（688199.SH）旗下的山东久日化学科技有限公司（下称"山东久日"）近日收到 罚单，处罚机关为滨州市应急管理局。 | 4 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 女 童 生 广 快 法 雷 息 公 示 牛 台 | | | | | | | | 执法服务事项 | 首页 | 重点执法公开 | 行政处罚公示 | 联合惩戒黑名单 | 行政处罚裁量基准 | 违法行为参考目录 | | 当前位置： 首页 > 行政处罚公示 > 详情 | | | | | | | | 处罚决定书文号 | ( 鲁滨 ) 应急罚 [ 2025 ] 6 号 | | --- | --- | | 处罚决定日期 | 2025-04-01 | | 处罚类别 罚款 | | | 处罚结果 | 罚款壹万元 ( ¥ 10000 ) 整 | | 违法事实 | 1.生产经营单位的特种作业人员未按照规定经专门的安全作业培训并取得相应资格，上岗作业, | | 处罚依据 | 《中华人民共和国安全 ...