Core Viewpoint - The stock of Shihua Technology has shown significant growth this year, with a year-to-date increase of 83.47%, despite recent fluctuations in trading volume and net capital outflow [1][2]. Group 1: Stock Performance - As of December 24, Shihua Technology's stock price reached 36.02 yuan per share, with a market capitalization of 10.099 billion yuan [1]. - The stock has experienced a 3.95% increase over the last five trading days and a 5.62% increase over the last 20 days, while it has decreased by 11.44% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -5.3886 million yuan on April 18 [1]. Group 2: Financial Performance - For the period from January to September 2025, Shihua Technology reported a revenue of 845 million yuan, representing a year-on-year growth of 49.23%, and a net profit attributable to shareholders of 316 million yuan, up 61.81% year-on-year [2]. - The company's main business revenue composition includes functional electronic materials (62.90%) and high-performance optical materials (36.81%) [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 28.47% to 9,936, while the average circulating shares per person decreased by 22.16% to 26,432 shares [2]. - The company has distributed a total of 493 million yuan in dividends since its A-share listing, with 438 million yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant holding 738,900 shares, while E Fund Value Growth Mixed Fund has reduced its holdings by 40,000 shares [3].

1 公司为功能性材料专精特新小巨人企业 1.1 成立于 2010 年，产品应用于多家知名消费电子品牌 苏州世华新材料科技股份有限公司成立于2010 年，于2020年于上交所科创板上市，为一家从事功能性材料研发、 生产及销售的国家级专精特新小巨人企业、国家高新技术企业。公司产品主要包括高性能光学材料、功能性电子 材料和功能性粘接剂，可广泛应用于消费电子、新型显示、可穿戴设备、新能源智能汽车、医疗电子等行业。世 华科技具备功能性材料的核心设计合成能力，专注于为客户提供定制化功能性材料，可根据客户的差异化材料需 求，以粘接特性、物理特性、化学特性、耐候性等功能维度为基础，形成矩阵化功能材料体系，设计、合成出在 多个功能维度同时满足客户需求的复合功能性材料。 世华科技目前拥有三个制造工厂与 400+名员工，在深圳、 苏州、上海、香港、美国、新加坡、日本等地设有全资子公司，产品已广泛应用于苹果公司、三星公司等多家知 名消费电子品牌产品，并与其产业链企业建立了长期稳定的合作关系。 1.2 三阶段快速发展，一体两翼、创新驱动 苏州世华新材料科技股份有限公司成立于2010 年，公司历史发展主要由三个阶段构成。第一阶段为 20 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Views - The company, Suzhou Shihua New Materials Technology Co., Ltd., is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research, production, and sales of functional materials [6][12]. - The company has maintained high growth in revenue and net profit, with a five-year CAGR of 26.96% for revenue and 27.84% for net profit from 2019 to 2024 [6][24]. - The company has established deep cooperation with major clients like Apple and Samsung, which enhances its market position and stability [6][20]. - The company has recently completed a fundraising of 590 million yuan to expand its optical film materials project, which is expected to significantly contribute to future growth [6][24]. Financial Forecast - Total revenue is projected to grow from 511.50 million yuan in 2023 to 1,923.41 million yuan in 2027, with a growth rate of 10.64% in 2023 and 55.36% in 2024 [5]. - Net profit attributable to shareholders is expected to increase from 193.46 million yuan in 2023 to 669.06 million yuan in 2027, with a growth rate of 4.36% in 2023 and 44.56% in 2024 [5]. - The company's EPS is forecasted to be 1.56 yuan in 2025, with a corresponding P/E ratio of 22.61 [5]. Company Overview - The company was established in 2010 and has developed a range of functional materials used in various industries, including consumer electronics and medical electronics [12][20]. - The company operates three manufacturing plants and has over 400 employees, with a strong presence in both domestic and international markets [12][20]. - The management team has extensive experience in the industry, contributing to the company's innovative capabilities and patent development [20][21]. Business Segments - The main business segments include functional electronic materials and high-performance optical materials, with the latter showing rapid revenue growth due to new project developments [29][39]. - The functional electronic materials segment has seen steady growth, while the high-performance optical materials segment is expected to contribute significantly to future revenues [29][39]. Market Trends - The global consumer electronics market is projected to grow from 788.23 billion USD in 2024 to 1,073.77 billion USD by 2032, driven by advancements in AI, IoT, and 5G technologies [53]. - The demand for high-end smartphones is increasing, with a notable shift towards premium devices, which is expected to benefit the company's functional materials [55][58].

Core Viewpoint - The company, Shihua Technology, emphasizes its focus on functional electronic materials primarily applied in consumer electronics, AI smart hardware, automotive electronics, and medical electronics, with significant revenue contributions from specific sectors [1] Group 1 - The company has been deeply engaged in the application scenarios of consumer electronics, AI smart hardware, and display panels for many years [1] - The revenue contribution from these sectors is relatively higher compared to others [1]

Core Viewpoint - Shihua Technology is a leading enterprise in the functional materials sector in China, focusing on research, production, and sales of functional materials, with strong technical research capabilities [1] Financial Performance - For Q3 2025, Shihua Technology reported revenue of 845 million yuan, ranking 24th out of 33 in the industry, significantly lower than the top competitor Zhongdian Port's 50.598 billion yuan and second-place Xiangnong Chip's 26.4 billion yuan, as well as below the industry average of 4.846 billion yuan and median of 2.058 billion yuan [2] - The main business composition includes functional electronic materials at 337 million yuan, accounting for 62.90%, and high-performance optical materials at 197 million yuan, accounting for 36.81% [2] - The net profit for the same period was 316 million yuan, ranking 4th in the industry, following first-place Wolong Nuclear Materials' 883 million yuan and second-place Shenzhen Huachang's 426 million yuan, exceeding the industry average of 139 million yuan and median of 82.195 million yuan [2] Financial Ratios - As of Q3 2025, Shihua Technology's debt-to-asset ratio was 5.15%, down from 7.07% year-on-year, significantly lower than the industry average of 44.96%, indicating strong solvency [3] - The gross profit margin for the same period was 57.78%, slightly up from 56.64% year-on-year, and well above the industry average of 21.49%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28.47% to 9,936, while the average number of circulating A-shares held per account decreased by 22.16% to 26,400 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked eighth with 739,000 shares, marking a new entry, while E Fund Value Growth Mixed Fund (110010) ranked ninth with 600,000 shares, a decrease of 400,000 shares from the previous period [5]

Core Viewpoint - The stock of Shihua Technology has shown significant growth this year, with a notable increase in both revenue and net profit, indicating strong business performance and investor interest [1][2]. Group 1: Stock Performance - As of October 29, Shihua Technology's stock price increased by 2.36%, reaching 44.17 CNY per share, with a total market capitalization of 12.385 billion CNY [1]. - The stock has risen 120.51% year-to-date, with a 19.15% increase over the last five trading days, 7.55% over the last 20 days, and 33.52% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a trading board for stocks with significant trading volume) once this year, with the last appearance on April 18, where it recorded a net buy of -5.3886 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Shihua Technology reported a revenue of 537 million CNY, representing a year-on-year growth of 73.79%, and a net profit attributable to shareholders of 193 million CNY, up 86.38% year-on-year [2]. - The company has distributed a total of 381 million CNY in dividends since its A-share listing, with 326 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 7,734, an 8.14% rise from the previous period, while the average circulating shares per person decreased by 7.53% to 33,958 shares [2]. - Among the top ten circulating shareholders, major changes include a reduction in holdings by the sixth-largest shareholder, D. Morgan Digital Economy Mixed A, and the entry of a new shareholder, E. Fangda Value Growth Mixed [3].

Core Points - The stock price of Shihua Technology increased by 2.03% on October 15, reaching 37.62 CNY per share, with a total market capitalization of 10.548 billion CNY [1] - Year-to-date, Shihua Technology's stock has risen by 87.81%, but it has seen a decline of 5.69% in the last five trading days [1] - The company operates in the electronic materials sector, focusing on functional materials, with a revenue composition of 62.90% from functional electronic materials and 36.81% from high-performance optical materials [1][2] Financial Performance - For the first half of 2025, Shihua Technology reported a revenue of 537 million CNY, representing a year-on-year growth of 73.79%, and a net profit of 193 million CNY, up 86.38% year-on-year [2] - The company has distributed a total of 381 million CNY in dividends since its A-share listing, with 326 million CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 8.14% to 7,734, while the average circulating shares per person decreased by 7.53% to 33,958 shares [2] - Notable institutional shareholders include D. Morgan Digital Economy Mixed A and E Fund Value Growth Mixed, with the former reducing its holdings and the latter being a new entrant among the top ten shareholders [3]

Group 1 - The core point of the news is that Shihua Technology has experienced a decline in stock price, dropping 1.65% to 36.87 CNY per share, with a total market value of 10.338 billion CNY and a cumulative drop of 7.69% over the last three days [1] - Shihua Technology, established on April 14, 2010, specializes in the research, production, and sales of functional materials, with its main business revenue composition being 62.90% from functional electronic materials and 36.81% from high-performance optical materials [1] - The company has a trading volume of 1.33 billion CNY and a turnover rate of 1.35% [1] Group 2 - According to data from the top ten holdings of funds, the ICBC Credit Suisse Fund holds a significant position in Shihua Technology, with 133,400 shares, representing 2.79% of the fund's net value, ranking as the fourth largest holding [2] - The fund, ICBC Specialized and New Mixed A (015135), has experienced a floating loss of approximately 82,700 CNY today and a cumulative floating loss of 409,500 CNY over the past three days [2] - The fund has a total scale of 128 million CNY, with a year-to-date return of 40.87% and a one-year return of 55.98%, ranking 1763 out of 8162 and 969 out of 8015 respectively [2] Group 3 - The fund manager of ICBC Specialized and New Mixed A is Zhang Jianfeng, who has been in the position for 9 years and 28 days, with a total asset scale of 2.416 billion CNY and a best fund return of 136.09% during his tenure [3] - The co-manager, Ying Ming, has been in the role for 153 days, managing assets of 149 million CNY, with a best fund return of 22.73% during his tenure [3]

Group 1 - The core point of the news is that Suzhou Shihua New Materials Technology Co., Ltd. (世华科技) experienced a stock price increase of 5.06%, reaching 43.15 CNY per share, with a total market capitalization of 11.33 billion CNY [1] - The company was established on April 14, 2010, and went public on September 30, 2020, focusing on the research, production, and sales of functional materials [1] - The main revenue composition of the company includes functional electronic materials (62.90%), high-performance optical materials (36.81%), and other businesses (0.29%) [1] Group 2 - Among the top circulating shareholders of Shihua Technology, E Fund's Value Growth Mixed Fund (易方达价值成长混合) entered the top ten with 1 million shares, accounting for 0.38% of circulating shares, and has made an estimated profit of approximately 2.08 million CNY today [2] - The E Fund Value Growth Mixed Fund was established on April 2, 2007, with a current size of 2.628 billion CNY, achieving a year-to-date return of 29.58% and a one-year return of 60.51% [2] - The fund manager, Lin Hai, has a tenure of 20 years and 234 days, with the fund's total assets currently at 2.684 billion CNY [3]

Company Overview - Suzhou Shihua New Materials Technology Co., Ltd. is located in Wujiang Economic and Technological Development Zone, Suzhou, Jiangsu Province, and was established on April 14, 2010. The company was listed on September 30, 2020. Its main business involves the research, production, and sales of functional materials [1]. Business Composition - The revenue composition of the company is as follows: functional electronic materials account for 62.90%, high-performance optical materials for 36.81%, other materials for 0.22%, and other businesses for 0.07% [1]. Stock Performance - On September 4, the stock price of Shihua Technology fell by 5.03%, closing at 37.01 CNY per share, with a trading volume of 231 million CNY and a turnover rate of 2.26%. The total market capitalization is 9.72 billion CNY [1]. Shareholder Activity - Morgan Stanley's fund, specifically the Morgan Stanley Digital Economy Mixed A (017102), is among the top ten circulating shareholders of Shihua Technology. In the second quarter, it reduced its holdings by 675,900 shares, now holding 2.8401 million shares, which represents 1.08% of the circulating shares. The estimated floating loss today is approximately 5.5667 million CNY [2]. Fund Performance - The Morgan Stanley Digital Economy Mixed A fund was established on March 2, 2023, with a latest scale of 2.386 billion CNY. Year-to-date, it has achieved a return of 58.04%, ranking 427 out of 8,180 in its category. Over the past year, it has returned 122.01%, ranking 166 out of 7,978. Since its inception, it has returned 117.3% [2]. Fund Management - The fund manager of Morgan Stanley Digital Economy Mixed A is Lei Zhiyong, who has been in the position for 6 years and 140 days. The total asset scale of the fund is 4.547 billion CNY, with the best return during his tenure being 122.21% and the worst being -6.73% [3].