中岩大地 20250722 摘要 雅砻江雅砦水电站项目岩土工程价值量巨大，预计占总投资 1.2 万亿的 15%-20%，即接近 2000 亿，公司凭借坝基地基处理、边坡支护等核 心优势，有望获得约 1,000 亿订单。 雅砦项目订单释放节奏预计在导流洞建设完成（约三年）后进入高峰期， 但因其他水电站设计方案未定，整体进度存在不确定性，目前难以准确 预测订单爆发时间。 公司拥有自主研发团队，可根据工艺性能要求进行设备定制化设计和生 产，核心零部件拥有专利，设备主要自用，部分专利对外授权。 隧道工程中岩土工程占比高达 70%-80%，公司在相关核心应用领域占 据重要地位，但具体设备需求量需结合总工程量和工期要求评估。 节流建大坝环节涉及坝基处理、坝体建设等，公司超级旋喷技术适用于 地层加固，固化剂和锚杆技术可应用于边坡防护，但民坝建设核心价值 量尚无具体测算数据。 公司与电建、能建等大型央企已有合作，竞争优势在于自有技术和解决 新问题的能力，超级旋喷技术加固深度优于上海港湾、中化岩土等同行。 公司认为雅砦项目技术难度高于核电和港口领域，毛利率逻辑上可能更 高，但具体实现需看后续落地情况，大型水电站项目合同周期因分 ...

世纪级水电工程催生万亿级大市场 雅鲁藏布江下游水电工程堪称世纪级水电工程，催生超级旋喷巨大市场。雅鲁藏布江下游高低落差大、 降水量足，预计发电量约为三峡核电站3倍，拉动万亿级投资体量，其中岩土工程难度极高：抗震：喜 马拉雅东构造分布有诸多断裂带，墨脱设防烈度为最高的9度，能量约为三峡的3.3万倍；地质结构：雅 江沿线分布着坡积物、洪积物等第四系沉积物，地质条件差。水电岩土工程复杂，包括地连墙、碎石 桩、旋喷等多工法。 7月19日上午，总投资约1.2万亿元的雅鲁藏布江下游水电工程正式开工。雅鲁藏布江下游水电工程位于 西藏自治区林芝市。工程主要采取截弯取直、隧洞引水的开发方式，建设5座梯级电站，工程电力以外 送消纳为主，兼顾西藏本地自用需求。 雅鲁藏布江下游水电工程的正式开工，不仅是中国清洁能源发展的里程碑事件，更为岩土工程领域企业 带来了前所未有的发展机遇。中岩大地（003001）(003001.SZ)作为国内岩土工程技术的领军企业，凭 借其在复杂地质环境处理、高海拔施工等领域的核心技术优势，有望在这一超级工程中实现技术价值与 市场效益的双重突破。 中岩大地拥有全方位解决能力，包括SJT超级旋喷、固化剂等核心创 ...

走进浙江星创环保集团有限公司富阳生产基地，机器轰鸣，只见从地铁施工工地运来的盾构泥首先 被送入储罐，随后加入星创环保自主研发的复合固化剂，经过充分搅拌、深度固化等一系列处理环节， 这些原本需要运往填埋场的废弃泥浆，"摇身一变"，成为可直接用于工程建设的回填材料。 渣土处置是城市建设发展和治理的重要环节。作为温州海螺集团旗下一家专业从事城市固废资源化 利用的企业，近年来，星创环保自主研发淤泥制无机生态石、盾构泥制回填材料、污泥制生物质燃料三 大核心技术，有效解决了城市固废污染和环境整治的痛点问题。 "'吃进'淤泥，'吐出'生态石。"据温州海螺集团总裁、星创环保集团董事长邵少卿介绍，淤泥制无 机生态石技术的核心在于解决泥与水的分离难题，通过特殊工艺改变淤泥亲水性，使其固化成"石头"。 该技术的研发灵感源自生物医药领域的血浆分离重组技术，研发团队经多次试验，成功实现淤泥改性， 生产过程无需烧制，脱水压制产生的水可循环利用，达到零排放、无污染的环保标准。 目前，由星创环保通过建筑渣土、工程泥浆所制成的生态石已在多个城市得到实际运用。最近，杭 州首个渣土资源化利用试点项目——长睦单元规划20米支路（白马庄街至规划天福路 ...

Core Viewpoint - Tongyu New Materials (301630) has been listed on the Shenzhen Stock Exchange, focusing on the research, production, and sales of electronic resins primarily used in copper-clad laminate production [1][2]. Company Overview - The main business of Tongyu New Materials includes the development, production, and sales of electronic resins, with products such as MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2]. - Before the issuance, Zhang Chi served as the chairman and general manager, holding 11.9973 million shares, accounting for 39.99% of the total shares. Zhang Chi also indirectly controls 5.26% of the voting rights through Si Hui Zhao Yu, totaling 45.25% voting rights, making him the controlling shareholder [2]. Shareholder Agreement - Zhang Chi and Su Shiguo signed a "Joint Action Agreement" on December 9, 2021, confirming their consistent decision-making regarding the company's operations and significant matters since its establishment on December 23, 2015. In case of disagreement, Zhang Chi's opinion prevails [3]. - Su Shiguo, serving as the director and deputy general manager, holds 7.8397 million shares, representing 26.13% of the total shares before the issuance. Together, Zhang Chi and Su Shiguo control 71.38% of the voting rights, significantly influencing the board and major decisions [3]. Fundraising Details - The total amount raised from the issuance is 840 million yuan, with a net amount of 760.3783 million yuan, intended for the annual production project of 200,000 tons of electronic resins (Phase I) and to supplement working capital [4].

Company Overview - Tongyu New Materials has been deeply engaged in the electronic resin field for nearly 10 years, breaking the monopoly of international leading companies in the lead-free and halogen-free copper-clad laminate applicable electronic resin sector [2] - The company specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates, with products including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Industry Insights - The electronic resin industry is crucial as it is one of the three main raw materials for producing copper-clad laminates, which are fundamental materials for processing printed circuit boards (PCBs) [2] - The copper-clad laminate industry in mainland China has seen rapid growth, with the output value increasing from $6.1 billion in 2014 to $9.3 billion in 2023, benefiting from the global PCB industry shifting to mainland China [2] Financial Performance - The company achieved operating revenues of 1.193 billion yuan, 886 million yuan, and 952 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 25.95%, -25.70%, and 7.47% respectively [2] - The net profit attributable to the parent company for the same years was 188 million yuan, 164 million yuan, and 143 million yuan, with year-on-year growth rates of 38.98%, -12.51%, and -12.87% respectively [2] - In Q1 2025, the company reported operating revenue of 276 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 4.43% year-on-year [2] IPO Details - The company plans to issue 10 million new shares in its IPO, raising 840 million yuan, with the funds intended for a 200,000-ton electronic resin project and to supplement working capital [3] - The company is currently experiencing tight production capacity, with utilization rates exceeding 100% during the reporting period [3] Valuation and Market Performance - Tongyu New Materials has a certain valuation advantage, with an issuance price-to-earnings ratio of 23.7 times, compared to an average dynamic P/E ratio of 36.88 times for comparable companies [5] - If the company achieves the average valuation of comparable companies on its first trading day, it would require a 55.6% increase from its issuance price [5] - The issuance price of 84 yuan is relatively high, and similar new stocks with prices around this level have shown an average first-day increase of 85.36%, significantly lower than the average first-day increase of 291.59% for new stocks over the past year [5]

Core Viewpoint - The Jingmen Chemical Circular Industry Park is advancing its "oil-to-special" project, marking a new phase in the optimization and upgrading of the petrochemical industry, which is crucial for regional economic development [1] Group 1: Industry Development - The petrochemical industry is a pillar of the Jingmen Chemical Circular Industry Park, which has successfully attracted 28 downstream enterprises, creating a complete industrial ecosystem from basic raw materials to high-end new materials [2] - The park has implemented a "one enterprise, one policy" approach to optimize land use, reviving six inefficient enterprises and freeing up hundreds of acres for new projects [2] - The park is focusing on technological innovation and supporting enterprises in applying for provincial-level technical transformation projects to upgrade production processes [2] Group 2: Industrial Chain Collaboration - The park is enhancing industrial chain collaboration by attracting Fortune 500 and specialized projects, effectively connecting upstream and downstream enterprises within the carbon one industrial chain [3] - The lithium battery materials industry chain is thriving, with a complete lifecycle resource recycling model established, expected to generate a total output value of 20 billion yuan upon full production [3] - The park has achieved a virtuous cycle of "large projects driving the gathering of supporting enterprises and the development of industrial clusters" [3] Group 3: Quality and Precision in Development - The park emphasizes high-quality development by providing tailored solutions for enterprises facing labor shortages and financing difficulties, fostering collaboration among enterprises [4] - Significant investments are being made in key industries, such as a 1.5 billion yuan expansion of a photoinitiator project, which is expected to add 3.5 billion yuan in output value [4] Group 4: Niche Market Focus - The park adopts a "small but refined" approach, particularly in the waterproof materials industry, where it has attracted leading companies to form a specialized industrial chain expected to exceed 2 billion yuan in total output value [5] Group 5: Talent Development - The park prioritizes talent development by establishing a chemical safety skills training base and forming a talent alliance to integrate resources from universities and leading enterprises [6] - The collaboration with Wuhan University of Engineering aims to create a seamless connection between talent training and industry needs, enhancing the innovation vitality of the biopharmaceutical industry chain [6] - The biopharmaceutical sector has expanded its product matrix to cover 324 varieties across six categories, becoming a key driver of regional economic growth [6]

Group 1 - The company Tongyu New Materials (Guangdong) Co., Ltd. is set to launch its IPO on July 1, with a share price of 84.00 yuan and an issuance of 10 million shares [1] - The company aims to raise 1.3 billion yuan, with 1.2 billion yuan allocated for a 200,000-ton electronic resin project in Jiangxi and 100 million yuan for working capital [2][3] - The electronic resin project has a total investment of approximately 1.5 billion yuan and is expected to be completed by July 2024, with a production capacity of 152,000 tons per year [3] Group 2 - The company's revenue for 2022, 2023, and 2024 is projected to be approximately 1.193 billion yuan, 886 million yuan, and 952 million yuan, respectively, indicating a decline in 2023 followed by a slight recovery in 2024 [8] - Net profit for the same years is expected to be around 188 million yuan, 164 million yuan, and 143 million yuan, showing a continuous decrease [10] - In the first quarter of 2025, the company reported a net profit of 33.14 million yuan, a decrease of 4.43% year-on-year, despite a 25.60% increase in revenue [12][10] Group 3 - The company's R&D expenses as a percentage of revenue were 2.88%, 2.23%, and 1.25% for 2022, 2023, and 2024, respectively, which is lower than the industry average [14][15] - Management expenses have been significantly higher than R&D expenses, indicating a potential area for cost optimization [14] - The company attributes its lower R&D expense ratio to its focused business model and high conversion rate of R&D results [15]

Core Viewpoint - Tongyu New Materials (301630.SZ) has initiated its IPO with a price of 84 CNY per share and a price-to-earnings ratio of 23.94 times, focusing on the development, production, and sales of electronic resins primarily used in copper-clad laminate production [1] Group 1: Company Overview - Tongyu New Materials specializes in electronic resin products, including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [1] - The company has established long-term partnerships with well-known manufacturers in the copper-clad laminate industry, such as Kingboard Group, Shengyi Technology, Nanya New Material, Huazheng New Material, Jinbao Electronics, and Ultrasonic Electronics [1] Group 2: Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately 1.193 billion CNY, 886 million CNY, and 952 million CNY, respectively, with net profits of about 188 million CNY, 164 million CNY, and 143 million CNY [1] - As of December 31, 2024, the total assets are projected to be approximately 1.506 billion CNY, with equity attributable to the parent company at around 798 million CNY and a debt-to-asset ratio of 33.65% [2] - The projected net profit for 2024 is approximately 143 million CNY, with a basic and diluted earnings per share of 4.78 CNY and a return on equity of 19.87% [2] Group 3: Risks - The company has indicated potential risks related to its wholly-owned subsidiary, Jiangxi Tongyu, which has incurred losses during its construction and trial production phases, amounting to 3.49 million CNY, 7.05 million CNY, and 14.44 million CNY over the reporting periods [2]

Group 1 - The article discusses the upcoming IPO of Tongyu New Materials (301630) on the ChiNext board, with a subscription limit of 10,000 shares per account and a minimum market value requirement of 100,000 yuan in the Shenzhen market [1] - The IPO price is set at 84 yuan per share, making it the third highest IPO price in the A-share market this year [1] - The company specializes in the research, production, and sales of electronic resins, which are crucial materials for the production of copper-clad laminates used in printed circuit boards (PCBs) [1] Group 2 - Tongyu New Materials is a leading supplier of electronic resins in the mid-to-high-end copper-clad laminate industry, serving notable clients such as Kingboard Group and Unimicron Technology [2] - The company's projected revenues for 2022, 2023, and 2024 are 1.193 billion yuan, 886 million yuan, and 952 million yuan, respectively, with net profits of 188 million yuan, 164 million yuan, and 143 million yuan [2] Group 3 - The funds raised from the IPO will be used to invest in a project with an annual production capacity of 200,000 tons of electronic resins and to supplement working capital [3] - Recent IPOs have shown strong market performance, with Guangxin Technology's stock price surging by 500% on its first trading day [3]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. is set to issue an initial public offering (IPO) of 10 million shares at a price of 84.00 yuan per share, with a diluted price-to-earnings (P/E) ratio of 23.94 times based on the 2024 net profit, which is lower than the industry average P/E ratio of 38.62 times as of June 26, 2025 [1][9][10]. Company Overview - Tongyu New Materials operates in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry, focusing on the research, production, and sales of electronic resins, primarily used in copper-clad laminate production [1][8][9]. - The company's product range includes MDI modified epoxy resins, DOPO modified epoxy resins, high-bromine epoxy resins, BPA phenolic epoxy resins, and phosphorus phenolic resin curing agents, which are essential components in modern electronic products [8][9]. Financial Metrics - The IPO price of 84.00 yuan per share corresponds to a diluted static P/E ratio of 23.94 times based on the lower of the non-recurring profit for 2024, which is significantly lower than the recent industry average static P/E ratio of 38.62 times [9][10][15]. - The rolling P/E ratio for the first four quarters (April 2024 to March 2025) is calculated at 24.00 times, also below the industry average rolling P/E ratio of 36.03 times [10][15]. Market Context - The average static P/E ratio for the C39 industry as of June 26, 2025, is 38.62 times, while the average rolling P/E ratio is 36.03 times, indicating that Tongyu's pricing is positioned favorably within the market context [9][10][15]. - The company has been compared with peers such as Dongcai Technology, Hongchang Electronics, and Shengquan Group, which have similar product lines and applications in the copper-clad laminate sector [11][12][13]. IPO Details - The IPO will be conducted through an online direct pricing method, with no lock-up arrangements for the shares, and is scheduled for July 1, 2025 [2][3]. - The total expected fundraising amount is 840 million yuan, with a net amount of approximately 760 million yuan after deducting estimated issuance costs [16][17].