Core Viewpoint - The China Securities Regulatory Commission has disclosed the completion report of the listing guidance for Beijing Kangmite Technology Co., Ltd., indicating that the company is well-prepared for its public offering and listing on the Beijing Stock Exchange [1] Group 1: Company Overview - Kangmite is a national-level specialized and innovative "little giant" enterprise engaged in the research, production, and sales of electronic packaging materials and high-performance modified plastics [1] - The company focuses on three main technology platforms: organic silicon packaging materials, epoxy packaging materials, and modified expandable polystyrene materials [1] Group 2: Product Offerings - The main product form of the electronic packaging materials is electronic adhesives for LED chip packaging, which are widely used in new displays, semiconductor general lighting, specialized lighting, semiconductor device packaging, and aerospace [2] - The high-performance modified plastics include modified expandable polystyrene, applicable in building energy conservation, safety protection in sports and transportation, and protection for electrical and lithium battery components [2] Group 3: Competitive Positioning - Kangmite's core products, such as high-refractive index organic silicon packaging glue and electronic epoxy packaging glue, have reached performance levels comparable to international brands like DuPont and Shin-Etsu [2] - The company has achieved import substitution in the LED chip packaging adhesive sector and is a leader in this field in China [2] - Since 2018, Kangmite has been a pioneer in the Mini/Micro LED sector, becoming the first domestic manufacturer to achieve mass production of Mini LED organic silicon packaging glue [2] Group 4: Client Base - The company has established a strong brand image and accumulated a wealth of high-quality customer resources, becoming a preferred partner for many well-known brands [3] - Direct or end customers of Kangmite's electronic packaging materials include domestic listed companies in the LED packaging industry and leading enterprises in the new display sector, as well as international lighting and new display industry leaders [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The semiconductor industry is recovering, leading to stable revenue growth for the company. In 2024, the company achieved a revenue of 1.167 billion yuan, a year-on-year increase of 25.19%. However, the net profit attributable to the parent company decreased by 5.36% to 97.43 million yuan [4][5]. - In Q1 2025, the company reported a strong performance with a revenue of 316 million yuan, up 55.71% year-on-year, and a net profit of 27.14 million yuan, an increase of 96.91% [6][9]. - The company is actively expanding its product lineup in IC packaging materials, focusing on new applications and enhancing its competitive edge through continuous R&D investment [5][7]. Company Overview - The latest closing price of the company's stock is 39.04 yuan, with a total market capitalization of 5.6 billion yuan and a circulating market value of 3.5 billion yuan. The company has a total share capital of 142 million shares, with 89 million shares in circulation [3]. - The company has a debt-to-asset ratio of 22.2% and a price-to-earnings ratio of 56.58 [3]. Financial Performance - In 2024, the company achieved revenue of 1.167 billion yuan, with significant contributions from various sectors: new energy (685 million yuan, +17.05%), smart terminals (259 million yuan, +47.08%), integrated circuits (135 million yuan, +40.75%), and high-end equipment (86 million yuan, +21.04%) [5][7]. - The gross profit margins for these sectors were 15.23%, 48.86%, 40.1%, and 41.67%, respectively, with the overall gross margin slightly decreasing [5]. - The company expects to achieve revenues of 1.517 billion yuan, 1.927 billion yuan, and 2.349 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 149.5 million yuan, 212.42 million yuan, and 261.38 million yuan [9][12].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The semiconductor industry is recovering, leading to stable revenue growth for the company. In 2024, the company achieved a revenue of 1.167 billion yuan, a year-on-year increase of 25.19%. However, the net profit attributable to shareholders decreased by 5.36% to 97.43 million yuan [4][5]. - In Q1 2025, the company reported a revenue of 316 million yuan, a significant year-on-year increase of 55.71%, with net profit attributable to shareholders rising by 96.91% to 27.14 million yuan [6][9]. - The company is expanding its product offerings in IC packaging materials, with notable revenue contributions from sectors such as new energy, smart terminals, integrated circuits, and high-end equipment [7][8]. Company Overview - The latest closing price of the company's stock is 39.04 yuan, with a total market capitalization of 5.6 billion yuan and a circulating market capitalization of 3.5 billion yuan. The company has a total share capital of 142 million shares, with a debt-to-asset ratio of 22.2% and a price-to-earnings ratio of 56.58 [3][4]. Financial Performance - For 2024, the company reported a revenue of 1.167 billion yuan, with growth rates across various segments: new energy (+17.05%), smart terminals (+47.08%), integrated circuits (+40.75%), and high-end equipment (+21.04%). The overall gross margin slightly decreased [5][12]. - The company forecasts revenues of 1.517 billion yuan, 1.927 billion yuan, and 2.349 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 149.5 million yuan, 212.42 million yuan, and 261.38 million yuan [9][12]. Market Position and Strategy - The company is actively enhancing its product line and technological capabilities to meet the growing demands of the semiconductor market, particularly in advanced packaging solutions. It aims to achieve domestic substitution for imported materials and has successfully delivered small batches of advanced packaging materials [7][8]. - The introduction of innovative materials for smart terminal applications, such as light-sensitive resin materials, positions the company favorably in the competitive landscape, particularly in the smartphone and wearable device markets [8]. Investment Recommendations - The report anticipates that the company will achieve a price-to-earnings ratio of 37 times, 26 times, and 21 times for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [9].