证券日报网1月23日讯，国机精工（002046）在接受调研者提问时表示，公司具备高温高压法和微波等 离子体化学气相沉积法(MPCVD)合成金刚石技术。高温高压法的设备为六面顶压机，产品主要用于工 业磨料、培育钻石；化学气相沉积法(MPCVD)的下游应用按可能的产业化时间划分，可分三阶段：第 一阶段为培育钻石毛坯产品，该阶段产品已成熟；第二阶段为金刚石散热片、光学窗口片、声学膜等， 目前正处于萌芽期；第三阶段为替代硅的芯片级半导体材料，尚需比较长的时间。 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and stock trading activities of Xinguangyi, indicating a decline in stock price and changes in financing activities [1][2] Group 2 - On January 16, Xinguangyi's stock price fell by 1.65%, with a trading volume of 268 million yuan. The financing buy-in amount was 17.34 million yuan, while the financing repayment was 20.13 million yuan, resulting in a net financing outflow of 2.79 million yuan [1] - As of January 16, the total financing and securities lending balance for Xinguangyi was 114 million yuan, with the financing balance accounting for 6.20% of the circulating market value [1] - The company reported a revenue of 521 million yuan for the period from January to September 2025, representing a year-on-year growth of 7.50%, and a net profit attributable to shareholders of 101 million yuan, reflecting a year-on-year increase of 16.43% [2] - The company specializes in the research, production, and sales of high-performance special functional materials, with its main revenue sources being anti-adhesive special films (51.50%), strong resistance special films (25.87%), and new energy materials (11.34%) [1]

Core Viewpoint - The company has achieved a breakthrough in acoustic membrane technology, positioning itself as a leading supplier for high-end global smartphone brands and major earphone products [2]. Group 1: Company Achievements - The company has developed high-precision acoustic membranes that represent a significant technological advancement in China, making it a key supplier for well-known earphone brands [2]. - The acoustic membrane is a critical component in earphones, responsible for sound production, and its performance metrics are essential for the overall sound quality [2]. - The company has surpassed international competitors in core technical indicators of acoustic membranes, marking a significant achievement in the field [2]. Group 2: Market Position - The company is currently the only global supplier of acoustic membranes for high-end smartphone products, indicating a strong market position [2]. - The company has successfully partnered with GoerTek to supply acoustic membrane materials for Apple's high-end earphone products, further solidifying its role in the premium segment of the market [2].

Core Viewpoint - Xinguangyi Electronic Co., Ltd. has successfully listed on the ChiNext board, marking a significant milestone in its growth as a leading high-tech enterprise specializing in high-performance specialty functional materials [2][3]. Company Overview - Xinguangyi focuses on the research, production, and sales of specialty functional materials, particularly anti-bleed adhesive films and high-resistance specialty films, which are critical in high-end manufacturing sectors like flexible printed circuits (FPC) [7]. - Established in 2004, the company has transitioned from a follower to a leader in the industry, breaking the technological monopoly of foreign giants and achieving the highest market share in its segment [7][9]. Technological Advancements - The company has successfully developed key technologies in anti-bleed adhesive films, overcoming the previous dominance of Japanese firms like Mitsui Chemicals and Sumitomo Chemical [9]. - Xinguangyi has also made significant strides in high-resistance specialty films, which are essential for extreme environments, further establishing its competitive edge in the market [10]. Market Position and Growth - Xinguangyi has established partnerships with several top global FPC manufacturers, solidifying its position as a leading supplier in the anti-bleed adhesive film sector [9]. - The company has expanded into new areas, such as acoustic films for high-end headphones, achieving breakthroughs that allow it to compete with established international players [12]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 455.26 million yuan to 657.17 million yuan, with net profit increasing from 81.51 million yuan to 115.70 million yuan [14]. - In the first half of 2025, Xinguangyi reported revenue of 313.39 million yuan and a net profit of 59.21 million yuan, indicating a strong growth trajectory [14]. Strategic Alignment - The company's focus on high-performance specialty functional materials aligns with China's "14th Five-Year Plan," which emphasizes the importance of new materials and core technology innovation [16]. - Looking ahead to the "15th Five-Year Plan" (2026-2030), the emphasis on technological self-reliance and high-end manufacturing presents significant opportunities for Xinguangyi in the functional film materials sector [16].

Group 1 - The stock of N Xinguangyi expanded its gains to 285% during trading, triggering a temporary suspension, with a transaction volume exceeding 1 billion yuan [1] - The company specializes in anti-overflow adhesive special films and high-resistance special films [1] - The company's acoustic film technology is internationally leading, making it a major supplier of materials for globally recognized headphone brands [1]

Core Viewpoint - New Guangyi (301687.SZ) has initiated its subscription with an issue price of 21.93 yuan per share and a price-to-earnings ratio of 28.59 times, focusing on high-performance specialty functional materials [1] Company Overview - New Guangyi is a high-tech enterprise specializing in the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and strong resistance specialty films [1] - The company has developed high-precision acoustic films with a thickness tolerance of ±1um and excellent temperature resistance, which are currently supplied to Apple's high-end headphone products [1] Financial Performance - The company achieved operating revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [2] Revenue Breakdown by Product Category - For the first half of 2025, the revenue breakdown by product category is as follows: - Anti-overflow adhesive films: 16,417.96 million yuan (52.43%) - Strong resistance specialty films: 7,272.05 million yuan (23.22%) - New energy materials: 3,941.97 million yuan (12.59%) - Optical adhesive films: 906.95 million yuan (2.90%) - Modified materials: 1,280.92 million yuan (4.09%) - Acoustic films: 512.08 million yuan (1.64%) - Others: 985.06 million yuan (3.15%) [1] Industry Insights - The Chinese functional film materials market is experiencing rapid growth, projected to reach a market size of 162.3 billion yuan in 2024, with a year-on-year growth of 8.9% [1] - Optical functional films represent the largest segment of the market, accounting for 39.6%, followed by separation functional films and packaging functional films at 28.37% and 17.64%, respectively [1]

Company Overview - New Guangyi (301687.SZ) has launched its subscription on December 22, with an issue price of 21.93 yuan per share and a maximum subscription limit of 0.85 million shares, reflecting a price-to-earnings ratio of 28.59 times [1] - The company specializes in the research, production, and sales of high-performance special functional materials, including anti-overflow adhesive special films and strong resistance special films [1] - New Guangyi has developed high-precision acoustic films with a thickness tolerance of ±1um and modulus tolerance of ±3Mpa, which have been supplied to Apple's high-end headphone products through cooperation with GoerTek [1] Business Segments - The main business revenue by product category for New Guangyi is as follows: - Anti-overflow adhesive special films: 16,417.96 million yuan (52.43%) in H1 2025, 33,482.25 million yuan (50.97%) in 2024, 27,652.01 million yuan (53.60%) in 2023, and 30,564.98 million yuan (67.16%) in 2022 [2] - Strong resistance special films: 7,272.05 million yuan (23.22%) in H1 2025, 14,995.76 million yuan (22.83%) in 2024, 11,787.65 million yuan (22.85%) in 2023, and 11,909.86 million yuan (26.17%) in 2022 [2] - New energy materials: 3,941.97 million yuan (12.59%) in H1 2025, 9,690.41 million yuan (14.75%) in 2024, 4,435.23 million yuan (8.60%) in 2023, and 134.61 million yuan (0.30%) in 2022 [2] - Optical adhesive films: 906.95 million yuan (2.90%) in H1 2025, 2,369.42 million yuan (3.61%) in 2024, 1,744.39 million yuan (3.38%) in 2023, and 1,152.56 million yuan (2.53%) in 2022 [2] Financial Performance - The company reported revenues of approximately 455 million yuan in 2022, 516 million yuan in 2023, and 657 million yuan in 2024, with net profits of approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan respectively [3] - As of June 30, 2025, total assets amounted to 885.28 million yuan, with equity attributable to shareholders at 738.69 million yuan and a debt-to-asset ratio of 16.52% [4] - The company achieved a net profit of 59.21 million yuan in H1 2025, compared to 115.70 million yuan in 2024 and 83.28 million yuan in 2023 [4] Industry Insights - The functional film materials market in China is experiencing rapid growth, driven by demand from downstream sectors such as new displays, renewable energy, and energy conservation [2] - The market size for functional film materials in China is projected to reach 162.3 billion yuan in 2024, with a year-on-year growth of 8.9% [2] - Optical functional films represent the largest segment of the market, accounting for 39.6% of the total, followed by separation functional films and packaging functional films at 28.37% and 17.64% respectively [2]

Core Viewpoint - New Guangyi (301687.SZ) has launched its IPO with an issue price of 21.93 CNY per share and a price-to-earnings ratio of 28.59 times, focusing on high-performance specialty functional materials [1] Company Overview - New Guangyi specializes in the R&D, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and strong resistance specialty films [1] - The company has developed high-precision acoustic films with a thickness tolerance of ±1um and excellent temperature resistance (high temperature 200℃, low temperature -30℃) [1] - New Guangyi's acoustic films are already being supplied to Apple's high-end headphone products through cooperation with Goer Acoustic [1] Business Expansion - In 2024, the company aims to expand its business into the new energy sector, processing materials like EVA and POE into photovoltaic backsheet adhesive films and new energy battery materials [1] Revenue Breakdown - The main business revenue by product category for New Guangyi is as follows: - Anti-overflow adhesive films: 16,417.96 million CNY (52.43%) in H1 2025 - Strong resistance specialty films: 7,272.05 million CNY (23.22%) in H1 2025 - New energy materials: 3,941.97 million CNY (12.59%) in H1 2025 - Optical adhesive films: 906.95 million CNY (2.90%) in H1 2025 [1] Market Outlook - The Chinese functional film materials market is expected to reach 162.3 billion CNY in 2024, with a year-on-year growth of 8.9%, driven by demand from new displays, new energy, and energy-saving sectors [1] - Optical functional films represent the largest segment of the market, accounting for 39.6% of the product structure in 2024 [1] Financial Performance - The company reported revenues of approximately 455 million CNY in 2022, 516 million CNY in 2023, and 657 million CNY in 2024, with net profits of approximately 81.51 million CNY, 83.28 million CNY, and 116 million CNY respectively [2] - As of June 30, 2025, total assets amounted to 885.28 million CNY, with equity attributable to shareholders of 738.69 million CNY and a debt-to-asset ratio of 16.52% [3]

Group 1: Shaanxi Tourism - The company is a main board listed entity with an issue price of 80.44 yuan and a P/E ratio of 12.37, which is below the industry average of 26.9 [2][7] - The business integrates tourism performances, cable cars, dining, and project investment, leveraging high-quality tourism resources like Huaqing Palace and Mount Huashan [2][16] - Major revenue sources include the performance of "Chang Hen Ge" contributing 57.63% of total revenue in the first half of 2025, and cable car operations contributing 29.51% [3][17] - The company has established itself as a leading destination enterprise in the tourism sector, focusing on "scenic spots + cultural tourism" [2][16] - The company expects a revenue range of 951 million to 1.117 billion yuan for 2025, indicating a potential decline compared to previous years [5][19] Group 2: New Guangyi - The company is listed on the Growth Enterprise Market with an issue price of 21.93 yuan and a P/E ratio of 28.59, which is lower than the industry average of 57.92 [8][14] - It specializes in high-performance functional materials, particularly anti-overflow adhesive films and strong resistance films, and has become a market leader in these segments [9][22] - The company has successfully broken the technological monopoly of foreign competitors and has established a significant market share in China [9][22] - Revenue from anti-overflow adhesive films accounted for 52.43% of total revenue in the first half of 2025, while strong resistance films contributed 23.22% [11][24] - The company has maintained stable performance over recent years, with revenues of 496 million, 455 million, 516 million, and 657 million yuan from 2021 to 2024 [12][26]

Investment Rating - The report assigns a rating of "middle-upper" based on the AHP score of 2.04, which places the company in the 27.5% percentile of the non-innovation board AHP model [2][7]. Core Insights - The company is a leading domestic manufacturer of anti-overflow special films, with a market share of 30% in 2024, having ranked first for five consecutive years from 2020 to 2024 [2][9]. - The company has established deep partnerships with several top global manufacturers in the flexible printed circuit board (FPC) industry, including Pengding Holdings and Vison Electronics [2][9]. - The company has successfully developed a PBT anti-overflow special film that can replace the traditional TPX material, reducing costs and expanding its product offerings [9][10]. - The acoustic film technology is internationally leading, and the company has passed product tests for its new energy materials with BYD, which has also become a significant shareholder [12][13]. - The company’s revenue from new energy materials has rapidly increased from 0.3% in 2022 to 14.8% in 2024, indicating strong growth potential in this segment [12][13]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score, adjusted for liquidity premium factors, is 2.04, with an expected allocation ratio of 0.0216% for class A and 0.0186% for class B investors under a neutral scenario [7][8]. Company Fundamentals and Highlights - The company specializes in high-performance functional materials, particularly anti-overflow and strong resistance special films, which are widely used in FPC manufacturing and consumer electronics [2][9]. - The company has broken the monopoly of Japanese firms in the anti-overflow film market and has developed products with superior performance metrics [9][10]. - The market for domestic anti-overflow films is estimated to be around 900-1,000 million yuan, with a global market potential of 1.8-2.0 billion yuan [11]. Comparable Company Financial Metrics - The company’s revenue for 2022, 2023, and 2024 was 455 million, 516 million, and 657 million yuan respectively, with net profits of 82 million, 83 million, and 116 million yuan, showing a compound annual growth rate (CAGR) of 20.15% and 19.14% [19][22]. - The gross margin has steadily increased from 31.76% in 2022 to 32.28% in 2024, which is higher than comparable companies [22][24]. - The company’s asset-liability ratio is significantly lower than that of comparable firms, standing at 18.70% to 20.62% during the same period [25][26]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 36.716 million new shares, with a total investment of 638.383 million yuan allocated to functional material projects [28][30].