申 购 策 略 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 12 月 15 日 新广益：国产抗溢胶特种膜龙头，多元产品矩阵 稳增长 ——注册制新股纵览 20251215 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 相关研究 - ⚫ AHP 得分：剔除流动性溢价因素后，新广益 2.04 分，位于总分的 27.5%分位。新广益于 2025 年 12 月 12 日招股，将在创业板上市。剔除、考虑流动性溢价因素后，我们测算新广 益 AHP 得分分别为 2.04 分、2.48 分，分别位于非科创体系 AHP 模型总分的 27.5%、41.5% 分位，分别处于中游偏上、中游偏上水平。假设以 95%入围率 ...

| 新股精要—抗溢胶特种膜国内细分龙头厂 | | --- | | 商新广益 | ——IPO 专题 本报告导读： 新广益（301687.SZ）是抗溢胶特种膜国内细分龙头厂商，2024 年国内市场占有率 达到 30%。2024 年公司实现营收/归母净利润 6.57/1.16 亿元。截至 12 月 12 日，公 司所在申万三级行业膜材料 PE（TTM,剔除负值）为 66.88 倍，2025 年和 2026 年 预测 PE 分别为 92.74 倍和 49.91 倍。 投资要点： 新股研究 /[Table_Date] 2025.12.15 | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wang ...

中国上市公司网/文 深耕特种功能材料，打破国外技术垄断 新广益自2004年设立以来，便专注于高性能特种功能材料的研发、生产及销售，始终坚守"自主创新、 进口替代"的技术发展路线。经过多年的不懈努力，公司在多个关键产品领域取得了突破，成功打破了 欧美日韩企业的技术垄断，确立了自身在行业内的领先地位。 2025年12月12日，新广益(301687.SZ)正式发布首次公开发行股票并在创业板上市的招股意向书。此次 公开发行股份数量达3671.6万股，占发行后总股本的25.00%。初步询价日期定于2025年12月16日，申购 日期则为2025年12月22日。作为一家高新技术企业，新广益凭借其卓越的技术实力和前瞻性的战略布 局，即将迈入资本市场。 在巩固现有产品优势的同时，新广益并未满足于现状，而是积极关注声学、光学、新能源等其他特种薄 膜的技术需求与产品发展方向，不断寻求自我革新及技术突破的机会。 以声学膜为例，它是耳机中起发声功能的核心材料，其声学性能决定了发声单元的各种声学参数，是耳 机中最重要的基础性材料之一。然而，2020年以前全球高端声学膜技术主要由日本的SHEEDOM、 MATAI、奥地利的ISOVOLTA ...

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. is set to go public on the ChiNext board, marking a significant milestone for the company and the domestic functional materials industry, with an IPO fundraising target of 638 million yuan aimed at expanding production capacity and exploring new business areas [2][7] Group 1: Company Overview - Xinguangyi has been a leader in the anti-spill adhesive special film sector, holding the top market share in China for five consecutive years, with a market share of 30% in 2024 [4] - The company has developed a robust technology portfolio, including 15 core technologies and over 40 formulations of special functional films for flexible printed circuits (FPC) [3][4] - Xinguangyi has established deep partnerships with top global manufacturers, contributing to a stable supply chain ecosystem [5] Group 2: Financial Performance - From 2022 to 2024, Xinguangyi's revenue grew from 455 million yuan to 657 million yuan, with a compound annual growth rate (CAGR) of 19.7%, while net profit increased from 82 million yuan to 116 million yuan, with a CAGR of 18.9% [6] - The company maintains a low debt-to-asset ratio of 18%-21%, with strong liquidity ratios, indicating robust financial health and operational efficiency [6] Group 3: Future Prospects - The IPO proceeds will be used for expanding production capacity in core product lines and entering emerging fields such as optical adhesive films and modified materials [7] - The demand for functional films is expected to grow due to advancements in 5G, new energy vehicles, and the semiconductor industry, supported by favorable national policies [7] - Xinguangyi aims to solidify its market position and achieve breakthroughs in new areas, aspiring to become a global leader in functional materials [7]

Core Viewpoint - The IPO project of Suzhou Xinguangyi Electronics Co., Ltd. has been approved by the Shenzhen Stock Exchange, highlighting its strong investment value in the high-performance special functional materials sector amid the acceleration of high-tech industry iterations and domestic substitution strategies [2] Group 1: Technology and Market Position - The company has established a difficult-to-replicate core technology system, with six major patented technologies and over forty special functional film/coating material formulas, creating a comprehensive technical barrier [3] - The company has maintained the number one market share in anti-overflow special films in China from 2020 to 2024, reaching a domestic market share of 30% in 2024 [4] - The company has deep partnerships with leading firms such as Pengding Holdings and GoerTek, demonstrating high customer stickiness through an "embedded R&D" model [4] Group 2: Financial Health and Growth Potential - The company's revenue increased from 455 million to 657 million yuan from 2022 to 2024, with net profit rising from 81.51 million to 116 million yuan, maintaining a gross margin of 31%-32% [5] - The company has a low debt ratio of around 20%, with a current ratio exceeding 3.5 and a quick ratio over 2.7, indicating strong risk resistance and capital expansion potential [5] - In the first half of 2025, the company achieved a revenue of 313 million yuan, a year-on-year growth of 10.24%, with significant contributions from its core products [5] Group 3: Strategic Alignment and Industry Trends - The IPO fundraising of 638 million yuan will be used for projects that align with national policies for high-end functional film materials, addressing urgent needs in semiconductor, new energy, and new display industries [6] - The new materials sector is a key area supported by national policies, with the company positioned to benefit from the explosive demand for new energy materials and high-performance materials driven by technological advancements [7] - The company's anti-overflow special films are increasingly indispensable in flexible circuit boards, while its acoustic films are critical for enhancing sound quality in high-end headphones, leading to rising market penetration [7] Group 4: Investment Highlights - The company possesses a full-chain core technology in special functional materials, leading the domestic market with a 30% share in anti-overflow special films and international leadership in acoustic film technology [8] - The company demonstrates robust financial health with continuous high growth in revenue and net profit, alongside a stable gross margin and low debt ratio [8] - The fundraising projects align with the high-end and domestic substitution strategies for functional film materials, tapping into trillion-level market growth opportunities supported by national policies [8]

Company Overview - Suzhou Xinguangyi Electronics Co., Ltd. specializes in the research, production, and sales of high-performance specialty functional materials, including anti-overflow special films and strong resistance special films, and has established itself as a leading player in the industry [2] - The company has broken the technological monopoly of foreign countries in the field of anti-overflow special films and strong resistance special films, achieving the highest market share in China for five consecutive years, reaching 30% in 2024 [2][5] Financial Performance - The company's revenue for 2022, 2023, and 2024 was 455.13 million yuan, 515.94 million yuan, and 656.95 million yuan, respectively, showing a steady growth trend [3] - In the first half of 2025, the company achieved a revenue of 313.39 million yuan, a year-on-year increase of 10.24%, and a net profit of 59.46 million yuan, up 17.45% year-on-year, indicating sustained growth momentum [3] Industry Position - As a national-level specialized and innovative "little giant" enterprise, the company has made significant achievements in technology research and patent layout, holding 35 invention patents and 41 utility model patents related to its main business [5] - The company has established deep cooperation with several top 10 FPC manufacturers globally, becoming a key supplier of anti-overflow special films for well-known clients such as Pengding Holdings and Weixin Electronics [5][11] Market Opportunities - The demand for anti-overflow special films and strong resistance special films is expected to grow due to the rapid expansion of the printed circuit board market driven by emerging technologies like 5G and AI [8] - The consumer electronics market is experiencing a dual-driven growth pattern, with increasing demand for high-precision processing materials and composite functional materials due to the upgrade of smart devices [8] - The company is poised to enter high-growth sectors such as photovoltaic packaging films and new energy lithium battery materials, with the global demand for photovoltaic packaging films expected to reach 7 billion square meters by 2025 [8] Growth Potential - The sales volume of film products increased from 9.24 million square meters in September 2022 to 14.46 million square meters in 2024, representing a significant growth of 56.5% over three years [9] - The company benefits from the acceleration of domestic production in the photovoltaic and lithium battery material sectors, supported by its strong technological capabilities and patent portfolio [9] - The optimization of the customer structure, with deep partnerships with leading companies, provides stable order guarantees for performance growth [11]

Group 1 - The core viewpoint of the article is that Suzhou Xinguangyi Electronic Co., Ltd. is about to undergo a significant review by the Shenzhen Stock Exchange after being in the inquiry phase for over two years [1] - Xinguangyi specializes in the research, production, and sales of high-performance special functional materials, with its main products being anti-bleeding special films and strong resistance special films [2] - The company claims to be the domestic leader in the anti-bleeding special film segment, holding the largest market share in China [2] Group 2 - The company plans to raise 638 million yuan for the construction of functional material projects, which will produce products such as high-end TPX anti-bleeding special films and acoustic films [2] - From 2022 to 2024, the company's main business revenue is projected to grow from 455 million yuan to 657 million yuan, with net profits increasing from approximately 81.51 million yuan to 116 million yuan [4] - In the first half of 2025, the company reported revenue of 313 million yuan, a year-on-year increase of 10.24% [4] Group 3 - Despite revenue and profit growth, the company's gross margin has been under pressure, declining from 38.74% in 2020 to 31.76% in 2022, a drop of about 7 percentage points [5] - The company's gross margin has remained around 31% to 32% during the reporting period, indicating it has not yet recovered to the 2020 levels [6][7] - The company acknowledges that if raw material prices rise significantly and it cannot pass on costs to customers, its gross margin may decline further [7] Group 4 - The average selling price of the company's anti-bleeding special films and strong resistance special films has shown a downward trend, particularly with its largest customer, Pengding Holdings [8] - The average selling price of strong resistance special films decreased from 3.50 yuan/square meter to 3.06 yuan/square meter over the reporting period [9] - The company anticipates a price decline of about 5% for these products in 2023 and 2024 compared to the previous periods [9]

Core Viewpoint - The company, Suzhou Xinguangyi Electronics Co., Ltd., is set to undergo a significant review by the Shenzhen Stock Exchange after being in the inquiry phase for over two years, with a focus on its financial performance and market position in the high-performance specialty materials sector [1][4]. Group 1: Company Overview - Xinguangyi specializes in the research, production, and sales of high-performance specialty functional materials, with key products including anti-bleeding specialty films and strong resistance specialty films [4]. - The company claims to be the domestic leader in the anti-bleeding specialty film segment, holding the largest market share in China [4]. Group 2: Financial Performance - The company’s main business revenues for 2022, 2023, and 2024 are projected to be 455 million yuan, 516 million yuan, and 657 million yuan, respectively, with net profits of approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [5]. - For the first half of 2025, the company reported revenues of 313 million yuan, reflecting a year-on-year increase of 10.24% [5]. Group 3: Profitability and Margin Concerns - Despite revenue and profit growth, the company's gross margin has declined from 38.74% in 2020 to 31.76% in 2022, a drop of about 7 percentage points due to rising raw material costs [6][7]. - The gross margin has remained stable between 31% and 32% during the reporting period, indicating that it has not yet recovered to the 2020 levels [7]. Group 4: Market Dynamics and Risks - The company’s performance is closely tied to the health of downstream industries such as flexible printed circuit boards (FPC), consumer electronics, and new energy lithium batteries, which may face demand fluctuations due to macroeconomic changes [8]. - Xinguangyi has a high customer concentration, with significant sales to major clients like Pengding Holdings and Weixin Electronics, which accounted for 69.64%, 57.22%, and 52.89% of its revenue in recent periods [8]. Group 5: Pricing Trends - The average selling prices of the company's key products, including anti-bleeding specialty films and strong resistance specialty films, have shown a downward trend, particularly with significant price reductions for major clients [10]. - The average selling price for strong resistance specialty films decreased from 3.50 yuan/m² in 2022 to 3.06 yuan/m² in 2024, reflecting a decline of approximately 5% year-on-year [10][11].