Core Insights - The global thermal interface materials (TIM) filler market is projected to reach $610 million by 2031, with a compound annual growth rate (CAGR) of 7.5% over the coming years [1]. Market Overview - The leading manufacturers in the global TIM filler market include Tokuyama, Baidu High-tech, Admatechs, Denka, Kingo New Materials, Resonac, 3M, Nippon Steel, Jinyi New Materials, and Toyo Aluminium. The top ten manufacturers are expected to hold approximately 52.0% market share in 2024 [5]. - Spherical alumina is currently the most significant product type, accounting for about 43.8% of the market share [8]. - In terms of application, consumer electronics represent the largest demand source, holding approximately 28.9% of the market share [10]. Key Drivers - The ongoing electrification of vehicles, including electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs), is a primary driver for the demand for thermal fillers. Efficient thermal management is crucial for battery packs, onboard chargers, inverters, and electronic control units [13]. - The expansion of global data infrastructure, including data centers, AI accelerators, high-performance computing (HPC), and edge computing, is another significant factor driving market growth. These environments require high-performance TIMs to manage intense heat loads [13]. Challenges - The high cost of quality thermal fillers, particularly aluminum nitride, hexagonal boron nitride, and surface-treated spherical alumina, limits their application in high-end sectors like EV power modules and data centers [15]. - The lack of global standardization and performance benchmarking for filler materials poses challenges for product consistency and supplier evaluation [15]. - Environmental and regulatory constraints in the filler supply chain are becoming increasingly prominent, necessitating investments in cleaner processes and stricter waste control, which may raise production costs [15]. Industry Opportunities - The rapid development of high-power electronic devices and miniaturized components is reshaping the TIM filler market. The demand for fillers that not only provide high thermal conductivity but also possess processability, electrical insulation, and mechanical compliance is on the rise [16]. - Spherical alumina remains the dominant filler type due to its balance of thermal conductivity, flowability, and cost, widely used in consumer electronics, automotive electronics, and LED modules [17].

Core Viewpoint - Wu Hao, a prominent figure in the capital market, is attempting to take Yaan Baitu High-tech Materials Co., Ltd. public on the Beijing Stock Exchange after a failed IPO attempt on the ChiNext board [1][2]. Company Performance - Baitu's revenue grew from 172 million to 349 million yuan from 2020 to 2022, achieving a compound annual growth rate of 42.4% [1]. - In 2023, Baitu's revenue and net profit attributable to non-recurring gains and losses decreased by 18.33% and 43.48%, respectively, leading to the withdrawal of its ChiNext IPO application [2]. Listing Challenges - Baitu faces significant challenges in meeting the listing requirements for the Beijing Stock Exchange, particularly in terms of weighted average return on net assets and revenue growth rate [4]. - The company plans to increase R&D investment to enhance its technological innovation capabilities to meet the listing criteria [4]. Future Outlook - Wu Hao aims to transform Baitu into an outstanding platform company in the new materials sector, indicating a long-term vision rather than a quick exit strategy [4][5]. - The journey to listing is seen as a test of both Wu Hao's investment acumen and strategic capabilities in the capital market [7].

Group 1 - The rapid development of AI is driving the demand for high-end electronic-grade functional fillers, particularly spherical silica and spherical alumina, which are core materials for semiconductor electronic powders [2][12][9] - The performance requirements for PCB and CCL are increasing due to higher standards for AI servers, necessitating the use of Very Low Loss or Ultra Low Loss grade copper-clad laminate materials [3][24][21] - The market for high-performance spherical silica is expected to grow significantly, with its market share in the copper-clad laminate sector exceeding 44% in 2021 and projected to expand further [4][30][28] Group 2 - The HBM (High Bandwidth Memory) market is experiencing rapid growth, with projections indicating a rise from $2.7 billion in 2022 to $37.7 billion by 2029, representing a compound annual growth rate (CAGR) of 38% [5][36][34] - Low-α spherical alumina is a critical material for HBM packaging, helping to mitigate soft errors caused by radioactive impurities [5][33][36] - The increasing demand for HBM is expected to drive the need for Low-α spherical alumina, which constitutes over 80% of the weight in granular epoxy encapsulation materials [5][36][33] Group 3 - The market for functional fillers in high-frequency and high-speed copper-clad laminates is projected to grow from 110 million yuan in 2019 to 1.11 billion yuan by 2025, with a compound annual growth rate of 47% [19][18][19] - The demand for epoxy encapsulation materials is also expected to rise, with projections indicating a market size of 181,000 tons by 2025, reflecting a compound annual growth rate of 11.94% [19][18][19] - The increasing complexity of server platforms is leading to a rise in the number of PCB layers, which in turn is driving the demand for high-performance functional fillers [29][26][29] Group 4 - The company Lianrui New Materials is highlighted as a key player in the market, focusing on high-performance silicon micro-powders and expanding its production capacity to meet growing demand [39][41][40] - The company aims to enhance its product offerings in advanced packaging and high-frequency high-speed copper-clad laminates, with a projected revenue of 960 million yuan in 2024, reflecting a year-on-year growth of 34.94% [41][40][41] - The company plans to issue convertible bonds to fund expansion projects for ultra-pure spherical silica and high-thermal conductivity spherical powder materials [41][40][41]

2024 年归母净利润同比高增 44% 公司 2024 年实现营业收入 9.6 亿元，同比增加 34.94% ； 2024 年实现归母净利润 2.51 亿元，同比增加 44.47% ，创公司上市以来新高。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 2024 年产品产销量均保持同比正增长，产品价格走势出现分化 公司主要产品 2024 年产销量均实现正增长： 2024 年公司角形无机粉体产销量分别为 77446.44 吨和 7670 ...

Group 1: Investor Relations Activities - The company conducted specific investor research and analyst meetings from March 31 to April 1, 2025, via an online conference [3][4]. Group 2: Fundraising Projects - The company has three fundraising projects: - The 50,000 tons electronic ceramic powder production line project has been completed - The 5,000 tons spherical alumina production line is in trial production and customer sample verification - The R&D center construction is expected to be completed within the year [4]. Group 3: Production Capacity - The three rotary kilns and backend processing workshops of the electronic ceramic powder production line have reached operational status, maximizing capacity utilization based on customer demand and raw material prices [5]. Group 4: Sales Growth - Sales of electronic ceramic powder materials increased by 92.25% year-on-year, with a 55% share of total sales in 2024, driven by demand from consumer electronics and automotive electronics [6]. Group 5: R&D Investment - R&D expenses have increased by over 20%, focusing on high-purity nano-alumina and third-generation semiconductor packaging materials, with collaborations with several research institutions [7]. Group 6: Raw Material Price Trends - The price of industrial alumina has decreased to around 3,000 RMB/ton in Q1 2025, with expectations of a weak bottoming phase throughout the year [8]. Group 7: Overseas Market Strategy - The company is focusing on overseas markets, supplying high-end products like electronic ceramic powder and spherical alumina through domestic subsidiaries and traders, with ongoing sample verification for several products [9]. Group 8: Product Development - The company has made breakthroughs in low-alpha spherical alumina powder and is transitioning to industrialization, with equipment installation and debugging ongoing for the upgraded production line [10].

Summary of Tianma New Materials Conference Call Company Overview - Tianma New Materials focuses on the research, production, and sales of fine aluminum oxide powder materials, covering seven categories including electronic ceramics, electronic glass, high thermal conductivity lithium battery separators, and high voltage electrical appliances [3][4] Key Financial Highlights - Revenue for 2024 is projected to grow by 35% to 250 million yuan, driven by a recovery in downstream consumer electronics demand and government subsidy policies [3][4] - The sales volume is expected to increase by 30%-40% to approximately 40,000 tons in 2024, aided by the new 50,000-ton electronic ceramics production line [3][7] - The average selling price of electronic ceramics powder is approximately 6,000 yuan per ton, reflecting price adjustments due to significant raw material cost increases [5][10] Raw Material Price Dynamics - Raw material prices fluctuated significantly in 2024, starting at 2,600 yuan per ton and rising to nearly 6,000 yuan by year-end, impacting the company's cost structure [6][10] - The company anticipates raw material prices to stabilize around 3,000 yuan per ton in 2025 [6] Product Performance and Market Trends - Electronic ceramics accounted for 55% of sales in 2024, with a notable increase in ceramic substrate powder sales, which grew by 92% year-on-year [8][9] - Major clients, Zhejiang Xinda and Jiuhau, reported over 50% growth in orders, indicating strong demand in the electronic ceramics sector [9] Margin and Cost Management - The gross margin declined due to mismatches in product cycles and the inability to fully pass on raw material cost increases to downstream customers, resulting in a 2% drop in gross margin [10] - The company is implementing strategies to manage costs, including stockpiling semi-finished products and expediting the sale of existing inventory [10][11] Production Capacity and Future Outlook - The company has completed the construction of a 50,000-ton electronic ceramics production line and is in the trial production phase for a 5,000-ton spherical aluminum production line, expected to be operational in 2025 [3][4][15] - In 2025, the company plans to focus on high-value-added products and expand into high-end spherical aluminum markets, with expectations of releasing over half of its production capacity for sales [25][26] Challenges and Strategic Adjustments - The company faces uncertainties related to equipment maintenance and repairs, which may affect production capacity in 2025 [16][26] - The strategy for 2025 includes adjusting the product mix towards high-value products and expanding customer reserves, particularly in the fields of aluminum hydroxide polishing and third-generation semiconductor packaging materials [25] Conclusion - Tianma New Materials is positioned for growth in 2024 and 2025, driven by strong demand in the electronic ceramics market and strategic adjustments to product offerings and production capacity. However, the company must navigate challenges related to raw material costs and production uncertainties.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a growth of 221% year-on-year for 2024, driven by strong sales in electronic ceramics and high-pressure electrical powder products [8] - The company is entering a new capacity release cycle in 2025, with an additional 60,000 tons of capacity, including 50,000 tons for electronic ceramics and glass, which is expected to enhance profitability [8] - The ongoing research and development efforts are yielding results, particularly in high-performance chip packaging materials, which will help the company expand into high-end application markets [8] - The company is expected to enter a phase of high-quality rapid development due to strong growth in downstream market demand [8] Financial Summary - Total revenue for 2024 is projected at 2.55 billion yuan, a year-on-year increase of 34.99% [8] - The net profit attributable to shareholders for 2024 is expected to be 0.39 billion yuan, reflecting a year-on-year growth of 221.44% [8] - Earnings per share (EPS) for 2024 is forecasted at 0.37 yuan, with corresponding P/E ratios of 91.53, 61.87, and 48.41 for 2025 and 2026 [1][9] - The company plans to invest 11.01 million yuan in R&D in 2024, a 23.25% increase from the previous year [8]