Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights the company's robust revenue growth in the first half of 2025, driven by the expansion of its electronic materials business, and maintains a "Buy" rating [2][6] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 4.293 billion, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of RMB 522.79 million, a slight increase of 0.63% year-on-year [9][10] - The second quarter of 2025 saw revenue of RMB 2.175 billion, up 32.76% year-on-year, while the net profit attributable to shareholders decreased by 4.06% to RMB 262.52 million [11] Revenue Breakdown - The electronic materials segment generated revenue of RMB 2.573 billion in the first half of 2025, reflecting a year-on-year growth of 15.37% [9] - The LNG insulation board segment reported revenue of RMB 1.165 billion, a significant increase of 62.34% year-on-year [9] Profitability Metrics - The company's gross margin for the first half of 2025 was 31.82%, down 2.34 percentage points year-on-year, while the net margin was 13.29%, down 3.00 percentage points year-on-year [9] - The company expects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share of RMB 2.49, RMB 3.23, and RMB 4.08 [6][14] Market Position - The company is positioned as a leading supplier in the domestic display photoresist industry, with ongoing development of key raw materials for color photoresists [9] - The report notes the establishment of dual R&D departments in China and South Korea to enhance the development of advanced semiconductor materials [9] Future Outlook - The company is optimistic about the continued expansion of its electronic materials business and maintains its "Buy" rating based on strong growth prospects [2][6]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 内容摘要 本篇报告解决了以下核心问题： 1、AI应用驱动PCB景气上行，研究梳理了高端PCB对更高性能的PCB材料的未来需求；2、研究分析了目前各类电子树脂的特性、 下游需求、生产企业；3、研究整理了高性能硅微粉的应用现状以及未来的市场趋势和空间。 AI驱动PCB行业景气上行，PCB有望实现量价齐升。 PCB是现代电子设备的核心基础元件，2024年以来随着AI应用的加速演进、下游终端消费电子、5G、服务器 等需求的蓬勃发展，PCB行业重新进入景气上行周期，AI应用有望驱动PCB量价齐升。其中， HDI、18+层多层板受益于5G、AI服务器等终端需求量的高速增长， 将迎来需求的高增 ；据Prismark预测， 2024-2029年HDI、18+层多层板全球产值CAGR预计分别达6.4%、15.7% 。 覆铜板是PCB的核心基材，向 高频高速方向发展 ；其中 铜箔、树脂、玻纤布是关键原材料 。 据中商情报网（2025/05），覆铜板是制造PCB的核心材料，在PCB成 本结构中占比约27%；其中，铜箔、树脂、玻纤布三大主 ...

Core Viewpoint - The article discusses the growth and dynamics of the PCB (Printed Circuit Board) industry, particularly focusing on the demand for high-frequency and high-speed PCBs driven by advancements in AI servers and other electronic applications [6][21]. PCB Industry Overview - PCB serves as a crucial electronic interconnect component, connecting various electronic parts to form predetermined circuits [7]. - The upstream of PCB includes raw materials such as copper foil, fiberglass cloth, and resin, while the downstream encompasses various electronic products including communication devices, consumer electronics, and automotive applications [8]. Copper Clad Laminate (CCL) Insights - CCL is identified as the core intermediate product for PCB manufacturing, providing essential functions of conductivity, insulation, and support [10]. - The cost structure of PCB indicates that direct costs account for nearly 60%, with CCL representing the highest cost share at 27.31% [15]. Performance Metrics of CCL - Electrical performance is highlighted as a core indicator for CCL quality, impacting PCB performance, manufacturing costs, and long-term reliability [16]. - High-frequency and high-speed PCBs are increasingly utilized in applications such as 5G base stations and AI server GPU clusters, with signal transmission rates exceeding 112 Gbps [16]. Market Demand for High-End PCBs - The global AI infrastructure market is projected to grow significantly, with the market size expected to reach $124.03 billion by 2033, driven by rapid AI application deployment [25]. - AI server shipments are anticipated to rise sharply, with a forecasted shipment of 213.1 million units in 2025, reflecting a year-on-year growth of 27.6% [24]. Upgrading Server Requirements - The demand for PCBs is increasing as ordinary servers upgrade their specifications, necessitating higher performance CCLs [31]. - The global server shipment is expected to grow from 13.6 million units in 2020 to 16.3 million units by 2025, with a compound annual growth rate of 4.15% [31]. Market Growth Projections - The PCB market is projected to experience substantial growth, particularly in the server segment, with a compound annual growth rate of 11.6% from 2023 to 2028 [37]. - The high-end CCL market is expected to expand rapidly, with projections indicating a market size increase from under $4 billion to over $6 billion between 2024 and 2026, reflecting a compound annual growth rate of 28% [37]. Competitive Landscape - Japanese and Taiwanese companies hold significant advantages in the high-end CCL market, with major players like Panasonic and Rogers leading in high-frequency and high-speed CCL technology [38]. - The market for rigid special CCL is dominated by a few key players, with 13 companies accounting for approximately 93% of global sales [38].

Key Points Summary - The article emphasizes the critical role of packaging materials in the integrated circuit industry, accounting for 40%-60% of total packaging costs, and highlights the urgent need for domestic alternatives due to foreign monopolies in high-end materials [3][6]. Group 1: Importance of Materials - Packaging materials are a key bottleneck in the development of the integrated circuit industry, comprising 40%-60% of total packaging costs [3][6]. Group 2: Urgency for Domestic Alternatives - High-end materials are dominated by Japanese and American companies, with low domestic production rates: photoresists (<2%), PSPI (93% by four foreign companies), and silicon powder (70% by Japanese companies) [3]. - The "Made in China 2025" policy is driving local companies to achieve technological breakthroughs, such as Dinglong Co. and Shanghai Xinyang [3]. Group 3: High-Growth Segments - Photo-sensitive materials: The global PSPI market is expected to grow at a CAGR of 25.16%, reaching $2.032 billion by 2029; the Chinese market for photoresists is projected to reach $5.95 million by 2025 [3][18]. - Epoxy molding compounds (EMC): The global market is expected to reach $9.9 billion by 2027, with advanced packaging EMC growing even faster [3]. - Silicon powder: The Chinese market is projected to grow at a CAGR of 22.3%, reaching $5.5 billion by 2025 [3]. - Electroplating and polishing liquids: Global copper electroplating liquids are expected to grow at a CAGR of 10.79%, while CMP polishing liquids in China are expected to grow at 15% [3]. Group 4: Core Materials and Technical Barriers - Photo-sensitive materials: PSPI and BCB are mainstream media for wafer-level packaging, with PSPI being a trend [3]. - Temporary bonding adhesives and underfill materials are critical for 3D packaging, with a market CAGR of 8.2% [3]. - TSV materials are dominated by foreign companies, with the highest cost share (34% for temporary bonding and electroplating) [3]. Group 5: Key Domestic Enterprises - Key players in photo-sensitive materials include Dinglong Co. (mass production of PSPI) and Qiangli New Materials (in certification phase) [3]. - In epoxy molding compounds, Huahai Chengke and Hengsu Huawai are notable companies [3]. - For silicon powder, Lianrui New Materials is focusing on domestic alternatives [3]. - In photoresists and electroplating liquids, Shanghai Xinyang and Tongcheng New Materials are key players [3]. - The fields with low domestic production rates (under 10%) include photoresists, PSPI, spherical silicon powder, and TSV materials, indicating significant replacement potential [3]. Group 6: Investment Logic - Focus on high-growth areas (PSPI, silicon powder), high barriers (photoresists), and high domestic replacement potential (EMC, electroplating liquids) [3].

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry, indicating a positive outlook for the sector over the next six months [1]. Core Insights - The advanced packaging sector is crucial for the development of domestic computing power, with significant growth expected due to rising demand for advanced packaging technologies such as CoWoS and Fan-out [4]. - The report highlights the strong performance of ASMPT in Q2, driven by robust demand in China, with a 50% year-on-year increase in TCB orders, indicating a recovery in domestic advanced packaging demand [4]. - The report suggests that domestic computing power is likely to replicate the rapid growth seen in overseas markets, particularly in AI applications, positioning advanced packaging as a foundational element for this growth [4]. Summary by Sections Industry Trends - The report notes a projected increase in the electronic industry, with a focus on advanced packaging technologies that are essential for GPU, CPU, and base station applications [4]. - The importance of domestic advanced packaging supply is emphasized, especially in light of constraints in Taiwan's advanced packaging capacity [4]. Investment Recommendations - The report recommends focusing on leading companies in advanced packaging, including Shenghe Jingwei, Changdian Technology, Tongfu Microelectronics, and Yongxi Electronics, as well as materials and equipment suppliers like Qiangli New Materials and Jingzhida [4].

Core Viewpoint - The article discusses the various applications and requirements of quartz sand in different industries, highlighting the significance of SiO2 content and the impact of raw material availability on supply and demand dynamics. Group 1: Quartz Sand Composition and Requirements - Different industries have varying requirements for the composition, granularity, and sphericity of quartz sand, with SiO2 content above 99.99% primarily used in high-purity quartz glass and silicon micro-powder, necessitating strict impurity limits [1] - Quartz sand with SiO2 content between 99.9% and 99.99% is used in high-end silicon micro-powder and photovoltaic glass, with supply currently in a "tight balance" state [1] - Quartz sand with SiO2 content below 99.9% is utilized in bulk applications such as flat glass and ceramics, where supply is currently abundant [1] Group 2: Types of Quartz Raw Materials - Various types of quartz raw materials include vein quartz, quartz sandstone, quartzite, natural quartz sand, and others, each with distinct characteristics and applications [5][6][7] - Vein quartz typically has a high SiO2 content exceeding 98% and is used for high-value products like high-end glass and silicon micro-powder [5] - Quartz sandstone, formed from weathered source rocks, generally has a SiO2 content above 90% and is widely used in glass and ceramics [6] - Natural quartz sand has a SiO2 content greater than 90% and is primarily used in metallurgy and ceramics [7] Group 3: Applications of Quartz in Various Industries - The glass industry is the largest consumer of quartz resources, with significant applications in construction, automotive, and medical fields, consuming approximately 3,406 million tons of quartz sand in 2021 [10][11] - The casting sand sector is the second-largest consumer, with an annual consumption of about 3,300 million tons, primarily sourced from quartz sandstone and natural quartz sand [13] - Industrial silicon, produced from quartz and carbon reductants, is crucial for downstream industries like photovoltaics and semiconductors, with a production of 261 million tons in 2021 [14] - Silicon micro-powder, derived from quartz, is widely used in electronics and construction, with a total production of 600,000 tons in 2021 [15] Group 4: High-Purity Quartz Applications - High-purity quartz is essential for high-tech products in industries such as semiconductors and photovoltaics, with applications including quartz crucibles and optical instruments [20][21] - In the photovoltaic sector, high-purity quartz is used to produce quartz crucibles for multi-crystalline silicon, which are critical for high-temperature processes [21][23] - The fiber optic industry relies on quartz glass as a fundamental material for fiber optic preform production, which is vital for communication networks [24]

Group 1: Quartz Sand Characteristics and Applications - Different industries have varying requirements for the composition, granularity, and sphericity of quartz sand, with high-purity quartz sand (SiO2 content > 99.99%) primarily used in high-purity quartz glass and silicon micro-powder, which have strict impurity content requirements [1] - Quartz sand with SiO2 content between 99.9% and 99.99% is mainly used in high-end silicon micro-powder, sodium silicate, photovoltaic glass, and high-grade glass, with supply currently in a "tight balance" state [1] - Quartz sand with SiO2 content below 99.9% is utilized in bulk applications such as flat glass, casting, metallurgy, refractory materials, ceramics, fracturing sand, water treatment, and construction materials, where supply is currently abundant [1] Group 2: Types of Silica Raw Materials - Various types of silica raw materials include vein quartz, quartz sandstone, quartzite, natural quartz sand, powdered quartz, crystal, and granite pegmatite, each with distinct characteristics and applications [5][6][7] - Vein quartz typically has a high SiO2 grade (> 98%) and is used for high-end glass and high-purity quartz products, while quartz sandstone is widely used in glass, ceramics, metallurgy, and refractory materials due to its high-grade and large-scale availability [6][7] - Natural quartz sand has a SiO2 grade > 90% and is primarily used in metallurgy, ceramics, and casting, while powdered quartz is used in wear-resistant materials and ceramics due to its high purity [7] Group 3: Quartz Applications in Various Industries - The glass industry is the largest consumer of quartz resources, with significant applications in construction, automotive, renewable energy, and medical fields, consuming approximately 3,406 million tons of quartz sand in 2021 [10][11] - The casting sand sector is the second-largest consumer of quartz resources, with an annual consumption of about 3,300 million tons, primarily sourced from quartz sandstone and natural quartz sand [13] - Industrial silicon, produced from quartz and carbon reductants, is crucial for the silicon-based new materials industry, with an estimated production of 2.61 million tons in 2021 [14] Group 4: High-Purity Quartz Applications - High-purity quartz is essential for high-tech products in strategic emerging industries, including semiconductors, photovoltaics, and aerospace, due to its excellent physical and chemical properties [20] - In the semiconductor field, high-purity quartz is used for quartz crucibles and other materials in the silicon wafer manufacturing process, with specific purity requirements for different applications [20][21] - The photovoltaic industry relies on high-purity quartz for producing quartz crucibles and ultra-white low-iron glass, which are critical for solar energy applications [21][22]

Investment Rating - The investment rating for the semiconductor industry is "Positive" (maintained) [1] Core Insights - The semiconductor industry is expected to see a recovery in downstream demand, leading to improved market conditions [3] - The domestic high-end semiconductor packaging and testing leader, Shenghe Jingwei, has entered the guidance acceptance stage for its IPO, focusing on mid-stage silicon wafer manufacturing and advanced packaging [3] - The global semiconductor packaging materials market is estimated to be approximately $21.98 billion in 2023, with a domestic localization rate of about 15% for semiconductor materials and less than 30% for packaging materials [4] Summary by Sections - **Shenghe Jingwei's IPO**: Shenghe Jingwei's IPO guidance status has changed to acceptance, with its 12-inch high-density bumping processing and packaging capabilities reaching world-class levels. The company is also developing advanced three-dimensional system integration chip business [3] - **Market Size and Localization**: The global semiconductor packaging materials market is valued at $21.98 billion, with significant portions allocated to various materials. The localization rate for semiconductor materials in China is around 15%, and for packaging materials, it is less than 30% [4] - **Key Materials and Beneficiaries**: Various materials critical to advanced packaging processes are identified, including electroplating solutions, PSPI, photoresists, polishing materials, masks, and target materials, with specific companies highlighted as beneficiaries [6]

【DT新材料】 获悉，4月27日， 雅克科技 发布了 2024年度报告 ，公司实现全年营业收入68.62亿元，同比上升44.84%；实现归母净利润8.72亿元， 同比上升50.41%；实现扣非归母净利润9.01亿元，同比上升61.36%。 华飞电子 的半 导体封装填充料及电子粉体材料 业务随着 半导体整体市场行情逐步复苏 ，销售收入较 2023 年有明显上涨。报告期内， CCL 及 球形 氧化铝 已实现突破，并向客户稳定供货； 亚微米球形二氧化硅 开发完成，设备稳定投产；华飞电子下属子公司 湖州雅克华飞电子材料有限公司 " 年 产 3.9 万吨半导体核心材料项目 "一期建设已经基本完成，并开始批量生产产品向华飞电子供应优质稳定的半成品。 报告期内，收益于国内 半导体晶圆产线新增 ，公司 半导体前驱体材料输送设备（LDS） 业务发展迅速。 公司通过收购 韩国SKC 集团 下 SKC-ENF Electronic Materials Limited 的 75.1% 股权，从而控制其下的南通子公司。 子公司雅克（南通） 主要从 事 半导体湿化学品显影液、蚀刻液和稀释剂 的生产和销售，产品质量在行业内处于领先水平。 ...

联瑞新材: 联瑞新材公司章程 第一章 总 则 第一条 为维护江苏联瑞新材料股份有限公司（以下简称"公司"）、股东 和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）及《上市公司章程指引》（以下简称"《章程指引》"）等有关规定， 制订本章程。 第二条 公司依照《公司法》和其他有关规定由连云港东海硅微粉有限责任 公司整体变更为股份有限公司。公司由连云港东海硅微粉有限责任公司股东广东 生益科技股份有限公司、李晓冬、江苏省东海硅微粉厂、曹家凯、王松周、阮建 军、姜兵、汪维桥、张加林、朱晓童、柏林、戴良桥以发起方式设立。 第三条 公司于 2019 年 10 月 16 日经中国证券监督管理委员会（证监许可 〔2019〕1924 号）同意注册，首次向社会公众公开发行人民币普通股 2,149.34 万股，于 2019 年 11 月 15 日在上海证券交易所上市。 第四条 公司注册名称 中文名称：江苏联瑞新材料股份有限公司 英文名称： Novoray Corporation。 第五条 公司住所：江苏省连云港市海州区新浦经济开发 ...