11月14日，国内UV光固化材料领域传来重磅消息——广东昊辉新材料股份有限公司正式向广东证监局提交上市辅导备案报告，开启资本化进程。 据悉，该公司已选定东莞证券作为辅导机构，标志着这家深耕特种聚合物领域十余年的"小巨人"企业正式向资本市场迈进。 | 辅导 对 象 广东昊辉新材料股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 成立日期 | | 2009 年 12月 29 日 | | | | 注册资本 | | 5,600.00 万元 | 法定代表人 | 郭常州 | | 注册地址 | | 广东省东莞市松山湖园区状元路 5 号 8 栋 301 室 | | | | 控 股 股 东 及持股比 | 广东昊辉实业有限公司/持股比例 71.4286% | | | | | 例 | | | | | | 行业分类 | | C26 化学原料和化学制品 | 在其他交易场 所(申请) 挂 | 元 | | | | 制造业 况 | 牌或上市的情 | | | 备 注 | | 元 | | | 据了解，该项目建筑面积12000平方米，占地面积12000平方米，主要是扩产有机硅胶项目、PVC胶项目 ...

Company Overview - Hubei Kaitian New Materials Co., Ltd. is located in Xiangyang, Hubei Province, and was established on September 3, 1998. The company was listed on January 8, 2010. Its main business involves the research, development, production, and sales of fine chemical products such as adhesives and automotive brake fluids [2]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 3.285 billion yuan, representing a year-on-year growth of 8.49%. The net profit attributable to the parent company was 216 million yuan, with a year-on-year increase of 32.38% [2]. - Since its A-share listing, the company has distributed a total of 871 million yuan in dividends, with 202 million yuan distributed over the past three years [3]. Stock Performance - As of November 12, the company's stock price decreased by 2.01%, trading at 12.19 yuan per share, with a market capitalization of 6.82 billion yuan. The stock has increased by 34.70% year-to-date, but has seen a decline of 3.56% over the last five trading days [1][2]. - The company experienced a net outflow of 465,000 yuan in principal funds, with large orders accounting for 11.09% of purchases and 12.88% of sales [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 37,900, up by 11.09% from the previous period. The average circulating shares per person decreased by 9.98% to 14,372 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 10.5937 million shares, a decrease of 4.1593 million shares from the previous period [3]. Business Segmentation - The company's main business revenue composition includes: organic silicone at 50.98%, polyurethane adhesives at 28.57%, other adhesives at 19.82%, and others at 0.63% [2]. - The company is classified under the Shenwan industry as basic chemicals - chemical products - organic silicone, and is involved in sectors such as photovoltaic glass, solar energy, new materials, lithium batteries, and solid-state batteries [2].

Core Viewpoint - BYD is expanding its adhesive production capacity through a new project in Guangdong, which is expected to enhance its supply chain and reduce reliance on foreign brands [2][3][9]. Group 1: Project Overview - The total investment for the adhesive production project is 74.52 million yuan, with implementation planned from November 2025 to July 2026 [3]. - The project will cover an area of 12,000 square meters and aims to produce 25,000 tons of silicone encapsulant, 10,000 tons of PVC adhesive, and 40,000 tons of polyurethane adhesive annually [3]. Group 2: Company Background - The project is being developed by Shantou BYD Industrial Co., Ltd., a wholly-owned subsidiary of BYD, established in October 2016 with a registered capital of 50 million yuan [4]. - In addition to the adhesive project, this subsidiary is also involved in paint projects [4]. Group 3: Related Projects - In July, the special functional interface materials project by Shantou BYD was completed with an investment of 12.5 million yuan, designed to produce 1,460 tons of insulation powder coatings and special light-curing coatings annually [5]. - A water-based paint project with a total investment of 6 million yuan has also been completed, with an annual production capacity of 4,000 tons for both water-based and fireproof coatings [6]. Group 4: Strategic Investments - In May, BYD became the second-largest shareholder of Chongqing Huahui Coating Co., Ltd., which specializes in automotive coatings [7]. - Huahui's products include original factory coatings for vehicles and have established partnerships with several domestic automakers, enhancing BYD's supply chain [8]. Group 5: Future Plans - BYD plans to invest in a paint research and development center to create higher-performance coatings tailored to its needs [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [10] Core Views - The company reported a significant year-on-year increase in performance for the first three quarters of 2025, with revenue reaching 3.285 billion yuan, up 8.49%, and net profit attributable to shareholders at 216 million yuan, up 32.38% [1] - The product structure is continuously optimized, with rapid growth in the automotive and electronics sectors, contributing to improved profitability [2][3] - The company’s gross profit margin increased by 4.59 percentage points year-on-year to 22.88%, indicating enhanced profitability [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.285 billion yuan, with a net profit of 216 million yuan and a non-recurring net profit of 182 million yuan, reflecting year-on-year increases of 32.38% and 60.37% respectively [1] - In Q3 2025, the company recorded a revenue of 1.117 billion yuan, a 10.02% increase year-on-year, and a net profit of 73 million yuan, up 179.06% year-on-year [1] - The company’s sales gross margin improved to 22.88%, with a net profit margin of 6.57%, up 1.18 percentage points year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 4.437 billion yuan, 5.065 billion yuan, and 5.699 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 11.24%, 14.16%, and 12.52% respectively [3] - Net profit attributable to shareholders is projected to be 230 million yuan, 311 million yuan, and 406 million yuan for the same years, with growth rates of 126.08%, 34.89%, and 30.79% respectively [3]

Core Insights - On October 16, Hubei Kaitian New Materials Co., Ltd. experienced a stock decline of 2.73%, with a trading volume of 332 million yuan [1] - The company reported a financing buy-in of 48.02 million yuan and a financing repayment of 59.85 million yuan, resulting in a net financing outflow of 11.83 million yuan on the same day [1] - As of October 16, the total balance of margin trading for the company was 459 million yuan, which accounts for 6.99% of its circulating market value, indicating a high level of financing [1] Financing and Margin Trading - The financing buy-in for Hubei Kaitian on October 16 was 48.02 million yuan, with a current financing balance of 459 million yuan, exceeding the 90th percentile level over the past year [1] - In terms of securities lending, there were no shares repaid or sold on October 16, with a lending balance of 0.00 yuan, indicating a low level of short selling activity [1] Company Overview - Hubei Kaitian New Materials Co., Ltd. was established on September 3, 1998, and went public on January 8, 2010 [1] - The company's main business includes the research, development, and production of fine chemical products such as adhesives and automotive brake fluids [1] - The revenue composition of the company is as follows: silicone rubber 50.98%, polyurethane adhesive 28.57%, other adhesives 19.82%, and others 0.63% [1] Financial Performance - As of June 30, the number of shareholders for Hubei Kaitian was 34,100, a decrease of 11.30% from the previous period [2] - The average number of circulating shares per person increased by 12.74% to 15,966 shares [2] - For the first half of 2025, the company achieved a revenue of 2.168 billion yuan, representing a year-on-year growth of 7.72%, and a net profit attributable to shareholders of 143 million yuan, up 4.18% year-on-year [2] Dividend Distribution - Since its A-share listing, Hubei Kaitian has distributed a total of 871 million yuan in dividends, with 202 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 14.75 million shares, an increase of 2.15 million shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Hubei Kaitian New Materials Co., Ltd. experienced a decline in stock price and significant changes in financing activities on September 17, with a net financing outflow of approximately 1.19 million yuan [1] - As of September 17, the total financing and securities balance for Hubei Kaitian was 383 million yuan, accounting for 6.22% of its market capitalization, indicating a high level of financing compared to the past year [1] - The company reported a total revenue of 2.168 billion yuan for the first half of 2025, representing a year-on-year growth of 7.72%, and a net profit attributable to shareholders of 143 million yuan, which is a 4.18% increase year-on-year [2] Group 2 - Hubei Kaitian has distributed a total of 871 million yuan in dividends since its A-share listing, with 202 million yuan distributed over the past three years [3] - As of June 30, 2025, the number of shareholders for Hubei Kaitian decreased by 11.30% to 34,100, while the average circulating shares per person increased by 12.74% to 15,966 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 14.75 million shares, an increase of 2.15 million shares compared to the previous period [3]

Core Viewpoint - In the first half of 2025, the company demonstrated steady growth with a revenue increase of 7.72% year-on-year, driven by significant sales growth in its main products, particularly in the adhesive sector and lithium battery applications [1][2]. Financial Performance - The company achieved a revenue of 2.168 billion yuan in H1 2025, with a net profit attributable to shareholders of 143 million yuan, reflecting a year-on-year increase of 4.18% [1]. - The company's gross profit margin improved to 22.46%, up by 3.38 percentage points year-on-year, while the net profit margin slightly decreased to 6.66% [1]. - In Q2 2025, the company reported a revenue of 1.097 billion yuan, a 5.15% year-on-year increase, and a net profit of 61 million yuan, marking a 6.18% increase year-on-year [1]. Product Sales and Market Performance - The sales volume of adhesive products reached approximately 160,000 tons in H1 2025, representing a year-on-year growth of 25.56% [2]. - In the automotive sector, the company saw a doubling of sales in thermal conductive structural adhesives and stable deliveries of negative electrode adhesives, significantly increasing its market share [2]. - The electronic business segment experienced a 29% year-on-year increase in product sales, driven by efforts to penetrate traditional markets and new capacity releases [2]. - In the photovoltaic sector, the company achieved a 9.3% year-on-year increase in sales of photovoltaic adhesives, maintaining a leading market position [2]. R&D and Innovation - The company initiated 22 key R&D projects in H1 2025, with 14 projects entering mass production, focusing on new adhesive technologies [3]. - The company secured 6 new invention patents and filed 11 additional applications, demonstrating a commitment to innovation and sustainable development [3]. Future Outlook - The electronic business is expected to continue its growth trajectory, with a focus on high-end products and increased capacity utilization, currently at approximately 75% [4]. - Revenue projections for 2025-2027 are estimated at 4.648 billion, 5.217 billion, and 5.803 billion yuan, with net profits of 235 million, 320 million, and 396 million yuan respectively, indicating a positive growth outlook [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company achieved a revenue of 2.168 billion yuan in the first half of 2025, representing a year-on-year growth of 7.72%. The net profit attributable to shareholders was 143 million yuan, up 4.18% year-on-year, while the net profit after deducting non-recurring items increased by 24.64% to 118 million yuan [1][4]. - The product structure has been continuously optimized, with significant sales growth in the automotive and electronics sectors, leading to a recovery in gross margins. Revenue from the photovoltaic sector decreased, while revenue from the transportation and electronics sectors increased significantly [2][3]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.097 billion yuan, a year-on-year increase of 5.15% and a quarter-on-quarter increase of 2.42%. The net profit for the quarter was 60.98 million yuan, reflecting a year-on-year growth of 6.18% but a quarter-on-quarter decrease of 25.21% [1]. - The company’s revenue breakdown for H1 2025 includes 768 million yuan from photovoltaic, 651 million yuan from transportation, 376 million yuan from electronics, and 219 million yuan from flexible packaging, with respective year-on-year changes of -18%, +34%, +23%, and +15% [2]. Product Development and Innovation - The company has focused on technological innovation, launching 22 key R&D projects in H1 2025, with 14 projects entering mass production. High-value-added products in the electronics sector have begun bulk supply to customers [3]. - The company is also expanding its production capacity, with a project for lithium battery electrode adhesive expected to complete its second phase by the end of 2026 [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward due to increased expenses, with expected net profits of 208 million yuan, 274 million yuan, and 357 million yuan for the respective years [4][5]. - The report anticipates a recovery in profitability driven by product structure optimization and the introduction of high-value new products [4].

Core Viewpoint - The company reported a revenue of 2.168 billion yuan for the first half of 2025, marking a year-on-year growth of 7.72%, and a net profit attributable to shareholders of 143 million yuan, up 4.18% year-on-year [2] Group 1: Financial Performance - The company's main adhesive product sales reached approximately 160,000 tons, representing a year-on-year increase of 25.56% [2] - The revenue from the transportation sector was about 650 million yuan, showing a year-on-year growth of approximately 34% [3] - The electronic and electrical business saw a product sales increase of about 29% year-on-year [3] Group 2: Product Development and Market Expansion - The company has a total production capacity of 260,000 tons for silicone adhesives, 80,000 tons for polyurethane adhesives, and 35,000 tons for other adhesives, along with a solar cell backsheet capacity of 120 million square meters [2] - The company achieved a doubling of sales in thermal conductive structural adhesives and stable mass delivery of negative electrode adhesives, significantly increasing market share in the lithium battery sector [2] - The company invested approximately 85.22 million yuan in R&D, a year-on-year increase of 17.39%, with 22 new key R&D projects initiated [4] Group 3: Strategic Focus and Future Outlook - The company aims to explore market opportunities and product layouts in emerging fields such as low-altitude economy and AI, where stable mass supply has not yet been achieved [4] - The asset-liability ratio as of June 2025 was 54.19%, a decrease of 2.03 percentage points from the end of 2024, indicating improved financial stability [4] - The EBITDA interest coverage ratio improved to 6.55 times, up from 5.72 times at the end of 2024, reflecting stronger earnings relative to interest expenses [4]

Core Insights - The company reported a revenue of 2.168 billion yuan for the first half of 2025, representing a year-on-year growth of 7.72%, and a net profit attributable to shareholders of 143 million yuan, up 4.18% year-on-year [1] - The sales volume of the company's main adhesive products reached approximately 160,000 tons, marking a year-on-year increase of 25.56% [1] Group 1: Business Performance - The company's lithium battery business saw a significant breakthrough, with thermal conductive adhesive sales doubling and negative electrode adhesives achieving full production and sales [1] - In the passenger vehicle sector, collaboration with leading automotive companies deepened, resulting in over 30% growth in the passenger vehicle business [1] - The transportation sector generated approximately 650 million yuan in sales, reflecting a year-on-year growth of about 34% [1] Group 2: Industry Trends - The electronics sector exhibited structural recovery and differentiated growth, with product sales in the electronic and electrical business increasing by approximately 29% year-on-year [2] - In the photovoltaic industry, despite ongoing price pressures, the company achieved a 9.3% year-on-year increase in sales of photovoltaic adhesives through a dual strategy of "technical reserves + customer binding" [2] - The packaging adhesive business also saw a revenue increase of about 15% year-on-year [2] Group 3: Research and Development - The company invested approximately 85.22 million yuan in R&D during the reporting period, a year-on-year increase of 17.39%, with 22 new key R&D projects initiated [3] - Six invention patents were authorized, and 11 invention patents were applied for during the first half of the year, with new product sales revenue continuing to rise [3] - The company aims to explore market opportunities and product layouts in emerging fields such as low-altitude economy and AI, where stable mass supply has not yet been achieved [3]