Group 1 - The core viewpoint of the report is that the company, Nengzhiguang (920056.SH), is rated positively due to the rapid growth of the high polymer additives and functional polymer materials industry globally [1] - The downstream application fields for the company's products are extensive, with strong demand across various sectors [1] - The company possesses significant advantages in technology research and development, product quality, and market expansion [1]

Core Viewpoint - The company Nengzhiguang is set to issue shares at a price of 7.21 yuan per share, with a total of 14.78 million shares to be issued, aiming to raise approximately 1.07 million yuan for expansion and R&D projects, which is significantly lower than the industry average P/E ratio [1][4]. Company Overview - Nengzhiguang was established in September 2001 and is headquartered in Ningbo, Zhejiang Province. The company specializes in the R&D, production, and sales of polymer additives and functional polymer materials, serving various end markets including automotive, electronics, and photovoltaic components [4][13]. - The major shareholder is Ningbo Weili Te, holding 26.46% of the shares, with Zhang Farou as the actual controller, possessing 51.13% of the voting rights [4]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 5.56 billion yuan, 5.69 billion yuan, and 6.11 billion yuan respectively, with net profits of 21.86 million yuan, 49.81 million yuan, and 55.94 million yuan [4][5]. - The gross profit margin has improved from 12.03% in 2022 to 17.05% in 2024, attributed to increased sales of high-margin products and cost optimization [9][10]. - R&D investment as a percentage of revenue has increased from 1.86% in 2022 to 2.16% in 2024, indicating a focus on innovation [12]. Market Context - The global polymer materials additives market was valued at approximately 110.3 billion USD in 2021, with a compound annual growth rate (CAGR) of 21.65% from 2013 to 2021, reflecting rapid growth in the industry [13]. - The industry is characterized by high competition, with numerous domestic and international players, including established giants like Mitsui Chemicals and Dow Chemical, posing challenges for Nengzhiguang [15].

Core Viewpoint - The company is set to launch an IPO with a price of 7.21 yuan, aiming to expand its production capacity in functional polymer materials and establish a research and development center [2][3]. Group 1: Company Overview - The company is one of the early domestic enterprises to achieve the localization of compatibilizers, which are widely used in various applications [2]. - Its products are utilized in modified plastics, composite materials, cables, electronics, construction materials, barrier packaging, and photovoltaic modules [2]. - The company has established a client base that includes well-known domestic enterprises such as Jinfa Technology, Pulit, Wanma Co., and China General Nuclear Power Group, while also expanding its reach to global leaders in the industry [3]. Group 2: Financial Performance - The company reported revenue of 610.5 million yuan in 2024, reflecting a growth of 7.26% compared to 2023, which had revenue of 569.2 million yuan, up by 2.44% from 2022's 555.6 million yuan, which grew by 5.02% [3]. Group 3: Investment and Use of Proceeds - The funds raised from the IPO will be directed towards expanding production capacity for functional polymer materials and constructing a research and development center [3].

8月13日，可申购北交所的能之光（920056.BJ）。该公司是一家从事高分子助剂及功能高分子材料的研 发、生产和销售，为客户提供不同性质材料间相容或粘合所需的高分子材料及解决方案的高新技术企 业，同时也是国家级专精特新"小巨人"企业。 | 今日申购 | | | | | --- | --- | --- | --- | | 920056.BJ 能之光 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 7.21 | | 4.66 | 其他塑料制品制造 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 11.28 | 23.01 | 鹿山新材 | 484.68 | | 业绩情况 | | | | | 7.0 | | | 150% | | 6.0 5.0 | | | 100% | | 4.0 | | | 50% | | 3.0 | | | 0% | | 2.0 1.0 | | | -50% | | 0.0 | | | -100% | | 2021年 | 2022年 | 2023年 | 2024年 | | 归母浄利润（亿元） | | ** ...

Core Viewpoint - The company Nengzhiguang (920056.BJ) is set to be publicly offered on the Beijing Stock Exchange, focusing on the research, production, and sales of polymer additives and functional polymer materials, and is recognized as a national-level specialized and innovative "little giant" enterprise [1][2]. Group 1: Company Overview - Nengzhiguang specializes in high polymer additives and functional polymer materials, providing solutions for compatibility and adhesion between different types of materials [1][2]. - The company operates primarily in the other plastic products manufacturing industry, with a market capitalization of 4.66 billion yuan and an issuance price of 7.21 yuan per share [2]. - The company’s main revenue source is polymer additives, which accounted for 94.21% of its total revenue in 2024, with projected revenues of 5.75 billion yuan from polymer additives and 0.28 billion yuan from functional polymer materials [3]. Group 2: Financial Performance - Nengzhiguang's net profit for the years 2020 to 2024 (in million yuan) is projected to be 21.46, 17.80, 15.80, 43.18, and 50.80 respectively, indicating significant fluctuations in performance [4]. - The company experienced a decline in net profit in 2021 and 2022 due to rising raw material prices and increased manufacturing costs, but anticipates recovery in 2023 and 2024 as raw material prices decrease and operational efficiencies improve [4]. Group 3: Client Base and Market Position - Nengzhiguang has a diverse client base, including well-known domestic companies such as Jinfakeji and Pulite, as well as global leaders like LG and BASF, with the top five clients contributing approximately 20% to total sales [3]. - The company employs a direct sales model, primarily serving production clients, and maintains a certain level of inventory based on sales forecasts and historical data [3].

招股书显示，本次募集资金将主要用于功能高分子材料扩产及研发中心建设。本次功能高分子材料扩产项目是针对现有低VOC功能化材料、粘合树脂和功 能复合材料的扩产项目，能够有效解决当前面临的问题，保障公司可持续发展，进一步提升规模化生产能力。研发中心建设项目在现有公司经营的基础上升 级技术研发平台，为公司提供现阶段发展规模相适应的技术支持以及符合战略方向的技术与产品储备，使公司在新材料领域获得更多应用方向，从而丰富产 品线。 据招股书，能之光是从事高分子助剂及功能高分子材料的研发、生产和销售的高新技术企业，是国家级专精特新"小巨人"企业。公司以高分子材料接枝改性 技术为基础，深耕相容剂、增韧剂和粘合树脂等功能高分子产品，自主研发出了300多个牌号的产品，为客户提供不同性质材料间相容或粘合所需的高分子 材料及解决方案。产品应用于改性塑料、复合材料和高分子功能膜等材料，应用领域覆盖汽车、线缆、电子电器、复合建材、阻隔包装、光伏组件等多个终 端市场。公司拥有良好的研发能力，截至招股说明书签署日，公司自主研发取得发明专利授权51项。 在服务客户的过程中，利用自身技术优势持续为客户提供性能稳定的产品和解决方案以及良好的服务，赢 ...

Group 1 - The company is rated as a "small giant" enterprise specializing in high polymer additives and functional polymer materials, with a focus on expanding production capacity for functional polymer materials [2][12] - The initial offering price is set at 7.21 CNY per share, with an issuance price-to-earnings ratio of 10.24X, and the subscription date is August 13, 2025 [3][6] - The company plans to invest the net proceeds from the offering into a "functional polymer material expansion project" and a "research and development center construction project," aiming to increase annual production capacity of functional polymer materials by 30,000 tons [10][11] Group 2 - In 2024, high polymer additives are expected to account for 94.2% of total revenue, with major global clients including LG and BASF [12][30] - The revenue from high polymer additives in 2024 is projected to be 575 million CNY, reflecting a year-on-year increase of 6%, while functional polymer materials are expected to generate 28 million CNY [25][30] - The company has maintained a stable customer concentration, with the top five customers accounting for approximately 20% of total sales from 2022 to 2024 [26][28] Group 3 - The high polymer additives industry is experiencing rapid growth, driven by strong downstream demand, with the global market capacity for polymer additives estimated at approximately 110.3 billion USD in 2021, growing at a compound annual growth rate of 21.65% from 2013 to 2021 [35][39] - The plastic additives market in China is projected to reach 9.78 billion USD by 2026, with a compound annual growth rate of 4.78% [41][39] - The demand for modified plastics in China is expected to reach approximately 22.84 million tons in 2023, representing a year-on-year growth of 8% [50][51]

北交所新股申购报告 新 股 研 究 北 交 所 新 股 申 购 相关研究报告 《吉冈精密收购帝柯国际，加速全球 化布局与产业链协同—北交所策略并 购专题报告》-2025.8.11 《氮化硅材料性能优异，下游应用广 泛，关注北交所天马新材—北交所策 略专题报告》-2025.8.10 《2025Q2 北交所券商评价透视：7 巨 头稳居前十，特色券商差异深挖+合并 券商跻入—北交所策略专题报告》 -2025.8.10 能之光（920056.BJ）:高分子助剂小巨人，国产替代瞄向光伏/汽车改性材料 ——北交所新股申购报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 高分子助剂及功能高分子材料国家级"小巨人"，净利 3 年 60%CAGR 公司是从事高分子助剂及功能高分子材料的研发、生产和销售的高新技术企业， 是国家级专精特新"小巨人"企业。公司还是 2019 年获浙江制造精品荣誉及宁 波市单项冠军示范企业，2020 年获浙江省"隐形冠军"企业及浙江省企业研究 院，2022 年获国家知识产权优势企业。公司以高分子材料接枝改性技术为基础， 深耕相容剂、增韧剂和粘合树脂等 ...

Group 1 - The core viewpoint of the report is that Nengzhiguang (920056.SH) is expected to generate 94.2% of its total revenue from polymer additives in 2024, indicating a strong market position with leading global clients such as LG and BASF [1] - The polymer additives industry is experiencing rapid growth, driven by strong downstream demand [1] - The report suggests investors pay attention to the stock, indicating a positive outlook for the company [1]

Group 1 - The company Nengzhiguang (920056.SH) is recognized as a national-level "little giant" in the polymer additives and functional polymer materials sector, with a net profit CAGR of 60% over the past three years [2] - The demand for polymer materials is increasing year by year, providing significant growth opportunities for domestic replacement enterprises [2] - The average PE (TTM) of comparable companies is 95.44X, indicating that the company has stronger research capabilities compared to its peers [2]