Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [37]. Core Insights - The company, Tongyu New Materials, is recognized as a national-level specialized and innovative "little giant" with leading core technology in the industry. Its main business revenue primarily comes from MDI modified epoxy resin, with projected revenues of 1.193 billion CNY, 886 million CNY, and 952 million CNY for 2022, 2023, and 2024 respectively, reflecting growth rates of 25.95%, -25.70%, and 7.47% [1][26]. - The global PCB market is expected to reach nearly 100 billion USD by 2026, with China's rigid copper-clad laminate output increasing from 6.1 billion USD in 2014 to 13.9 billion USD in 2021, capturing 73.9% of the global market share [2][11]. - The company has achieved breakthroughs in multiple core technologies, holding 19 authorized invention patents, and has successfully broken foreign monopolies in key technologies such as DOPO modified epoxy resin [2][29]. Summary by Sections Industry Overview - The electronic resin industry is crucial for producing copper-clad laminates, semiconductors, and printed circuit board inks, with the global rigid copper-clad laminate market experiencing fluctuations due to macroeconomic conditions [10][11]. - China's electronic resin production has significant room for growth, particularly in high-performance specialty resins that meet environmental standards [14][19]. Company Profile - Tongyu New Materials focuses on the R&D, production, and sales of electronic resins, positioning itself as a leading supplier in the domestic high-end copper-clad laminate market. The company has developed a mature product system suitable for lead-free and halogen-free applications [20][25]. - The company’s revenue sources are diversified across five major product categories, with MDI modified epoxy resin consistently being the core revenue driver, accounting for over 30% of total revenue [26][29]. Financial Performance - The company reported revenues of 1.193 billion CNY in 2022, with a net profit of 188 million CNY, and forecasts a decline in net profit to 144 million CNY in 2024 [26][30]. - In the first half of 2025, the company achieved a revenue of 517 million CNY, a year-on-year increase of 19.98%, while net profit decreased by 11.81% [26][30]. Competitive Advantages - The company has established a strong market presence and technical capabilities, being recognized as a major supplier in the domestic high-end electronic resin market, with products integrated into the supply chains of leading companies like Kingboard Group and Unimicron Technology [3][29]. - The company operates automated production lines, ensuring stable production quality and rapid delivery, while also focusing on environmental compliance and sustainable development [30].

Group 1 - The core viewpoint of the news is that Tongyu New Materials has shown significant trading activity and financial performance, with a notable increase in financing and stockholder numbers [1][2]. - On August 22, Tongyu New Materials' stock rose by 3.13%, with a trading volume of 460 million yuan, and a net financing purchase of 12.21 million yuan [1]. - As of August 22, the total financing and securities balance for Tongyu New Materials was 211 million yuan, accounting for 9.91% of its circulating market value [1]. Group 2 - As of July 10, the number of shareholders for Tongyu New Materials reached 20,000, representing a significant increase of 285,485.71% compared to the previous period [2]. - For the first quarter of 2025, Tongyu New Materials reported a revenue of 276 million yuan, reflecting a year-on-year growth of 25.60%, while the net profit attributable to shareholders decreased by 4.43% to 33.15 million yuan [2].

Core Viewpoint - Tongyu New Materials (301630) has been listed on the Shenzhen Stock Exchange, focusing on the research, production, and sales of electronic resins primarily used in copper-clad laminate production [1][2]. Company Overview - The main business of Tongyu New Materials includes the development, production, and sales of electronic resins, with products such as MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2]. - Before the issuance, Zhang Chi served as the chairman and general manager, holding 11.9973 million shares, accounting for 39.99% of the total shares. Zhang Chi also indirectly controls 5.26% of the voting rights through Si Hui Zhao Yu, totaling 45.25% voting rights, making him the controlling shareholder [2]. Shareholder Agreement - Zhang Chi and Su Shiguo signed a "Joint Action Agreement" on December 9, 2021, confirming their consistent decision-making regarding the company's operations and significant matters since its establishment on December 23, 2015. In case of disagreement, Zhang Chi's opinion prevails [3]. - Su Shiguo, serving as the director and deputy general manager, holds 7.8397 million shares, representing 26.13% of the total shares before the issuance. Together, Zhang Chi and Su Shiguo control 71.38% of the voting rights, significantly influencing the board and major decisions [3]. Fundraising Details - The total amount raised from the issuance is 840 million yuan, with a net amount of 760.3783 million yuan, intended for the annual production project of 200,000 tons of electronic resins (Phase I) and to supplement working capital [4].

Company Overview - Tongyu New Materials has been deeply engaged in the electronic resin field for nearly 10 years, breaking the monopoly of international leading companies in the lead-free and halogen-free copper-clad laminate applicable electronic resin sector [2] - The company specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates, with products including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Industry Insights - The electronic resin industry is crucial as it is one of the three main raw materials for producing copper-clad laminates, which are fundamental materials for processing printed circuit boards (PCBs) [2] - The copper-clad laminate industry in mainland China has seen rapid growth, with the output value increasing from $6.1 billion in 2014 to $9.3 billion in 2023, benefiting from the global PCB industry shifting to mainland China [2] Financial Performance - The company achieved operating revenues of 1.193 billion yuan, 886 million yuan, and 952 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 25.95%, -25.70%, and 7.47% respectively [2] - The net profit attributable to the parent company for the same years was 188 million yuan, 164 million yuan, and 143 million yuan, with year-on-year growth rates of 38.98%, -12.51%, and -12.87% respectively [2] - In Q1 2025, the company reported operating revenue of 276 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 4.43% year-on-year [2] IPO Details - The company plans to issue 10 million new shares in its IPO, raising 840 million yuan, with the funds intended for a 200,000-ton electronic resin project and to supplement working capital [3] - The company is currently experiencing tight production capacity, with utilization rates exceeding 100% during the reporting period [3] Valuation and Market Performance - Tongyu New Materials has a certain valuation advantage, with an issuance price-to-earnings ratio of 23.7 times, compared to an average dynamic P/E ratio of 36.88 times for comparable companies [5] - If the company achieves the average valuation of comparable companies on its first trading day, it would require a 55.6% increase from its issuance price [5] - The issuance price of 84 yuan is relatively high, and similar new stocks with prices around this level have shown an average first-day increase of 85.36%, significantly lower than the average first-day increase of 291.59% for new stocks over the past year [5]

Group 1 - The company Tongyu New Materials (Guangdong) Co., Ltd. is set to launch its IPO on July 1, with a share price of 84.00 yuan and an issuance of 10 million shares [1] - The company aims to raise 1.3 billion yuan, with 1.2 billion yuan allocated for a 200,000-ton electronic resin project in Jiangxi and 100 million yuan for working capital [2][3] - The electronic resin project has a total investment of approximately 1.5 billion yuan and is expected to be completed by July 2024, with a production capacity of 152,000 tons per year [3] Group 2 - The company's revenue for 2022, 2023, and 2024 is projected to be approximately 1.193 billion yuan, 886 million yuan, and 952 million yuan, respectively, indicating a decline in 2023 followed by a slight recovery in 2024 [8] - Net profit for the same years is expected to be around 188 million yuan, 164 million yuan, and 143 million yuan, showing a continuous decrease [10] - In the first quarter of 2025, the company reported a net profit of 33.14 million yuan, a decrease of 4.43% year-on-year, despite a 25.60% increase in revenue [12][10] Group 3 - The company's R&D expenses as a percentage of revenue were 2.88%, 2.23%, and 1.25% for 2022, 2023, and 2024, respectively, which is lower than the industry average [14][15] - Management expenses have been significantly higher than R&D expenses, indicating a potential area for cost optimization [14] - The company attributes its lower R&D expense ratio to its focused business model and high conversion rate of R&D results [15]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. is preparing for its IPO on the ChiNext board, with a share price set at 84 yuan and a price-to-earnings ratio of 23.94 times, amid concerns over declining net profits and research and development (R&D) expenditures [3][4]. Financial Performance - The company reported revenues of 378.16 million yuan in 2020, 947.08 million yuan in 2021, 1.19 billion yuan in 2022, 886.25 million yuan in 2023, and 952.47 million yuan in 2024, with corresponding net profits of 39.99 million yuan, 135.27 million yuan, 188.00 million yuan, 164.48 million yuan, and 143.31 million yuan [4]. - R&D expenditures from 2022 to 2024 were 14.93 million yuan, 19.25 million yuan, and 21.60 million yuan, representing 1.25%, 2.17%, and 2.27% of revenue, respectively, which is significantly lower than the industry average of 4.15% and 4.06% for the same years [4]. R&D and Innovation - The company has been recognized as a high-tech enterprise since November 2017, with successful re-evaluations in 2020 and 2023, maintaining compliance with the necessary criteria [5]. - As of the end of 2022, the company had 30 R&D personnel, consistent with disclosures in its prospectus [6]. Patent Portfolio - Tongyu New Materials holds 17 patents, with 16 being invention patents, indicating a focus on innovation within its product offerings [7]. Customer Base and Sales - The top five customers accounted for 79.43%, 76.52%, and 68.75% of total revenue during the reporting period, with significant contributions from major clients such as Nanya Technology and Kingboard Chemical Holdings [8][11]. - There are discrepancies in reported sales contracts, particularly with Nanya Technology, raising questions about the accuracy of sales data disclosed in the prospectus [10][12].

Core Viewpoint - The IPO process of Tongyu New Materials (Guangdong) Co., Ltd. is accelerating, with plans to issue 10 million shares at a price of 84.00 yuan per share, focusing on expanding production capacity for electronic resins [1][2] Group 1: Company Overview - Tongyu New Materials is a domestic supplier of mid-to-high-end electronic resins, aiming to address the "bottleneck" issues in China's electronic information industry by providing key material support [1] - The company has established a solid competitive advantage through years of independent research and development, mastering a series of core technologies and production processes [2] Group 2: Product and Technology - The company has broken the monopoly of international leading enterprises in the field of lead-free and halogen-free electronic resins, particularly with its self-optimized DOPO modified epoxy resin, which significantly enhances the performance of copper-clad laminates [2] - Key technological breakthroughs in high-frequency and high-speed copper-clad laminate applicable electronic resins, such as benzoxazine resin and maleimide resin, are expected to fill domestic gaps in related applications [2] Group 3: Market Context and Future Prospects - The expansion plan of Tongyu New Materials is expected to accelerate the shift from long-term reliance on imports of high-end electronic resins, especially in the context of the "East Data West Computing" project and the rapid development of 6G technology [2] - As a high-tech enterprise and a national-level specialized and innovative "little giant," the company is poised to showcase China's determination and progress in the high-end electronic resin sector upon its market debut [2]

Group 1 - The article discusses the upcoming IPO of Tongyu New Materials (301630) on the ChiNext board, with a subscription limit of 10,000 shares per account and a minimum market value requirement of 100,000 yuan in the Shenzhen market [1] - The IPO price is set at 84 yuan per share, making it the third highest IPO price in the A-share market this year [1] - The company specializes in the research, production, and sales of electronic resins, which are crucial materials for the production of copper-clad laminates used in printed circuit boards (PCBs) [1] Group 2 - Tongyu New Materials is a leading supplier of electronic resins in the mid-to-high-end copper-clad laminate industry, serving notable clients such as Kingboard Group and Unimicron Technology [2] - The company's projected revenues for 2022, 2023, and 2024 are 1.193 billion yuan, 886 million yuan, and 952 million yuan, respectively, with net profits of 188 million yuan, 164 million yuan, and 143 million yuan [2] Group 3 - The funds raised from the IPO will be used to invest in a project with an annual production capacity of 200,000 tons of electronic resins and to supplement working capital [3] - Recent IPOs have shown strong market performance, with Guangxin Technology's stock price surging by 500% on its first trading day [3]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. is set to issue an initial public offering (IPO) of 10 million shares at a price of 84.00 yuan per share, with a diluted price-to-earnings (P/E) ratio of 23.94 times based on the 2024 net profit, which is lower than the industry average P/E ratio of 38.62 times as of June 26, 2025 [1][9][10]. Company Overview - Tongyu New Materials operates in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry, focusing on the research, production, and sales of electronic resins, primarily used in copper-clad laminate production [1][8][9]. - The company's product range includes MDI modified epoxy resins, DOPO modified epoxy resins, high-bromine epoxy resins, BPA phenolic epoxy resins, and phosphorus phenolic resin curing agents, which are essential components in modern electronic products [8][9]. Financial Metrics - The IPO price of 84.00 yuan per share corresponds to a diluted static P/E ratio of 23.94 times based on the lower of the non-recurring profit for 2024, which is significantly lower than the recent industry average static P/E ratio of 38.62 times [9][10][15]. - The rolling P/E ratio for the first four quarters (April 2024 to March 2025) is calculated at 24.00 times, also below the industry average rolling P/E ratio of 36.03 times [10][15]. Market Context - The average static P/E ratio for the C39 industry as of June 26, 2025, is 38.62 times, while the average rolling P/E ratio is 36.03 times, indicating that Tongyu's pricing is positioned favorably within the market context [9][10][15]. - The company has been compared with peers such as Dongcai Technology, Hongchang Electronics, and Shengquan Group, which have similar product lines and applications in the copper-clad laminate sector [11][12][13]. IPO Details - The IPO will be conducted through an online direct pricing method, with no lock-up arrangements for the shares, and is scheduled for July 1, 2025 [2][3]. - The total expected fundraising amount is 840 million yuan, with a net amount of approximately 760 million yuan after deducting estimated issuance costs [16][17].

Core Viewpoint - The company, Tongyu Advanced Materials (Guangdong) Co., Ltd, is planning to issue shares for listing on the ChiNext board, aiming to expand its production capacity of electronic resins, primarily used in copper-clad laminate production, to meet increasing customer demand and enhance domestic production levels [1][2][3]. Group 1: Company Overview - The main business of the company is the research, production, and sales of electronic resins, which are primarily applied in the production of copper-clad laminates [2][21]. - The company has a production capacity utilization rate of 100.04%, 105.93%, and 116.37% over the reporting periods, indicating a tight capacity situation [3][4]. - The company aims to enhance its production capacity significantly through the fundraising project, targeting an annual production capacity of 200,000 tons of electronic resins [3][17]. Group 2: Financial and Operational Goals - The funds raised will be used for the construction of the Jiangxi Tongyu New Materials Co., Ltd. project and to supplement working capital, which is crucial for resolving capacity bottlenecks and improving profitability [3][20]. - The company reported main business revenues of 119,243.27 million yuan, 88,604.31 million yuan, and 94,984.04 million yuan for the years 2022, 2023, and 2024 respectively, showing fluctuations in revenue [21][24]. Group 3: Market Position and Competition - The company is positioned in a growing market for high-performance electronic resins, with increasing demand driven by the upgrade of copper-clad laminate products towards lead-free and halogen-free options [17][24]. - The company has established long-term stable partnerships with leading manufacturers in the copper-clad laminate industry, such as Nan Ya Plastics, Kingboard Group, and others, enhancing its competitive position [24].