证券日报网讯新和成11月24日发布公告，在公司回答调研者提问时表示，公司致力于成为新材料行业的 生力军，重点发展高性能聚合物及关键中间体，适度发展材料下游应用，目前主要产品包括聚苯硫醚 （PPS）、高温尼龙（PPA）、IPDA、HDI、IPDI等，产品性能和品质可以达到国际先进水平。PPS具 有机械强度高、耐高温、耐化学药品性、热稳定性好、电性能优良、耐辐射和阻燃等优点，在新能源、 半导体、高端制造等领域的需求增长显著，公司PPS报批3万吨，公司PPS现有产能2.2万吨，后续公司 将结合公司战略规划和市场发展态势，稳步有序推进扩建产能项目建设。 （文章来源：证券日报） ...

Group 1: Company Overview - Zhejiang Xinhacheng Co., Ltd. focuses on fine chemicals, driven by innovation and competitive market strategies, forming a development system centered on nutritional products, flavors, high-performance new materials, and APIs [4] - The company has modern production bases in Zhejiang, Shandong, and Heilongjiang, adhering to integrated, systematic, and collaborative development strategies [4] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 16.642 billion, a year-on-year increase of 5.45% [4] - The net profit attributable to shareholders reached CNY 5.321 billion, reflecting a year-on-year growth of 33.37% [4] Group 3: Product Development and Capacity - The main amino acid product is methionine, with a current solid methionine capacity of 300,000 tons and an expansion project of 70,000 tons approved [4] - The company has developed a full-process R&D capability in synthetic biology, covering strain cultivation to industrialization, extending its technology reserves to various applications [4] Group 4: Market Applications - PPS (Polyphenylene Sulfide) is utilized in automotive, electronics, semiconductors, and 5G communications, with both volume and price increasing this year [4] - The new nylon material project in Tianjin focuses on an integrated production chain for "adiponitrile-adipamide-nylon 66," with a planned capacity of 100,000 tons/year for adiponitrile and 140,000 tons for nylon 66 [5] Group 5: Future Plans and Talent Development - The company is expanding its flavor and fragrance segment, with a new industrial park in Shandong and plans to optimize product structure [6] - Talent development is a core strategy, focusing on management, technical skills, and internationalization, with ongoing training programs for future leaders [6] Group 6: Shareholder Returns - The company has implemented three cash dividends in 2025, totaling CNY 2.762 billion, maintaining a cash dividend payout ratio of 30%-50% of net profit [6] - Cumulative cash dividends since listing amount to CNY 16.1 billion, with a commitment to continue sharing operational results with investors [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 6.829 billion yuan, a year-on-year increase of 114.79%, and a net profit attributable to the parent company of 1.115 billion yuan, a year-on-year increase of 497.61%. The gross margin and net margin were 31.98% and 16.32%, respectively [2][4]. - For Q3 2025, the company reported operating revenue of 3.060 billion yuan, a year-on-year increase of 153.71% and a quarter-on-quarter increase of 39.78%. The net profit attributable to the parent company was 584 million yuan, a year-on-year increase of 545.95% and a quarter-on-quarter increase of 76.84%. The gross margin and net margin for this quarter were 33.93% and 19.09%, respectively [2][4]. - The company is focusing on high-end AI fields, significantly upgrading its product structure. The demand for AI servers and high-performance computing is driving growth, with notable performance in HDI and high-layer boards. The company is actively developing more AI server products in collaboration with terminal customers [6]. - The company is rapidly expanding high-end production capacity and continuously optimizing its product structure. It is enhancing production capabilities through key equipment upgrades and has successfully scaled production of high-end products such as HDI and optical modules [6]. - The company has invested 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards, targeting the mid-to-high-end market for servers and AI computing. The project aims for an annual production capacity of 700,000 square meters of printed circuit boards, with the first phase expected to begin trial production in 2026 [6]. - The company has a strong R&D capability with over 30 years of investment, leading to industry-leading technology levels in the PCB sector. It has successfully developed products for several server clients, including Amazon, and is entering mass production for AI-related mainboards and accelerator cards [6]. - The projected net profits for 2025, 2026, and 2027 are 1.647 billion yuan, 2.390 billion yuan, and 3.219 billion yuan, respectively, with corresponding PE ratios of 49.03, 33.79, and 25.09 [6].

让存量企业"信任票"一投再投，关键靠营商环境。2014年落户南通以来，深南电路持续追加投资， 正在进行设备安装调试的第4期项目总投资18亿元，年产HDI、FPC印制电路板48万平方米。企业负责 人介绍，深耕南通是因为这里有适合的"土壤"，公司在建项目全部达产后，年销售总额有望在3年内突 破百亿元。 10月28日，中央广播电视总台发布《2024—2025城市营商环境创新报告》，南通跻身"2024—2025 年度创新城市"十强。"服务好现有企业就是最好的招商引资。"南通市委书记吴新明表示，将突出用户 思维，将心比心、换位思考，不断擦亮"万事好通"营商服务品牌，持续激发"七虎竞南通、十强逐江 海"的拼劲韧劲，以实绩实效贯彻落实党的二十届四中全会精神，为"十四五"圆满收官、"十五五"良好 开局提供坚实支撑。 相比新项目，存量企业增资扩产项目建设周期短、要素需求少、企业黏性强，是招商的"富矿"。南 通要求各板块既目光向外招引更多大项目、好项目，又俯身向内服务企业增资扩产、新上项目。会议当 天现场观摩的9个项目中，存量企业增资扩产项目就有5个。 外资企业利润再投同样是重要的项目来源。据统计，近3年南通共有外资企业利润再投 ...

相比新项目，存量企业增资扩产项目建设周期短、要素需求少、企业黏性强，是招商的"富矿"。南通要 求各板块既目光向外招引更多大项目、好项目，又俯身向内服务企业增资扩产、新上项目。会议当天现 场观摩的9个项目中，存量企业增资扩产项目就有5个。在位于启东经济开发区的乾朔手机结构件及车载 电子产品项目建设现场，企业负责人介绍，项目总投资20亿元，将年产汽车电子产品连接器5亿只。 外资企业利润再投同样是重要的项目来源。据统计，近3年南通共有外资企业利润再投项目112个，到账 外资达16.2亿美元，占全市同期外资到账比重35.4%。德国制药公司默克2014年落地南通后，已连续投 资5个项目，总投资近33亿元，占其在华投资的50%以上。内外联动推动招商引资持续突破，截至9月 底，南通38个计划新开工省重大项目、224个计划新开工市重大项目全部开工，同比分别增加12个、7 个。 本报讯(记者徐超)记者从近日召开的南通市招商引资暨项目建设推进会上获悉，今年前三季度，该市新 签约重点内资项目347个，其中存量企业增资扩产项目189个，占比超50%；新开工亿元以上制造业项目 425个，其中存量企业增资扩产项目206个，占比达48.5 ...

Core Viewpoint - Zhejiang Xinhengcheng Co., Ltd. (hereinafter referred to as "Xinhengcheng") has demonstrated robust growth in its financial performance, with a focus on expanding its business segments and future development plans through a synergistic approach in its "Chemical+" and "Biological+" platforms [2][3]. Group 1: Financial Performance - For the first three quarters of 2025, Xinhengcheng achieved a revenue of 16.642 billion yuan, representing a year-on-year increase of 5.45% [2]. - The net profit attributable to shareholders reached 5.321 billion yuan, marking a significant year-on-year growth of 33.37% [2]. Group 2: Business Segments - The nutrition segment is currently the largest business area, encompassing both animal and human nutrition products, including vitamins and amino acids, with a steady annual revenue growth [2]. - In the human nutrition sector, products include vitamins A, D3, E, C, coenzyme Q10, taurine, and β-carotene, with a continuous expansion of customized formulations [2]. Group 3: Production Capacity and Expansion - The company currently has a solid methionine production capacity of 300,000 tons, with a 70,000-ton expansion project approved and set to be launched based on market conditions [3]. - An 180,000-ton/year liquid methionine project, in partnership with Sinopec, is progressing towards resumption after maintenance [3]. Group 4: Future Development and Projects - The biological fermentation segment is expected to expand into flavors and new materials, while the raw materials pharmaceutical segment focuses on pharmaceutical-grade vitamins and other key products [3]. - The new materials segment is identified as a future pillar industry, emphasizing the development of high-performance polymers and key intermediates, with ongoing construction of a nylon new materials project [5]. - The company plans to advance new products like serine and tryptophan, while also reserving land for flavor projects and dynamically adjusting capital expenditures based on project progress [6].

Core Viewpoint - The company is investing 1.364 billion yuan in an AI expansion project at its Chongqing production base to meet the surging demand for high-end printed circuit boards (PCBs) driven by advancements in information technology and AI applications [1][2]. Group 1: Investment and Expansion - The total investment for the Chongqing AI expansion project is 1.364 billion yuan [1]. - The project aims to enhance production capacity and manufacturing levels by constructing new industrial buildings and introducing advanced equipment [2]. - The internal rate of return (IRR) for the project is projected at 19.92%, with a payback period of 5.69 years, indicating strong economic benefits [2]. Group 2: Market Demand and Product Focus - There is an explosive growth in demand for high-end PCBs in sectors such as high-speed switches, AI servers, and 5G base stations, particularly for products like 400G, 800G, and 1.6T switches [1]. - The expansion will strategically optimize the product structure, allowing the company to better meet the needs of emerging fields like AI, cloud computing, and big data [2]. - The company specializes in high-frequency, high-speed, and high-density interconnect PCBs, which are essential for high-end applications [1][2]. Group 3: Industry Position - According to the CPCA, the company ranks 29th in the comprehensive PCB 100 list and 16th in the domestic PCB 100 list, highlighting its significant market presence [3]. - PCBs are critical components in electronic products, serving as the foundation for electrical connections and supporting electronic components, thus being referred to as the "mother of electronic system products" [3].

Group 1: Financial Performance - The company's overall gross margin improved in Q3 2025, driven by increased demand for storage packaging substrates and higher capacity utilization rates [1] - PCB data center and wired communication business revenues continued to grow, contributing to a slight increase in gross margins [1] - The revenue from packaging substrates increased quarter-on-quarter, with significant growth in storage packaging substrates [2] Group 2: Business Expansion - The PCB business focuses on communication equipment, with key expansions in data centers (including servers) and automotive electronics [1] - The company has a wide range of packaging substrate products, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [2] Group 3: Production Capacity and Technology - The company has achieved mass production capability for FC-BGA packaging substrates with up to 20 layers, while R&D for 22-26 layer products is progressing on schedule [3] - New factories in Nantong Phase IV and Thailand are under construction, with the Thailand factory already in trial production [4] - The overall capacity utilization rate remains high, with a noticeable increase in the packaging substrate business due to rising demand [5] Group 4: Raw Material Prices - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks, with some experiencing price increases in Q3 2025 due to commodity price fluctuations [6] - The company is actively monitoring international commodity price changes and maintaining communication with suppliers and customers [6] Group 5: Technology Application - HDI technology is applied in the PCB business, primarily for mid-to-high-end products in communication, data centers, industrial control, medical, and automotive electronics [8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has achieved rapid growth in performance, with a focus on high-end craftsmanship that establishes long-term competitiveness [1] - The company reported a revenue of 5.373 billion yuan for the first three quarters, representing a year-on-year increase of 23.48%, and a net profit of 131 million yuan, up 516.08% year-on-year [7] - The company is positioned well in the PCB, HDI, and IC substrate sectors, benefiting from technological advancements and market demand [7] - Revenue projections for 2025-2027 are 7.077 billion yuan, 8.808 billion yuan, and 10.916 billion yuan respectively, with corresponding net profits of 164 million yuan, 400 million yuan, and 839 million yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5.360 billion yuan, with a growth rate of 0.1%, and a net profit of 211 million yuan, reflecting a decline of 59.8% [6] - For 2024, revenue is expected to increase to 5.817 billion yuan (8.5% growth), with a net loss of 198 million yuan [6] - By 2025, revenue is forecasted to reach 7.077 billion yuan (21.6% growth), with a net profit of 164 million yuan [6] - The company’s EPS is projected to improve from 0.13 yuan in 2023 to 0.49 yuan by 2027 [6] Market Performance - The company’s stock has shown a performance of -17% over the last 12 months compared to the CSI 300 index [4]

Group 1 - The company reported a revenue of 3.398 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 38.71%, and a net profit attributable to shareholders of 317 million yuan, up 50.81% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.258 billion yuan, a year-on-year growth of 44.34% and a quarter-on-quarter increase of 5.83%, with a net profit of 144 million yuan, reflecting a year-on-year increase of 139.04% and a quarter-on-quarter growth of 53.08% [1] - The company plans to raise up to 1.98 billion yuan to invest in an AI and high-density interconnect circuit board production base, which will significantly enhance its capacity for high-end HDI products and ensure sustainable development [1] Group 2 - The company has advanced R&D and manufacturing capabilities, particularly in HDI products, and focuses on the development of new materials and technologies in PCB, enhancing customer loyalty through proprietary technologies [2] - The company maintains a "buy" rating, with expectations of net profits of 471 million yuan, 764 million yuan, and 1.078 billion yuan for 2025-2027, corresponding to PE ratios of 117.17, 72.24, and 51.17 respectively [3] - The company is well-prepared for future technology directions and product requirements in high-growth areas such as AI servers and GPU acceleration cards, maintaining close cooperation with industry leaders [3]