报告期内，发行人营业收入分别为65233.27万元、75509.24万元、87903.68万元和41269.72万元；扣非归 母净利润分别为4716.13万元、11254.07万元、12101.61万元和5848.67万元，2025年1月~6月，发行人营 业收入同比变动-5.09%，扣非归母净利润同比变动-16.07%。发行人2022年~2024年业绩处于增长趋势， 2025年1月~6月有所下滑。 1月30日，湖南恒兴新材（603276）料科技股份有限公司（简称"恒兴股份"）回复了北交所第二轮审核 问询。回复主要围绕公司业绩变动的真实合理性及可持续性、销售真实性及收入确认准确性、财务内控 规范性等核心问题展开。 恒兴股份主营UV涂料和PUR热熔胶，产品主要用于PVC地板、木器、封边条等家居领域，近年逐步拓 展至汽车、消费电子等新兴市场。 据悉，恒兴股份本次拟募集资金4.93亿元，用于湖南恒旺新材料科技有限公司望城制造基地项目、湖南 鑫振邦紫外光固化（UV）新材料项目、泰国生产基地建设项目、湖南恒兴新材料研发中心建设项目、 湖南恒兴新材料生产基地升级建设项目、营销网络及信息化建设项目等。 二轮问询函首先聚焦恒兴 ...

Group 1 - UV coatings lead the downstream application of photoinitiators in China, with UV inks following closely behind, driving continuous market demand [1][15] - The photoinitiator market is characterized by high technical barriers and concentration, with leading companies like Jiu Ri New Materials dominating the market [1][27] Group 2 - The UV coatings industry in China has shown steady growth, with market value increasing from 4.785 billion yuan in 2019 to 6.238 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of approximately 5.45% [3][17] - UV inks, recognized for their environmental advantages, have expanded rapidly, with market value rising from 3.675 billion yuan in 2019 to 6.157 billion yuan in 2024, achieving a CAGR of 10.87% [4][19] Group 3 - China's photoinitiator production has increased from 38,400 tons in 2019 to 59,000 tons in 2024, with market value growing from 3.693 billion yuan to 5.15 billion yuan [8][22] - The demand for photoinitiators is projected to reach 38,000 tons in 2024, representing a year-on-year growth of 8.57% [22] Group 4 - Since 2025, the price of photoinitiators has begun to rise due to supply-demand imbalances, with prices reaching 95 yuan per kilogram by August 2025, marking a cumulative increase of over 26% for the year [12][26] - The market is experiencing tightening supply due to production halts from manufacturers facing safety and environmental issues, while demand is bolstered by the recovery of the PCB industry and the acceleration of domestic photomask production [12][26] Group 5 - Jiu Ri New Materials is the largest producer of photoinitiators in China, with a production volume of 19,900 tons in 2024, capturing a market share of 33.73% [13][27] - The company achieved record sales of 23,100 tons, with a revenue of 1.093 billion yuan, reflecting a year-on-year growth of 15.19% [27]

Core Viewpoint - Guangxin Materials (300537.SZ) has received approval from the Longnan Emergency Management Bureau for its project to produce 50,000 tons of electronic photosensitive materials and supporting materials annually, which includes 11,300 tons/year of self-made resin and 7,000 tons/year of inner-layer ink [1] Group 1: Project Approval and Implementation - The Longnan Emergency Management Bureau has agreed to the filing of the safety acceptance evaluation report for the project [1] - The project will be implemented by Guangxin's wholly-owned subsidiary, Jiangxi Guangzhen Photosensitive Materials Co., Ltd [1] - The project consists of four sub-projects, with the main focus on PCB photoresist (PCB ink), coatings, and self-made resin [1] Group 2: Sub-Project Progress - PCB photoresist: - 9,000 tons/year of PCB outer-layer ink is set to begin trial production in March 2024, with formal production approval expected in February 2025 [1] - 16,000 tons/year of PCB inner-layer ink will start trial production in April 2025, with formal production approval anticipated in December 2025 [1] - Self-made resin: - 12,000 tons/year of important materials for PCB photoresist will also begin trial production in April 2025, with formal production approval expected in December 2025 [1] - Coatings: - 8,000 tons/year of UV coatings and 2,000 tons/year of water-based coatings are currently in the fire acceptance phase, with equipment debugging ongoing, and trial production application expected in the first half of 2026 [1] - Display semiconductor photoresist: - 2,000 tons/year of display semiconductor photoresist is in the final stages of construction, with equipment debugging ongoing, and trial production application expected in the first half of 2026 [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, which is the largest and most comprehensive manufacturer of photoinitiators in China, actively advancing its semiconductor materials layout to create a second growth curve [3]. Core Viewpoints - The company has a leading position in the photoinitiator industry, with a market share of approximately 30%. It has been focusing on the photopolymerization industry for over 20 years and is expanding into semiconductor chemical materials [19]. - The company's revenue and operating performance are closely tied to the cyclical nature of the photopolymer materials market, with expectations for recovery as the industry improves [23]. - The company has strong R&D capabilities and is actively developing a full industrial chain from raw materials to downstream photolithography products, enhancing its diversified growth strategy [4][22]. Financial Summary - Revenue is projected to grow from 1,235 million yuan in 2023 to 2,090 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.13% [2]. - The net profit attributable to the parent company is expected to turn from a loss of 96 million yuan in 2023 to a profit of 197 million yuan in 2027, indicating a significant recovery [2]. - Earnings per share (EPS) is forecasted to improve from -0.89 yuan in 2023 to 1.22 yuan in 2027, reflecting a positive trend in profitability [2]. Industry Overview - The photoinitiator market is expected to benefit from the growing demand for UV coatings and inks, driven by environmental policies and the increasing penetration of UV technology in various applications [5][64]. - The domestic UV coating production has grown from 68,200 tons in 2015 to 194,200 tons in 2023, with a CAGR of 14%, indicating substantial growth potential in the market [5]. - The company is well-positioned to capitalize on the recovery of the PCB industry, with the market value of domestic UV inks increasing from 3.291 billion yuan in 2018 to 5.537 billion yuan in 2023, achieving a CAGR of 11% [5]. R&D and Product Development - The company has developed over ten types of photoinitiators, including 184, TPO, and 1173, and has a production capacity of 22,850 tons, making it the largest manufacturer in the country [6][21]. - The company is also advancing its semiconductor materials layout, with projects in photolithography and core raw materials expected to enter trial production in 2024 [22]. Management and Governance - The company has a stable ownership structure, with significant shareholding by executives, reflecting confidence in long-term development [47].

Core Viewpoint - The 3C coating industry is experiencing stable growth and structural transformation, driven by the recovery in demand from mobile phones, laptops, and wearable devices, particularly in emerging manufacturing bases like China, India, and Vietnam [3][10]. Industry Current Status - The overall demand for 3C coatings is expected to recover in 2024, reaching a market size of $937 million, with China holding a dominant market share of 62.86% [3][10]. - The global manufacturing focus is shifting, with Vietnam and India emerging as new locations for brand manufacturers to diversify risks, prompting international coating companies like AkzoNobel and PPG to increase capacity in Southeast Asia [3][10]. - There is a rapid acceptance of environmentally friendly coatings, such as water-based and low VOC systems, leading to the accelerated iteration of traditional solvent-based PU systems [3][10]. Development Trends - The future of the 3C coating industry will focus on environmental sustainability, functionality, and automation [5]. - Water-based UV and low-temperature curing systems are expected to replace traditional solvent-based coatings, becoming mainstream choices for high-end mobile phones and laptops [5]. - The functional sub-market is anticipated to grow quickly, with multi-functional coatings featuring fingerprint resistance, anti-glare, and anti-blue light properties being widely adopted in emerging electronic products like foldable screens and OLED panels [5]. Global Market Size Analysis - The global 3C coating market is projected to reach $937 million in sales in 2024 and grow to $1.284 billion by 2031, with a CAGR of 4.57% from 2025 to 2031 [7]. - The growth is primarily driven by the rising demand for appearance treatment due to the upgrade of smart terminal products and the gradual replacement trend of water-based eco-friendly systems [7]. Market Share and Competition - In 2024, the top five manufacturers, including AkzoNobel, PPG, and Hunan Songjing, will hold a combined market share of 51.54% [12]. - International brands focus on high-end mobile and laptop segments, while local brands dominate the mid-to-high-end Android model supply chain in China, showcasing a differentiated competitive landscape [12]. Policy Analysis - Recent policies encourage the development of low VOC content, environmentally friendly coatings for key industries, including electronics [16]. - The regulatory environment is tightening, promoting the use of low (or no) VOC content materials in coatings, which aligns with the industry's shift towards sustainability [16].

Core Viewpoint - Hunan Hengxing New Materials Technology Co., Ltd. has been accepted for IPO on the Beijing Stock Exchange, with significant control held by its chairman and general manager, Li Haodan, who controls 82.81% of the voting rights [1][3]. Company Overview - Established in March 1996, Hengxing specializes in the R&D, production, and sales of UV curing coatings and PUR hot melt adhesives, with applications in various industries including PVC flooring and automotive components [3][4]. - The company has three production bases in Hunan and plans to establish overseas R&D and production bases in Vietnam and Thailand [3][4]. Financial Performance - Revenue for 2022-2024 is projected to be CNY 6.52 billion, CNY 7.59 billion, and CNY 8.79 billion, with net profits of CNY 479 million, CNY 1.13 billion, and CNY 1.134 billion respectively [6][7]. - The gross profit margin is expected to increase from 24.79% in 2022 to 36.84% in 2024, primarily due to a decrease in raw material costs [6][14]. Product Revenue Breakdown - Revenue from UV coatings for 2022-2024 is projected at CNY 5.972 billion, CNY 6.721 billion, and CNY 7.800 billion, while PUR hot melt adhesive revenue is expected to be CNY 463 million, CNY 753 million, and CNY 850 million [9][10]. - The sales price of UV coatings has slightly decreased from CNY 44,664.55 per ton in 2022 to CNY 43,593.72 per ton in 2024 due to raw material price fluctuations [12][15]. R&D and Innovation - The company has established several R&D platforms and has filed for 15 patents, with 4 more pending [4]. - Ongoing R&D projects include environmentally friendly coatings and specialized products for various applications, such as wind turbine blade repair and food packaging [4][10]. Market Expansion - The company has seen rapid growth in overseas sales, with foreign revenue increasing from CNY 72.83 million in 2022 to CNY 228.09 million in 2024, driven by the establishment of production bases in Southeast Asia [20][21]. - The company aims to expand its market share in the automotive coatings sector and enhance its product offerings through new manufacturing projects [22][24]. Fundraising and Future Plans - The company plans to raise CNY 493 million through its IPO to fund various projects, including new manufacturing bases and R&D centers [22][23]. - The new projects are expected to significantly increase production capacity and annual revenue, enhancing the company's competitive position in the market [24][28].

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [8] Core Insights - The light initiator industry is experiencing frequent supply disruptions, with significant events such as a fire at Jiangxi Yangfan's subsidiary leading to production halts, and Ningxia Wokailong facing operational difficulties. Despite these challenges, the industry's high concentration and growing demand suggest a potential recovery in market conditions, making it a point of interest for investment opportunities [2][7] Summary by Sections Industry Overview - The light initiator industry is crucial for light-curing materials, which include UV coatings, inks, adhesives, and composites. The market has seen stable growth, with the output value increasing from 3.11 billion in 2018 to 4.59 billion in 2023, reflecting a CAGR of 8.1% [10] Supply Disruptions - Recent supply disruptions include a fire incident at Jiangxi Yangfan and operational challenges faced by Ningxia Wokailong, which has been listed as a dishonest executor due to unfulfilled obligations. These events are expected to improve the supply-demand balance in the industry [7][10] Market Dynamics - Historical price elasticity in the light initiator market indicates significant upward potential, especially as the current market conditions are at a low point. The report notes that in 2017, prices surged due to high demand and limited supply, with notable increases in various product prices [10] Investment Opportunities - The report suggests focusing on key players like Jiu Ri New Materials, which holds a leading position in the market with a projected production of 19,851 tons in 2024, capturing approximately 34% of the domestic market share. The company is expected to increase its sales by 20.2% year-on-year, indicating a strong competitive advantage [10]