Malion(SZ:300586)2025-08-27 12:46Group 1: Company Overview and Market Position - Guangdong Meilian New Materials Co., Ltd. has entered the M8-level semiconductor materials market through the acquisition of Huihong Technology, which has been producing EX materials since 2023 [2][3]. - The company is currently the sole provider of EX electronic materials in China, benefiting from high patent barriers [3][4]. Group 2: Product Development and Supply Chain - The EX monomer has been in production for a longer time, with major Japanese and Taiwanese companies purchasing it for M8-level CCL production [3]. - EX resin was developed around the Spring Festival of 2025, with 2-3 clients currently in the engineering testing phase, and expected demand growth in Q4 2025 [3][4]. Group 3: Production Capacity and Future Plans - The company plans to expand its production capacity to 500 tons per year, with adjustments based on market demand and industry trends [3][4]. - The conversion rate from monomer to resin is approximately 50% [3]. Group 4: Competitive Advantages and Market Trends - The EX electronic materials are characterized by low dielectric loss (Df value of 0.0005-0.0006) and low dielectric constant (Dk value of approximately 2.54), making them attractive for large enterprises [4]. - The use of EX materials in CCL is expected to reduce power costs by 30% and lower construction and operational costs for computing centers [4]. Group 5: Financial Performance and Market Outlook - Despite a net profit loss in the first half of the year, the company saw growth in the production and sales of key products, with market share increasing [4]. - The price of key products, particularly trichloroisocyanuric acid, has stabilized after a significant drop, which could positively impact business in the second half of the year [4].