Rhino Star News, on November 2, the results of the 59th review meeting of the Beijing Stock Exchange Listing Committee in 2022 were released: Kaihua Materials (831526) meets the issuance conditions, listing conditions and information disclosure requirements, and successfully passed the meeting.
Rhino Star APP shows that Kaihua Materials is a high-tech enterprise specializing in the research, development, production and sales of electronic component packaging materials. The company's products include two major products: epoxy powder encapsulation material, epoxy plastic encapsulation material and other material products, which are mainly used in the insulating packaging of electronic components .
epoxy powder encapsulation material schematic
At present, the company's products are best sold at home and abroad, including Taiwan, Indonesia , South Korea, Slovenia and other countries and regions. Customers cover TDK Group, Xingqin Electronics, Guangzhou Huiqiao (a subsidiary of Huaxin Technology (2492.TW), Fara Electronics (600563.SH), Fenghua Hi-Tech (000636.SZ), Guangdong Baizhen Junyao Electronics Co., Ltd. (a subsidiary of Guoju (2327.TW), Hongda Electronics (300726.SZ), Shunluo Electronics (002138.SZ), Torch Electronics (603678.SH) , etc.
As of now, the company has obtained 41 authorized patents, including invention patents 32 and 9 utility model patents. In July 2021, the company was recognized by the Ministry of Industry and Information Technology as the third batch of national-level specialized and new "little giant" enterprises.
Schematic diagram of the company's authorized invention patent
According to the prospectus, the company's industry belongs to the field of electronic special materials. Electronic special materials refer to the manufacturing of special electronic functional materials, interconnection and packaging materials, processes and auxiliary materials used for the preparation of electronic components, components and systems, including semiconductor material , optoelectronic materials, magnetic materials, lithium battery materials, electronic ceramic materials, copper clad plates and copper foil materials, electronic chemical materials, etc.
At present, electronic special materials are widely used in emerging industries such as new displays, integrated circuits, solar photovoltaics, electronic circuit boards, electronic components, electronic complete machines, and system products. With the further expansion of the market size of emerging industries, the market demand for electronic special materials is also rising.
From the perspective of the industrial chain of electronic special materials, the upstream of the electronic special materials manufacturing industry includes raw materials such as ceramics, chemical products, metal materials, etc., the midstream includes manufacturing of electronic special materials, and the downstream industries include application terminals such as electronic components, integrated circuits, etc., while the company belongs to the midstream industrial chain.
Schematic diagram of the electronic special materials industry chain
my country is a major manufacturer and consumer of electronic special materials. In recent years, the industry has achieved steady development. According to data from the National Bureau of Statistics, the revenue of China's electronic special material manufacturing industry showed a steady growth from 2018 to 2020, China's electronic In 2020, the revenue of 160.94 billion yuan was , and increased by 39.4% year-on-year.
2018-2020 China's electronic special materials sales revenue diagram
With the rapid development of multiple industries such as consumer electronics, automotive electronics, and industrial electronics in the downstream market, as well as the rise of emerging fields such as New energy vehicle , the Internet of Things, and new energy, my country's demand for manufacturing electronic components and electronic special materials has rapidly expanded, driving the rapid development of the industry. According to data from the Ministry of Industry and Information Technology, China's electronic components and electronic special materials manufacturing industry's operating income in 2020 was 2.15 trillion yuan, an increase of 11.3% year-on-year.
2017-2020 China's electronic components and electronic special materials manufacturing industry revenue scale diagram
It is understood that the main development direction of epoxy resin material is electronic grade epoxy resin composite materials.Due to the high bonding strength, diverse functions, solvent-free environmental protection, excellent electrical insulation and aging resistance, epoxy resin has been widely used in electronic component packaging, LED optoelectronic product packaging and other fields. The market demand for electronic grade epoxy resins in these downstream industries has maintained steady growth.
According to online data of new materials, the market size of China's epoxy plastic sealing materials (EMC) has shown an increasing trend year by year. In 2020, the market demand for China's EMC reached 125,000 tons, an increase of 8.7% year-on-year. is expected to continue to grow under the development of the electronic components industry in the future, and the scale of will reach 226,000 tons by 2025.
2015-2025 China EMC market demand and forecast diagram
From the development trend of downstream application terminals, future epoxy resins are mainly used in electronic components, capacitor and other fields. In terms of electronic components, in recent years, with the implementation of China Intelligent Manufacturing 2025 strategy, carbon peak / carbon neutrality strategy, and green energy strategy, my country's electronic information industry chain has achieved leapfrog development, and the demand for electronic components has continued to grow. According to data from the China Electronic Components Industry Association , China's electronic components achieved a total sales of 1883.1 billion yuan in 2020, an increase of 6.9% year-on-year.
2015-2020 China's electronic components industry sales diagram
capacitors, capacitors refer to passive electronic components that are isolated between the two poles of metal conductive substances by insulating medium and store and release electricity in the form of static electricity. In electronic circuits, they can play the role of energy storage, tuning, filtering, coupling , rectification, isolation of DC voltage , bypass, etc., and are widely used in various high and low frequency capacitors. They are indispensable basic electronic components in electronic circuits. At present, capacitors can be divided into ceramic capacitor , aluminum electrolytic capacitor , tantalum electrolytic capacitor , and film capacitor .
capacitor classification diagram
In recent years, with the vigorous development of downstream markets such as smart terminals, 5G, industrial Internet, data centers, photovoltaics, and new energy vehicles, it is also constantly promoting the progress of capacitor production capacity and technology. The industry's prosperity continues to rise, causing my country's capacitor market to show a steady growth trend. In 2020, China's capacitor market size reached 115.7 billion yuan, with a compound annual growth rate of 6.36% from 2011 to 2020.
2011-2020 China capacitor market size and growth rate diagram
Customers, the company's top five customers in 2021 are TDK Group, Xingqian Electronics, Guangzhou Huiqiao Electronics Co., Ltd., Shantou Bonded Zone Songtian Electronic Technology Co., Ltd., and Chenggong Industry (Huizhou) Co., Ltd. In terms of performance, from 2019 to 2021, the company's operating income was RMB 93.803 million, RMB 102 million and RMB 136 million, respectively, and the compound growth rate of in the past two years was 20.51% ; the net profit attributable to shareholders was RMB 15.5371 million, RMB 19.9311 million and RMB 20.1373 million, respectively, and the compound growth rate of in the past two years was 13.84% .
Compared with listed companies in the same industry, the company's gross profit margin has remained at 33% in the past three years, and the gross profit margin in 2021 is 27.67%. The gross profit margins of listed companies in the same industry - Foster, Dike Co., Ltd., and Boqian New Materials are 25.05%, 10.05%, and 38.33% respectively.
Business diagram of listed companies in the same industry
In terms of IPO fundraising, the company plans to raise 120 million yuan, and the funds will be used for the construction of electronic special materials production base. After the completion of the project, the company will further increase its production capacity, better adapt to the industry development trends, and enhance the company's competitive advantages.
Company IPO fundraising project status
