A-share subscription | Xin Guangyi (301687.SZ) opens subscription and has realized the matching of acoustic membrane materials for Apple's high-end headphones.

On December 22nd, Xinguangyi (301687.SZ) started its subscription with an issue price of 21.93 yuan per share and a subscription limit of 8,500 shares. The price-to-earnings ratio is 28.59 times, listed on the Shenzhen Stock Exchange, with CITIC SEC as its sponsor. In its prospectus, Xinguangyi is a high-tech enterprise specializing in the research, production, and sales of high-performance special functional materials, with main products including special functional materials such as anti-overflow adhesive special films and highly resistant special films. The anti-overflow adhesive special film is an important process material used in the production of flexible circuit boards. In addition, Xinguangyi has developed high-precision acoustic films with small thickness tolerance (1um), modulus tolerance (3Mpa), and excellent temperature resistance (high temperature of 200C, low temperature of -30C). Currently, the company's acoustic films have been sold to GoerTek for the matching of acoustic film materials for Apple's high-end headphone products. Since 2024, in order to expand its business in the new energy field, the company has accepted commissions from clients such as Jolywood (300393.SZ) and Todi Chemical (Shanghai) Co., Ltd., to provide them with materials such as EVA and POE, and to process them into photovoltaic backsheet adhesive film products and new energy power battery materials through techniques such as extrusion and coating. During the reporting period, Xinguangyi's main operating income by product category is as follows: In the functional film material industry, the Chinese functional film material market size has maintained a high-speed growth trend. Influenced by the expansion of downstream areas such as new types of displays, new energy, and energy conservation and environmental protection, according to research data from Ziyan Consultancy, the market size of China's functional film material market reached 162.3 billion yuan in 2024, a year-on-year increase of 8.9%. Among them, optical functional film is the main product in China's functional film material market. In terms of the product structure of China's functional film material market in 2024, optical functional film accounts for the largest proportion at 39.6%, followed by separation functional film at 28.37% and packaging functional film at 17.64%. Financially, in 2022, 2023, and 2024, the company achieved operating income of approximately 455 million yuan, 516 million yuan, and 657 million yuan respectively; and net profits of approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan respectively.