A-share subscription | Chunda New Material (920012.BJ) opens for subscription, focusing on research, development, production, and sales of high-performance thermosetting composite materials.

On April 1st, Chuangda New Materials (920012.BJ) started its subscription, with an issue price of 19.58 yuan per share, a subscription cap of 554,800 shares, a P/E ratio of 14.99 times, belonging to the North Exchange, with Shenwan Hongyuan Group Securities as its sponsor. The prospectus shows that the company's main business is the research, production, and sales of high-performance thermosetting composite materials. Its main products include epoxy molding compounds, liquid epoxy encapsulants, organosilicon gel, phenolic molding compounds, and conductive silver paste, which are widely used in the packaging of semiconductors, automotive electronics, and other electronic devices, as well as providing epoxy engineering materials and services for the clean room engineering industry in the electronic industry. The company has developed into one of the competitive electronic packaging material enterprises in China, with its main customer base including well-known manufacturers in industries such as power semiconductors, optoelectronic semiconductors, and automotive electronics. Furthermore, the company continues to promote product research and development, expand the scope of product applications, and layout supporting products around emerging applications such as IGBT and third-generation semiconductors, making positive progress. In the epoxy molding field, the company's products have been stably supplied for many years in applications such as power devices, optoelectronic devices, car-grade automotive anti-lock braking system (ABS) electromagnetic control, braking and air conditioning system electromagnetic control for rail transit trains, and other areas. Several new products such as semi-transparent/white/transparent series for optoelectronic devices packaging have been verified and mass-sold by leading customers in the industry during the reporting period, with products for rotors of new energy vehicles starting to be sold. Advanced packaging high thermal conductive epoxy molding compounds and epoxy molding compounds for advanced capacitive fingerprints recognition chips have entered the sample testing phase, and collaborations are underway with leading institutions in the industry to develop epoxy molding compounds for third-generation semiconductor packaging. In the field of liquid epoxy encapsulants, the company's products have been stably supplied for many years in applications such as automotive ignition coils, separating membrane devices, surface acoustic wave filters, high-end special capacitors, power devices, and magnetic components. During the reporting period, products for automotive ignition coils expanded from customers in the automotive aftermarket such as Kunshan Kaidi to leading automotive electronic component first-tier supply customers such as Eldorado and Diamon, and sales of products for new energy vehicle motors and rail transit train capacitors gradually expanded. The IGBT encapsulation products have been verified by customers and sales have been achieved. In the field of organosilicon gel, the company's products have been stably supplied for many years in applications such as optoelectronic devices, intelligent controllers, on-board chargers for new energy vehicles, and IGBT encapsulation. During the reporting period, multiple products entered the supply system of BYD Company Limited and achieved sales revenue. Financially, in 2023, 2024, and 2025, the company achieved operating income of approximately 345 million yuan, 419 million yuan, and 432 million yuan respectively. During the same period, net profits were approximately 51.36 million yuan, 61.20 million yuan, and 65.78 million yuan respectively.