A-share subscription | Jia Deli (603435.SH) opens subscription to deepen the field of BOPP electrical film.

On May 13th, Jia Deli (603435.SH) started its IPO, with an issue price of 15.76 yuan per share, a subscription limit of 11,000 shares, a P/E ratio of 29.72 times, listed on the Shanghai Stock Exchange, with GF SEC as its sponsor institution. According to the prospectus, the company is a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise specializing in the research, production, and sales of BOPP electrical film. It has been focusing on the BOPP electrical film field for over 20 years and has a rich and highly competitive product reserve matrix. BOPP electrical film is an insulation material made of polypropylene resin through a biaxial stretching process. It has good self-healing properties, high pressure resistance, good thickness uniformity, low dielectric loss, and low specific gravity. Downstream application areas include polypropylene film for film capacitors (capacitor film) and composite copper foil-based film. In film capacitors, BOPP electrical film serves to accumulate charges between the two separated electrodes and is the core raw material of film capacitors. Its performance directly affects the core indicators such as the capacitance value, stability, and service life of capacitors. In lithium battery composite electrodes, BOPP electrical film can be used as the negative electrode composite copper foil-based film, effectively improving battery safety and reducing costs, making it a key emerging direction in the field of lithium batteries. With the rapid development of emerging application areas such as new energy vehicles, renewable energy, flexible and direct current transmission, and composite electrodes, the company's BOPP electrical film industry will have a broader market and development space. Ultra-thin, high-temperature resistance, and high-voltage resistance are the key development directions of BOPP electrical film and are also industry-recognized technical challenges. Through long-term technical research and process accumulation, the company has continuously made breakthroughs in key technical indicators such as product ultra-thinness, high-temperature resistance, and high-voltage resistance. Currently, in different product series, it can achieve stable mass production of iconic products such as 1.9m ultra-thin film, 125 high-temperature resistant film, 900V ultra-thin film, and 2,000V special pulse film. These products are widely used in emerging fields such as new energy vehicles, renewable energy, and flexible and direct current transmission. The company's technological strength is in a leading position in the industry, and its products maintain good consistency. It has established stable cooperative relationships with leading domestic film capacitor manufacturers such as Xiamen Faratronic and Yingfeng Electronics, as well as international leading film capacitor manufacturers such as TDK and KEMET, and has been highly recognized by many downstream customers. According to statistics from the China Electronics Component Industry Association, in 2024, the company's sales of polypropylene film for capacitors ranked second globally and first domestically, with global and domestic market shares of 11.7% and 16.4% respectively. In the field of new energy, film capacitors have become one of the main types of capacitors, and the sales scale of the company's BOPP electrical film products has also been continuously increasing. At the same time, the company is actively researching and producing products in emerging application areas. In the future, as the mass production of automotive power batteries and energy storage batteries using composite electrodes increases, the company's BOPP electrical film is expected to have even greater application scenarios. In terms of finances, the company achieved operating income of around 528 million yuan, 734 million yuan, and 757 million yuan in 2023, 2024, and 2025 respectively; with net profits of approximately 141 million yuan, 238 million yuan, and 244 million yuan in the same periods.