Next Tuesday (September 13), there will be a gem listed company "Yihao new material" inquiry.

Yihao New material (301176): the company is mainly engaged in the R & D, production and sales of electronic circuit copper foil and its downstream aluminum-based copper clad laminate and PCB. The company is committed to becoming a leading enterprise in the field of electronic materials, implementing the vertical integration development strategy of PCB industry chain. From 2019 to 2021, the company achieved operating income of 756 million yuan / 838 million yuan / 1.271 billion yuan, YOY of 28.51%, 10.90%, 51.59%, and a compound annual growth rate of 29.27%. The net profit of homing was 26 million yuan / 58 million yuan / 163 million yuan, and the YOY was 14.38%, 120.09%, 182.52%, respectively, and the annual compound growth rate of three years' net profit was 92.31%. During the latest reporting period, 2022H1 achieved an operating income of 754 million yuan, an increase of 18.20% over the same period last year, and a net profit of 55 million yuan, an increase of 42.56% over the same period last year. The company expects the net profit from January to September 2022 to be 82 million yuan to 105 million yuan, changing from-36.02% to-18.08% over the same period last year.

Investment highlights: 1. The company is the leading domestic manufacturer of copper foil for electronic circuits, especially in the market advantage of copper foil for PCB. The company is one of the leading domestic manufacturers in the electronic circuit copper foil market, and the output of electronic circuit copper foil ranks sixth among the domestic holding enterprises in 2020. The company deeply ploughs the market of copper foil for PCB electronic circuits, and has a rich product line, covering ultra-thin copper foil, thin copper foil, conventional copper foil and thick copper foil, etc. The product specifications cover the range of 12-105 μ m, and a highly flexible production system has been established, which effectively meets the characteristics of "multi-specification, multi-batch, short delivery period" of PCB customers' copper foil orders. According to the prospectus, in 2020, the company's market share of copper foil for PCB electronic circuits in China is in the forefront of the industry. At present, it has established stable cooperative relations with well-known enterprises in the industry, such as Shengyi Technology, South Asia New Materials, Jianding Technology, Jingwang Electronics, Sheng Hong Technology, Chongda Technology, Wuzhu Technology, World Games Circuits and so on. 2. Based on the leading advantage of electronic circuit copper foil business, the company builds the vertical integration strategy of PCB industry chain and extends its business scope to the production of aluminum-based copper clad laminate and PCB one after another. The company has entered the electronic circuit copper foil market since 2008, and in recent years, making use of its leading advantage in this field has gradually extended to the lower reaches of the industrial chain, expanded the aluminum-based copper clad laminate business in 2017, and realized the production of PCB in 2021. The company's aluminum-based copper clad laminate products all use self-produced electronic circuit copper foil, while PCB all use self-produced aluminum-based copper clad laminate and electronic circuit copper foil, which has a good cost advantage and is conducive to maintaining a stable product quality level. At present, the company's aluminum-based copper clad laminate business has established cooperative relations with Bichen Technology, Jinshun Technology, overflow Circuit and other customers. The product terminals are used in XIAOMI, Hisense, Skyworth, TCL and other brands. PCB products have been supplied in bulk to Zhaochi shares, Jufei Optoelectronics, Core Ruida, Dongshan Precision, Ronda Electronics, TCL Group, Ruifeng Optoelectronics and other well-known enterprises at home and abroad.

Compared with listed companies in the same industry: the company is mainly engaged in the R & D, production and sales of electronic circuit copper foil, aluminum-based copper clad laminate and PCB, and selects copper crown copper foil, Nord shares, Jiayuan Technology, Secondary one Technology, Jin Anguoji, Huazheng New Materials and Shengyi Technology, which are engaged in aluminum-based copper clad laminate business, as comparable companies. According to the above comparable companies, the average income of the industry in 2021 was 6.188 billion yuan, the PE-TTM (arithmetic average) was 25.84X, and the sales gross profit margin was 23.40%. Relatively speaking, the revenue scale of the company is lower than the industry average, but the gross profit margin is slightly higher than the industry average.

Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.