A complete range of photosensitive inks, leading domestic brand enterprise. The company already has a complete series of products including PCB photosensitive line ink, solder mask ink, etc., and is one of the companies that produces the most complete range of PCB photosensitive ink products in the industry. Among them, line ink has the highest domestic market share, and the market share of solder mask ink continues to rise, making it a leading domestic brand enterprise. High-end products are cultivated and matured gradually, and production capacity expansion supports long-term development. Using the high scalability of UV sensing technology, the company's products have entered the high-end market through independent R&D and innovation. Among them, electrostatic spray ink has entered the Shennan Circuit and Chongda Circuit supply systems, and the revenue scale has grown rapidly. In terms of special inks, the company's 3D glass ink has been certified by customers such as BYD, Foxconn, and Lansi Technology, and is expected to be used in the production of the latest iPhone phones in the future. The company raised funds through an IPO to build a printed circuit board photosensitive ink project with an annual output of 10,000 tons, and a project with an annual output of 1,000 tons of photoresist and supporting chemicals. It is expected to be put into operation by the end of 2017. The release of new production capacity will break the current dilemma of the company's limited production capacity development and support future long-term development. Photoresist products are gradually entering the market, and national brands can be expected in the future. The company's photoresist products have begun to harvest after more than ten years of technical cultivation. Photoresists used in semiconductor LEDs, touch screens, etc. have been certified by customers, with annual sales of nearly 50 tons and revenue exceeding 4 million. TFT screen photoresists and OC adhesives will gradually be introduced to the market next year. The photoresist business is expected to break foreign monopolies, open up space for localization, and become a new profit growth point for the company's future development. Benefiting from the trend of localization of electronic chemicals for a long time, product prices have increased storage space. Currently, the high-end PCB special ink and photoresist markets are dominated by Japanese and American companies. The company's products have outstanding cost performance advantages and have been replaced by imports for a long time. Furthermore, as the prices of raw materials and PCB boards rise, there is room for the price of the company's ink products to rise, and the volume and price are expected to rise sharply in the future. Investment suggestions: The company's photosensitive ink material technology is leading, performance growth is stable, high-end products are gradually being released, and production capacity release supports the company's long-term development; photoresist products are gradually entering the market, opening up space for localization, and becoming a new profit growth point for future development. The company's net profit from 2016 to 2018 is estimated to be 34.75 million, 42.09 million, and 56.11 million, respectively, corresponding to PE 97X/81X/60X. Covered for the first time, a “gain” rating was given. Risk warning: Production capacity release falls short of expectations, new product market development falls short of expectations