On November 20, Gelonghui stated in its investor relations that jiangsu kuangshun photosensitivity new-material stock (300537.SZ) has always been the cornerstone of the company's development since its establishment. PCB photosensitive resins such as PCB solder mask ink and PCB wet film photoresists (PCB line ink) are the main business products of the company, accounting for 55.75% of the company's overall income in 2023. The company's positioning for PCB photosensitive resins and other traditional photoresist fields is basic, which is determined based on the industry chain and competitive landscape. First, the PCB industry chain has a stable market foundation in china; second, as domestic alternative materials, there is still a large substitution space, with more than half of the foreign capital share remaining; third, the industry is tending to grow steadily, although it is refined chemicals in a segmented field with a market ceiling, it is relatively stable. Fourth, with the development of AI, computing power and AI servers, as well as hardware, all require PCBs, which will lead to increased demand for PCB photosensitive resins. At the same time, the electrification and intelligence of autos also represent a process where both volume and price increase for PCBs, coupled with the recovery of consumer electronics, there may be a new wave of replacement for consumer electronics like smartphones and laptops in the future. Overall, PCB photosensitive resins will also see new demand as the PCB industry’s demand grows.