A-share subscription | Kangmei (920189.BJ) opens subscription to cover the LED and lithium battery head supply chain.

On June 29th, Kangmeite (920189.BJ) began its subscription with an issue price of 8.14 yuan per share and a subscription limit of 954,400 shares. The price-earnings ratio is 14.98 times, and it belongs to the North Stock Exchange. GF SEC is its sponsoring institution. The prospectus shows that Kangmeite mainly engages in the research and development, production, and sales of high polymer new materials products such as electronic packaging materials and high-performance modified plastics. The main products of the company's electronic packaging materials are LED chip encapsulation electronic adhesives, which are widely used in new displays, semiconductor lighting, semiconductor device packaging, aerospace, and other fields. The products of the company's high-performance modified plastics are modified impact-resistant polystyrene, which is widely used in head protection in sports and transportation, protection of fragile components such as LCD panels and lithium batteries, and building energy saving. Kangmeite's customer base includes top LED encapsulation manufacturers worldwide such as Osram, Everlight Electronics, Dominant, Seoul Semiconductor, Lumileds, and domestic top enterprises Hongli Zhihui Group, Foshan NationStar Optoelectronics, Shenzhen Refond Optoelectronics, MLS Co.,Ltd., Shenzhen Jufei Optoelectronics, Sanan Optoelectronics, Shanxi Gaokai, etc., and has successfully entered the supply chain of well-known end customers such as Tcl Corporation, Hisense, BOE, Xiaomi, BYD Company Limited, and Skyworth. In terms of high-performance modified plastics, the company has successfully developed stripe and spherical ultra-light impact-resistant protective materials for head protection, breaking the monopoly of international manufacturers in this field and achieving rapid growth in sales revenue. In addition, the company has successfully launched ethylene-based toughening protective materials for fragile components such as liquid crystal panels and lithium batteries, leveraging ethylene toughening modification technology, and has entered the industrial chain of downstream well-known enterprises such as BOE and Eve Energy Co., Ltd. In the future, the company will continue to increase its research and development investment in the field of high polymer new materials and promote the landing of new generation products. During the reporting period, the revenue of Kangmeite's electronic packaging materials and high-performance modified plastics showed a continuous growth trend, with the main business income of electronic packaging materials accounting for a relatively high proportion of 60.90%, 62.09%, and 57.77% respectively. Benefiting from the rapid development of downstream and end-use sectors, the electronic adhesive market has shown strong growth in recent years. Electronic adhesives are mainly adhesive products used in the bonding and packaging of electronic products. According to QYResearch data, the global electronic adhesive market sales are expected to reach $64.9 billion in 2024, with a 2.74% year-on-year growth, and are expected to reach $92.33 billion in 2031, with a compound annual growth rate of 5.16% from 2024 to 2031. Financially, in the fiscal years 2023, 2024, and 2025, the company achieved operating revenues of approximately 384 million yuan, 423 million yuan, and 469 million yuan respectively; during the same periods, net profits were approximately 45.135 million yuan, 62.07 million yuan, and 85.327 million yuan respectively.