Gross margin reaches 47%! jinfa technology client, huawei/ningde times supplier, new materials "little giant" aiming for ipo

Recently, Zhuhai Guoneng New Materials Co., Ltd. ("Guoneng New Materials") submitted the application materials for the Beijing Stock Exchange counseling filing to the Guangdong Regulatory Bureau, initiating IPO preparations.

It is reported that Guoneng New Materials was listed on the New Third Board in October 2015, and was suspended for investigation due to significant stock price fluctuations on August 14, 2025. The investigation was completed on September 11, and trading resumed.

According to the information, Guoneng New Materials was established in 2002 and is recognized as a national-level specialized and innovative "little giant" enterprise, an innovative small and medium-sized enterprise in Guangdong Province, and a technology-based small and medium-sized enterprise in Guangdong Province.

It is reported that the company has invested 150 million yuan to establish a 23,000㎡ headquarters base in Nanping, Zhuhai, and invested 230 million yuan to build a 38,000㎡ production base in Fushan, Zhuhai, as well as establishing the Guangdong Provincial Engineering Technology Center and a materials laboratory.

The company's product line includes two main categories: high-frequency and high-speed copper-clad laminates and modified composite materials. The main products include: PTFE series, hydrocarbon series, and high-speed series high-frequency and high-speed copper-clad laminates suitable for mobile communications and consumer electronics; fiberglass and modified plastic base station antenna covers suitable for 4G/5G mobile communications; millimeter-wave radar and power battery protection shells suitable for new energy vehicles; and the development and application of high-performance composite materials and polymer material components for various industries.

It is worth mentioning that recently, the company's independently developed GNC3004Y high-frequency microwave substrate successfully passed the authoritative certification by the Material Reliability Center of the China Academy of Space Technology, successfully filling the domestic technological gap in high-end high-frequency materials.

The company's main suppliers include Kingfa Sci. & Tech., China Jushi, Changxing Materials, and its clients already cover Huawei, Ericsson, and Comba Telecom.BYD, CATLFamous leading companies.

In terms of performance, Guoneng New Material has seen a significant increase in net profit over the past two years: for the fiscal year 2023 and the period from January to December 2024, the operating income was 114 million yuan and 131 million yuan respectively, with net profits of 7.6138 million yuan and 16.2338 million yuan, representing a net profit growth of 113.21%.

From January to June 2025, the company's revenue was 92.45 million yuan, net profit was 23.81 million yuan, and the gross profit margin was as high as 47.08%.

In the first half of 2025, there was a 55.41% increase compared to the first half of 2024. This was mainly due to the sales breakthrough of high-frequency board products in new applications in the active phased array radar field, which brought incremental orders from new customers. Additionally, the antenna housing products saw a significant increase in revenue due to the initiation of collective procurement projects by communication operators, resulting in bulk tendering and stock transfers by customers.

The gross profit margin for high-frequency copper-clad laminates in 2024 stands at an impressive 58.02%!

In recent years, with the accelerated development of high-tech industries such as AI servers and autonomous driving, the demand for high-end printed circuit boards (PCBs) in China has been growing increasingly strong. High-frequency, high-speed copper-clad laminates serve as the substrate for the production of high-end printed circuit boards, possessing functions such as signal transmission and electrical connection, and the industry's development trend remains positive.

AI servers are the main driver of the current growth in copper-clad laminate demand, with the copper-clad laminate usage of a single AI server being three times that of a regular server.

According to reports, recently,Driven by demand related to AI, there is a shortage and price increase of high-end materials in the upstream of the PCB industry chain.In terms of high-end copper-clad laminates, individuals from A-share manufacturers have stated that the foundational materials for applications such as AI and robotics are becoming lighter and thinner, especially with an increasing demand for high-performance products in the computing power sector. Due to the non-generic nature of the products, the manufacturing equipment and processes need to be gradually adjusted to match the market, resulting in currently limited production capacity. Reports indicate that Nan Ya is planning to raise prices for its entire range of copper foil substrate (CCL) products by 8% and for PP by 8%.Taiwan Glass has confirmed that there is still a supply shortage of electronic-grade fiberglass cloth.

Additionally,Ding Yu, the director of the research institute at Nord Shares, stated that high-end electronic copper foil in the industry is in very short supply. The company's RTF-3 has already been shipped, and RTF-4 and HVLP-3 are in the downstream validation stage. A relevant person from Honghua Technology revealed that the price of the company's high-performance product "Low Dielectric Generation One" is six times that of ordinary products, and the prices of Low Dielectric Generation Two and Low Thermal Expansion Coefficient are still rising due to their scarcity in the market.

It can be confirmed that as the demand for all components required to build AI data centers by global tech giants continues to rise, the future market demand for AI servers will only continue to grow, further driving the increasing demand for high-frequency, high-speed PCBs.

This will also drive the inclusion ofHVLP copper foil, electronic fiberglass cloth, sphericalSilicon micropowder, acenaphthylene resin, and hydrocarbon resin, along with various other new materials, are all promising investment directions.