MiniLED coating material supplier Huigu New Materials opens subscription

On March 20, Huigu New Materials opened subscriptions. The issue price is 78.38 yuan per share, the subscription limit is 0.40 million shares, and the price-earnings ratio is 34.91 times. It plans to be listed on the Shenzhen Stock Exchange, with CITIC Securities serving as the sponsor.

After deducting issuance expenses, the funds raised from this issuance are planned to be invested in projects related to the main business, including Qingyuan's 130,000-ton annual environmentally friendly coating and resin expansion project, R&D center construction project, production line technological transformation project, and supplementary working capital. The total investment amount will not exceed 900 million yuan, which will be mainly used for production capacity expansion and technical capability improvement.

According to the prospectus, Huigu New Materials is mainly engaged in the research and development, production and sales of functional resins and functional coating materials. It carries out technological development around molecular structure design and has formed two product systems: functional resins and functional coating materials.

In terms of application fields, the company's products have extended to the electronics and display fields, involving photoelectric coating materials. It disclosed that it has achieved mass production of Mini LED-related coating materials and entered the supply chain of companies such as BOE, TCL Huarui Lighting and Samsung.

Financial data shows that from 2022 to 2024, the company achieved operating income of 664 million yuan, 717 million yuan and 817 million yuan respectively; net profits attributable to the parent company were 30.0917 million yuan, 109 million yuan and 146 million yuan respectively. In the first half of 2025, the company achieved operating income of 496 million yuan and net profit attributable to shareholders of 107 million yuan.