Guohai Securities: First Strongly Recommends "Buy" Rating for Strong New Materials, Expands into High-End Materials such as PSPI.

Guohai Securities research report pointed out that Qiangli New Materials is one of the few domestic enterprises specializing in electronic chemicals for photoresist. The company's technology and products have covered key raw materials varieties in major photoresists such as PCB dry film photoresist, LCD photoresist, and semiconductor photoresist. It has established good cooperative relationships with global renowned photoresist manufacturers such as Changxing Chemical, Xuchuang Cheng, RESONAC, Sumitomo Chemical, JSR, DNP, Mitsubishi Chemical, LGC, ARTIENCE, Chimei, and Changchun Chemical. At the same time, the company is actively researching and developing new products, such as photosensitive polyimide and electroplating solutions for advanced semiconductor packaging, copper, nickel, tin, and silver. The company's photosensitive polyimide products are being validated by several customers, and some electroplating solution products are in the small batch product verification stage at customer sites. It is expected to bring a new growth curve. The initial rating is "buy".