Jihechang (301***) Deep Report: From Electroplating Additives to Semiconductor Materials, an Undervalued Platform-type New Materials Company

English summary

### Jihechang (301***) Deep Report: From Electroplating Additives to Semiconductor Materials, an Undervalued Platform-type New Materials Company Time: 2026-07-31 09:20:45 Content: Core view: Jihechang is not a traditional chemical stock, but a platform-type new materials company built on three core technology systems, spanning new energy battery materials, semiconductor electronic chemicals, and specialty surfactants. Its current market cap corresponds to a 2026 dynamic P/E of about 37x, far below the semiconductor materials sector's average P/E (about 60-80x), indicating a clear valuation gap. 1. Lithium battery track: leader in copper foil additives, benefiting from the ultra-thinning trend 1.1 Lithium battery copper foil additives: SPS single-product market share over 40% Jihechang's core product SPS (poly(sodium 2,2'-dithiodiethanesulfonate)) is a key additive in lithium battery copper foil production, mainly regulating the copper electrodeposition process to make the foil grains finer and thickness more uniform, directly affecting the foil's tensile strength, elongation, and surface density consistency.…