Jihc (920193) Research: Surface Treatment Materials Platform Company, Moving from Electroplating Additives to New Energy & Semiconductors

English summary

### Jihc (920193) Research: Surface Treatment Materials Platform Company, Moving from Electroplating Additives to New Energy & Semiconductors

Time: 2026-07-29 13:30:25

Content: [Abstract] Jihc is a rare platform company for fine chemicals in surface and interface treatment in China. Relying on three major organic synthesis technology systems, it has achieved vertical extension from traditional electroplating additives to lithium battery new materials, semiconductor electronic chemicals, and photovoltaic materials. Current market pricing more reflects the value of traditional chemical business; there is an expectation gap in the mass production and implementation of semiconductor integrated circuit electroplating chemicals and the expansion of photovoltaic materials. Coupled with the reform dividends of the Beijing Stock Exchange system, there is medium-to-long-term valuation repair potential. This article elaborates from four dimensions: competitive barriers, growth curves, profitability estimates, and risks.

I. Business model and core barriers

Different from most single-product fine chemical companies, the company's core barrier is a reusable organic synthesis technology platform: three major technology routes of epoxy derivatives, sultone derivatives, and acetylene derivatives, sharing synthesis laboratories, raw material systems, and production equipment.