Huaxin Securities Research Report pointed out that Dongcai Technology's electronic resin has released profit elasticity and is profoundly benefiting from the wave of AI server material upgrades. The first half of '26 is expected to achieve net profit of about 312 million yuan, an increase of 63.93% over the previous year; net profit after deducting non-return to mother is expected to reach about 225 million yuan, an increase of 41.7% over the previous year. The penetration rate of core high-end resin products such as bismaleimide resins, active ester resins, hydrocarbon resins, and polyphenylene ether resins has been steadily increasing, and the competitiveness of the industry continues to consolidate, directly driving the simultaneous increase in overall revenue, profit quality and overall profitability. With the booming development of the artificial intelligence industry, AI servers continue to iterate for high-speed signal transmission, and market requirements for low dielectric constant and low dielectric loss performance of copper-clad plate materials continue to rise, driving demand for high-performance electronic resins to continue to expand. The company continues to step up the advanced electronic materials circuit. M10 hydrocarbon resin is being sent to downstream customers for sample verification, forming a product echelon for M9 mass production and M10 R&D verification to match the next generation of high-speed server material standards in advance. Considering that the company has supplied high-end electronic resins in batches and has indirectly entered the supply chain of major downstream customers, it was covered for the first time and given a “buy” investment rating.

Huaxin Securities Research Report pointed out that Dongcai Technology's electronic resin has released profit elasticity and is profoundly benefiting from the wave of AI server material upgrades. The first half of '26 is expected to achieve net profit of about 312 million yuan, an increase of 63.93% over the previous year; net profit after deducting non-return to mother is expected to reach about 225 million yuan, an increase of 41.7% over the previous year. The penetration rate of core high-end resin products such as bismaleimide resins, active ester resins, hydrocarbon resins, and polyphenylene ether resins has been steadily increasing, and the competitiveness of the industry continues to consolidate, directly driving the simultaneous increase in overall revenue, profit quality and overall profitability. With the booming development of the artificial intelligence industry, AI servers continue to iterate for high-speed signal transmission, and market requirements for low dielectric constant and low dielectric loss performance of copper-clad plate materials continue to rise, driving demand for high-performance electronic resins to continue to expand. The company continues to step up the advanced electronic materials circuit. M10 hydrocarbon resin is being sent to downstream customers for sample verification, forming a product echelon for M9 mass production and M10 R&D verification to match next-generation high-speed server material standards in advance. Considering that the company has supplied high-end electronic resins in batches and has indirectly entered the supply chain of major downstream customers, it was covered for the first time and given a “buy” investment rating.