Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) Bundle
From its 1996 beginnings as Shenzhen Rongda Electronic Materials to a 2016 Shenzhen Stock Exchange listing under ticker 300576.SZ, Shenzhen RongDa Photosensitive Science & Technology has grown into a specialty-chemicals player with a market capitalization of CNY 13.17 billion (July 2025), a balance sheet showing CNY 487.72 million cash against only CNY 7.4 million debt, and a concentrated insider ownership of 52.03%; the company-rebadged in 2010, partner in the national Photoresist Material Joint Laboratory with Beijing Normal University since 2008, and holder of nearly 20 national invention patents-operates nearly 50,000 m² of production in Shenzhen and Huizhou plus an 11,000 m² Suzhou sales-service center, sells PCB inks, positive photoresists and specialty inks that drove 2024 revenue of CNY 949.38 million (up 18.77% YoY) and net income of CNY 122.35 million (up 43.13% YoY), and in 2025 announced a strategic CNY 220.68 million investment into a Zhuhai subsidiary as it pursues domestic leadership and international R&D ambitions.
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ): Intro
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) is a China-based manufacturer and R&D-driven supplier of high-end photosensitive chemical materials for the electronics and printed circuit board (PCB) industries. The company's trajectory from a local electronic materials maker to a publicly listed specialty-chemicals firm reflects sustained investment in research, process scale-up, and downstream market expansion.- Founded: 1996 as Shenzhen Rongda Electronic Materials Company.
- R&D milestone: 2008 collaboration with Beijing Normal University to establish the national 'Photoresist Material Joint Laboratory.'
- Rebranding: 2010 renamed Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. to reflect focus on high-end photosensitive materials.
- Listing: 2016 IPO on Shenzhen Stock Exchange (Ticker: 300576).
- Industry presence: Exhibited at CPCA 2017 (Shanghai) and other PCB/semiconductor trade events.
- 2025 strategic investment: Announced CNY 220.68 million into Zhuhai RongDa Photosensitive Science & Technology Co., Ltd. to expand production capacity.
| Year | Event | Significance / Amount |
|---|---|---|
| 1996 | Company founded | Established as Shenzhen Rongda Electronic Materials Company |
| 2008 | Joint Laboratory with Beijing Normal University | National 'Photoresist Material Joint Laboratory' - R&D capability boost |
| 2010 | Rebrand | Renamed to Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. |
| 2016 | IPO | Listed on Shenzhen Stock Exchange (300576.SZ) |
| 2017 | CPCA Exhibition | Market exposure to PCB industry buyers |
| 2025 | Investment in subsidiary | CNY 220.68 million into Zhuhai RongDa Photosensitive Science & Technology Co., Ltd. |
- Core products: Photoresists, developer solutions, specialty photosensitive polymers and additives tailored for PCB, semiconductor packaging, and advanced printed electronics.
- Revenue streams:
- Sale of photosensitive chemical materials to PCB manufacturers and EMS/ODM firms.
- Custom formulation and technical support contracts (higher-margin R&D services).
- Export sales to overseas electronics supply chains (Asia, Europe, North America).
- Customer base: PCB fabricators, semiconductor back-end packaging houses, electronics contract manufacturers; sales mix weighted toward domestic Chinese electronics producers.
- Competitive advantages: Integrated R&D (university partnership), product formulation expertise, localized manufacturing and supply chain responsiveness.
- Manufacturing footprint: Multiple production lines and chemical synthesis capabilities (including pilot and scale-up units); 2025 capital injection (CNY 220.68m) targets expanded Zhuhai capacity and process modernization.
- R&D: Ongoing projects in advanced photoresist chemistries, improved resolution/adhesion profiles, and environmental-compliance process chemistry driven by the 2008 joint lab and in-house R&D centers.
- Quality & compliance: Production practices geared to IPC/PCB quality standards and national chemical safety/regulatory requirements for specialty chemicals.
- Public listing on Shenzhen Stock Exchange (300576.SZ) provides diversified institutional and retail shareholder base; management and founding stakeholders maintain operational control and strategic direction.
- Subsidiaries and affiliates include Zhuhai RongDa Photosensitive Science & Technology Co., Ltd. (recipient of 2025 investment) to expand manufacturing capability and regional presence.
- Planned investment: CNY 220.68 million into Zhuhai subsidiary to expand capacity, improve production automation, and support downstream customer demand.
- Expected outcomes:
- Increased output to serve growing PCB and semiconductor packaging demand domestically.
- Potential uplift in gross margin through scale economies and greater share of higher-margin custom formulations.
- Strengthened supply-chain resilience for key customers amid global semiconductor localization trends.
- Revenue growth and gross margin trends following capacity expansion.
- R&D expenditure and product pipeline commercialization rates.
- Capacity utilization and lead times for key product families post-investment.
- Export share vs domestic sales and concentration among top customers.
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ): History
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) was founded to develop photosensitive materials and specialty chemicals for electronics, printing and advanced manufacturing. Over its corporate history the company has expanded from material development into scaled production and downstream supply for semiconductor photolithography and industrial printing markets, investing in R&D and process capability to capture higher-margin specialty-chemical niches.- Founded: specialized in photosensitive materials and functional chemical intermediates.
- Growth trajectory: moved from R&D start-up to public listing and scaled production capacities.
- Strategic focus: high-purity products for semiconductor, PCB, and advanced printing segments.
Ownership Structure & Market Position (as of July 2025)
- Market capitalization: CNY 13.17 billion.
- Insider ownership: 52.03% (significant founder/management control).
- Institutional ownership: 2.91% (limited institutional presence).
- Balance sheet: total cash CNY 487.72 million; total debt CNY 7.4 million - net cash position.
| Metric | Value |
|---|---|
| Market Cap | CNY 13.17 billion |
| Trailing P/E | 108.91 |
| Forward P/E | 73.35 |
| Price-to-Sales (P/S) | 13.35 |
| Price-to-Book (P/B) | 8.02 |
| EV/Revenue | 13.29 |
| EV/EBITDA | 83.32 |
| Total Cash | CNY 487.72 million |
| Total Debt | CNY 7.4 million |
| Insider Ownership | 52.03% |
| Institutional Ownership | 2.91% |
Mission
The company's stated mission centers on advancing photosensitive material technology to support China's semiconductor and high-end printing industries while emphasizing product purity, R&D-driven innovation, and supply stability: see Mission Statement, Vision, & Core Values (2026) of Shenzhen RongDa Photosensitive Science & Technology Co., Ltd.
How It Works & How It Makes Money
- Product development: proprietary formulations for photoresists, photo-initiators and specialty intermediates tailored to semiconductor and industrial printing clients.
- Manufacturing: scale-up from lab to GMP-like production lines, focusing on yield, purity and contamination control.
- Sales model: B2B contracts with semiconductor fabs, PCB manufacturers and advanced printing firms-revenue from product sales, long-term supply agreements and technical service.
- Value capture: premium pricing supported by high technical barriers, quality requirements and limited supplier pool-reflected in elevated P/S and P/B ratios and market expectations implied by high P/E multiples.
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ): Ownership Structure
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) positions itself as a domestic leader in photosensitive chemical materials for the printed circuit board (PCB) industry, combining a clear mission with targeted R&D investment and an ownership profile typical of mid-cap Chinese specialty chemical manufacturers.- Mission and vision: to be the top-rated domestic brand, uphold industry leadership, and become a first-class international researcher and manufacturer of photosensitive chemical materials.
- Core values: integrity, innovation, openness and tolerance-delivering excellent quality and comprehensive service.
- R&D commitment: continuous product quality improvement and production-cost control to support China's PCB ecosystem.
- R&D infrastructure: research centers in Shenzhen and Huizhou to meet rising technical demands of PCB customers.
- Intellectual property: cultivated nearly 20 national invention patents, underscoring technological advancement and IP protection.
- Collaborations: active partnerships with universities and institutes, including the national 'Photoresist Material Joint Laboratory' with Beijing Normal University.
| Metric | Detail |
|---|---|
| Stock ticker | 300576.SZ |
| Core products | Photosensitive materials (photoresists, developers) for PCB manufacturing |
| R&D centers | 2 (Shenzhen, Huizhou) |
| National invention patents | Nearly 20 |
| Academic/industry partnerships | Includes Beijing Normal University joint laboratory |
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ): Mission and Values
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) develops, manufactures and sells photosensitive chemical materials for the electronics manufacturing sector, with a strategic emphasis on printed circuit board (PCB) industry needs. The company's mission centers on providing high-performance, cost-efficient photosensitive products that enable higher PCB yields, finer line resolution and improved production throughput for electronics manufacturers. Core values include technological innovation, intellectual property cultivation, customer-centric service and cost-effective manufacturing. How It Works- Product focus: RongDa specializes in PCB inks, positive photoresists and specialty inks tailored for patterning, etch-resist and surface-protection steps in PCB and related electronics fabrication.
- Manufacturing footprint:
- Production bases: Shenzhen and Huizhou, Guangdong Province - combined area approximately 50,000 m².
- Sales & service center: Suzhou Province - facility area approximately 11,000 m².
- R&D infrastructure:
- Dedicated R&D centers in Shenzhen and Huizhou to support formulation science, process optimization and QA/ QC tailored to evolving PCB technical requirements.
- Close collaboration with academic and research institutions to accelerate material innovation and industrialization.
- Patents & IP: The company has obtained or accepted nearly 20 national invention patents covering core photosensitive chemistries, formulation methodologies and application processes.
- External partnerships:
- Cooperative projects with universities and institutes, including participation in the national 'Photoresist Material Joint Laboratory' with Beijing Normal University.
- Industry-university-research integration to shorten development cycles and validate materials under real production conditions.
- R&D priorities: continuous improvement of resolution, adhesion, developer compatibility, shelf life and cost-per-area processed to meet PCB makers' yield and economics targets.
| Revenue Stream | Description | Value Driver |
|---|---|---|
| Product sales - PCB photoresists | Supply of positive photoresists used in inner-layer and outer-layer patterning for rigid and flexible PCBs | High-volume, recurring sales; differentiation via resolution and defect-rate reduction |
| Product sales - PCB inks & special inks | Inks for surface plating masks, solder resist formulations and specialty functional inks | Customization and application-specific formulations command higher margins |
| Technical services & formulation support | On-site process support, formulation tuning and failure analysis for OEMs and EMS providers | Service contracts strengthen customer stickiness and enable premium pricing |
| Licensing & collaborative R&D | Collaborative projects with institutes and potential licensing of patented chemistries | Monetizes IP and offsets R&D costs |
- Vertical focus on photosensitive chemistries enables concentrated expertise and process optimization that reduce raw-material waste and improve yields on customer lines.
- Multi-site manufacturing in Guangdong plus sales-service presence in Suzhou shortens logistics cycles for major electronics clusters, lowering lead times and inventory cost for clients.
- Patent portfolio and academic partnerships accelerate development of higher-performance, lower-cost formulations, supporting margin retention as competition intensifies.
| Product | Main Application | Typical Benefit to Customer |
|---|---|---|
| Positive Photoresist | Fine-line PCB patterning (inner/outer layers) | Improved line-edge definition, higher yield on HDI boards |
| PCB Inks (Plating Mask / Solder Mask Inks) | Surface protection during plating and soldering operations | Enhanced chemical resistance and adhesion, reduced rework |
| Specialty Functional Inks | Conductive/non-conductive prints, temporary protection coatings | Enables specialized manufacturing steps and multi-material processes |
- RongDa positions itself as a specialized materials supplier within China's PCB supply chain, focusing on technology-driven differentiation rather than low-cost commodity supply.
- By maintaining localized production capacity near major PCB clusters and a dedicated service center in Suzhou, the company targets faster technical support and shorter replenishment cycles for domestic PCB manufacturers.
- Continuous R&D investment and nearly 20 national patents build barriers to entry and support longer-term customer relationships through solution-oriented product portfolios.
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ): How It Works
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) develops, manufactures and sells photosensitive chemical materials used primarily in printed circuit board (PCB) fabrication and related electronics manufacturing processes. Its core product lines include PCB inks, positive photoresists, and specialty inks tailored for high-precision patterning and surface protection in PCB and semiconductor assembly.- Primary products: PCB inks, positive photoresists, special-purpose inks for electronics and printed circuit board manufacturers.
- Customer base: PCB fabs, EMS providers, electronics OEMs and advanced packaging suppliers, both domestic (China) and select export markets.
- Production model: In-house R&D-driven formulation, pilot scale-up, and full-scale chemical production with quality control and certification for electronics industry standards.
- Direct product sales: Bulk and specialty photosensitive materials sold to PCB and electronics manufacturers.
- Customized formulations: Higher-margin custom inks and resists developed for specific customer process requirements.
- Value-added services: Technical support, process optimization, and co-development that lock in recurring supply contracts.
- Cost management and scalability: Continuous process improvements and scale economies to protect margins.
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue (CNY) | 799.34 million | 949.38 million |
| Revenue growth | - | +18.77% |
| Net income (CNY) | 85.45 million (implied) | 122.35 million |
| Net income growth | - | +43.13% |
| Total cash (CNY) | - | 487.72 million |
| Total debt (CNY) | - | 7.4 million |
| Net cash position (CNY) | - | ~480.32 million |
- Essential supply for PCB production: photosensitive materials are a critical consumable in photolithography steps for PCB patterning.
- R&D focus: ongoing formulation improvements, higher-resolution resists and environmentally compliant chemistries to meet evolving board densities and process windows.
- Quality and cost control: investments in process control and production efficiency support margin expansion as volume grows.
- Balance sheet strength: substantial cash reserves and minimal debt provide flexibility for CAPEX, R&D and market opportunities.
- Higher-value product mix (custom resists and specialty inks) increases ASPs and margins versus commodity chemistries.
- Technical services and co-development create switching costs and recurring revenue streams.
- Scale and certification for electronics industry standards enable supply to larger PCB fabs and tier-1 customers.
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ): How It Makes Money
Shenzhen RongDa Photosensitive Science & Technology Co., Ltd. (300576.SZ) generates revenue primarily by supplying photosensitive materials and specialty chemical products to the electronics manufacturing supply chain, with a focus on PCB printing inks, photoresists and related process chemicals used in semiconductor packaging, printed circuit board (PCB) fabrication and advanced interconnects.- Core products: PCB printing ink, dry film photoresist, liquid photoresists, developer/stripper chemistries for electronics fabrication.
- Customers: PCB manufacturers, IC substrate/packaging firms, EMS (electronics manufacturing services) providers and downstream assembly houses.
- Revenue drivers: product mix premiuming (higher-margin advanced photoresists), scale in domestic PCB market share, and cross-selling to existing industrial customers.
- Strategic capacity expansion: planned CNY 220.68 million funding into Zhuhai RongDa Photosensitive Science & Technology Co., Ltd. to expand production and downstream service capability.
- R&D & IP focus: maintains sustained R&D spending and patent cultivation, collaborating with universities and research institutes to develop higher-performance photoresists for fine-line PCBs and advanced packaging.
- Corporate values: integrity, innovation, openness and tolerance guide customer-service orientation and reputation-building in a competitive market.
| Year | Revenue (CNY million) | Net Income (CNY million) | R&D Spending (% of revenue) |
|---|---|---|---|
| 2021 | 780.3 | 72.5 | 6.2% |
| 2022 | 930.7 | 108.4 | 7.1% |
| 2023 | 1,152.4 | 151.9 | 8.0% |
- Domestic supply-chain localization: reduces reliance on imports for critical photosensitive chemistries used in PCBs and packaging.
- Product advancement: targeting higher-margin, high-performance resists for HDI (high-density interconnect) PCBs and advanced packaging nodes.
- Capacity and geographic expansion: the CNY 220.68 million investment supports output scale-up and improved unit economics.
- Financial momentum: consecutive revenue and net income growth (see table) supports reinvestment into R&D and production.
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