Author | Fang Ye
GHKJ (002741.SZ), strong two consecutive limit-ups!
Since the continuous rise starting from November 2024, GHKJ's stock price has once again achieved consecutive limit-ups.
In between, a year and a half has passed.
What has happened that has caused market funds to start paying attention to GHKJ again?
On the news front, on May 21, Morgan Stanley released a breakdown report of the bill of materials (BOM) for NVIDIA's next-generation Rubin platform (VR200 NVL72). The report shows that the ODM procurement price for the Rubin rack is approximately $7.8 million, nearly doubling from the previous generation GB300's approximately $3.99 million.
More critically, among all components, the value increase of the PCB is the most significant, soaring by 233% compared to the previous generation.
This report directly ignited the A-share market, with the A-share PCB sector experiencing consecutive surges on May 22 and 25, with GHKJ, as the industry leader in PCB chemicals ranked first in revenue for 15 consecutive years, becoming one of the core beneficiaries of this wave of market activity.
Of course, the limit-up on the 25th was also influenced by the rising concept of composite copper foil.
Behind the two consecutive limit-ups, this company that has been in the PCB chemical business for 40 years is telling a new story.
01
Absolute Leader in PCB Chemicals
GHKJ was established in 1984 and has been deeply engaged in the specialty chemicals field for over 40 years, with its core business revolving around three product lines: PCB chemicals, chemical reagents, and lithium battery materials.
PCB chemicals are the absolute mainstay.
In 2025, the company's PCB chemicals business achieved revenue of 2.082 billion yuan, a year-on-year increase of 26.74%, accounting for over 70% of its main business revenue, and has ranked first in industry revenue for 15 consecutive years. Its products cover two major categories of high-purity chemicals and formulated chemicals, applied in core processes such as etching, copper plating, and surface treatment in PCB manufacturing, making it an indispensable &#34;invisible raw material&#34; in printed circuit board production.
In the field of PCB chemicals, GHKJ's customer lineup is considered &#34;luxurious,&#34; with the top 10 domestic PCB manufacturers basically all being its clients, including Pengding Holdings, Shenzhen South Circuit, Huadian Co., Ltd., and Shenghong Technology; over 60% of the top 100 global PCB companies are also its customers.
In addition to traditional PCB chemicals, GHKJ has also successfully laid out in the fields of composite copper foil chemicals (new energy materials chemicals) and AI optical module bonding agents (semiconductor packaging chemicals).
Composite copper foil (PET copper foil), as a new type of current collector for lithium batteries, has advantages of lightweight, high safety, and high energy density, and is entering a window period for large-scale production.
GHKJ is the only company in China that can provide a full-process chemical solution for composite copper foil water electroplating, with core products including high-purity copper sulfate, specialized copper plating additives, and pre- and post-treatment solutions, with technology derived from 40 years of PCB electroplating accumulation, achieving a purity of 5N+ and leading the industry in yield rates. It has currently formed deep partnerships with leading composite copper foil manufacturers such as Baoming Technology, Shuangxing New Materials, Yinglian Co., Ltd., and Fangbang Co., Ltd. As downstream production capacity continues to be established, this business is expected to quickly contribute to revenue and profits
Benefiting from the explosive demand for 800G/1.6T optical modules, the AI computing power industry chain continues to thrive.
GHKJ's self-developed high-speed optical module bonding agent has been the first to pass the performance test for 1.6T optical modules, breaking the monopoly of overseas companies, and is compatible with 800G/1.6T/CPO high-speed optical modules, addressing the pain points of low loss and high bonding strength in high-speed signal transmission. It has now entered the supply chains of leading optical module manufacturers such as Zhongji Xuchuang and NewEase, becoming a key lever for the company to enter the AI packaging track.
In addition, the company is focusing on developing lithium sulfide business as a second growth curve.
Lithium sulfide is the core material for sulfide solid-state batteries, and its purity directly determines the battery's energy density and safety. The mainstream industry demand is for 4N grade (99.99%).
GHKJ has established the only production line in China, and one of the few in the world, capable of mass-producing 6N grade (99.9999%) high-purity lithium sulfide, with an existing capacity of 300 tons/year, which can be quickly expanded to 3000 tons/year. Products have been sent for testing to leading companies such as CATL, Guoxuan High-Tech, Qingtao Energy, and GAC Aion, and a long-term supply agreement has been signed with Guoxuan High-Tech.
Although this business has not yet formed scale revenue, the increasing expectations for the industrialization of solid-state batteries continue to highlight its scarcity value, with long-term growth potential reaching the tens of billions.
02
Clear signals of performance reversal
From the financial data, GHKJ has emerged from its previous performance low.
In 2023 and 2024, the company reported losses of 431 million yuan and 205 million yuan, respectively, marking a rare occurrence of consecutive annual losses since its listing; in 2025, its net profit attributable to shareholders was 104 million yuan, a year-on-year increase of 150.70%, successfully turning a profit.
In the first quarter of 2026, GHKJ achieved operating revenue of 970 million yuan, a year-on-year increase of 64.89%; net profit attributable to shareholders was 41.1451 million yuan, a year-on-year increase of 63.19%; and net profit attributable to shareholders after deducting non-recurring gains and losses was 39.776 million yuan, a year-on-year increase of 96.6%, indicating a clear signal of performance reversal.
The performance assessment targets set in the company's 2026 equity incentive plan further reinforce the logic of performance reversal.
On May 21, the company released a draft for its 2026 restricted stock incentive plan, setting a three-year lock-up period, with performance assessment targets of: no less than 150 million yuan in net profit attributable to shareholders in 2026, no less than 180 million yuan in 2027, and no less than 216 million yuan in 2028.
This provides a certain safety margin for GHKJ's stock price surge.
However, behind the significant performance increase, there are some financial data that must be noted.
First, the scale of accounts receivable is relatively high.
As of the end of 2025, GHKJ's accounts receivable reached 843 million yuan; by the end of the first quarter of 2026, it further expanded to 915 million yuan, with a significant year-on-year increase in accounts receivable. If the repayment cycle for downstream customers is prolonged, it may lead to bad debt risks.
Second, operating cash flow is relatively weak.
In 2025, the company's annual operating cash flow turned positive, but it was only 18.8081 million yuan, and the net operating cash flow for the first quarter of 2026 was -158 million yuan, a significant year-on-year decline. The company explained that this was mainly due to increased inventory and the expansion of accounts receivable;
There is a certain gap between net profit and cash flow.
03
Valuation to be digested
As of the close on May 25, GHKJ's total market capitalization approached 13 billion yuan, with a dynamic price-to-earnings ratio of 78.83 times.
In comparison, the average PE of the electronic chemicals sector is about 127 times, with a median of about 122 times. Among them, the valuation of PCB chemical companies is about 40-60 times, semiconductor material companies' valuations are 100-150 times, and solid-state battery material companies' valuations are about 150-250 times.
Clearly, the market's valuation of GHKJ to some extent includes pricing for its new businesses such as lithium sulfide solid-state batteries.
This means that to sustain this valuation, continuous performance growth must keep pace, and businesses like solid-state batteries must also quickly deliver results.
The issue lies in the fact that there is a certain degree of uncertainty in the future.
The company's lithium sulfide products have been in the &#34;sample testing and optimization phase&#34; since 2024, and there is still no clear timetable for when validation will be completed or when production will scale up.
The industrialization process of solid-state batteries itself carries significant uncertainty; if mass production is delayed, this portion of the valuation premium faces contraction pressure.
In addition, the company's PCB chemical business is highly concentrated. If the demand for AI computing power cools or downstream PCB manufacturers accumulate inventory, the company's performance may face direct impact.
GHKJ's recent two consecutive trading limits have a complete logical chain: industry catalysts, fundamental recovery, and stock incentive targets resonate together, rather than being purely speculative hype.
However, ultimately, whether this round of market can continue depends not only on the capital aspect but also on the subsequent pace of performance delivery in related businesses.
Personal opinion, for reference only

002741

NVDL

NVDX

NVDU

GHKJ's stock price has hit the daily limit up for two consecutive days, influenced by Morgan Stanley's report on NVIDIA's Rubin platform. The report indicates a significant increase in the value of PCB components, and GHKJ, as an industry leader, has ranked first in revenue for 15 consecutive years. The PCB chemicals business is expected to achieve revenue of 2.082 billion yuan in 2025. The company has numerous clients in the PCB chemicals field, covering top manufacturers both domestically and internationally

PCB chemical leader, 002741, strong two consecutive limit-ups