Analysis of Nanda Optoelectronics (300346): Leading Domestic ArF Photoresist Maker Hits All-Time High, Resonance of Fundamental and Technical Drivers

Nanda Optoelectronics (300346) performed strongly on January 16, 2026, and was included in the powerful stock pool. As a leading domestic ArF photoresist enterprise, the company benefits from multiple positive factors including accelerated domestic substitution of semiconductors, breakthroughs in industry policies, and catalysis from Sino-Japanese trade frictions [1][4]. Currently trading at RMB 62.75, the stock has broken through the resistance level of its previous all-time high of RMB 62.04, showing a clear uptrend technically but remaining in the overbought zone [0]. Fundamentally, the company has steady performance growth, abundant cash flow, and 363 independent patents that build technical barriers. However, its price-to-earnings ratio (PE) of 141.66x reflects that market expectations have already been fully priced in. Comprehensive Assessment: The stock remains promising in the medium term but needs consolidation in the short term. It is recommended that existing holders pay attention to the support level of RMB 53.52, while off-market investors wait for a pullback to enter.

Nanda Optoelectronics held a board meeting on January 5, 2026, and reviewed and approved a number of major resolutions, injecting new momentum into the company’s development [1]. First, the company plans to use no more than RMB 1.7 billion of idle self-owned funds to purchase wealth management products. This move shows the management’s emphasis on capital utilization efficiency, while also indicating that the company has abundant book cash and a sound financial status [0][2]. Second, the company acquired a 16.1666% stake in Ulanqab Nanda for RMB 77.6 million, further integrating industrial chain resources and strengthening its layout in the specialty gas field [1]. In addition, the company is also advancing the acquisition of minority stakes in its holding subsidiaries to optimize its corporate governance structure.

In terms of performance, the 2025 third quarterly report shows that the company’s net profit increased by 13.24% year-on-year, non-net profit (excluding non-recurring gains and losses) increased by 18.13% year-on-year, and the net cash flow from operating activities reached RMB 626 million, a year-on-year increase of 7.06% [0][3]. The growth rate of non-net profit (excluding non-recurring gains and losses) is higher than that of attributable net profit, indicating that the company’s main business has good profit quality and sufficient endogenous growth momentum.

As a core material for semiconductor manufacturing, photoresist is known as one of the “Four Kings” (Nanda Optoelectronics, Tonking New Materials, Hengkun New Materials, Dinlong Co., Ltd.) and occupies a key position in the wave of domestic substitution [4][5]. Since the start of 2026, multiple industry positives have overlapped, driving the continuous strength of Nanda Optoelectronics’ share price.

On the policy front, the Ministry of Industry and Information Technology announced on January 12, 2026, a major breakthrough in special glass bottles for photoresist, ending the history of China’s 100% reliance on foreign storage and transportation containers for photoresist [7][8]. On the same day, Guangzhou released a draft policy for public consultation, clearly supporting the development of manufacturing material industries such as photoresist and electronic gases, providing clear policy guidance for the industry [7]. In addition, China’s first EUV photoresist standard was officially initiated in October 2025, marking the accelerated advancement of the standardization process of domestic EUV photoresist [7].

Geopolitical factors also constitute an important catalyst. The stricter export approval for photoresist in Japan has prompted domestic wafer fabs to accelerate the process of domestic substitution [4][6]. Industry analysts point out that in the current international environment, semiconductor production security must be firmly in our own hands, which has created historic development opportunities for domestic photoresist enterprises. As a leading domestic ArF photoresist enterprise, Nanda Optoelectronics directly benefits from this structural change.

The price surge of memory chips has further strengthened the industry resonance effect. Samsung and SK Hynix have notified customers that their product quotations have increased by 60%-70% month-on-month, and the shortage and price increase of memory chips have formed an industry linkage [4][6]. Nanda Optoelectronics has the dual themes of “photoresist + memory chips” and has become the target of capital pursuit.

Nanda Optoelectronics has recently shown a typical strong breakthrough trend. On January 7, 2026, the company’s stock hit the daily limit (20%), with a turnover of up to RMB 7.052 billion on that day, leaving a large gap of RMB 46.38-49.13, marking the official breakthrough of the stock price’s historical high [5][6]. Since then, the stock price has continued to climb, hitting a new all-time high of RMB 64.04 on January 15 [0]. As of the close on January 16, 2026, the price was RMB 62.75.

From various time dimensions, the 1-day gain is +10.15%, 5-day gain is +14.09%, 1-month gain is +33.37%, 3-month gain is +53.31%, 6-month gain is as high as +102.94%, year-to-date gain is +40.47%, and 1-year gain is +100.61% [0]. The strong performance of doubling in half a year reflects the market’s recognition of the company’s long-term value.

Today’s trading volume reached 1.5699 million shares, which is 2.56 times the average daily trading volume (614,200 lots; 1 lot = 100 shares), with a turnover rate as high as 23.70% and a turnover of RMB 9.394 billion [0]. Such an extreme turnover rate shows high market attention, while also indicating fierce chip games and obvious divergence between bulls and bears. From the perspective of capital behavior, the stock has a weak negative correlation with the broader market (Beta=-0.31) and has an independent trend, showing that there is continuous capital relay speculation [0].

Judging from the technical system, Nanda Optoelectronics is in the state of “Uptrend (to be confirmed)” and issued a buy signal on January 6, 2026 [0]. The main technical indicators show the following characteristics: MACD is running above the zero axis, maintaining a bullish stance; however, in the KDJ indicator, the K value is 82.9, D value is 75.6, and J value is 97.5, all in the overbought zone [0]. This indicator divergence phenomenon indicates that the probability of a technical pullback in the short term is increasing.

From the price structure perspective, the stock has currently broken through the resistance level of the all-time high of RMB 64.04, and the next technical target is RMB 67.87 [0]. In terms of key support levels, RMB 53.52 is an important pullback support level, the 20-day moving average is at RMB 49.34, and the upper edge of the gap on January 7 (RMB 49.13) also constitutes an important technical reference. If the stock price pulls back to the range of RMB 53-55, it may provide a good entry opportunity; however, if it breaks below the lower edge of the gap at RMB 49.13, it is necessary to be alert to the risk of a weakening trend.

The strong performance of Nanda Optoelectronics is not an isolated event, but the result of the cross-resonance of multiple logics. From a macro perspective, domestic substitution of semiconductors has changed from an “optional item” to a “must-have item”. Against the background of the independent and controllable strategy, the importance of photoresist as a “choke point” material has been elevated to an unprecedented level. From an industrial perspective, the breakthrough in special glass bottles for photoresist marks the accelerated localization process of the entire industrial chain. As a pioneer in ArF photoresist, Nanda Optoelectronics will continue to benefit from the improvement of industrial chain supporting facilities. From a geopolitical perspective, Sino-Japanese trade frictions have accelerated supply chain restructuring, creating market access opportunities for domestic enterprises that would otherwise take several years to obtain.

On a deeper level, Nanda Optoelectronics simultaneously benefits from two main lines: semiconductor cycle recovery and domestic substitution. The price surge of memory chips indicates that the semiconductor industry is experiencing a new upward cycle, while domestic substitution provides incremental space for domestic enterprises to increase their market share. This dual drive of “cycle + structure” is the core logical basis for the company’s stock price doubling in half a year.

From the perspective of industry pattern, the rise of the “Four Kings” of photoresist is reshaping the domestic semiconductor material landscape. Nanda Optoelectronics has established an obvious first-mover advantage by virtue of being the first domestic enterprise to have its ArF immersion photoresist passed customer verification [7]. The company has 363 independent patents (193 invention patents), covering three core businesses: advanced precursors, electronic specialty gases, and photoresist, forming a full-chain layout of semiconductor materials [7]. This integrated layout not only enhances the company’s risk resistance but also lays a foundation for future collaborative development.

From the perspective of the capital market, the strong performance of Nanda Optoelectronics reflects the market’s high recognition of the semiconductor material track. Although the PE ratio of 141.66x is at a historical high, under the long-term logic of domestic substitution, the market is willing to give a higher growth premium. The key lies in whether this premium can be continuously verified by performance. The 2025 annual report (expected to be released on April 10) will be an important touchstone.

The competitive advantages of Nanda Optoelectronics are mainly reflected in three dimensions: technical barriers, first-mover advantage in customers, and scale effect. As the first domestic enterprise to obtain customer verification for ArF photoresist, the company has established a high technical threshold. The honors of national-level “Specialized, Sophisticated, Unique, and New” little giant and manufacturing “Single Champion” demonstration enterprise also confirm the company’s industry status from the side [7]. However, it should be noted that as more and more enterprises enter the photoresist field, industry competition will gradually intensify. Whether the company can continue to maintain technological leadership will determine its long-term investment value.

: The current PE ratio of 141.66x is at a historical high, and the price-to-book ratio (PB) of 12.60x is also on the high side [0]. This means that the market has given extremely high expectations for the company’s future growth. Once the performance fails to meet expectations, the stock price may face greater adjustment pressure. From the perspective of risk-return ratio, the margin of safety for chasing the rise at the current price is low.

: Indicators such as KDJ and RSI all show that the stock is in the overbought zone. Historically, such an overbought state is often accompanied by a technical pullback. The extreme turnover rate of 23.70% shows poor chip stability, and it is necessary to be alert to the selling pressure brought by the profit-taking of main capital.

: The logic of domestic substitution has been partially reflected in the current stock price. Subsequent continuous performance verification is required to support valuation expansion. If the data in the 2025 annual report or the 2026 first quarterly report fails to meet expectations, it may trigger a market sentiment adjustment.

: The current stock price rise is driven more by sentiment rather than performance. Once the market trend changes or a profit-taking wave occurs, the stock price may experience large fluctuations.

: Judging from the over 100% increase in 6 months, the main capital has a deep involvement, and the trend will not end easily once formed. If the company can continuously realize performance growth, the stock price still has room to rise.

: The overbought state on the technical side creates a demand for pullback. If the stock price pulls back to the range of RMB 53-55, it may provide a good medium-term layout opportunity. This range is near the 20-day moving average and has strong technical support significance.

: Before and after the release of the 2025 annual report (expected on April 10), if performance growth is verified, a new round of upward market may be ushered in. You can lay out on dips before that and wait for performance catalysis.

Risk Type	Specific Description	Risk Level
Valuation Risk	P/E ratio of 141.66x is at a historical high	🔴 Medium-High
Overbought Risk	KDJ and RSI are both in the overbought zone	🔴 Medium-High
Excessively High Turnover	23.70% turnover rate indicates unstable chips	🔴 Medium-High
Expectation Realization Risk	Domestic substitution logic has been partially priced in	🟡 Medium
Market Sentiment Risk	Currently in the “sentiment-driven” stage	🟡 Medium
Policy Risk	Changes in semiconductor industry policies may affect demand	🟢 Low

: Nanda Optoelectronics has steady performance in the 2025 third quarterly report, with a year-on-year increase of 13.24% in net profit, 18.13% in non-net profit (excluding non-recurring gains and losses), and a net cash flow of RMB 626 million [0][3]. The company has a healthy financial status, with a current ratio of 2.69, a quick ratio of 2.12, and a reasonable debt ratio, having strong risk resistance capabilities [0].

: The stock is currently in a clear uptrend, having broken through the historical resistance level of RMB 64.04, but KDJ and RSI are in the overbought zone, increasing the risk of pullback [0]. The key support level is RMB 53.52, and it is necessary to be alert to a weakening trend if it breaks below this level.

: Domestic substitution is a long-term logic, policy support continues to increase, Sino-Japanese trade frictions are difficult to ease in the short term, and the high prosperity of the industry is expected to continue [4][6][7]. However, it is necessary to pay attention to the risk of valuation pullback and wait for performance verification.

: Suitable for investors who recognize the long-term logic of domestic substitution of semiconductors and have high risk tolerance. Existing holders can set a stop-loss level of RMB 53.52 to hold the stock, and can reduce positions appropriately in case of a sharp rise; off-market investors are advised to wait for a pullback to the range of RMB 53-55 before considering entry, as the risk-return ratio of chasing the rise at current levels is poor.

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[0] Jinling Analysis Database - Nanda Optoelectronics Real-Time Quotes and Financial Data

[1] Securities Times Network - Announcement of Nanda Optoelectronics’ Plan to Acquire Stake in Ulanqab Nanda

[2] Tencent Stock Selection - Announcement of Nanda Optoelectronics on Using Self-Owned Funds to Purchase Wealth Management Products

[3] Sina Finance - Analysis of Nanda Optoelectronics’ Daily Limit on January 7, 2026

[4] Eastmoney Wealth Account - Photoresist Becomes the Focus in the Semiconductor Material Track

[5] Xueqiu - Nanda Optoelectronics Discussion and Market Analysis

[6] Eastmoney Wealth Account - Analysis of the Four Kings of Photoresist

[7] Xueqiu - Breakthrough in Photoresist Industrial Chain and Technical Advantages of Nanda Optoelectronics

[8] Securities Times Network - Outbreak of Photoresist Concept