Analysis of the Strong Performance of Daoming Optics (002632)

: On December 2, 2025 UTC+8, Daoming Optics (002632) hit the daily limit up and entered the strong stock pool.
: Ticker 002632.SZ, sector: Basic Materials - Specialty Chemicals, current limit-up price: 15.05 yuan [0].
: No breaking news or announcements directly triggering today’s limit-up were found; it may be driven by the following factors:

1. Improved Fundamental Expectations
   : As a film new material platform enterprise, Daoming Optics’ reflective materials (leading domestic market share, accounting for 70% of revenue with a gross margin of 44.75%) are the cornerstone business; optical display materials (entered the supply chain of TCL and Skyworth, benefiting from the “Home Appliance Trade-in” policy) are the growth engine; electronic functional materials (graphene heat dissipation films, power battery aluminum plastic films, entering the new energy sector) are future growth points. In the first three quarters of 2025, it achieved revenue of 1.102 billion yuan and net profit of 180 million yuan, a year-on-year increase of 24.69% [1].
2. Technical Breakthrough + Capital Push
   : From November 13 to December 2, the stock price rose from 10.77 yuan to 15.05 yuan, with a 14-day increase of 39.74% and a 5-day increase of 50.80%. Today, it broke through the 52-week high and sealed the limit-up, attracting short-term capital attention. In terms of trading volume, today’s trading was limited due to large limit-up orders (6.41M shares), but the total 14-day trading volume was 305.51M shares, significantly higher than the historical average, indicating increased capital participation [0].

1. Expectation-driven Market Without Direct Catalyst
   : No important announcements from the company or sudden industry positive news were found on the day; the strong stock price is more likely due to market expectations for the long-term prospects of its new businesses such as electronic functional materials (e.g., power battery aluminum plastic films) and optical display materials, combined with speculative capital push from technical breakthroughs.
2. Contradiction of “Old Strong, New Weak” in Business Structure
   : Reflective materials are the core revenue source, but Q3 2025 revenue growth was only 2.19% with weak demand; new businesses (optical display, electronic functional materials) account for less than 10% of revenue, contributing limited to short-term performance, and there is uncertainty in performance realization [1].
3. Valuation Pressure Emerges
   : The current P/E (49.37x) and P/B (4.36x) are significantly higher than peer companies in the same industry, with a risk of correction [0].

:

• Valuation Risk: Current valuation is high, with short-term correction pressure [0].
• Business Risk: Weak demand for reflective materials, low proportion of new businesses, and doubts about the sustainability of performance growth [1].
• Speculative Risk: The stock price has risen too fast recently, with obvious signs of short-term capital speculation; need to be alert to profit-taking [0].
  
  Opportunities
  :
• New Business Potential: Electronic functional materials (power battery aluminum plastic films) and optical display materials (automotive AR-HUD, etc.) are laid out in the new energy and smart home appliance sectors, with broad market prospects [1][2].
• Industry Position: Leading domestic market share in reflective materials, with obvious brand and technical advantages [1].

• Ticker: 002632
• Current Price: 15.05 yuan (+10.01% limit-up) [0]
• Recent Trend: 14-day increase of 39.74%, 5-day increase of 50.80% [0]
• Support Levels: 13.68 yuan (yesterday’s closing price), 12.10 yuan (today’s lowest price) [0]
• Resistance Level: 15.05 yuan (52-week high). If it breaks through with volume, it may continue to rise in the short term; otherwise, it may correct [0]
• Core Businesses: Reflective materials (70% of revenue), optical display materials, electronic functional materials [1]
• Financial Performance: Net profit in the first three quarters of 2025 increased by 24.69% year-on-year [1]