TacticScaleWhat Novoray (联瑞新材) Does & How It Makes Money (688300.SS)
Updated October 2026 · reflects Novoray's latest reported financials
Chinese maker of silica and alumina powder fillers for electronics. It makes money by manufacturing specialty silica and alumina powders and selling them as functional fillers to industrial customers in China and overseas, with a range of grades from crystalline to spherical and sub-micron products.
How Novoray makes money
It makes money by manufacturing specialty silica and alumina powders and selling them as functional fillers to industrial customers in China and overseas, with a range of grades from crystalline to spherical and sub-micron products.
What Novoray does
Novoray Corporation, founded in 2002 and headquartered in Lianyungang, China, researches, manufactures and sells functional fillers, centered on silicon micro powder. Its product line runs from basic crystalline and fused silica powders to higher-value grades: round-corner crystalline, soft composite, spherical and sub-micron spherical silica, plus spherical aluminum oxide and acicular (needle-shaped) powders. These powders are industrial inputs, not finished goods. Customers add them to electronic materials, electrical insulation, honeycomb and special ceramics, precision casting, paints, adhesives, silicone and functional rubber, plastics and high-grade building materials. The company sells in China and also exports.
Products & services
- Crystalline silica powder
- Fused silica powder
- Spherical silica powder
- Sub-micron spherical silica powder
- Spherical aluminum oxide powder
- Acicular powder
联瑞新材是做什么的？
联瑞新材（Novoray Corporation）成立于2002年，总部位于江苏连云港，从事功能性填料和硅微粉产品的研发、生产和销售。产品线从基础的结晶硅微粉、熔融硅微粉，到附加值更高的角形结晶、软性复合、球形及亚微米级球形硅微粉，还有球形氧化铝粉和针状粉体。 这些粉体属于工业原料，主要应用于电子材料、电工绝缘材料、蜂窝陶瓷和特种陶瓷、精密铸造、涂料、胶粘剂、硅橡胶和功能橡胶、塑料以及高端建材等领域。公司产品在国内销售，也出口海外。
What is Novoray worth?
On an owner-earnings DCF, Novoray's most-likely value is about ¥16 versus a recent price near ¥131 (710% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥6) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $131 is above even the optimistic Bull case ($36) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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