Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous revenue growth in Q3 2024, with successful volume increase in photoresist supporting reagents [1][3] - The company’s revenue for the first three quarters of 2024 reached 820 million yuan, a year-on-year increase of 6.33%, while the net profit attributable to shareholders decreased by 12.45% [3] - The report highlights the competitive pressure in the mid-to-low-end market and a sluggish consumer market, although there are signs of recovery in the high-end semiconductor sector [3] Financial Performance Summary - For Q3 2024, the company achieved revenue of 299 million yuan, a year-on-year increase of 9.61% and a quarter-on-quarter increase of 7.62% [3] - The gross profit margin for Q3 2024 was 25.35%, down 0.13 percentage points year-on-year [3] - The company’s ultra-pure reagent revenue for Q1-Q3 2024 was 513 million yuan, a slight decrease of 0.33% year-on-year, while photoresist supporting reagent revenue was 279 million yuan, an increase of 8.67% year-on-year [4] Business Development - The company’s three major bases are working synergistically, with increasing customer coverage and capacity utilization [5] - The Jiangsu base has a capacity utilization rate that is steadily increasing, with G5 grade products being gradually introduced to high-end semiconductor clients [5] - The Sichuan base achieved sales of 90 million yuan in H1 2024, with a net profit of 7.21 million yuan, reflecting a year-on-year increase of 46.05% [5] Financial Forecast - The company is projected to achieve net profits of 117 million yuan, 138 million yuan, and 156 million yuan for the years 2024, 2025, and 2026 respectively [3][6] - Revenue is expected to grow significantly, with projections of 1.355 billion yuan in 2024, 1.910 billion yuan in 2025, and 2.294 billion yuan in 2026, reflecting year-on-year growth rates of 31.5%, 41.0%, and 20.1% respectively [6][8]

Financial Performance - The company's operating revenue for Q3 2024 was ¥298,749,538.86, representing a year-on-year increase of 9.61%[2]. - The net profit attributable to shareholders for Q3 2024 was ¥29,362,818.85, showing a decrease of 12.99% compared to the same period last year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥29,429,261.05, down 11.99% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.0761, a decrease of 13.03% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥820,283,011.52, an increase of 6.35% compared to ¥771,461,753.08 in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was ¥72,071,854.45, a decrease of 4.25% from ¥75,678,254.53 in the same period of 2023[16]. - The company reported a net profit attributable to shareholders of the parent company of ¥86,256,173.60 for the first three quarters of 2024, down from ¥98,520,401.67 in 2023, representing a decline of 12.4%[16]. - Basic earnings per share for the first three quarters of 2024 were ¥0.2237, compared to ¥0.2555 in the same period of 2023, indicating a decrease of 12.5%[16]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,718,733,627.88, reflecting a slight increase of 0.42% from the end of the previous year[3]. - As of September 30, 2024, the total assets of Jiangyin Jianghua Microelectronics Materials Co., Ltd. amounted to CNY 2,718,733,627.88, a slight increase from CNY 2,707,392,295.83 at the end of 2023[12]. - The total liabilities of the company as of the end of the third quarter of 2024 were ¥832,226,712.08, slightly up from ¥832,209,700.65 at the end of the previous quarter[14]. - The total equity attributable to shareholders of the parent company was ¥1,660,947,241.29, an increase from ¥1,635,438,601.52 in the previous quarter[14]. Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 51.00% due to increased bank guarantee deposits related to acceptance bills[6]. - In the first three quarters of 2024, the company generated cash inflows from operating activities totaling ¥606,302,663.36, an increase of 6.8% compared to ¥567,584,812.14 in the same period of 2023[18]. - The net cash flow from operating activities decreased to ¥57,389,010.63, down 51% from ¥117,125,761.21 in the previous year[18]. - Cash inflows from investment activities amounted to ¥533,475,463.14, a significant increase from ¥411,922,870.23 in the first three quarters of 2023[19]. - The net cash flow from investment activities was negative at -¥325,772,221.89, compared to -¥226,150,558.03 in the previous year[19]. - Cash inflows from financing activities were recorded at ¥100,000,000.00, a substantial increase from ¥5,000,000.00 in the same period of 2023[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,632[7]. - The largest shareholder, Zibo Xingheng Tusheng Holdings Co., Ltd., held 23.96% of the shares, with 46,191,163 shares pledged[7]. Operational Metrics - The company's gross profit margin for the first three quarters of 2024 was approximately 12.1%, compared to 10.2% in 2023[15]. - Research and development expenses for the first three quarters of 2024 totaled ¥40,533,340.06, a decrease of 13.39% from ¥46,834,503.30 in 2023[15]. - The company's long-term assets totaled CNY 1,436,212,177.76, up from CNY 1,392,626,056.77, reflecting an increase of about 3.1%[13]. - The company reported a financial expense of -¥5,022,288.03 for the first three quarters of 2024, compared to -¥840,603.39 in 2023, indicating improved financial management[15]. Inventory and Receivables - Accounts receivable increased to CNY 405,172,554.10, up from CNY 365,660,333.87, indicating a growth of about 10.8%[12]. - Inventory levels rose to CNY 79,891,140.70, compared to CNY 75,643,427.95, marking an increase of approximately 5.9%[12]. - The total current liabilities slightly increased to CNY 524,846,825.22 from CNY 523,738,625.49, showing a marginal rise[13]. - The company reported a significant increase in prepayments, which rose to CNY 10,365,530.84 from CNY 4,949,016.65, representing a growth of approximately 109.5%[12]. Strategic Developments - The company has not disclosed any new product developments or technological advancements in this quarter[11]. - There are no significant changes in the shareholder structure or any new strategic initiatives mentioned in the report[11].

根据上海证券交易所发布的上市公司行业信息披露指引《上市公司行业信息 披露指引第十八号—化工》及《关于做好上市公司 2024 年三季度报告披露工作 的通知》相关要求，现将公司 2024 年三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况（不含税）： | 主要产品 | 2024 年 1-9 | 月 | 2024 年 | 1-9 | 月 年 | 2024 | 1-9 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | 销量（吨） | | 销售金额（万元） | | | | 超净高纯试剂 | | 81,514.36 | | 77,553.64 | | | 51,304.18 | | 光刻胶配套试剂 | | 25,050.41 | | 25,682.15 | | | 27,896.93 | 二、主要产品和原材料的价格变动情况： 证券代码：603078 证券简称：江化微 公告编号：2024-034 江阴江化微电子材料股份有限公司 关于 2024 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

证券代码：603078 证券简称：江化微 江阴江化微电子材料股份有限公司 投资者关系活动记录表 编号：2024-002 | --- | --- | --- | |---------------------|---------------------------------------------------|------------------------------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | | 媒体采访 | 业绩说明会 | | 投资者关系活 动类别 | 新闻发布会 | 路演活动 | | | 现场参观 其他（请文字说明其他活动内容） | | | 参与单位名称 | | | | 及人员姓名 | 线上参与公司 2024 | 年半年度业绩说明会的投资者 | | 时间 | 2024 年 10 月 21 日 | 14:00-15:00 | | 地点 | 上证路演中心 | | | 上市公司接待 | 董事长兼总经理 殷福华 财务总监兼董事会秘书 费祝海 | | | 人员姓名 | 独立董事 承军 | | ...

证券代码：603078 证券简称：江化微 公告编号：2024-033 重要内容提示： 会议召开时间：2024 年 10 月 21 日(星期一) 下午 14:00-15:00 会议召开地点： 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 14 日(星期一) 至 10 月 18 日(星期五)16:00 前① 登录上证路演中心网站首页点击"提问预征集"栏目；②通过公司邮箱 dmb@jianghuamem.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 江阴江化微电子材料股份有限公司（以下简称"公司"）已于 2024 年 08 月 17 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 21 日 下午 14:00- 15:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 江阴江化微电子材料股份有限公司 关于召开 2024 年半年度业绩说明会的公 ...

证券代码：603078 证券简称：江化微 公告编号：2024-032 江阴江化微电子材料股份有限公司 关于公司董事去世的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江阴江化微电子材料股份有限公司（以下简称"公司"）董事会沉痛公告， 近日公司获悉副董事长刘爱吉先生因病去世。刘爱吉先生在任职公司董事、副董 事长、董事会战略委员会委员及审计委员会委员期间恪尽职守、勤勉尽责，认真 履行了作为公司董事应尽的职责和义务，为公司的经营发展做出了重要贡献。公 司董事会对刘爱吉先生为公司的辛勤付出和贡献深表感谢。公司董事、监事、高 级管理人员及全体员工对刘爱吉先生的去世表示沉痛哀悼，并向其家属表达深切 慰问。 江阴江化微电子材料股份有限公司 刘爱吉先生去世后，不会导致公司董事会人数低于《公司法》规定的法定最 低人数，公司将按照相关法律法规和《公司章程》的规定尽快完成董事的补选工 作，并及时履行信息披露义务，公司的生产经营活动不会受到影响。 董 事 会 特此公告。 2024 年 9 月 27 日 ...

重要内容提示： 每股分配比例 证券代码：603078 证券简称：江化微 公告编号：2024-031 江阴江化微电子材料股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 A 股每股现金红利 0.03 元（含税） 三、相关日期 相关日期 | | | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 17 日的 2023 年年度股东大会授权董事 会实施，并经公司 2024 年 8 月 16 日召开的第五届董事会第十二次会议审议通过， 无需再次提交股东大会审议。 二、分配方案 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 385,637,248 股为基数，每股派发现 金红利 0.03 元（含税），共计派发现金红利 11,569, ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company's revenue for the first half of 2024 reached 522 million yuan, a year-on-year increase of 4.5%, while the net profit attributable to shareholders decreased by 12.2% to 56.89 million yuan [1][2]. - The sales volume of wet electronic chemicals showed steady growth, with ultra-pure reagents and photoresist supporting reagents achieving sales volumes of 51,400 tons and 17,400 tons, respectively, representing year-on-year growth of 8.3% and 10.6% [2]. - The company has fully launched its production bases in Zhenjiang and Sichuan, with a focus on ramping up capacity and product introduction [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 278 million yuan, a year-on-year increase of 1.7% and a quarter-on-quarter increase of 13.8% [1]. - The average prices of ultra-pure reagents and photoresist supporting reagents decreased by 6.4% and 9.1%, leading to a decline in gross margins [2]. Production Capacity - By the end of 2023, the company had production capacities of 90,000 tons/year in Jiangyin, 58,000 tons/year in Zhenjiang, and 87,000 tons/year in Sichuan, with utilization rates of 93.2%, 20.8%, and 31.8%, respectively [2]. - The second phase of the Zhenjiang project is in the installation and debugging stage, with an expected capacity of 100,000 tons/year to be fully operational by mid-2027 [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 122 million yuan (down 41.7%), 151 million yuan (down 45.4%), and 211 million yuan, respectively [2][3]. - The report emphasizes the importance of monitoring the progress of the company's ongoing capacity expansion and product introduction [2].

Investment Rating - Maintained "Overweight" rating for Jianghuawei (603078) [2] Core Views - 24Q2 performance driven by product sales growth, with new capacity and products opening up growth space [2] - 24H1 revenue reached 522 million yuan (YoY +5%), net profit attributable to parent company was 57 million yuan (YoY -12%) [4] - 24Q2 revenue was 278 million yuan (YoY +2%, QoQ +14%), net profit attributable to parent company was 32 million yuan (YoY -17%, QoQ +24%) [4] - Gross margin in 24Q2 was 26 61%, net margin was 9 60% [4] - Ultra-pure high-purity reagent sales increased in 24Q2, while photoresist supporting reagent sales volume rose but prices fell [4] - Jiangyin base remains the main source of performance, with Meishan and Zhenjiang bases gradually increasing capacity utilization [5] Financial Highlights - 24H1 ultra-pure high-purity reagent revenue was 330 million yuan, accounting for 65 46% of main business revenue, with gross margin of 27 77% [4] - 24H1 photoresist supporting reagent revenue was 174 million yuan, accounting for 34 54% of main business revenue, with gross margin of 24 07% [4] - 24Q2 ultra-pure high-purity reagent sales volume was 26 9 thousand tons (QoQ +9%), revenue was 173 million yuan (QoQ +10%) [4] - 24Q2 photoresist supporting reagent sales volume was 10 2 thousand tons (QoQ +41%), revenue was 96 million yuan (QoQ +22%) [4] - Forecasted net profit attributable to parent company for 2024-2026 is 148, 209, and 291 million yuan respectively, with corresponding PE ratios of 34X, 24X, and 18X [5] Business Segments - Jiangyin base achieved 434 million yuan revenue and 78 million yuan net profit in 24H1 [5] - Meishan base achieved 90 million yuan revenue and 7 21 million yuan net profit in 24H1, mainly serving BOE and other western customers [5] - Zhenjiang base's phase I project with 58 thousand tons capacity is gradually releasing, with G5 grade products obtaining certifications from major semiconductor companies [5] Market Data - Closing price on 2024/08/16 was 13 20 yuan, with a price-to-book ratio of 3 1 and dividend yield of 0 64% [2] - Circulating A-share market value was 5 09 billion yuan [2] - Earnings per share for 2024E, 2025E, and 2026E are forecasted to be 0 38, 0 54, and 0 75 yuan respectively [6]

一、监事会会议召开情况 江阴江化微电子材料股份有限公司（以下简称"公司"）第五届监事会第九次 会议通知于 2024 年 8 月 10 日以电子邮件等方式送达全体监事，本次会议于 2024 年 8 月 16 日在公司三楼会议室以现场结合通讯方式召开。本次会议应到监事 3 人，实到监事 3 人，其中：郭海凤女士以通讯方式参与表决。会议由监事会主席 郭海凤女士主持。会议的通知、召开及审议程序符合《公司法》等法律法规及《公 司章程》的规定。 第五届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603078 证券简称：江化微 公告编号：2024-028 江阴江化微电子材料股份有限公司 二、监事会会议审议情况 与会监事经审议，通过如下议案： （一）审议并通过了《关于<江阴江化微电子材料股份有限公司 2024 年半年 度报告>及其摘要的议案》； 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《江阴江化微电子材料股份有限公司 2024 年半年度报告》及其摘要。 表决结果 ...