Investment Rating - The report assigns a rating of "Buy" to Jiangnan New Materials with a target price of 132.00 CNY [5]. Core Viewpoints - Jiangnan New Materials is a leading player in copper-based new materials, focusing on the research, production, and sales of products such as copper balls, copper oxide powder, and high-precision copper-based heat sinks [2][15]. - The company has shown robust revenue and net profit growth, with projected revenues of 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY for 2025, 2026, and 2027 respectively, and net profits of 325 million CNY, 481 million CNY, and 689 million CNY for the same years [4][11]. - Jiangnan New Materials has a clear and stable shareholding structure, with the chairman holding 39.06% of the shares, ensuring effective governance [21][23]. Financial Summary - Total revenue is expected to grow from 6.82 billion CNY in 2023 to 14.82 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.1% [4]. - Net profit attributable to shareholders is projected to increase significantly from 142 million CNY in 2023 to 689 million CNY in 2027, indicating a strong growth trajectory [4]. - The earnings per share (EPS) is forecasted to rise from 0.97 CNY in 2023 to 4.72 CNY in 2027 [4]. Industry Overview - The copper-based new materials industry is experiencing significant growth, driven by increasing demand in sectors such as PCB manufacturing and liquid cooling systems [2][15]. - The global liquid cooling system market has been growing rapidly, with expectations of doubling in size by 2030 [2][15]. - Jiangnan New Materials' products, particularly copper oxide powder, are positioned to meet the high-end requirements of PCB manufacturing and other applications, enhancing their competitive edge [2][15]. Company Development - Jiangnan New Materials has been recognized as a top enterprise in the electronic circuit industry and has received numerous awards for its innovation and quality [16][17]. - The company has a strong focus on R&D, with 96 patents granted, and aims to enhance its product offerings continuously [16][28]. - The company plans to invest in a new project to produce 12,000 tons of electronic-grade copper oxide powder, which will significantly expand its production capacity and meet growing market demands [31][34].

Investment Rating - The report assigns a rating of "Buy" to Jiangnan New Materials with a target price of 132.00 CNY [5]. Core Insights - Jiangnan New Materials is a leading player in copper-based new materials, focusing on the research, production, and sales of products such as copper balls, copper oxide powder, and high-precision copper-based heat sinks [2][15]. - The company has shown robust revenue and net profit growth, with projected revenues of 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY for 2025, 2026, and 2027 respectively, and net profits of 325 million CNY, 481 million CNY, and 689 million CNY for the same years [4][11]. - Jiangnan New Materials has a strong market position with a clear and stable shareholding structure, and its management team possesses extensive industry experience [21][23]. Financial Summary - Total revenue is expected to grow from 6.82 billion CNY in 2023 to 14.82 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.1% [4]. - Net profit attributable to shareholders is projected to increase from 142 million CNY in 2023 to 689 million CNY in 2027, indicating a significant growth trajectory [4]. - The earnings per share (EPS) is forecasted to rise from 0.97 CNY in 2023 to 4.72 CNY in 2027 [4]. Industry Overview - The copper-based new materials sector is primarily applied in PCB manufacturing and liquid cooling systems, with significant growth expected in these areas due to increasing demand for high-performance electronic components [2][12]. - The global liquid cooling system market has been experiencing rapid growth, with projections indicating a potential doubling in market size by 2030 [12][15]. - The strategic resource nature of copper is becoming more pronounced with the rise of AI and renewable energy sectors, further driving demand for copper-based materials [12][13]. Company Development and Strategy - Jiangnan New Materials has been deeply engaged in the copper-based new materials field for many years, focusing on innovation and product development, resulting in 96 authorized patents [16]. - The company plans to invest in a new project to produce 12,000 tons of electronic-grade copper oxide powder annually, which will enhance its product structure and expand its operational scale [31][34]. - The company has established a strong customer base, including major PCB manufacturers, and continues to explore new applications in solar energy and lithium batteries [17][18].

Group 1 - Jiangnan New Materials experienced a stock price increase of 5.39%, reaching 102.40 yuan per share, with a trading volume of 196 million yuan and a turnover rate of 6.70%, resulting in a total market capitalization of 14.924 billion yuan [1] - Jiangnan New Materials, established on July 26, 2007, is located in Yingtan City, Jiangxi Province, and specializes in the research, production, and sales of copper-based new materials. The revenue composition includes: copper ball series 78.30%, copper oxide powder series 17.26%, others 2.66%, high-precision copper-based heat sinks 1.74%, and copper material trading 0.01% [1] Group 2 - The Guoshou Anbao Strategy Selected Mixed A Fund (168002) holds 240,800 shares of Jiangnan New Materials, accounting for 3.18% of the fund's net value, making it the tenth largest holding. The estimated floating profit today is approximately 1.2619 million yuan [2] - The Guoshou Anbao Strategy Selected Mixed A Fund was established on November 25, 2025, with a latest scale of 542 million yuan. Year-to-date returns are 8.88%, ranking 3117 out of 8866 in its category, while cumulative returns since inception are 38.25% [2] Group 3 - The fund manager of Guoshou Anbao Strategy Selected Mixed A Fund is Yan Kun, who has been in the position for 2 years and 34 days. The total asset scale of the fund is 618 million yuan, with the best fund return during his tenure being 68.49% and the worst being 7.86% [3]

江西江南新材料科技股份有限公司 关于使用部分闲置募集资金进行现金管理提前赎回的公告 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。 江西江南新材料科技股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日分别召开第二届董事会第十一次会议、第二届监事会第九次会议，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，同意公司及子公司在不影 响募集资金投资项目建设和公司正常经营的情况下，使用最高不超过人民币 30,000 万元的部分闲置募集资金进行现金管理，购买安全性高、流动性好的保 本型理财产品或存款类产品（包括但不限于协定性存款、结构性存款、定期存款、 大额存单等），具体内容详见公司 2025 年 4 月 3 日刊登于上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体的《关于使用部分暂时闲置募集资 金进行现金管理的公告》(公告编号：2025-006)。 证券代码：603124 证券简称：江南新材 公告编号：2026-001 单位：万元 | | | | | | | 本次提前 | 本次提 前 ...

Core Viewpoint - Jiangnan New Materials has shown a positive performance in terms of stock price and financial results, indicating growth potential in the copper-based new materials sector [1][2]. Group 1: Stock Performance - On January 27, Jiangnan New Materials' stock rose by 3.00%, with a trading volume of 207 million yuan [1]. - The financing buy-in amount on the same day was 14.88 million yuan, while the financing repayment was 20.05 million yuan, resulting in a net financing buy of -5.18 million yuan [1]. - As of January 27, the total margin trading balance for Jiangnan New Materials was 171 million yuan, accounting for 6.08% of its circulating market value [1]. Group 2: Financial Performance - For the period from January to September 2025, Jiangnan New Materials achieved an operating income of 7.569 billion yuan, representing a year-on-year growth of 18.34% [2]. - The net profit attributable to shareholders for the same period was 165 million yuan, reflecting a year-on-year increase of 21.95% [2]. - Cumulative cash dividends since the A-share listing amount to 53.93 million yuan [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Jiangnan New Materials was 9,904, a decrease of 60.29% compared to the previous period [2]. - The average circulating shares per person increased to 2,950 shares, up by 156.98% from the previous period [2]. - The top circulating shareholders include several new institutional investors, with Huaxia Industry Prosperity Mixed A being the largest, holding 1.6299 million shares [2].

Market Performance - The metal new materials sector increased by 0.54% compared to the previous trading day, with Jiangnan New Materials leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Jiangnan New Materials (603124) closed at 94.74, up 7.61% with a trading volume of 27,100 lots and a transaction value of 251 million [1] - Other notable performers include: - Placo New Materials (300811) at 82.19, up 5.16% with a transaction value of 1.044 billion [1] - Zhongke Sheng (301141) at 60.25, up 3.26% with a transaction value of 279 million [1] - Longmag Technology (300835) at 73.13, up 2.54% with a transaction value of 387 million [1] Capital Flow - The metal new materials sector experienced a net outflow of 331 million from institutional investors, while retail investors saw a net inflow of 450 million [2] - The capital flow for specific stocks shows: - Antai Technology (000970) had a net inflow of 71.96 million from institutional investors [3] - Jiangnan New Materials (603124) had a net inflow of 14.30 million from institutional investors [3] - Longmag Technology (300835) had a net inflow of 6.97 million from institutional investors [3]

Core Viewpoint - The PCB concept stocks in the A-share market have shown strong performance, with several companies experiencing significant price increases. Group 1: Stock Performance - Kexiang Co., Ltd. saw a rise of over 17% [1] - Chipbond Technology increased by over 15% [1] - International Composite Materials rose by over 13% [1] - Silver Holdings, Zhongtung High-tech, Guanghe Technology, and Aoshikang all hit the daily limit with a 10% increase [1] - Saiteng Co. and Benchuan Intelligent rose by over 8% [1] - Mulinsen increased by over 7% [1] - Hongchang Electronics rose by over 6% [1] - Other companies like Inno Laser, Xingsen Technology, Jiangnan New Materials, China Jushi, Lianrui New Materials, and Honghe Technology all saw increases of over 5% [1] Group 2: Market Data - Kexiang Co., Ltd. has a total market value of 10.6 billion and a year-to-date increase of 32.40% [2] - Chipbond Technology has a market value of 25.5 billion and a year-to-date increase of 44.13% [2] - International Composite Materials has a market value of 31.7 billion and a year-to-date increase of 20.00% [2] - Silver Holdings has a market value of 63.5 billion and a year-to-date increase of 46.50% [2] - Zhongtung High-tech has a market value of 95 billion and a year-to-date increase of 50.42% [2] - Guanghe Technology has a market value of 40.7 billion and a year-to-date increase of 17.00% [2] - Aoshikang has a market value of 13.9 billion and a year-to-date increase of 2.50% [2] - Other companies listed have varying market values and year-to-date increases, with notable performances from companies like Mulinsen and Hongchang Electronics [2]

Group 1 - Jiangnan New Materials Co., Ltd. experienced a stock price increase of 5.27% on January 21, reaching 92.68 CNY per share, with a trading volume of 82.63 million CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 13.508 billion CNY [1] - The company, established on July 26, 2007, is located in Yingtan City, Jiangxi Province, and specializes in the research, production, and sales of copper-based new materials. The main revenue composition includes copper ball series (78.30%), copper oxide powder series (17.26%), and other products [1] Group 2 - According to data from the top ten holdings of funds, one fund under Rongtong holds a significant position in Jiangnan New Materials. The Rongtong Advanced Manufacturing Mixed A Fund (014647) held 197,200 shares in the third quarter, accounting for 5.1% of the fund's net value, making it the sixth-largest holding [2] - The Rongtong Advanced Manufacturing Mixed A Fund, established on February 22, 2022, has a current scale of 315 million CNY. Year-to-date returns are 3.06%, with a one-year return of 71.75%, ranking 585 out of 8091 in its category [2]

Core Viewpoint - Jiangnan New Materials (603124) reported that its overseas operating revenue for the first half of 2025 is projected to be 264 million yuan, accounting for 5.47% of total operating revenue, indicating a relatively low proportion of overseas sales [1] Group 1 - The company currently does not have subsidiaries established in EU countries [1] - Sales to the EU market are primarily conducted through direct exports and agency arrangements [1]

Group 1 - The core viewpoint of the article is that Jiangnan New Materials (603124.SH) has reported a low proportion of overseas sales revenue, indicating limited international market penetration [1] Group 2 - In the first half of 2025, the company's overseas operating revenue was 264 million yuan, accounting for 5.47% of total operating revenue [1] - The company currently does not have subsidiaries in EU countries and primarily sells to the EU market through direct exports and agents [1]