证券代码：002409 证券简称：雅克科技 公告编号：2025-002 江苏雅克科技股份有限公司 2024年年度业绩预告 特别提示：本公司全体董事、监事、高级管理人员保证公告内容真实、准确和 完整，不存在虚假记载、误导性陈述或者重大遗漏。 1、业绩预告期间：2024 年 1 月 1 日至 2024 年 12 月 31 日 一、本期业绩预告情况 2、业绩预告情况：预计净利润为正值且属于下列情形之一 | 项目 | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | 归属于上市公司股 | 盈利：85,000.00 万元～93,000.00 万元 | 盈利：57,948.04 | 万元 | | 东的净利润 | 比上年同期增长：46.68%～60.49% | | | | 扣除非经常性损益 | 盈利：80,937.07 万元～89,309.87 万元 | 盈利：55,818.67 | 万元 | | 后的净利润 | 比上年同期增长升：45.00%～60.00% | | | | 基本每股收益 | 盈利：1.7648 元/股～1.9482 元/股 | 盈利：1.2176 | 元/股 | 扭亏 ...

C o m p a n y U p d a t e 公司基本资讯 产业别 电子 A 股价(2024/11/18) 62.54 深证成指(2024/11/18) 10544.02 股价 12 个月高/低 74.36/32.84 总发行股数(百万) 475.93 A 股数(百万) 318.52 A 市值(亿元) 199.20 主要股东 沈琦(22.00%) 每股净值(元) 15.25 股价/账面净值 4.10 一个月 三个月 一年 股价涨跌(%) -2.9 19.2 1.5 产品组合 半导体化学材料 28.6% 光刻胶及配套试剂 26.7% LNG 聚氨酯泡沫板 22.3% 电子特种气体 6.4% 阻燃剂 4.6% 机构投资者占流通 A 股比例 基金 10.9% 一般法人 1.9% C h i n a R e s e a r c h D e p t . 2024 年 11 月 19 日 费倩然 H70507@capital.com.tw 目标价(元) 74 近期评等 股价相对大盘走势 雅克科技（002409.SZ） Buy 买进 电子材料平台型企业，并购切入新领域 观点：公司从阻燃剂起家，不断通过投资、并购切入电 ...

Investment Rating - The report maintains a **Buy** rating for the company, with a target price of RMB 66.57 [1] - The sector rating is **Outperform** [1] Core Views - The company's performance in the first three quarters of 2024 showed steady growth, with revenue reaching RMB 4.999 billion, a year-on-year increase of 41.15%, and net profit attributable to shareholders of RMB 748.77 million, up 55.80% year-on-year [3][5] - The electronic materials business continues to expand, with the LNG insulation board business entering a harvest period [1][3] - The company's gross margin for the first three quarters of 2024 was 32.88%, an increase of 1.02 percentage points year-on-year, while the net margin was 15.07%, up 0.89 percentage points year-on-year [3] - The company's downstream capacity utilization rate has improved, and the electronic materials sector is expected to continue growing [3] - The LNG insulation board business has seen steady development, with orders expected to continue to materialize [3] Financial Performance - In Q3 2024, the company achieved revenue of RMB 1.742 billion, a year-on-year increase of 42.93%, and net profit attributable to shareholders of RMB 229.23 million, up 64.64% year-on-year [6] - The company's EPS for 2024-2026 is forecasted to be RMB 1.97, RMB 2.64, and RMB 3.51, respectively, with corresponding P/E ratios of 33.7x, 25.2x, and 19.0x [3][4] - The company's EBITDA for 2024-2026 is projected to be RMB 1.503 billion, RMB 1.937 billion, and RMB 2.494 billion, respectively [4] Business Segments - **Electronic Materials**: The company has achieved full coverage of major domestic storage and logic chip manufacturers, with market share further increasing [3] - **LNG Insulation Boards**: The company has obtained GTT certification for its enhanced polyurethane foam material and is supplying insulation boards for multiple large LNG carriers [3] Valuation and Forecast - The company's revenue for 2024-2026 is expected to be RMB 6.726 billion, RMB 8.441 billion, and RMB 10.314 billion, respectively, with growth rates of 42.0%, 25.5%, and 22.2% [4] - The net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 940 million, RMB 1.257 billion, and RMB 1.670 billion, respectively [4]

2024 年 10 月 31 日 公司研究 LNG 及电子材料板块收入增加，持续推动战略新兴材料平台建设 ——雅克科技（002409.SZ）2024 年三季报点评 要点 事件：公司发布 2024 年三季报。前三季度，公司实现营业收入 49.99 亿元，同 比增加 41.15%，实现归母净利润 7.49 亿元，同比增加 55.80%。24 年 Q3 公司 实现营收 17.43 亿元，同比增加 42.93%，环比增加 6.35%；实现归母净利润 2.29 亿元，同比增加 64.64%，环比下降 16.23%。 24 年前三季度营收、归母净利润同比增加，LNG 板块及电子材料板块收入增加。 24 年前三季度公司归母净利润同比实现增长，主要系 LNG 板块及电子材料板块 收入增加所致。毛利率方面，24 年前三季度公司的销售毛利率为 32.88%，同比 增加 1.02pct。费用率方面，24 年前三季度公司销售、管理、研发、财务费用率 分别为 4.2%、6.1%、3.1%、0.2%，同比分别变动+0.6、-1.6、-0.2、+1.4pct。 看好硅微粉业务发展前景，拟建设年产 2.4 万吨电子材料项目。硅微粉方面，公 ...

Financial Performance - Revenue for the third quarter reached 1.742 billion yuan, a year-on-year increase of 42.93%[2] - Net profit attributable to shareholders of the listed company for the third quarter was 229.23 million yuan, up 64.64% year-on-year[2] - Total operating revenue for the current period is RMB 4,999,118,443.66, compared to RMB 3,541,739,094.07 in the previous period, representing an increase of 41.15%[14] - Net profit for the current period is RMB 753,512,049.08, compared to RMB 502,205,356.12 in the previous period, an increase of 50.04%[15] - Net profit attributable to shareholders of the parent company is RMB 748,766,767.61, up from RMB 480,600,385.97 in the previous period, an increase of 55.80%[15] - Basic earnings per share for the current period is RMB 1.5733, compared to RMB 1.0098 in the previous period, an increase of 55.80%[15] - Total comprehensive income for the current period is RMB 671,954,490.85, compared to RMB 454,030,093.47 in the previous period, an increase of 47.99%[15] - Other comprehensive income after tax for the current period is RMB -81,557,558.23, compared to RMB -48,175,262.65 in the previous period, a decrease of 69.29%[15] Asset and Liability Changes - Total assets as of the end of the third quarter were 14.634 billion yuan, an increase of 16.01% compared to the end of the previous year[2] - Total assets increased to 14.63 billion yuan, up from 12.61 billion yuan at the beginning of the period[11][12] - Current assets rose to 6.47 billion yuan, compared to 5.67 billion yuan at the start of the period[11] - Inventory surged to 2.24 billion yuan, a significant increase from 1.66 billion yuan at the beginning of the period[11] - Long-term equity investments jumped to 454.04 million yuan, up from 108.83 million yuan at the start of the period[11] - Short-term borrowings increased to 2.56 billion yuan, compared to 1.48 billion yuan at the beginning of the period[12] - Contract liabilities grew to 991.49 million yuan, up from 923.16 million yuan at the start of the period[12] - Total liabilities rose to 5.52 billion yuan, compared to 3.95 billion yuan at the beginning of the period[12] - Owner's equity increased to 9.12 billion yuan, up from 8.67 billion yuan at the start of the period[12] - Undistributed profits grew to 2.68 billion yuan, compared to 2.26 billion yuan at the beginning of the period[12] - Minority interests increased to 1.86 billion yuan, up from 1.76 billion yuan at the start of the period[12] Cash Flow Analysis - Net cash flow from operating activities increased by 32.63% to 272.54 million yuan, driven by higher sales[6] - Net cash flow from financing activities surged by 144.05% to 988.20 million yuan, primarily due to increased borrowing[6] - Sales revenue from goods and services received in cash was RMB 4,598,415,940.04, an increase from RMB 3,723,473,475.46 in the previous period[18] - Net cash flow from operating activities was RMB 272,535,753.79, up from RMB 205,483,984.22[18] - Net cash flow from investing activities was negative RMB 1,527,393,081.63, compared to negative RMB 1,065,449,054.64 in the previous period[18] - Net cash flow from financing activities was RMB 988,196,437.69, a significant increase from RMB 404,917,627.04[19] - Cash and cash equivalents at the end of the period were RMB 1,797,623,737.40, down from RMB 2,184,852,590.71[19] - The company received RMB 194,383,116.43 in tax refunds, up from RMB 116,610,917.59[18] - Cash paid for the purchase of goods and services was RMB 3,642,595,844.63, compared to RMB 2,678,955,132.04[18] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets was RMB 1,203,554,440.42, up from RMB 1,081,059,882.50[18] - The company received RMB 2,840,524,063.95 from borrowings, an increase from RMB 1,736,409,310.00[19] - Cash paid for debt repayment was RMB 1,486,628,370.39, compared to RMB 1,232,232,342.32[19] Segment Performance - The company's LNG film segment and electronic materials segment contributed significantly to the revenue growth, with a 41.15% increase in total revenue year-to-date[5] - Prepaid expenses increased by 64.62% to 325.07 million yuan, mainly due to increased prepayments for LNG film materials[5] - Inventory increased by 35.05% to 2.238 billion yuan, driven by higher LNG film inventory[5] - Long-term equity investments surged by 317.20% to 454.04 million yuan, primarily due to investments in AMS Specialty Gases, LLC and other entities[5] - Short-term borrowings rose by 72.84% to 2.562 billion yuan, mainly due to increased working capital needs for LNG film inventory[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 46,812[7] - Shen Qi holds 22.00% of the shares, with 104,721,941 shares, of which 78,541,456 are restricted shares[7] - Shen Fu holds 20.18% of the shares, with 96,031,300 shares, of which 72,023,475 are restricted shares[7] - Hong Kong Securities Clearing Company Limited holds 4.16% of the shares, with 19,808,587 shares, all of which are unrestricted[7] - National Integrated Circuit Industry Investment Fund Co., Ltd. holds 2.62% of the shares, with 12,480,124 shares, all of which are unrestricted[7] - Agricultural Bank of China - CSI 500 ETF holds 1.08% of the shares, with 5,132,183 shares, all of which are unrestricted[7] - Guotai Junan Securities - Guolian An CSI Semiconductor ETF holds 0.92% of the shares, with 4,398,482 shares, all of which are unrestricted[7] - Li Wen holds 0.79% of the shares, with 3,768,461 shares, all of which are unrestricted[7] - Xinhua Life Insurance - Traditional General Insurance Product holds 0.72% of the shares, with 3,417,500 shares, all of which are unrestricted[7] - Fullgoal Fund - China Life Insurance Traditional Equity Fund holds 0.64% of the shares, with 3,043,600 shares, all of which are unrestricted[7] Expense Analysis - R&D expenses for the current period are RMB 156,830,963.79, up from RMB 117,685,391.83 in the previous period, an increase of 33.26%[14] - Sales expenses for the current period are RMB 212,155,408.06, compared to RMB 129,346,102.39 in the previous period, an increase of 64.02%[14] - Management expenses for the current period are RMB 303,149,773.67, up from RMB 271,542,081.06 in the previous period, an increase of 11.64%[14]

①光刻胶+芯片+国家大基金持股！这家公司光刻胶产品主要包括RGB彩色光刻胶等；②光刻胶+华为 +第三代半导体+芯片+智能穿戴！这家公司引进产品主要应用于LCD-TFT光刻胶等中高端市场；③芯片 +国企改革！高端半导体装备制造商产品主要应用于芯片制造流程，12英寸超精密晶圆减薄机完成首台 验证。 【重点公告解读】 雅克科技：中期拟每10股派3.2元 9月27日除权除息 雅克科技公告，公司2024年中期拟向全体股东每10股派发现金股利3.20元(含税)，本次权益分派股权登 记日为2024年9月26日，除权除息日为2024年9月27日。 点评：公开资料显示，雅克科技的主营业务是电子材料、LNG保温绝热板材、阻燃剂的研发、生产与销 售。公司的主要产品有阻燃剂、锡盐类、硅油及胺类、球形硅微粉、LNG保温复合材料、LDS设备、电 子特种气体、半导体化学材料。 雅克科技2023年10月10日在互动易上表示，公司的光刻胶产品主要包括面板用正性TFT光刻胶、RGB 彩色光刻胶、CNT防静电材料以及光刻胶配套试剂，半导体制程光刻胶的研发工作也按计划推进中。 雅克科技7月4日在互动易上表示，公司长期向国内半导体芯片制造商供应前驱体 ...

Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Aug-24Sep-24 雅克科技 深圳成指 | --- | --- | --- | --- | --- | |--------------|-----------|--------|--------|---------| | | | | | | | (%) | 今年 至今 | 1 个月 | 3 个月 | 12 个月 | | 绝对 | (5.8) | (5.5) | (16.7) | (28.7) | | | | | | | | 相对深圳成指 | 7.7 | (1.5) | (3.7) | (6.0) | 电子 | 证券研究报告 — 调整盈利预测 2024 年 9 月 6 日 002409.SZ 买入 原评级：买入 市场价格:人民币 50.73 板块评级:强于大市 本报告要点 ◼ 24H1 公司业绩稳健增长，看好公司电子 材料业务持续开拓，LNG 板材业务进入 收获期，维持买入评级。 股价表现 (52%) (41%) (31%) (21%) (10%) 0% | --- | --- | |- ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 雅克科技（002409）公司半年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|-----------------| | 股票数据 | | | 08 [ Table_StockInfo 月 30 日收盘价（元） ] | 55.77 | | 52 周股价波动（元） | 33.24-71.64 | | 总股本 / 流通 A 股（百万股） | 476/319 | | 总市值 / 流通市值（百万元） | 26542/17764 | | 相关研究 | | | [Table_ReportInfo] 《半导体电子材料等产品助力 | 2024 年上半年 | | 净利润实现快速增长》 2024.07.25 | | | 《公司前三季度净利润同比增长，新产能将陆 | | | 续投产》 2023.11.17 | | 市场表现 [Table_QuoteInfo] -49 ...

Investment Rating - The report maintains a "Buy" rating for the company, reflecting positive outlook on its growth potential [5] Core Views - The company achieved record-high Q2 performance, with significant growth in revenue and net profit [6] - Electronic materials business is accelerating, with strong growth in semiconductor chemical materials and photoresist products [6] - LNG insulation board business is developing steadily, contributing to revenue diversification [6] Financial Performance - H1 2024 revenue reached 3.257 billion yuan, up 40.21% YoY [2] - Net profit attributable to shareholders was 520 million yuan, increasing 52.19% YoY [2] - Basic EPS stood at 1.09 yuan per share [2] Business Segments - Semiconductor chemical materials: 918 million yuan revenue, 42.64% YoY growth, 59.09% gross margin [6] - Photoresist and supporting reagents: 857 million yuan revenue, 53.46% YoY growth, 19.26% gross margin [6] - LNG insulation composite materials: 717 million yuan revenue, 47.08% YoY growth, 29.74% gross margin [6] Future Projections - 2024-2026 revenue forecast: 6.987/8.632/10.656 billion yuan, with 47.47%/23.55%/23.45% growth rates [7] - 2024-2026 net profit forecast: 1.039/1.389/1.787 billion yuan, with 79.38%/33.62%/28.63% growth rates [7] - 2024-2026 EPS forecast: 2.18/2.92/3.75 yuan per share [7] Valuation Metrics - Current PE ratio: 26x [7] - 2024-2026 PE ratios: 26x/19x/15x [7] - Current PB ratio: 3.5x [8] - 2024-2026 PB ratios: 3.5x/3.1x/2.7x [8]

雅克科技（002409.SZ） HBM 高景气，前驱体龙头业绩再创新高 事件：公司发布 2024 半年报，营收、归母净利润均创"历史新高"。 2024H1：实现营业收入 32.57 亿元，同比+40.21%；归母净利润 5.20 亿元，同比+52.19%；扣非净利润 5.26 亿元，同比+50.67%； Q2 单季度：实现营业收入 16.38 亿元，同比+30.91%，环比+1.25%； 归母净利润 2.74 亿元，同比+62.44%，环比+11.28%； 利润率：Q2 单季度毛利率 37.78%，同比+5.30pct，环比+7.28pct； 净利率 17.09%，同比+3.27pct，环比+1.62pct。 电子材料、LNG 板材加速放量，助推业绩高增。 前驱体：H1 实现营收 9.19 亿元，同比+42.64%，营收占比 28.21%， 毛利率 59.09%，同比+16.01%； 光刻胶及配套试剂：H1 实现营收 8.58 亿元，同比+53.46%，营收占 比 26.34%，毛利率 19.26%，同比+44.10%； LNG 板材：H1实现营收 7.17 亿元，同比+47.08%，营收占比 22.03%， ...