Investment Rating - The report does not explicitly state an investment rating for the company. Core Views - The company is positioned as a platform-type enterprise in electronic materials through global acquisitions, having expanded its business from flame retardants to LNG insulation materials and various electronic materials [2][12]. - The LNG shipping market is performing strongly, with the company holding a full order book for its insulation materials, which will continue to contribute to its performance in the coming years [3][46]. - The company benefits from the domestic substitution demand for color photoresists as panel production capacity shifts eastward, with expectations for increased market share following the local production of photoresist products [4][20]. - The rapid development of AI models is driving high demand for high-bandwidth memory (HBM), which in turn boosts the demand for semiconductor precursors, with the global precursor market projected to grow significantly by 2028 [5][28]. Summary by Sections Company Overview - Established in 1997, the company initially focused on foaming agents and later entered the flame retardant industry, becoming the only domestic supplier of LNG insulation materials certified by GTT and classification societies [2][12]. - The company has made several acquisitions since 2016 to expand into electronic materials, including silicon micropowder, electronic specialty gases, semiconductor precursors, and various types of photoresists [2][12]. Market Performance - The LNG shipping market has seen a surge in demand due to greenhouse gas reduction policies and geopolitical factors, with the company being the sole domestic supplier of LNG insulation materials, ensuring a robust order pipeline [3][46]. - The domestic market for color photoresists is still developing, with the company positioned as a key supplier to major panel manufacturers, benefiting from the shift in production capacity [4][20]. Financial Performance - The company achieved a record revenue of 4.738 billion yuan in 2023, primarily driven by its photoresist and precursor businesses [2][28]. - The company has experienced a compound annual growth rate (CAGR) of 32.3% in revenue from 2018 to 2023, with net profit also showing significant growth during this period [28][31]. Competitive Advantages - The company holds a strong market position in electronic materials, supplying major semiconductor manufacturers and being the first domestic supplier of LNG insulation materials [20][28]. - The company has a solid R&D focus, with increasing investment in technology development to enhance its competitive edge [36][37].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company is expected to achieve a rapid growth in net profit in the first half of 2024, with an estimated net profit of 510-580 million yuan, representing a year-on-year increase of 50%-70% [5][6]. - The growth is driven by increased market demand for liquefied natural gas (LNG) as a clean energy source, recovery in the integrated circuit industry, and growth in the display panel sector due to the upcoming Olympic year [5][6]. - The company holds a high market share in precursor products and benefits from domestic clients' capacity expansion, with a focus on domestic substitution for photoresist products [5][6]. Financial Summary - The company’s projected net profits for 2024-2026 are 963 million yuan, 1.31 billion yuan, and 1.72 billion yuan, respectively, with corresponding EPS of 2.02 yuan, 2.75 yuan, and 3.61 yuan [6][10]. - Revenue is expected to grow from 4.74 billion yuan in 2023 to 10.63 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 28.7% [7][10]. - The gross margin is projected to improve from 31.3% in 2023 to 33.9% in 2026, indicating enhanced profitability [10][11]. Market Position and Competitive Advantage - The company is the first domestic manufacturer of LNG insulation materials to receive certification from GTT and classification societies, which strengthens its competitive position [6][8]. - The company has established contracts with major shipbuilding manufacturers for LNG transport vessels, ensuring a robust order backlog and long-term profitability [6][8]. - The company’s proprietary technology and patents provide a competitive edge in the semiconductor materials market, particularly in the context of increasing domestic demand [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company is expected to achieve a historical high net profit attributable to shareholders of between 512 million to 580 million yuan in the first half of 2024, representing a year-on-year growth of 50% to 70% [1]. - The growth is driven by increased demand in the LNG market and a recovery in the semiconductor materials sector, with significant sales growth in both areas [1]. - The company's precursor business is progressing positively, with core clients expanding production, which presents substantial growth opportunities [1]. - The LNG business has a strong order backlog, and sales of photoresists are steadily increasing due to recovering demand in the display panel industry [1]. Financial Forecasts - The company is projected to achieve net profits of 1.14 billion, 1.40 billion, and 1.70 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 29, 23, and 19 [2][6]. - Revenue is expected to grow from 4.74 billion yuan in 2023 to 10 billion yuan by 2026, with growth rates of 11.2%, 47.7%, 20.0%, and 19.0% for the respective years [2][6]. - The gross profit margin is projected to improve from 31.33% in 2023 to 34.50% in 2026, indicating enhanced profitability [6]. Business Segments - The semiconductor materials platform is experiencing significant growth, particularly in Q2 2024, with net profit expected to reach between 266 million to 334 million yuan, marking a year-on-year increase of 78.6% [1]. - The precursor business is seeing positive feedback from testing with major semiconductor manufacturers, which is expected to drive future sales growth [1]. - The LNG segment is benefiting from increased demand for large transport orders and successful production line trials [1].

Financial Performance - The company expects a net profit of approximately 51,204.80 million to 58,032.11 million CNY, representing a year-on-year growth of 50.00% to 70.00%[4] - The net profit after deducting non-recurring gains and losses is projected to be between 51,860.23 million and 58,687.53 million CNY, indicating a growth of 48.48% to 68.03% compared to the previous year[4] - Basic earnings per share are estimated to be between 1.0767 CNY and 1.2193 CNY, up from 0.7290 CNY in the same period last year[4] Market Demand and Sales Growth - The growth in performance is primarily driven by increased market demand for liquefied natural gas (LNG) and significant sales growth in LNG insulation composite materials[4] - The semiconductor materials sales have seen a notable increase due to the recovery in the integrated circuit industry and the rapid development of AI, big data, and cloud computing[4] - The display panel industry is also experiencing a recovery, with increased sales of materials and supporting products driven by the rising popularity of OLED displays and the upcoming Olympic year[5]

◆ ◆ ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" and a market price of RMB 59.83. The sector rating is "Outperform" [1]. Core Views - The report highlights the company's steady growth in performance for 2023 and Q1 2024, with a positive outlook on the expansion of its electronic materials business and the LNG board business entering a harvest period, maintaining the "Buy" rating [1][5]. Financial Performance Summary - In 2023, the company achieved revenue of RMB 4.738 billion, a year-on-year increase of 11.24%, and a net profit attributable to shareholders of RMB 579 million, up 10.53% year-on-year. In Q4 2023, revenue was RMB 1.196 billion, a 9.49% increase year-on-year, while net profit was RMB 99 million, a significant increase of 62.26% year-on-year [5][7][8]. - For Q1 2024, the company reported revenue of RMB 1.618 billion, a 51.09% year-on-year increase, and a net profit of RMB 246 million, up 42.21% year-on-year [5][9]. Business Segment Performance - The electronic materials segment generated revenue of RMB 3.209 billion in 2023, with a gross margin of 33.80%. The semiconductor precursor materials contributed RMB 1.138 billion in revenue, while the photoresist and related reagents generated RMB 1.304 billion [5]. - The LNG insulation materials segment saw revenue of RMB 865 million in 2023, a remarkable increase of 114.49% year-on-year, with production and sales also significantly up [5]. R&D and Production Capacity - The company has increased its R&D investment, with R&D expenses rising to RMB 190 million in 2023, a 48.78% increase year-on-year. The production capacity for semiconductor precursors is steadily ramping up, with successful product testing for major clients [5][11]. Valuation - The report adjusts the earnings forecast for 2024-2026, estimating earnings per share (EPS) of RMB 1.91, RMB 2.65, and RMB 3.54, with corresponding price-to-earnings (PE) ratios of 31.4x, 22.6x, and 16.9x respectively [5][11].

一、《关于变更公司高级管理人员的议案》 江苏雅克科技股份有限公司 独立董事关于第六届董事会第九次会议相关事项的独立意见 根据《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管指引 第1号——主板上市公司规范运作》及《公司章程》等相关规定的要求，作为江苏 雅克科技股份有限公司（以下简称"公司"）的第六届董事会的独立董事，我们对 公司第六届董事会第九次会议相关议案进行了审议，经过审慎、认真的研究，现就 下述议案发表如下独立意见： 经审核，我们认为：本次聘任的高级管理人员具备与其行使职权相适应的任职 条件，符合《公司章程》规定的条件，聘任程序合法、有效，未发现有被中国证监 会确定的市场禁入者，并且禁入尚未解除的情况，任职资格合法。 综上，我们同意《关于变更公司高级管理人员的议案》。 吴毅雄 陈良华 二〇二四年五月三十一日 江苏雅克科技股份有限公司 独立董事：袁丽娜 李锦春 ...

证券代码：002409 证券简称：雅克科技 公告编号：2024-030 江苏雅克科技股份有限公司 关于变更高级管理人员的公告 经董事长提名，董事会提名委员会资格审查通过，公司于 2024 年 5 月 30 日召开第六届董事会第九次会议，审议通过了《关于变更高级管理人员的议案》， 同意聘任覃红健先生担任公司财务总监、董事会秘书（简历附后），任期与本届 董事会任期一致。 董事会秘书覃红健先生联系方式： 联系电话：0510-87126509 传真号码：0510-87126500 电子邮箱：ir@yokechem.com 联系地址：江苏省宜兴市经济开发区荆溪北路 邮政编码：214203 特别提示：本公司及董事会全体成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。 一、公司财务总监、董事会秘书辞职情况 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）董事会于 近日收到公司财务总监、董事会秘书张晓宇先生提交的书面辞职报告，张晓宇先 生因工作重心调整，申请辞去了公司财务总监、董事会秘书职务。辞职后，张晓 宇先生将在公司继续任职。张晓宇先生的辞职报告自送达公司董事会之日起生效。 张晓宇先 ...

证券代码:002409 证券简称:雅克科技 编号:2024-029 江苏雅克科技股份有限公司 第六届董事会第九次会议决议公告 特别提示：本公司及董事会全体成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。 一、会议召开及审议情况 江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）第六届董 事会第九次会议于 2024 年 5 月 20 日以邮件的方式发出通知，并通过电话进行确 认，于 2024 年 5 月 30 日以现场结合通讯的方式召开。会议应参加表决董事 9 名， 实际参加表决董事 9 名，董事长沈琦先生因工作原因无法亲自出席本次会议，委 托副董事长沈锡强先生代为出席，董事沈馥先生、张昊玳女士、袁丽娜女士、李 锦春先生、吴毅雄先生、陈良华先生以通讯方式出席本次会议。会议由副董事长 沈锡强先生主持，公司监事、高级管理人员列席了本次会议。本次会议的召开符 合《公司法》及《公司章程》的规定，合法有效。 经与会董事认真审议，通过如下决议： 1、以 9 票同意，0 票反对，0 票弃权，审议通过了《关于变更高级管理人员 的议案》。 同意聘任覃红健先生为公司财务总监、董事会秘书。 上述公 ...

Financial Performance and Capital Structure - Total assets and net assets have increased, with a low debt-to-asset ratio maintained [1] - Interest expense accounts for a low proportion of the company's EBIT [2] - Operating cash flow in Q1 2024 was -225.51 million yuan, compared to 116.01 million yuan in the same period last year [5] - 2023 revenue and net profit achieved double-digit growth, driven by LNG insulation materials and engineering installation business, with a growth rate exceeding 100% [8] R&D and Innovation - R&D investment in 2023 increased by 48.78% year-on-year, covering areas such as precursors, photoresists, silicon micropowder, and LNG insulation materials [2] - The company has a competitive advantage in technology R&D, with continuous investment in R&D to maintain business continuity [2] Business Segments and Market Expansion - The company's precursor materials are internationally leading, with a rich variety and core competitiveness, mainly sold to major semiconductor manufacturers such as Samsung, Intel, and TSMC [6] - The company's photoresist products include RGB color photoresist, positive TFT photoresist, and CNT anti-static materials, serving leading panel manufacturers like BOE and Samsung [7] - LNG insulation materials business has seen significant growth, with orders from major domestic shipbuilders such as Hudong-Zhonghua and Dalian Shipbuilding [5][8] ESG and Corporate Governance - The company is rated B by Huazheng in ESG performance and plans to improve its ESG development in the future [2] - The company actively fulfills corporate social responsibilities, focusing on environmental protection, social responsibility, and corporate governance [2] Future Plans and Outlook - The company expects precursor material demand to increase in 2024, with capacity expansion planned [5] - The company aims to become a platform company supporting strategic emerging industries and solving domestic supply issues for strategic new materials [9] - The company plans to continue expanding its market share, extending new businesses, and strengthening technological innovation to maintain its leading position [9] Orders and Customer Relationships - Current order status is good, with Q1 2024 revenue showing year-on-year growth [4][6] - The company has established strategic partnerships with major domestic shipbuilders for LNG insulation materials [10] Challenges and Risks - Accounts receivable increased by 46% in 2023 and 32% in Q1 2024, mainly due to longer credit terms for LNG material customers [7] - The company faces challenges from global trade friction and insufficient demand recovery, but it remains committed to innovation and market expansion [9]