[Table_StockInfo] 买入 2024年 04月 28日 （维持） 证券研究报告•2023年报及2024一季报点评 当前价： 60.13元 雅克科技（002409） 电子 目标价： 75.18元（6个月） 半导体市场稳步复苏，看好全年业绩表现 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司m发ar布y] 2023年报及 24年一季报，2023年全年公司实现营业收入47.4 亿元，同比增长11.2%，实现归属于母公司所有者的净利润5.8亿元，同比上升 [分Ta析bl师e_：Au黄th寅or斌] 10.4%，实现基本每股收益1.22元。2024年Q1公司实现收入16.2亿元，同比 执业证号：S1250523030001 +51.1%，实现归母净利润2.5亿元，同比+42.2%，实现基本每股收益0.52元。 电话：13316443450  LNG保温绝热材料需求旺盛，销量大幅增长。2023年，公司半导体化学材料实 邮箱：hyb@swsc.com.cn 现营收11.4亿元，同比-0.5%，毛利率50.2%，同比-0.2pp；光刻胶及配套试剂 分析师：徐一丹 业务实现营收 13.0亿元 ...

2024 年 4 月 29 日 收益表现 % 1M 3M 1Y 相对 10.83 35.37 0.30 绝对 12.62 43.85 -10.74 资料来源：Wind 公司研究 23 年 LNG 保温材料营收翻倍，持续推动战略新兴材料平台建设 ——雅克科技（002409.SZ）2023 年报及 2024 年一季报点评 增持（维持） 当前价：60.13 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：周家诺 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 市场数据 总股本(亿股) 4.76 总市值(亿元)： 286.18 一年最低/最高(元)： 33.24/87.12 近 3 月换手率： 121.12% 股价相对走势 -45% -24% -4% 16% 36% 04/23 07/23 10/23 01/24 雅克科技 沪深300 相关研报 前驱体材料、LNG 板材经营良好，23H1 业 绩稳步增长——雅克科技（002409.SZ）2023 年半年报点评（202 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 1.618 billion yuan in Q1 2024, representing a year-on-year growth of 51.09% and a quarter-on-quarter growth of 35.28%. The net profit attributable to shareholders reached 246 million yuan, up 42.21% year-on-year and 148.48% quarter-on-quarter [2]. - The company's precursor products are ramping up production, and significant progress has been made in photoresist development. The company has expanded its market share and achieved comprehensive coverage of major clients in the 12-inch segment [2]. - The LNG business has a solid order backlog, with long-term profitability steadily improving. The company is the first domestic manufacturer to receive certification from GTT and maintains deep cooperation with domestic and international clients [2]. Financial Performance Summary - For Q1 2024, the company reported a gross margin of 30.50%, a year-on-year decline of 1.97 percentage points but a quarter-on-quarter increase of 0.77 percentage points [2]. - The company forecasts revenues of 6.922 billion yuan, 8.398 billion yuan, and 10.020 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 988 million yuan, 1.222 billion yuan, and 1.475 billion yuan for the same years [3][7]. - The projected PE ratios for 2024, 2025, and 2026 are 29, 23, and 19 respectively, indicating a favorable valuation outlook [3][7].

Financial Performance - The company's operating revenue for 2023 was approximately ¥4.74 billion, representing an increase of 11.24% compared to ¥4.26 billion in 2022[13]. - The net profit attributable to shareholders for 2023 was approximately ¥579.48 million, up by 10.43% from ¥524.75 million in 2022[13]. - The basic earnings per share for 2023 was ¥1.2176, reflecting a growth of 10.53% compared to ¥1.1016 in 2022[13]. - The total assets at the end of 2023 reached approximately ¥12.61 billion, an increase of 19.04% from ¥10.60 billion at the end of 2022[13]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥6.91 billion, up by 6.37% from ¥6.49 billion at the end of 2022[13]. - The net cash flow from operating activities for 2023 was approximately ¥589.08 million, a decrease of 12.89% compared to ¥676.23 million in 2022[13]. - The weighted average return on equity for 2023 was 8.39%, down from 9.61% in 2022, indicating a decline of 1.22%[13]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 15%[28]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion yuan[29]. - The company reported a net profit attributable to shareholders of RMB 2,259,402,063.47 for the year 2023[129]. Market and Product Development - The company is focusing on expanding its market presence and developing new technologies, although specific figures were not disclosed in the report[3]. - The electronic materials industry is expected to grow rapidly due to increasing demand and national policy support, providing growth opportunities for the company[19]. - The company is positioned as the first domestic supplier of LNG insulation materials, indicating a strong market presence in the LNG sector[20]. - The company has established collaborations with well-known chip manufacturers and electronic product makers to keep pace with mainstream customer demands and develop cutting-edge technologies[24]. - The company is actively pursuing market expansion through innovative product development and strategic partnerships[24]. - The company is expanding its market presence in the LNG sector, with several new manufacturing tools and processes under development[28]. - The company plans to enhance its production capacity by 25% in the next year to meet increasing demand[28]. - The company aims to improve operational efficiency by implementing new automated systems, projected to reduce production costs by 15%[28]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[110]. Research and Development - The company has multiple proprietary patents in the electronic materials and LNG composite materials sectors, showcasing its technological leadership[24]. - The R&D team is international, consisting of experts from mainland China, Taiwan, South Korea, and Europe, with core personnel having extensive industry experience[24]. - The company has made significant advancements in the preparation methods for color filters and photosensitive materials, enhancing its product offerings[26]. - The company is investing in R&D for new semiconductor materials, with a budget increase of 30% allocated for the upcoming year[29]. - The company has filed for 58 new patents related to advanced insulation materials and manufacturing processes, indicating a strong focus on innovation[29]. - The company is developing high-purity low-radioactivity spherical silicon powder, with uranium (U) content required to be ≤1ppb to meet storage chip packaging requirements[63]. - The company has established a project team for each development initiative, ensuring structured progress and innovation in product offerings[63][64]. Financial Management and Governance - The company has established a dedicated management system for the use of raised funds, ensuring compliance with regulatory requirements and proper allocation of resources[80]. - The company has maintained transparency in its fundraising activities, fulfilling disclosure obligations as per regulatory guidelines[84]. - The company has a stable profit distribution policy, ensuring reasonable returns to investors while considering long-term sustainable development[127]. - The company has established a performance assessment mechanism for senior management to enhance their responsibilities and protect shareholder interests[114]. - The company has implemented governance improvements to enhance management efficiency and responsiveness to market changes[44]. - The company has a robust internal control system to enhance governance standards continuously[102]. - The company has complied with all information disclosure obligations, ensuring timely and accurate communication with investors[103]. Environmental and Safety Compliance - The company has established emergency response plans for environmental incidents, which have been filed with relevant authorities[144]. - The company has implemented a self-monitoring scheme for environmental emissions, with regular monitoring of air, noise, and wastewater pollutants[145]. - The company has maintained compliance with various management systems, including ISO9001, ISO14001, and ISO45001, and has not faced any major safety production accidents in 2023[149]. - The company conducted over 20 emergency drills and more than 70 safety education training sessions in 2023 to enhance safety management levels[149]. - Jiangsu Yake Technology Co., Ltd. invested approximately 5.8183 million yuan in environmental protection in 2023 and paid an environmental protection tax of 10,777.90 yuan[146]. Shareholder and Ownership Structure - The total number of shares outstanding is 475,927,678, with 33.07% being restricted shares and 66.93% unrestricted shares[177]. - Major shareholders include Shen Qi with 22.00% (104,721,941 shares), Shen Fu with 20.18% (96,031,300 shares), and the National Integrated Circuit Industry Investment Fund with 3.98% (18,939,400 shares)[181]. - The company has not reported any significant changes in its operational strategy or market expansion plans in the latest report[157]. - The company has committed to several investment projects totaling CNY 118,975 million, with a completion rate of 99.74%[86]. Risks and Challenges - The company faces risks related to industry cyclicality, competition, product technology updates, exchange rate fluctuations, and management integration, which it plans to mitigate through proactive measures[96][98][99]. - The company has not experienced any significant changes in its fundraising commitments or project statuses during the year[85]. - The company has not reported any major lawsuits or arbitration matters during the reporting period[169].

Financial Performance - The company's operating revenue for 2023 was approximately ¥4.74 billion, representing an increase of 11.24% compared to ¥4.26 billion in 2022[13]. - The net profit attributable to shareholders for 2023 was approximately ¥579.48 million, up by 10.43% from ¥524.75 million in 2022[13]. - The basic earnings per share for 2023 was ¥1.2176, reflecting a growth of 10.53% compared to ¥1.1016 in 2022[13]. - The total assets at the end of 2023 reached approximately ¥12.61 billion, marking a 19.04% increase from ¥10.60 billion at the end of 2022[13]. - The net assets attributable to shareholders increased to approximately ¥6.91 billion, a rise of 6.37% from ¥6.49 billion in 2022[13]. - The net cash flow from operating activities for 2023 was approximately ¥589.08 million, a decrease of 12.89% from ¥676.23 million in 2022[13]. - The weighted average return on equity for 2023 was 8.39%, down from 9.61% in 2022, indicating a decline of 1.22%[13]. - The company's total revenue for Q1 2023 was approximately CNY 1.07 billion, with a net profit attributable to shareholders of CNY 172.91 million[16]. - In Q2 2023, the revenue increased to approximately CNY 1.25 billion, while the net profit attributable to shareholders was CNY 168.46 million[16]. - The company reported non-recurring gains of CNY 21.29 million for 2023, a recovery from a loss of CNY -29.60 million in 2022[17]. Market Position and Strategy - The company is positioned as the first domestic supplier of LNG insulation materials, indicating a strong market presence in the LNG sector[20]. - The electronic materials industry is expected to grow rapidly due to increasing demand and government support, providing growth opportunities for the company[19]. - The company has a competitive advantage in the phosphorus flame retardant sector, with significant market experience and technological expertise[20]. - The company aims to address the domestic supply issues in strategic emerging materials, enhancing its role in the industry[19]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products and technologies were not detailed in the report[3]. - Future outlook includes addressing potential risks as outlined in the management discussion section, emphasizing the need for investor awareness regarding uncertainties[3]. Research and Development - The company has multiple proprietary patents in the electronic materials and LNG composite materials sectors, showcasing its technological leadership[24]. - The R&D team is international, consisting of experts from mainland China, Taiwan, South Korea, and Europe, with core personnel having extensive industry experience[24]. - The company is involved in two national-level major scientific research projects related to new materials in the LNG composite materials sector[24]. - The company has a strong focus on new product and technology development, with numerous patents related to photosensitive resin compositions and color filter manufacturing methods[25]. - The company is actively collaborating with well-known international chip manufacturers and research institutions to keep its technology aligned with mainstream customer needs[24]. - The company has introduced advanced technologies and new products in the LNG composite materials sector through partnerships with organizations like China Shipbuilding Group and Shanghai Jiao Tong University[24]. Production Capacity and Utilization - The production capacity for LNG boards is 80,000 units with a utilization rate of 100%[32]. - CFPR colored photoresist has an annual capacity of 3,120 tons and a utilization rate of 71.07%[32]. - TFTPR positive photoresist has an annual capacity of 4,560 tons with a utilization rate of 70.17%[32]. - Flame retardants have an annual capacity of 55,000 tons and a utilization rate of 20%[32]. - Spherical silica powder has an annual capacity of 10,500 tons with a utilization rate of 100%[32]. - The company has completed the investment in the upgrade of 58 sets of high-purity sulfur hexafluoride systems, with an annual capacity of 10,000 tons and a utilization rate of 85%[32]. Environmental and Sustainability Efforts - The company has reported a commitment to environmental sustainability through the development of eco-friendly foaming agents for insulation materials[28]. - The company completed the renewal of its national pollutant discharge permit on July 15, 2023, valid until July 14, 2028[138]. - The company has obtained various environmental permits for its subsidiaries, with validity extending to 2028[138]. - The company adheres to multiple environmental protection laws and standards, including the Water Pollution Prevention Law and Soil Pollution Prevention Law[138]. - Jiangsu Yake's total discharge of chemical oxygen demand (COD) was well below the standard of 70 mg/l[139]. - The company has established a wastewater treatment facility that operates normally, ensuring that wastewater meets the standards before being discharged into the Yixing municipal sewage treatment plant[142]. Governance and Management - The company has established a robust internal control system to enhance governance and operational standards[102]. - The company has fulfilled its information disclosure obligations, ensuring timely and accurate communication with all investors[103]. - The supervisory board conducted 6 meetings to oversee financial conditions and compliance during the reporting period[106]. - The company has maintained complete operational independence from its controlling shareholder, ensuring no interference in decision-making or operations[104]. - The board of directors consists of 9 members, including 4 independent directors, and held 7 meetings during the reporting period[106]. - The company has established a performance assessment mechanism for senior management to enhance their responsibilities and protect shareholder interests[114]. Financial Management and Fundraising - The company has established a fundraising management system to ensure proper use and storage of raised funds, with dedicated bank accounts for this purpose[80]. - The total amount of funds raised in 2021 was ¥1,189,749,925.00, with a net amount of ¥1,176,671,553.14 after deducting fees[79]. - The company confirmed that it has adhered to the regulatory requirements for the management and use of raised funds, with no violations reported[84]. - The company has not engaged in multiple financings within the year that would affect the use of raised funds[84]. - The company has made long-term commitments to comply with relevant laws and regulations regarding related party transactions[158]. Employee and Shareholder Engagement - The total number of employees at the end of the reporting period was 2,930, with 1,919 in production, 138 in sales, and 572 in technical roles[123]. - The company has actively engaged in training programs to enhance employee skills and career development[125]. - The total remuneration for independent directors, including Qi Xiaoyan and others, was 8.48 million CNY each in 2023[116]. - The company has a stable profit distribution policy, ensuring reasonable returns to investors while considering long-term sustainable development[127]. Risks and Challenges - The company faces risks related to industry cyclicality, competition, product technology updates, exchange rate fluctuations, and management integration[96][98][99]. - The company has reported no significant litigation or arbitration matters during the reporting period[169]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[160].

证券研究报告 | 年报点评报告 2024年04月26日 雅克科技（002409.SZ） 国产存储崛起，前驱体龙头尽享红利 事件：公司发布 2023 年报及 2024 一季报，Q1 业绩增长靓眼。2023 年 买入（维持） 公司实现营业收入47.38亿元，同比+11.24%；归母净利润5.79亿元，同 股票信息 比+10.43%。受益于下游半导体行业景气复苏，2024Q1公司实现营收16.18 亿元，同比+51.09%；归母净利润2.46亿元，同比+42.21%；扣非净利润 行业 半导体 2.39亿元，同比+55.67%。我们预计公司 2024年归母净利润 10.4亿元， 前次评级 买入 对应年内PE仅27.8倍，在国内半导体材料平台型厂商中估值相对安全。 4月25日收盘价(元) 60.70 总市值(百万元) 28,888.81 头部IDM厂商进入扩产周期，核心半导体材料国产化需求打开。随着生产 总股本(百万股) 475.93 技术的不断进步以及国家产业政策/大基金的持续扶持，长鑫、长存等国内 其中自由流通股(%) 66.93 头部存储 IDM 厂商加速崛起。历经行业景气波动以及外部制约，目前国内 30日日均成 ...

江苏雅克科技股份有限公司 2023年度独立董事述职报告 （独立董事：陈强） 各位股东及股东代表： 本人作为江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）的 历任独立董事，2023 年度，本人严格按照《公司法》、《上市公司治理准则》、《上市 公司独立董事规则》等法律法规以及《公司章程》、《独立董事工作制度》的规定， 认真履行了独立董事的职责，谨慎、认真、勤勉地行使公司所赋予的权利，积极出 席公司董事会和股东大会，审议各项提案，对公司相关重大事项发表独立意见，切 实维护了公司和股东的利益。现就本人 2023 年度履职情况报告如下： 一、个人履历及兼职情况 本人陈强，中国国籍，1971 年 10 月出生，学士学位，高级工程师。现任南京 大学化学化工学院教师、南京大学常州高新技术研究院院长，兼任江苏省复合材料 学会功能材料副主任委员等职务。 本人及直系亲属、主要社会关系均不在公司或其附属企业担任除独立董事之外 的其他职务；没有为公司或其附属企业提供财务、法律、咨询等服务。除独立董事 津贴外，没有从公司及其主要股东或有利害关系的机构和人员处取得额外的、未予 披露的其他利益。作为公司独立董事，本人具备中国证监 ...

公司董事会在审议该项议案前，公司向我们提供了《江苏雅克科技股份有限 公司 2023 年度利润分配方案》及必要的财务数据，并与公司董事会成员、管理 层进行了必要沟通、交流；我们认为：公司制定的 2023 年度利润分配方案，是 依据中国证监会下发的《上市公司监管指引第 3 号-上市公司现金分红》和《公 司章程》并兼顾公司主业经营需求及未来发展规划做出的；公司自上市以来，每 个会计年度末均实施现金分红，通过持续、稳定的现金分红政策，有利于引导投 资者树立长期投资和理性投资的理念，便于投资者形成稳定的回报预期。 我们同意将该议案提交公司第六届董事会第八次会议审议。 江苏雅克科技股份有限公司 江苏雅克科技股份有限公司独立董事 关于相关事项的事前认可意见 根据《上市公司独立董事管理办法》、《上市公司治理准则》《公司章程》及 《独立董事工作制度》等文件的有关规定，我们作为江苏雅克科技股份有限公司 （以下简称"公司"）的独立董事，谨对以下事项发表意见： 1、关于 2023 年度利润分配方案的事前认可意见 独立董事： 戚啸艳 袁丽娜 李锦春 吴毅雄 二〇二四年四月二十六日 ...

江苏雅克科技股份有限公司 内部控制审计报告 天职业字[2024]29029 号 目 录 内部控制审计报告 2 1 内部控制审计报告 天职业字[2024]29029 号 江苏雅克科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了江 苏雅克科技股份有限公司（以下简称"贵公司"）2023 年 12 月 31 日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会的责任。 [以下无正文] 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 贵公司于 2023 年度收购了科美（广州）电子材料有限公司（以下简称"被收购公司"）， 并将其纳入了 2023 年度财务报表的合并范围。按照中国证券监督管理委员会和财政部联合 发布《公开发行证券的公司信息披露编报规则第 21 号——年度内部控制评价报告的一般规定》 的相关豁免规定，贵 ...

江苏雅克科技股份有限公司 2023年度独立董事述职报告 （独立董事：戚啸艳） 各位股东及股东代表： 1 2023 年度，公司共召开股东大会 2 次，本人列席了各次股东大会。 本人按时亲自出席了公司召开的各次会议，没有缺席或连续两次未亲自出席会 议的情况。 本人作为江苏雅克科技股份有限公司（以下简称"公司"或"雅克科技"）的 独立董事，2023 年度，本人严格按照《公司法》、《上市公司治理准则》、《上市公司 独立董事规则》等法律法规以及《公司章程》、《独立董事工作制度》的规定，认真 履行了独立董事的职责，谨慎、认真、勤勉地行使公司所赋予的权利，积极出席公 司董事会和股东大会，审议各项提案，对公司相关重大事项发表独立意见，切实维 护了公司和股东的利益。现就本人 2023 年度履职情况报告如下： 一、个人履历及兼职情况 本人戚啸艳，中国国籍，1963 年 8 月生，博士研究生，会计学教授。现任东南 大学成贤学院经济管理学院院长，并兼任江苏艾迪药业股份有限公司、南京米乐为 微电子科技股份有限公司、江苏永康智能防务科技股份有限公司独立董事。 本人及直系亲属、主要社会关系均不在公司或其附属企业担任除独立董事之外 的其他职 ...