Core Viewpoint - The peroxide industry in China has shown stable growth, driven by increasing demand from downstream sectors such as chemicals, plastics, rubber, and textiles, with the market size expected to reach 14.152 billion RMB in 2024 [1][9]. Industry Definition and Classification - Peroxides are compounds containing peroxide groups (-O-O-), characterized by their ability to form covalent bonds with other atoms or groups, leading to diverse structures and properties [2]. Industry Chain Overview - The peroxide industry chain includes upstream raw material supply, midstream production, and downstream applications. Upstream involves basic chemical raw materials like hydrogen and oxygen, while midstream focuses on the production processes. Downstream applications span various sectors, including chemical reactions, textile bleaching, and environmental treatment [4][5]. Development History - The Chinese peroxide industry has evolved over 70 years, transitioning from reliance on imports to developing a domestic production system. The industry has moved from a growth phase to an innovation stage, emphasizing technological advancements and integration into emerging sectors [6][9]. Current Market Analysis - The global peroxide market is projected to reach 40.757 billion RMB in 2024, with significant growth in the Asia-Pacific region, particularly in China, which is a major consumer and producer [8][9]. China's peroxide demand is expected to reach 1.15 million tons in 2024, reflecting a 6.8% year-on-year increase [12]. Key Enterprises in the Industry - Major players include: - **LUXI Chemical**: Dominates the industrial-grade hydrogen peroxide market with a focus on low-cost production [16]. - **Strong Functional Chemicals**: Specializes in organic peroxides, leveraging safety control technologies [16]. - **Yake Technology**: Focuses on electronic-grade hydrogen peroxide, achieving a purity of ≥99.999% [18]. - **Aladdin Biochemical**: Serves the research market with high-purity peroxide products [16]. - **Satellite Chemical**: Expands into hydrogen peroxide production using by-products from ethylene projects [16]. Future Development Trends - The industry is moving towards high-end products, driven by increasing performance requirements in sectors like electronics and pharmaceuticals [20]. - There is a strong emphasis on green and environmentally friendly production methods, with a focus on reducing pollution and developing biodegradable products [21]. - Strict safety regulations are shaping the industry, necessitating enhanced safety measures and management practices [22].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][7]. Core Views - The company is expected to achieve steady growth in its performance for 2024, driven by the continuous expansion of its electronic materials business [2][10]. - The company reported a revenue of RMB 6.862 billion for 2024, representing a year-on-year increase of 44.84%, and a net profit of RMB 872 million, up 50.41% year-on-year [10][11]. - The report highlights the company's strong performance in the fourth quarter of 2024, with revenue reaching RMB 1.863 billion, a 55.78% increase year-on-year [12]. - The first quarter of 2025 also showed positive results, with revenue of RMB 2.118 billion, a 30.88% increase compared to the same period in 2024 [13]. Financial Performance Summary - The company’s main revenue sources include electronic materials and LNG insulation materials, with significant growth in both sectors [10]. - The electronic materials segment, particularly the precursor business, achieved revenue of RMB 1.954 billion in 2024, a 71.79% increase year-on-year [10]. - The LNG insulation board business saw revenue growth of 89.18% in 2024, reaching RMB 1.635 billion, driven by increased demand from LNG transportation and storage facilities [10][11]. - The company plans to distribute a cash dividend of RMB 2.6 per 10 shares to all shareholders [10]. Valuation - The report projects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share (EPS) of RMB 2.49, RMB 3.23, and RMB 4.08 [7][16]. - The price-to-earnings (PE) ratios for the same years are estimated at 22.0, 17.0, and 13.4 times [7][16].

Group 1: Financial Performance - The company expects a significant increase in profit, with a projected growth of approximately 51% in 2024 compared to the previous year [29] - The semiconductor precursor business is anticipated to generate revenue of 1.95 billion CNY in 2024, with over 50% of this revenue coming from domestic clients [3][6] - The company's overall revenue growth in the semiconductor materials sector is expected to exceed the industry average [33] Group 2: Market Position and Competition - The company holds a leading position in the domestic market for semiconductor precursors, with substantial room for import substitution [3][6] - The company has established a strong presence in the domestic semiconductor manufacturing sector, covering all major domestic chip manufacturers [5][6] - The company is actively pursuing new product development and customer acquisition to enhance its market competitiveness [32] Group 3: Product Development and Innovation - The company is focusing on the development of semiconductor photoresists and has made progress in the validation of High-K precursors for advanced processes below 28nm [8][10] - The company is committed to continuous innovation and product line expansion in response to market demands [40] - The company is exploring potential acquisitions to strengthen its competitive barriers in the semiconductor materials sector [20][26] Group 4: Strategic Planning and Investor Relations - The company plans to implement a market value management system and increase investor communication to improve market perception [41][42] - The company acknowledges the need for proactive market management to enhance institutional investor participation [21][22] - The company is considering share buyback or major shareholder increase plans to boost investor confidence [2][5]

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于 江苏雅克科技股份有限公司 2024 年年度股东大会的 法律意见书 中国 上海 山西北路 99 号苏河湾中心 25-28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于江苏雅克科技股份有限公司 2024 年年度股东大会的法律意见书 致：江苏雅克科技股份有限公司 江苏雅克科技股份有限公司（以下简称"公司"）2024 年年度股东大会现场 会议于 2025 年 5 月 19 日（星期一）下午 13:30 在江苏省宜兴市经济技术开发区 荆溪北路 88 号公司会议室召开。国浩律师（上海）事务所（以下简称"本所"） 接受公司的委托，指派冯璐律师、沈文律师（以下简称"本所律师"）出席会议 并见证。现依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）和《江苏雅克科技股份有限公司章程》 （以下简称"《公司章程 ...

证券代码：002409 证券简称：雅克科技 公告编号：2025-018 1、公司于2025年4月28日在《证券时报》及指定信息披露网站巨潮资讯网上 刊登了《江苏雅克科技股份有限公司关于召开2024年年度股东大会的通知》。 2、本次股东大会无否决或修改提案的情况，无新提案提交表决的情况，也 无涉及变更前次股东大会决议的情况。 3、本次股东大会以现场投票和网络投票相结合的方式召开。 二、会议召开情况 1、会议召开时间： 现场会议时间：2025年5月19日（星期一）下午13:30。 江苏雅克科技股份有限公司 2024年年度股东大会决议公告 特别提示：本公司及全体董事、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。 一、重要内容提示： 1、出席会议的总体情况 通过现场和网络投票的股东371人，代表股份237,115,774股，占公司有表 决权股份总数的49.8218％。 2、现场会议出席情况 网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月19日 上午9:15-9:25，9:30－11:30，下午13:00－15:00；通过深圳证券交易所互 ...

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

Group 1 - The semiconductor materials ETF (562590) has seen a decline of 1.20%, with a latest price of 1.07 yuan, while it has increased by 30.22% over the past year [3][4] - The liquidity of the semiconductor materials ETF shows a turnover rate of 0.95% with a transaction volume of 302.02 million yuan, and an average daily transaction volume of 16.30 million yuan over the past year, ranking it among the top two comparable funds [3] - The ETF's scale has grown significantly, with an increase of 609.55 million yuan over the past week, placing it second among comparable funds [3] Group 2 - The semiconductor materials ETF has reached a new high of 296 million shares, marking a peak in the last month [3] - The ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 542.63 million yuan, totaling 1.30 billion yuan, and an average daily net inflow of 325.99 million yuan [3] - As of May 14, 2025, the tracking error of the semiconductor materials ETF over the past two months is 0.013%, the highest among comparable funds [4] Group 3 - The semiconductor sector is expected to see a recovery in overall performance in 2024, with the first quarter of this year showing a continued recovery trend [4] - The integrated circuit manufacturing and analog sub-sectors have returned to profitability, while other sub-sectors have achieved double-digit year-on-year growth in net profit, driven by terminal recovery, AI computing power construction, and demand in materials and advanced packaging [4] - The index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [4] Group 4 - The top ten weighted stocks in the semiconductor materials equipment index account for 62% of the index, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6] - The weightings of the top stocks include Northern Huachuang at 16.44%, Zhongwei Company at 13.55%, and Hu Silicon Industry at 5.61% [6]

关于举办2024年年度报告网上业绩说明会的公告 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。 江苏雅克科技股份有限公司（以下简称"公司"）已于2025年4月28日在巨潮资 讯网上披露了《2024年年度报告》，为使投资者进一步了解公司的财务状况、经营 情况及公司发展规划，公司将于2025年5月16日(星期五)15:00-17:00在深圳证券交 易所"互动易"平台（http://irm.cninfo.com.cn）举办2024年年度报告网上业绩 说明会，本次说明会将采用网络远程文字交流的方式举行。投资者可登录深圳证券 交易所"互动易"平台，进入"云访谈"栏目参与本次网上业绩说明会。 出席本次说明会的人员有：公司董事长兼总经理沈琦先生，财务总监兼董事会 秘书覃红健先生，独立董事李锦春先生（如遇特殊情况，参会人员可能进行调整）。 为提升交流的针对性，以便公司在本次说明会上对投资者普遍关注的问题进行 作答，公司就2024年年度报告网上业绩说明会提前向投资者征集相关问题，广泛听 取投资者的意见和建议。投资者可提前登录"互动易"平台"云访谈"栏目，进入 "业绩说明 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 77.40 RMB based on a 30X PE for 2025 [5][10]. Core Insights - The company is experiencing rapid growth driven by semiconductor chemical materials, photoresist, and LNG insulation materials, with a revenue increase of 44.84% year-on-year in 2024, reaching 6.86 billion RMB, and a net profit increase of 50.41% to 870 million RMB [11][12]. - The company leads in the semiconductor precursor and display photoresist sectors, achieving full coverage of 12-inch wafer clients and beginning mass production at its Jiangsu Sentech Yixing factory [12]. Financial Summary - Revenue and net profit projections for 2025-2027 are 8.90 billion RMB, 1.23 billion RMB; 10.89 billion RMB, 1.56 billion RMB; and 11.64 billion RMB, 1.72 billion RMB, respectively [4][10]. - The company's earnings per share (EPS) are projected to be 2.58 RMB, 3.28 RMB, and 3.62 RMB for 2025, 2026, and 2027, respectively [10]. - The company reported a net asset return (ROE) of 12.1% in 2024, expected to rise to 15.0% in 2025 [4][7].