Group 1 - Jacques Technology (002409.SZ) reported its Q1 2025 results, with 54 institutional investors holding a total of 60.34 million shares, representing 12.68% of the total share capital [1] - The top ten institutional investors collectively hold 10.82% of the shares, with a decrease of 1.63 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, with a total increase ratio of 0.20%, while 16 funds decreased their holdings, with a total decrease ratio of 0.52% [2] - A total of 20 new public funds were disclosed this quarter, while 343 funds were not disclosed compared to the previous quarter [2] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.57% [3]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 先进封装 群 2024 年全球半导体材料市场呈现回暖态势。人工智能快速发展，带动数据中心、智能终端需求上 升，智能手机、可穿戴设备等消费电子产品需求回暖，汽车智能化、电动化促使汽车电子需求增 长，为半导体材料市场提供了发展动力。 根据势银（TrendBank）调研，2023年中国大陆半导体光刻胶市场规模为34.46亿元，同比2022年降 低13.98%。随着2024年市场回暖，需求增加，半导体用光刻胶市场也将扩大。 来源：《2024势银光刻材料产业发展蓝皮书》 同时，目前中国已经成为全球最大的LCD面板生产基地；OLED全球市场份额也在逐渐扩大，显示 光刻胶市场将相对增长，2023年显示光刻胶市场规模达99.42亿元，相较2022年同比增长2.38%。 | | | | 企业名称 | 营业收入(亿) | 营收同比 | | --- | --- | --- | | 彤程新材 | 32.70 | 11.10% | | 晶瑞电材 ...

Core Viewpoint - Yake Technology has experienced a decline in stock price over six consecutive trading days, with a cumulative drop of -4.31% [1] Company Overview - Jiangsu Yake Technology Co., Ltd. is a publicly listed company on the Shenzhen Stock Exchange (stock code 002409.SZ) that focuses on the research and production of electronic semiconductor materials, cryogenic composite materials, and plastic additive materials [1] Financial Performance - The financial report indicates that Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Yake Technology, which has reduced its holdings in the first quarter of this year [1] - Year-to-date return for Yake Technology is -2.11%, ranking 1551 out of 3185 in its category [1][2] Performance Metrics - The stock has shown the following performance metrics: - Weekly change: -0.33% - Monthly change: -5.26% - Quarterly change: 0.26% - Semi-annual change: -3.64% - Year-to-date change: -2.11% [2] Fund Management - The fund manager for Southern CSI 500 ETF is Ms. Luo Wenjie, who holds a Master's degree in Mathematical Finance from the University of Southern California and a Master's in Computer Science from the University of California [3][4] - Ms. Luo has extensive experience in quantitative analysis and has been with Southern Fund since September 2008, currently serving as the General Manager of the Index Investment Department [3][4]

Financial Performance - The company's revenue for Q1 2025 reached ¥2,117,841,363.93, representing a 30.88% increase compared to ¥1,618,200,158.07 in the same period last year[5] - Net profit attributable to shareholders was ¥260,269,655.73, up 5.85% from ¥245,896,563.91 year-on-year[5] - Net profit for the current period was ¥267,816,764.05, representing a 7% increase from ¥250,366,108.23 in the previous period[20] - Basic and diluted earnings per share for the current period were both ¥0.5469, compared to ¥0.5167 in the previous period, reflecting an increase of 5.2%[20] Cash Flow - The net cash flow from operating activities improved significantly to -¥32,159,095.88, a 85.74% increase compared to -¥225,514,244.79 in the previous year[5] - Operating cash flow for the current period was -32,159,095.88 CNY, an improvement from -225,514,244.79 CNY in the previous period[21] - Cash inflow from operating activities was 1,703,307,176.08 CNY, slightly up from 1,633,916,295.80 CNY[21] - Net cash flow from financing activities was 1,053,215,659.64 CNY, compared to 478,863,236.00 CNY in the previous period[22] - Cash and cash equivalents at the end of the period totaled 1,974,163,073.74 CNY, an increase from 1,840,036,693.33 CNY[22] Assets and Liabilities - Total assets increased by 7.61% to ¥15,922,855,850.69 from ¥14,796,659,087.29 at the end of the previous year[5] - Total liabilities rose to ¥6,652,565,190.40, up from ¥5,752,834,677.02, indicating an increase of 15.6%[17] - The company's equity attributable to shareholders reached ¥7,422,362,634.90, an increase from ¥7,203,443,493.20, marking a growth of 3%[17] - The total liabilities to equity ratio increased to 0.72 from 0.64, indicating a higher leverage position[17] Shareholder Information - The company reported a total of 51,276 common shareholders at the end of the reporting period[11] - The company reported a total of 10 major shareholders, with the largest shareholder holding 22.00% of the shares[12] Operational Metrics - The company's basic earnings per share rose to ¥0.5469, reflecting a 5.84% increase from ¥0.5167 in the same period last year[5] - Total operating revenue for the current period reached ¥2,117,841,363.93, a significant increase of 30.9% compared to ¥1,618,200,158.07 in the previous period[19] - Total operating costs amounted to ¥1,803,344,764.23, up 37.3% from ¥1,312,236,045.44 in the prior period[19] Investments and Expenses - Research and development expenses for the current period were ¥68,672,025.00, up 25.9% from ¥54,456,917.48 in the previous period[19] - Long-term borrowings surged by 129.08% to ¥2,284,573,687.53, primarily due to increased borrowing for asset acquisition[9] - Sales expenses increased by 70.31% to ¥85,787,223.61, driven by higher sales activities during the quarter[9] Other Information - The company has not disclosed any new product or technology developments during the conference call[14] - There were no significant mergers or acquisitions mentioned in the earnings call[14] - The company did not provide specific future guidance or market expansion strategies in the call[14] - The company reported a decrease in other comprehensive income, with a net amount of -¥45,261,043.80 compared to -¥100,402,408.69 in the previous period[20] - The impact of exchange rate changes on cash and cash equivalents was -58,926,832.47 CNY, compared to a positive impact of 28,789,098.01 CNY in the previous period[22]

Core Viewpoint - The company, Yake Technology, has significantly improved its profitability, driven by the rapid growth of its semiconductor materials business, particularly in the context of increasing global demand for storage chips and advancements in AI, 5G, and autonomous driving applications [1][2]. Group 1: Financial Performance - In 2024, Yake Technology achieved an operating income of 6.862 billion yuan, a year-on-year increase of 44.84%, and a net profit of 872 million yuan, up 50.41% year-on-year [1]. - The basic earnings per share reached 1.83 yuan, and the company proposed a cash dividend of 2.6 yuan per 10 shares (including tax) [1]. Group 2: Business Growth and Market Position - The rapid development of the company's semiconductor precursor materials delivery equipment (LDS) business is attributed to the new semiconductor wafer production lines in China, leading to a significant increase in sales performance [1]. - Yake Technology's LDS products have achieved full benchmarking against European and American competitors, with a leading market share in China [1]. Group 3: Strategic Initiatives - The company has committed to increasing its R&D investment, with expenditures of 128 million yuan, 190 million yuan, and 249 million yuan from 2022 to 2024, totaling 567 million yuan over three years [2]. - Yake Technology has adopted a dual strategy of "internal growth + external mergers and acquisitions" to strengthen its semiconductor industry chain, including the acquisition of a 75.1% stake in SKC-ENF to enter the semiconductor wet chemicals market [2][3]. Group 4: Business Segments - Through a series of acquisitions, Yake Technology has established six major business segments: precursors, electronic special gases, photoresists, LNG boards, wet chemicals, and cleaning services, covering the entire semiconductor manufacturing process [3]. - The company holds over 10% of the global market share in precursors and maintains the leading position in the domestic market [3].

Core Insights - The company achieved a total revenue of 6.862 billion yuan in 2024, representing a year-on-year increase of 44.84% [2] - The net profit attributable to shareholders reached 871.58 million yuan, up 50.41% from the previous year [2] - The net profit after deducting non-recurring gains and losses was 900.71 million yuan, reflecting a growth of 61.36% [2] Financial Performance - Total revenue for 2024 was 6.862 billion yuan, compared to 4.738 billion yuan in 2023 [2] - Net profit attributable to shareholders was 871.58 million yuan, up from 579.48 million yuan in 2023 [2] - The net profit after deducting non-recurring gains was 900.71 million yuan, compared to 558.19 million yuan in 2023 [2] - Basic and diluted earnings per share were both 1.8313 yuan, an increase of 50.40% from 1.2176 yuan in 2023 [2] - The weighted average return on equity was 8.76%, slightly up from 8.39% in 2023 [2] Business Segments Electronic Materials - Revenue from electronic materials reached 4.507 billion yuan, accounting for 65.68% of total revenue, with a year-on-year growth of 40.47% [3] - The semiconductor precursor materials segment achieved full coverage of 12-inch wafer clients, with new product testing progressing smoothly [3] - The company's photoresist products are being mass-produced and delivered to major clients including BOE and LG Display [3] LNG Insulation Materials - The LNG insulation materials segment saw a significant increase in orders due to rising demand for large LNG transport vessels and land storage facilities [6] - New products received certification from industry authority GTT, and key materials have begun small-scale production [6] Flame Retardants - Sales of flame retardant products such as TCPP and specialty flame retardants showed a recovery growth of 2.04% compared to 2023 [8] - The company obtained government approval for the production of certain flame retardant varieties at its Binhai factory [8]

【DT新材料】 获悉，4月27日， 雅克科技 发布了 2024年度报告 ，公司实现全年营业收入68.62亿元，同比上升44.84%；实现归母净利润8.72亿元， 同比上升50.41%；实现扣非归母净利润9.01亿元，同比上升61.36%。 华飞电子 的半 导体封装填充料及电子粉体材料 业务随着 半导体整体市场行情逐步复苏 ，销售收入较 2023 年有明显上涨。报告期内， CCL 及 球形 氧化铝 已实现突破，并向客户稳定供货； 亚微米球形二氧化硅 开发完成，设备稳定投产；华飞电子下属子公司 湖州雅克华飞电子材料有限公司 " 年 产 3.9 万吨半导体核心材料项目 "一期建设已经基本完成，并开始批量生产产品向华飞电子供应优质稳定的半成品。 报告期内，收益于国内 半导体晶圆产线新增 ，公司 半导体前驱体材料输送设备（LDS） 业务发展迅速。 公司通过收购 韩国SKC 集团 下 SKC-ENF Electronic Materials Limited 的 75.1% 股权，从而控制其下的南通子公司。 子公司雅克（南通） 主要从 事 半导体湿化学品显影液、蚀刻液和稀释剂 的生产和销售，产品质量在行业内处于领先水平。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the rapid growth of precursor and LNG board businesses, indicating a positive outlook for the new materials platform [1][6] - The semiconductor materials segment shows strong demand from key clients, leading to significant revenue growth [6][9] - The LNG insulation materials business is expected to continue its strong performance due to increased orders and market demand [9][10] Financial Data and Earnings Forecast - The company achieved a total revenue of 6.86 billion yuan in 2024, representing a year-on-year growth of 45% [9] - The net profit attributable to the parent company for 2024 was 872 million yuan, with a year-on-year increase of 50% [9] - Revenue projections for the upcoming years are as follows: 9.09 billion yuan in 2025, 10.70 billion yuan in 2026, and 12.33 billion yuan in 2027, with respective growth rates of 32.5%, 17.7%, and 15.3% [8][10] - The forecasted net profit for 2025 is 1.15 billion yuan, with a growth rate of 32.5% [8][10] Business Segments - In the semiconductor materials sector, revenue from semiconductor chemical materials reached 1.95 billion yuan in 2024, with a year-on-year increase of 72% [6] - The electronic special gases segment generated 470 million yuan in revenue, reflecting a 7% year-on-year growth [6] - The LNG insulation materials segment reported revenue of 1.63 billion yuan, marking an 89% increase year-on-year [9]

Core Insights - The semiconductor materials ETF has shown a positive performance, with a recent increase of 0.21% in the index and notable gains in constituent stocks [2] - The ETF has achieved a significant annual net value increase of 29.99%, ranking in the top 11.23% among equity funds [3] - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the total index weight, indicating concentrated performance among leading companies [4] Performance Metrics - The semiconductor materials ETF has seen a one-week cumulative increase of 0.74% and a year-to-date average daily trading volume of 15.98 million yuan [2] - The ETF's highest single-month return since inception was 20.35%, with an average monthly return of 10.90% and a historical one-year profit probability of 97.04% [3] - The electronic sector's holdings in public funds reached a historical high of 18.90% in Q1 2025, reflecting strong investor interest [3] Top Holdings - The top ten stocks in the semiconductor materials index include North Huachuang, Zhongwei Company, and Hushi Silicon Industry, with North Huachuang holding the highest weight at 16.44% [4][6] - The performance of these top stocks varies, with some experiencing slight increases while others, like Hushi Silicon Industry, have seen a decrease [6]

Group 1 - Jacques Technology (002409.SZ) released its 2024 annual report on April 28, 2025, with 398 institutional investors holding a total of 95.8783 million A-shares, accounting for 20.15% of the total share capital [1] - The top ten institutional investors include Hong Kong Central Clearing Limited, National Integrated Circuit Industry Investment Fund Co., Ltd., and several funds from China Life Insurance Company, with the top ten holding a combined 12.45% of shares, down 1.76 percentage points from the previous quarter [1] Group 2 - In the public fund sector, 15 funds increased their holdings, including Fuqua Tianhui Growth Mixed (LOF) A/B and several semiconductor-themed ETFs, with an increase rate of 0.44% [2] - Conversely, 28 public funds reduced their holdings, including Guolian An Semiconductor ETF and Southern CSI 500 ETF, with a decrease rate of 1.45% [2] - A total of 324 new public funds were disclosed this period, including Guotai CES Semiconductor Chip Industry ETF and several other growth and technology-focused funds [2] - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.63% compared to the previous quarter [2]