Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 850-930 million yuan for 2024, representing a year-on-year growth of about 47%-60% [6]. - The growth in profits is primarily driven by the recovery in semiconductor demand, stable performance in the display sector, and the concentrated delivery phase of LNG insulation materials [6]. - The company is positioned as a major supplier of semiconductor precursors, with significant demand from key clients such as Changxin, Hynix, and SMIC, contributing to high growth rates [6]. - The display materials segment is benefiting from the domestic shift in the panel industry, with notable growth in sales of photoresists and new product developments [6]. - The LNG insulation board business is entering a phase of concentrated deliveries, with strong order growth expected due to the booming LNG ship market [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 4,738 million yuan in 2023 to 11,388 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 26.3% [2]. - Net profit attributable to shareholders is forecasted to increase from 579 million yuan in 2023 to 1,792 million yuan in 2026, reflecting a CAGR of about 36.7% [2]. - Earnings per share (EPS) is expected to rise from 1.22 yuan in 2023 to 3.76 yuan in 2026 [2]. - The company's gross margin is projected to improve slightly from 31.3% in 2023 to 33.9% in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 49 in 2023 to 16 by 2026, indicating a more attractive valuation over time [2]. Market Data - As of January 27, 2025, the company's closing price was 59.80 yuan, with a market capitalization of approximately 19,048 million yuan [3]. - The stock has experienced a 52-week high of 74.36 yuan and a low of 33.24 yuan, indicating significant volatility [3]. - The company has a price-to-book (P/B) ratio of 3.9 and a dividend yield of 1.14% based on the most recent dividend announcement [3].

Financial Performance Expectations - The company expects a net profit of between 850 million to 930 million CNY for 2024, representing a year-on-year growth of 46.68% to 60.49% compared to 579.48 million CNY in the previous year[3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 809.37 million to 893.10 million CNY, indicating a growth of 45.00% to 60.00% from 558.19 million CNY last year[3]. - Basic earnings per share are anticipated to be between 1.7648 CNY to 1.9482 CNY, up from 1.2176 CNY in the previous year[3]. Business Growth Drivers - The growth in performance is primarily driven by the rapid development of the shipbuilding industry and increasing demand for insulation materials from domestic LNG storage and transportation equipment manufacturers[4]. - The recovery of the domestic integrated circuit industry has led to increased production capacity among downstream chip manufacturers, resulting in a significant growth in revenue from the company's electronic materials business[4]. - The sales performance of materials for display panels and supporting reagents has shown noticeable growth, contributing positively to the company's overall revenue[4]. Financial Reporting and Auditing - The financial data presented is preliminary and has not been audited, with final figures to be disclosed in the 2024 annual report[5]. - The company has communicated with the accounting firm regarding the earnings forecast, and there are no significant discrepancies[3].

江苏雅克科技股份有限公司 舆情管理制度 江苏雅克科技股份有限公司 舆情管理制度 第一章 总 则 第一条 为提高江苏雅克科技股份有限公司（以下简称"公司"） 应对各 类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公 司股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法 权益，根据《深圳证券交易所股票上市规则》等相关法律法规规定和《公司章 程》，结合公司实际情况，特制定本制度。 第二条 本制度所称"舆情"包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 （三）协调和组织各类舆情处理过程中对外宣传报道工作； （四）负责做好向监管机构的信息上报工作及沟通工作； 第三条 公司舆情应对坚持"科学应对、注重实效"的总体原则，有效引 导内部舆论和社会舆论，避免和消除因媒体报道可能对公司造成的各种负面影 响，切实维护公司的利益和形象。 第二章 舆情管理的 ...

证券代码:002409 证券简称:雅克科技 编号:2025-001 一、会议召开及审议情况 《舆情管理制度》具体内容详见巨潮资讯网(http://www.cninfo.com.cn)。 江苏雅克科技股份有限公司 二、备查文件 第六届董事会第十二次会议决议公告 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。 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 事会第十二次会议于 2024 年 12 月 30 日以邮件的方式发出通知，并通过电话进 行确认，于 2025 年 01 月 09 日以现场结合通讯的方式召开。会议应出席董事 9 名，实际参加表决董事 9 名，董事张昊玳女士、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，董事沈馥先生因工作原因，委托 董事沈锡强先生出席并代为表决。会议由董事长沈琦先生主持，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《关于制定<舆 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4][12]. Core Views - The company is positioned as a leading electronic materials platform, having expanded its business through acquisitions in various electronic materials sectors, including semiconductor chemicals and photolithography materials [5][6]. - The company has shown significant revenue growth, with a 41.1% year-over-year increase in revenue for the first three quarters of 2024, reaching RMB 5.0 billion, and a 55.8% increase in net profit to RMB 750 million [5][12]. - The demand for the company's precursor materials is expected to grow, driven by advancements in AI and semiconductor manufacturing, positioning it as a global leader in this segment [6][10]. Summary by Sections Company Overview - The company operates in the electronic industry, with a current stock price of RMB 62.54 and a market capitalization of RMB 19.92 billion [2]. - Major shareholders include Shen Qi, holding 22% of the shares [2]. Product Portfolio - The company's product mix includes semiconductor chemicals (28.6%), photolithography materials (26.7%), LNG polyurethane foam boards (22.3%), and electronic specialty gases (6.4%) [2][5]. - The electronic materials segment has become the primary source of revenue, contributing 66.5% to total revenue in the first half of 2024 [5]. Financial Performance - The company reported a net profit of RMB 958 million for 2024, with projected profits of RMB 1.22 billion in 2025 and RMB 1.42 billion in 2026, reflecting a growth trajectory of 65% and 27% respectively [12][13]. - The earnings per share (EPS) are expected to increase from RMB 2.01 in 2024 to RMB 2.98 in 2026 [12][13]. Market Position and Growth Drivers - The company is recognized as a leading supplier of precursor materials, competing with major international suppliers and serving top semiconductor manufacturers [6][10]. - The shift of the panel industry towards domestic production is expected to accelerate the adoption of the company's photolithography materials [6][10]. - The LNG insulation board segment is also performing well, with a revenue contribution of 22% in the first half of 2024 and a strong order backlog [10][12]. Future Outlook - The company is expected to benefit from ongoing demand in the semiconductor sector, particularly in high-bandwidth memory (HBM) applications, with anticipated growth in production capacity [6][10]. - The expansion into wet electronic chemicals and semiconductor cleaning services is expected to enhance the company's product offerings and competitive edge [9][10].

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]

证券代码：002409 证券简称：雅克科技 公告编号：2024-047 江苏雅克科技股份有限公司 2024年第五次临时股东大会决议公告 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、公司于2024年10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年第五次临时股东大会的通 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：2024年11月12日（星期二）下午13:30。 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：2024年11月12 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联 网投票系统投票的具体时间为：2024年11月12日上午9:15至下午15:00期间的任 意时间。 2、会议方式：本次股东大会采取现场投票和网络投票相结合 ...

证券代码：002409 证券简称：雅克科技 公告编号：2024-049 江苏雅克科技股份有限公司 一、本次交易概述 2023 年 9 月 12 日,江苏雅克科技股份有限公司（以下简称"公司"或"雅克 科技"）第六届董事会第三次会议审议通过了《关于对外投资参股沈阳亦创精密 科技有限公司并购买资产的议案》，同意公司与沈阳先进制造技术产业有限公司 （以下简称"沈阳先进"）共同投资沈阳亦创精密科技有限公司（以下简称"沈 阳亦创"），并在后续自行或通过成立的一家有限责任公司（以下简称"雅克科 技投资方"）与沈阳先进成立的有限合伙企业（以下简称"沈阳先进投资方"） 共同增资沈阳亦创（"本次投资"），由沈阳亦创与 SK enpulse Co., Ltd.(以下简 称"SK enpulse 公司")签署《收购协议》，购买其持有的 SKC solmics Hong Kong Limited（以下简称"SSHK"）90%的股权（"本次收购"）（"本次投资"及 "本次收购"合称"本次交易"）。详见公司于 2023 年 9 月 13 日刊登在指定信 息媒体的《关于对外投资参股沈阳亦创精密科技有限公司并购买资产的公告》 （公告编号：2 ...

证券代码：002409 证券简称：雅克科技 公告编号：2024-048 三、对公司的影响 通过本次收购，公司可以通过雅克半导体间接持有 SKC-ENF 公司下属全资 子公司爱思开希（南通）半导体材料有限公司（以下简称"南通公司"）75.10% 的股权。南通公司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。本次交易交割完成，将使公司在现有产品 的基础上，拓展半导体配套湿化学品业务，进一步丰富电子材料业务板块的产品 江苏雅克科技股份有限公司 关于对外投资购买资产完成交割的公告 特别提示：本公司及董事会全体成员保证公告内容的真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 一、交易概述 2023 年 9 月 12 日,江苏雅克科技股份有限公司（以下简称"公司"或"雅克科 技"）第六届董事会第三次会议审议通过了《关于对外投资购买资产的议案》，同意 公司子公司江苏雅克半导体材料有限公司（以下简称"雅克半导体"或"买方"） 与 SK enpulse Co., Ltd.(以下简称"SK enpulse 公司"或"卖方")签署《股权收购 协议》，约定雅克半导体以不超过 5 ...