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 report assigns a "Buy" rating to the company, indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [12]. Core Views - The company demonstrates resilience through diversified operations, achieving steady growth in 2023 with a revenue of 4.738 billion yuan, up 11.2% year-on-year, and a net profit of 579 million yuan, up 10.5% year-on-year [1]. - The first quarter of 2024 shows significant performance improvement, with a revenue of 1.618 billion yuan, up 51.1% year-on-year, and a net profit of 246 million yuan, up 42.2% year-on-year [1]. - The company's growth is primarily driven by a doubling in revenue from LNG insulation composite materials, which reached 865 million yuan, up 114.5% year-on-year [1]. - The semiconductor precursor business benefits from a recovery in storage demand and expansion in High Bandwidth Memory (HBM) production, with the company achieving full coverage of major 12-inch clients [1][2]. - The company is positioned as a leader in domestic semiconductor materials, expected to benefit from the recovery in the electronics industry and ongoing localization efforts [8]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 31.33% and a net margin of 12.67%, maintaining stability [1]. - R&D investment increased by 48.8% to 190 million yuan, with an R&D expense ratio of 4.02% [1]. - Forecasted revenues for 2024-2026 are 6.802 billion yuan, 8.588 billion yuan, and 10.671 billion yuan, representing year-on-year growth rates of 43.6%, 26.2%, and 24.3% respectively [8]. Business Segments - The precursor business generated 1.231 billion yuan in revenue in 2023, up 4.6% year-on-year, with domestic production capacity ramping up [1]. - The company has successfully developed new products in the photoresist line, enhancing its offerings in the semiconductor materials sector [2]. - LNG board orders are robust, with the company expanding its business model to include engineering installation services alongside key materials [7]. Market Outlook - The report anticipates a significant increase in HBM demand, projected to grow nearly 200% in 2024, with further doubling expected in 2025 [1]. - The company is well-positioned to capitalize on the growth in advanced packaging and semiconductor materials, with ongoing investments in production capacity [6].

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]

证券代码：002409 证券简称：雅克科技 江苏雅克科技股份有限公司投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 投资者网上提问 及人员姓名 时间 2024年5 月22日 (周三) 下午 15:00~17:00 公司通过全景网“投资者关系互动平台”（https://ir.p5w.net）采用网 地点 络远程的方式召开业绩说明会 1、董事长、总经理沈琦 上市公司接待 2、财务总监、董事会秘书张晓宇 人员姓名 3、独立董事李锦春 投资者提出的问题及公司回复情况 ...

一、LNG保温板材 1、行业情况 目前大型LNG运输船所采用的液货舱技术中GTT的NO96和MarkⅢ型市场占有率已超过95%。 法国GTT颁布制造商名录，雅克是中国唯一供应商，产品覆盖NO964、5代，MarkⅢ 1、2 代，第三代正在研发，Flex+目前市场需求少，仅仅韩国三星造了4条。此外MarkⅢ第一代 主要用于大型集装箱燃料舱，第二代用于大型LNG运输船。北京燃气天津南港10个储罐8 个用了GST系统。 NO96Super+CargoTank，2层聚氨酯模块+2层殷瓦；MarkⅢFLEXCargoTank，1.2mm厚304L 不锈钢+聚氨酯+次屏蔽层+聚氨酯；其中，次屏蔽膜，结构：玻璃布+胶粘剂+铝片+胶粘剂+ 玻璃布，是LNG围护系统的核心材料，它能保证形成完全密闭的次屏蔽层，能够容纳主屏 蔽15天以上的渗漏，目前该产品被韩国HankukCarbon和法国Hutchinson公司所垄断，雅 克历时三年时间研发，目前已实现该产品的国产化研制并可以量产，目前正进行GTT认证。 市场前景：全球LNG运输船手持订单为339艘、5763.7万立方米，分别占在营船队总量的 45.0%、51.1%。经过202 ...