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].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown strong financial performance with a revenue of 4.738 billion yuan in 2023, a year-on-year increase of 11.24%, and a net profit of 579 million yuan, up 10.43% year-on-year. The first quarter of 2024 saw a significant revenue increase of 51.09% year-on-year, reaching 1.618 billion yuan, and a net profit increase of 42.21% year-on-year, amounting to 246 million yuan [1][2]. - The domestic semiconductor industry is entering an expansion phase, driven by leading IDM manufacturers, which opens up demand for core semiconductor materials. The company is positioned to benefit from this trend as it is the only domestic semiconductor precursor manufacturer [1][2]. - The recovery in the storage industry and the high demand for HBM (High Bandwidth Memory) are expected to drive growth in the precursor segment, with significant orders from major players like SK Hynix and Samsung [1][2]. Financial Summary - The company’s projected revenues for 2024-2026 are 6.910 billion yuan, 8.150 billion yuan, and 8.650 billion yuan, respectively, with corresponding net profits of 1.040 billion yuan, 1.248 billion yuan, and 1.438 billion yuan. The PE ratios for these years are expected to be 27.8, 23.1, and 20.1, indicating a relatively safe valuation compared to peers in the semiconductor materials sector [2][3][4]. - The financial indicators show a consistent growth trajectory, with a projected revenue growth rate of 45.8% in 2024 and net profit growth of 79.4% in the same year [3][11]. Industry Context - The report highlights the resurgence of the domestic storage industry, with major manufacturers like Changxin and Changcun ramping up production capacity. This trend is supported by advancements in production technology and favorable national policies [1][2]. - The demand for HBM is expected to surge, with major companies planning to significantly increase their production capacities in the coming years, which will further benefit the company as a key supplier of semiconductor precursors [1][2].

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 ...

江苏雅克科技股份有限公司 2023 年度监事会工作报告 2023 年度，公司监事会按照《公司法》和公司章程的规定，本着对全体股 东负责的精神，认真履行监督职能。本年度共召开监事会会议六次，无监事缺席； 同时，监事会成员全体列席或出席了报告期内的历次董事会会议和股东大会，对 公司的重大经济活动、董事及高级管理人员履行职责进行了有效监督，对企业的 规范运作和发展起到了积极作用。现将 2023 年度监事会工作情况报告如下: 一、监事会会议情况 报告期内，公司监事会共召开了六次会议，会议情况如下： （一）2023 年 4 月 26 日，公司第五届监事会第十六次会议在公司会议室召 开，全体监事一致审议通过了： 1、《《2022 年年度报告全文》及《2022 年年度报告摘要》； 2、《2022 年度监事会工作报告》； 3、《关于 2022 年度内部控制有效性的自我评价报告》； 4、《2022 年度财务决算报告》； 5、《2022 年度利润分配方案》； 6、《公司及全资子公司、控股子公司申请综合授信并提供互相担保的议案》； 7、《关于公司及子公司运用自有闲置资金购买结构性存款及较低风险理财产 品的议案》； 8、《关于 20 ...

远期结售汇是经中国人民银行批准的外汇避险金融产品。其交易原理是与银 行签订远期结售汇合约，约定将来办理结汇或售汇的外汇币种、金额、汇率和期 限，在到期日外汇收入或支出发生时，再按照该远期结售汇合同约定的币种、金 额、汇率办理结汇或售汇业务，从而锁定当期结售汇成本。 关于开展外汇远期结售汇业务的可行性分析报告 一、开展外汇远期结售汇业务的背景 随着经济的不断全球化发展，国际间的进出口贸易与日俱增。中国经济的不 断对外开放以及政策的调整，中国企业进出口的外汇业务不断增多，因此企业也 将面临巨大的外汇风险。 目前，国际外汇市场的波动剧烈，汇率和利率起伏不定，给外向型企业的经 营带来了很大的不确定性。因而，开展外汇远期结售汇业务，加强企业的汇率风 险管理，成为对外企业稳定经营的迫切需求。 二、公司的进出口业务情况 公司既有对外出口形成的外汇应收债权和外汇资产，又有从境外进口原材料 和设备形成的外汇应付债务，进出口业务主要采用美元、欧元、韩元及英镑结算， 因此受人民币汇率波动的影响较为明显。 随着我国人民币汇率市场化进程的推进，汇率的波动将可能更加频繁，导致 公司出口业务利润风险加大，从而对公司的财务状况和经营业绩产生 ...