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电子 | 证券研究报告 — 调整盈利预测 2024年5月30日 002409.SZ 雅克科技 买入 电子材料业务持续开拓，LNG 板材业务进入收 原评级：买入 获期 市场价格:人民币 59.83 板块评级:强于大市 公司发布2023年年报，2023年实现营收47.38亿元，同比增长11.24%；实现归母净利润5.79 亿元，同比增长 10.53%；其中 23Q4 实现营收 11.96 亿元，同比增长 9.49%，环比下降 本报告要点 1.89%；实现归母净利润0.99亿元，同比增长62.26%，环比下降28.98%。公司发布2024年一  2023 年及 24Q1 公司业绩稳健增长，看 季报，24Q1实现营收16.18亿元，同比增长51.09%，环比增长35.30%；实现归母净利润2.46 亿元，同比增长42.21%，环比增长148.68%。公司拟向全体股东每10股派发3.60元（含税） 好公司电子材料业务持续开拓，LNG 板 的现金分红。看好公司电子材料业务持续开拓，LNG板材业务进入收获期，维持买入评级。 材业务进入收获期，维持买入评级。 支撑评级的要点 股价表现  2023年及 24Q1公司业绩稳健 ...

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 ...

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 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 ...

Key Points LNG Insulation Panels 1. **Market Share and Technology**: GTT's NO96 and MarkⅢ liquid cargo tank technologies dominate the large LNG carrier market with a market share exceeding 95%. [doc id='1'] 2. **Product Range**: Jacques, the sole Chinese supplier listed by GTT, provides products covering NO964, 5th generation, MarkⅢ 1st, 2nd, and 3rd generations, with the Flex+ model experiencing limited demand. [doc id='1'] 3. **Market Demand**: The global LNG carrier orderbook stands at 339 vessels and 5,763.7 million cubic meters, accounting for 45.0% and 51.1% of the total fleet, respectively. [doc id='1'] 4. **China's LNG Market**: China operates 24 LNG receiving stations with an annual receiving capacity of 109 million tons. It is expected to build at least 100 new 200,000 cubic meter land-based storage tanks by 2030. [doc id='1'] 5. **Company Production**: The company has a production capacity of 32 LNG carriers per year, including 12 NO96 series and 20 MarkⅢ series, along with construction services for 5 170,000 cubic meter ships. [doc id='2'] 6. **Orders and Deliveries**: The company has received orders for 22 LNG carriers, 17 LNG fuel tanks, and 17 land-based storage tanks. [doc id='2'] 7. **Performance Expectations**: Revenue is expected to reach 2 billion, 2.5 billion, 3 billion, and 3.5 billion yuan in 2024-2027, respectively. [doc id='2'] Precursor 1. **Market Outlook**: The precursor market is expected to reach 1.5 billion, 2 billion, 2.6 billion, 3.5 billion, and 4.8 billion US dollars from 2022 to 2026. [doc id='3'] 2. **Revenue Projections**: Jacques Technology's revenue is expected to reach 11.5 billion, 11.5 billion, 18 billion, 25 billion, and 35 billion yuan from 2022 to 2026, respectively. [doc id='3'] 3. **Domestic Factory Progress**: As of April 30, the domestic factory has a production capacity of 500 kg/M. [doc id='3'] 4. **Product Portfolio**: The company has developed metal organic precursors, high-k precursors, silicon-based precursors, and wet electronic chemicals. [doc id='3'] Photoresist 1. **Factory Locations**: The company operates three factories: Jiangsu Xianke in Yixing, EMTIER in Pyeongtaek, South Korea, and Guangzhou Kemei in Guangzhou. [doc id='3'] 2. **Performance**: In 2023, the photoresist business generated 1.304 billion yuan in revenue, a year-on-year increase of 3.62%. [doc id='3'] 3. **Product Range**: The company produces 196 types of photoresist products, including 179 RGB PR products, 13 OCPS products, and 4 TFT products. [doc id='3'] 4. **Revenue Projections**: Revenue is expected to reach 2 billion, 2.5 billion, and 3 billion yuan in 2024, 2025, and 2026, respectively. [doc id='3'] 5. **Market Share**: The company's market share in RGB, TFT, and OCPS is expected to reach 16%, 20%, and 10% in 2023, increasing to 34%, 26%, and 24% in 2026. [doc id='3'] Q&A 1. **LNG Insulation Panels and Photoresist Growth**: The company expects significant growth in LNG insulation panels and photoresist in 2024Q1. [doc id='4'] 2. **Precursor Growth**: Precursor revenue is expected to double in 2024Q2 compared to the previous quarter. [doc id='4'] 3. **Performance Expectations**: The company expects revenue growth of over 50% in 2024H1, with higher product gross margins in Q2. [doc id='4'] 4. **Acquisition Integration**: The company has successfully integrated acquired businesses, including SK Nantong's wet electronic chemicals and Cotem's TFT photoresist. [doc id='5'] 5. **Precursor Market**: The company's domestic precursor sales are expected to reach nearly 900 million to 1 billion yuan in 2024. [doc id='6'] 6. **Precursor Collaboration with Samsung**: The company has developed silicon-based precursor products for Samsung and is working on DRAM products. [doc id='6'] 7. **Precursor Technology**: The company develops different precursor products based on customer requirements and process iterations. [doc id='6'] 8. **SOD Product**: SOD is a polymer-based precursor used for filling grooves. [doc id='6'] 9. **Panel Photoresist Growth**: The company's panel photoresist business is driven by domestic customers' localization efforts. [doc id='6'] 10. **Wet Electronic Chemicals**: The company's wet electronic chemicals business is expected to reach 100 million US dollars in annual revenue. [doc id='7'] 11. **Silicon Micropowder Business**: The company's ball silicon business has recovered well, with a monthly production of 1,300 to 1,400 tons. [doc id='8'] 12. **Future Capital Expenditure**: The company plans to invest in new capacities for photoresist, precursors, and other products. [doc id='9'] 13. **Team Incentive Plan**: The company offers employees year-end bonuses. [doc id='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 详见附件清单 及人员姓名 时间 2024年5 月17日下午13:30—17:00 地点 宜兴陶都半岛酒店三楼会议室 董事长兼总经理：沈琦 上市公司接待 董事会秘书兼财务总监：张晓宇 人员姓名 其他上市公司业务负责人 公司相关业务负责人向前来参加说明会的各位投资者介绍了公司的经营 现状和发展前景。本次会议中提及的问题及答复如下： ...