Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

Group 1 - The semiconductor industry ETF (159582) has shown a strong performance, rising 1.45% recently, marking its third consecutive increase [3] - Key stocks in the semiconductor sector include Feikai Materials (300398) with a rise of 13.98%, Linweina (688661) up 5.13%, and Fuchuang Precision (688409) increasing by 4.29% [3] - As of April 30, 2025, the semiconductor industry ETF has achieved a net value increase of 39.06% over the past year, ranking 128 out of 2771 in the stock fund category [4] Group 2 - The top ten weighted stocks in the semiconductor index account for 76.35% of the total index, with Northern Huachuang (002371) leading at 15.51% [5] - The ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [4] - The ETF's tracking error over the past year is 0.056%, indicating the highest tracking precision among similar funds [4]

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

"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 ...

证券代码：300346 证券简称：南大光电 公告编号：2025-036 江苏南大光电材料股份有限公司 2024年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、江苏南大光电材料股份有限公司（以下简称"公司"）现有总股本为575,964,086 股。 2、本次实际现金分红总额=实际参与现金分红的股本×每10股分红金额÷10股 =575,964,086股×1.000000元÷10股=57,596,408.60元；按总股本折算每股现金分红=本次 实际现金分红总额÷公司总股本=57,596,408.60元÷575,964,086股=0.1000000元/股。 本次转增股份总额=实际参与资本公积转增股本的股本×每10股转增数量÷10股 =575,964,086股×2股÷10股=115,192,817股；按总股本折算每股资本公积转增股本的比 例=转增股份总额÷现有总股本=115,192,817股÷575,964,086股=0.1999999。 3、本次权益分派实施后的除权除息价格（元/股）=（股权登记日收盘价﹣每股现 金红利）÷（1+股 ...

Core Viewpoint - The company reported a revenue of 627 million yuan for Q1 2025, representing a year-on-year increase of 23.19%, and a net profit attributable to shareholders of 96 million yuan, up 16.38% year-on-year [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 627 million yuan, with a year-on-year growth of 23.19% [1][2]. - The net profit attributable to shareholders was 96 million yuan, reflecting a year-on-year increase of 16.38% [1][2]. - The net profit after deducting non-recurring items was 76 million yuan, which is a year-on-year increase of 22.80% [1]. Market and Industry Trends - The recovery in the downstream panel and semiconductor industries is driving positive performance growth for the company [2]. - Global shipments of large-size LCD panels increased by 12.1% year-on-year to 222 million pieces in Q1 2025 [2]. - China's semiconductor production reached 76.72 billion chips in January-February 2025, marking a year-on-year growth of 4.4% [2]. Strategic Moves - The company completed the acquisition of a 16.54% stake in Quanjiao Nanda for 229.8 million yuan [3]. - The company decided to terminate the "Hexafluorobutadiene Industrialization Project" and will use the remaining funds to supplement working capital [3]. - The company sold the Hexafluorobutadiene project assets to Shandong Qixin Gas Co., Ltd. for 69.03 million yuan [3]. Cost Management - The total expense ratio for Q1 2025 was 18.52%, down 7.63 percentage points from 26.15% in the same period of 2024 [3]. - The sales, management, R&D, and financial expense ratios were 2.91%, 8.38%, 6.55%, and 0.68%, respectively, all showing a decrease compared to the previous year [3]. Investment Outlook - The company is expanding its core fluorine gas projects and expects significant growth in its specialty gas business [4]. - The semiconductor precursor materials are achieving stable mass production, contributing to a notable increase in IC revenue [4]. - The company forecasts net profits of 362 million yuan, 443 million yuan, and 536 million yuan for 2025-2027, maintaining a "recommended" rating [4].

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]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's performance is steadily growing due to the gradual recovery in downstream panel and semiconductor demand, with Q1 2025 revenue reaching 627 million yuan, a year-on-year increase of 23.19% [3][6] - The company has completed the acquisition of the remaining 16.5% stake in Quanjiao Nanda and has sold the hexafluorobutylene project to focus on its core business [6] - The company has successfully reduced its total expense ratio to 18.52% in Q1 2025, down from 26.15% in the same period of 2024, indicating effective cost control [6] Financial Performance - In Q1 2025, the company achieved a net profit of 96 million yuan, a year-on-year increase of 16.38%, and a net profit excluding non-recurring items of 76 million yuan, up 22.80% year-on-year [3][6] - The projected revenue for 2025 is 3.072 billion yuan, with a year-on-year growth of 30.6% [5] - The projected net profit for 2025 is 362 million yuan, reflecting a year-on-year increase of 33.5% [5] Market and Industry Outlook - The global LCD panel shipment area increased by 12.1% year-on-year in Q1 2025, indicating a recovery in panel demand [6] - The semiconductor sales continue to grow, with China's chip production in January-February 2025 reaching 76.72 billion units, a year-on-year increase of 4.4% [6] - The company is expected to maintain good growth momentum in its specialty gas and precursor business due to the improving fundamentals in the semiconductor and panel industries [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company's performance is steadily growing due to the gradual recovery of downstream panel and semiconductor demand, with Q1 2025 revenue reaching 627 million yuan, a year-on-year increase of 23.19% [4][7] - The company has completed the acquisition of the remaining 16.5% stake in Quanjiao Nanda and has sold the hexafluorobutylene project to focus on its core business [7] - The reduction in various expense ratios indicates successful cost-cutting and efficiency improvements [7] Financial Summary - Revenue projections for the company are as follows: 2023A: 1,703 million yuan, 2024A: 2,352 million yuan, 2025E: 3,072 million yuan, 2026E: 3,862 million yuan, 2027E: 4,700 million yuan, with corresponding year-on-year growth rates of 7.7%, 38.1%, 30.6%, 25.7%, and 21.7% [6] - The projected net profit for 2025 is 362 million yuan, with a year-on-year growth of 33.5% [6] - The company's gross margin is expected to be around 40% in the coming years, with a net margin of approximately 11.8% for 2025 [6] Market and Industry Outlook - The demand for the company's electronic specialty gases and advanced precursors is expected to continue growing, driven by the recovery in the panel and semiconductor industries [7][8] - The company is advancing its core fluorinated specialty gas projects and expanding its market presence in the semiconductor precursor materials [8]

Financial Performance - The company reported a basic earnings per share of 0.1700 yuan for Q1 2025, representing a 13.33% increase compared to 0.1500 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.96 billion yuan, up 17.07% from 0.82 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 reached 6.27 billion yuan, a 23.18% increase from 5.09 billion yuan in Q1 2024 [1] - The return on equity decreased to 2.80% in Q1 2025 from 3.63% in Q1 2024, a decline of 22.87% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 13,313.51 million shares, accounting for 24.34% of the circulating shares, which is a decrease of 305.19 million shares from the previous period [1] - Notable shareholders include Shen Jie with 5,613.61 million shares (10.26%), and Nanjing University Capital Operation Co., Ltd. with 1,909.00 million shares (3.49%) [2] - New entrants among the top shareholders include China Industrial Bank's ETF with 1,247.92 million shares (2.28%) [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]