证券代码：300666 证券简称：江丰电子 公告编号：2024-110 宁波江丰电子材料股份有限公司 关于调查网络信息的结果公告 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。 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日 和 9 月 23 日分别在巨潮资讯网（www.cninfo.com.cn）发布《关于网络信息的说 明公告》（公告编号：2024-088）和《关于调查网络信息的进展公告》（公告编号： 2024-090），针对制造散布有关公司不实信息的事项向余姚市公安局凤山派出所 报案并获立案。 近日，公司收到余姚市公安局针对上述事项作出的《行政处罚决定书》，相 关行为人系利用信息网络教唆、煽动实施扰乱公共秩序违法活动，情节较重，根 据《中华人民共和国治安管理处罚法》第二十六条第（四）项之规定，余姚市公 安局决定给予相关行为人行政拘留十日的行政处罚。 今后，公司将继续积极维护公司和广大投资者的合法权益，并依照法律、法 规及规范性文件的要求履行信息披露义务，有关公司的信息请以公司于深圳证券 交易所网站、巨潮资讯网和其他指定信 ...

| 的，应当书面通知董事会，同时向公司所在地中 | 的，应当书面通知董事会，同时向深圳证券交 | | --- | --- | | 国证监会派出机构和深圳证券交易所备案。 | 易所备案。 | | 在股东大会决议公告前，召集股东持股比例不得 | 在股东会决议公告前，召集股东持股比例不得 | | 低于 10%。 | 低于 10%。 | | 监事会和召集股东应在发出股东大会通知及发 | 监事会和召集股东应在发出股东会通知及发 | | 布股东大会决议公告时，向公司所在地中国证监 | 布股东会决议公告时，向证券交易所提交有关 | | 会派出机构和证券交易所提交有关证明材料。 | 证明材料。 | | 第十一条 对于监事会或股东自行召集的股东大 | 第十一条 对于监事会或股东自行召集的股东 | | 会，董事会和董事会秘书应予配合。董事会应当 | 会，董事会和董事会秘书应予配合。董事会将 | | 提供股权登记日的股东名册。董事会未提供股东 | 提供股权登记日的股东名册。董事会未提供股 | | 名册的，召集人可以持召集股东大会通知的相关 | 东名册的，召集人可以持召集股东会通知的相 | | 公告，向证券登记结算机构申请获取。召集 ...

除本次修改条款外，公司《董事会议事规则》中关于"股东大会"的表述均 改为"股东会"，其他条款保持不变。本次修改后的公司《董事会议事规则》全 宁波江丰电子材料股份有限公司 董事会议事规则修改对照表 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日召开第四届董事会第十一次会议，审议通过《关于修改公司<董事会议事规则> 的议案》，根据《中华人民共和国公司法》等法律法规、规范性文件以及《公司章 程》等相关规定，并结合公司实际情况，相关条款修改对照情况如下： | 修改前条款 | 修改后条款 | | --- | --- | | | 第三条 定期会议 | | 第三条 定期会议 | …… | | …… | | | | 董事会每年度至少召开两次定期会议，定期会 | | 董事会每年度至少召开两次会议，每次会议应 | 议每次应当于会议召开十日前通知全体董事和 | | 当于会议召开十日前通知全体董事和监事。 | | | | 监事。 | | 第六条 临时会议的提议程序 | 第六条 临时会议的提议程序 | | 按照前条规定提议召开董事会临时会议的，应 | 按照第五条规定提议召开董事会临时会议的， | ...

宁波江丰电子材料股份有限公司 监事会议事规则修改对照表 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日 召开第四届监事会第十一次会议，审议通过《关于修改公司<监事会议事规则>的 议案》，根据《中华人民共和国公司法》等法律法规、规范性文件以及《公司章 程》等相关规定，并结合公司实际情况，相关条款修改对照情况如下： | 修改前条款 | 修改后条款 | | --- | --- | | | 第一条 宗旨 | | | 为进一步规范宁波江丰电子材料股份有限公司 | | 第一条 宗旨 | （以下简称"公司"）监事会的议事方式和表决 | | 为进一步规范本公司监事会的议事方式和表决 | 程序，促使监事和监事会有效地履行监督职责， | | 程序，促使监事和监事会有效地履行监督职责， | 完善公司法人治理结构，根据《中华人民共和国 | | 完善公司法人治理结构，根据《中华人民共和 | 公司法》、《中华人民共和国证券法》、《深圳证 | | 国公司法》（以下简称"《公司法》"）、《中华人民 | 券交易所上市公司自律监管指引第 2 号——创 | | 共和国证券法》等有关法律、法规和规范性文 | 业 ...

Investment Rating - The report maintains a "Buy" rating for Jiangfeng Electronics (300666.SZ) [1][2] Core Views - Jiangfeng Electronics reported a revenue of 2.625 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 41.77%. The net profit attributable to the parent company, excluding non-recurring items, was 262 million yuan, up 87.32% year-on-year [1][2] - The company achieved a single-quarter revenue of 998 million yuan in Q3 2024, a year-on-year increase of 52.48%, with a net profit of 93 million yuan, reflecting a growth of 119.33% year-on-year. This performance is attributed to the continuous growth in sales of high-purity sputtering targets and the accelerated release of precision component products [1][2] - Jiangfeng Electronics has increased its R&D investment to 165 million yuan in the first three quarters of 2024, a year-on-year increase of 42.45%, emphasizing its commitment to cutting-edge technology and innovation [1][2] Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 3.312 billion yuan, with a growth rate of 27.31%. The net profit is expected to reach 384 million yuan, reflecting a growth rate of 50.30% [2][3] - The earnings per share (EPS) forecast for 2024, 2025, and 2026 are 1.45 yuan, 1.86 yuan, and 2.36 yuan respectively [2][3] - The company’s total assets are projected to be 6.156 billion yuan in 2024, with a total liability of 1.763 billion yuan, indicating a healthy balance sheet [3] Share Buyback - As of September 10, 2024, Jiangfeng Electronics has repurchased 1.0202 million shares, accounting for 0.3845% of the total share capital, demonstrating confidence in its business outlook and future development [1][2] Industry Position - Jiangfeng Electronics is recognized as a leader in the domestic semiconductor target material market, with a strong focus on precision components and continuous growth in its core business segments [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to achieve record-high revenues in Q3 2024, driven by both target materials and components [1] - The company is positioned as a leading player in the semiconductor target materials market, with significant growth potential in component manufacturing [1][2] - The report highlights the company's ongoing efforts in domestic material substitution, which is expected to enhance profit margins [1] Financial Summary - Revenue projections for the company are as follows: - 2022A: 2,324 million - 2023A: 2,602 million (yoy +12%) - 2024E: 3,722 million (yoy +43%) - 2025E: 4,727 million (yoy +27%) - 2026E: 5,908 million (yoy +25%) [1] - Net profit forecasts are: - 2022A: 265 million - 2023A: 255 million (yoy -4%) - 2024E: 396 million (yoy +55%) - 2025E: 487 million (yoy +23%) - 2026E: 609 million (yoy +25%) [1] - Earnings per share (EPS) estimates are: - 2022A: 1.00 - 2023A: 0.96 - 2024E: 1.49 - 2025E: 1.84 - 2026E: 2.30 [1] Market Position and Growth Drivers - The company is the second-largest global player in semiconductor target materials and the largest in mainland China, with a strong reputation among international clients [1] - The demand for tantalum targets and copper-manganese alloy targets has surged due to the increasing need for high-end chips, leading to a tight global supply [1] - The company is actively expanding its upstream operations through investments and partnerships, which is expected to further strengthen its market position [1][2] Component Business Expansion - The semiconductor components segment is experiencing rapid growth, with a projected revenue increase of 96% year-on-year in H1 2024 [1] - The company is diversifying its product offerings, including both equipment manufacturing components and process consumables, to capture a larger market share [1][2]

2024年10月24日 来源：公司年报、国金证券研究所 江丰电子 (300666.SZ) 买入(维持评级) 公司点评 证券研究报告 3Q24 业绩同比持续高增， 回购股份彰显长期发展信心 业绩简评 公司于 2024年10月24 日披露 2024 年三季报,2024 年前三季 度实现营业收入 26.25 亿元,较上年同期增长 41.77%;1-3Q24 实现归母净利润 2.87 亿元,同比+48.51%;实现扣非后的归母净 利润 2.62 亿元,同比+87.32%。3Q24 单季度实现营收 9.98 亿元, 同比+52.48%，环比+16.69%；实现归母净利润 1.26 亿元，同比 +213.13%，环比+23.85;实现扣非后的归母净利润 0.93 亿元, 同比+119.33%，环比-6.84%。 经营分析 3Q24 公司收入、业绩同比大幅改善,半导体零组件业务持续放置。 半导体产业链逆全球化,美日荷政府相继正式出台半导体制造设 备出口管制措施,半导体设备自主可控逻辑持续加强,为国产半 导体产业链逻辑主线。在出口管制情况下国内材料、零组件在下 游加快验证导入，产业链国产化加速,公司的半导体设备零组件 业务加 ...

Investment Rating - The report assigns a "Buy" rating for Jiangfeng Electronics, marking its first coverage with a current price of 69.30 yuan [1]. Core Insights - Jiangfeng Electronics has established itself as a global leader in ultra-pure sputtering targets, with strong growth in semiconductor components. The company has been deeply rooted in the ultra-pure metal sputtering target industry for nearly two decades and has expanded its business into semiconductor precision components, showcasing robust growth momentum. The company serves major clients such as TSMC, SMIC, and SK Hynix, and has demonstrated strong revenue growth and profitability since 2018, with 2023 revenue reaching 2.602 billion yuan, a year-on-year increase of 11.89% [1][2][3]. Summary by Sections Company Overview - Jiangfeng Electronics specializes in ultra-pure metal materials and sputtering targets for semiconductor manufacturing, with a development history divided into three phases: resource accumulation, market expansion, and accelerated growth [5][6]. Sputtering Targets - The ultra-pure metal sputtering target market is vast, with Jiangfeng Electronics holding the largest market share in China and the second globally. The company has established a complete industrial chain from metal purification to final product, achieving international advanced standards in product purity [6][12]. Semiconductor Components - The semiconductor component business is rapidly developing, with significant growth in precision components such as gas distribution heads and Si electrodes. This segment is expected to fill domestic gaps and drive revenue growth, marking a new growth curve for the company [2][12]. Financial Performance - Revenue and net profit have shown steady growth, with 2023 revenue at 2.602 billion yuan and net profit at 255 million yuan. The company anticipates continued growth in 2024, with a projected revenue increase of 29% and net profit of 351 million yuan [2][9][12]. Research and Development - Jiangfeng Electronics has increased its R&D investment significantly, with 2023 R&D expenses reaching 172 million yuan, a 39.03% year-on-year increase. The company holds 827 domestic patents and is focused on developing advanced materials to enhance its competitive edge [14][18]. Supply Chain Management - The company has implemented diversified supply chain management measures, establishing a stable and secure supply chain through vertical integration and strategic investments. This has enhanced its market competitiveness and enabled it to meet diverse customer needs [16][18].

Investment Rating - The investment rating for the company is "Buy - A" [1][2] Core Views - The company has experienced rapid growth in Q3 2024, achieving record high revenue and profit, with revenue reaching 998 million yuan, a year-on-year increase of 52.48% and a quarter-on-quarter increase of 16.69% [1] - The net profit attributable to the parent company for Q3 2024 was 126 million yuan, representing a year-on-year increase of 213.13% and a quarter-on-quarter increase of 23.85% [1] - The company is the global market leader in sputtering targets and has over 85% coverage of semiconductor equipment components [1][2] Financial Performance - Revenue for 2024 is projected to be 3.632 billion yuan, with growth rates of 39.6%, 30.9%, and 25.3% expected for 2024, 2025, and 2026 respectively [2][3] - The net profit for 2024 is forecasted to be 384 million yuan, with growth rates of 50.1%, 34.5%, and 30.0% for the following years [2][3] - The company's gross margin is expected to improve slightly to 30.0% in 2024, with a net margin of 10.6% [3] Product Development - The company has developed over 40,000 types of semiconductor equipment components, achieving over 85% industry product coverage [1] - The company is actively expanding upstream in the supply chain to achieve full autonomy in raw material supply, including aluminum, titanium, tantalum, copper, tungsten, cobalt, manganese, and nickel [1] - The company has established a production line for third-generation semiconductor materials, which has received initial market recognition [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous growth in its performance, with Q3 2024 revenue and net profit both increasing on a year-on-year and quarter-on-quarter basis. The revenue for the first three quarters of 2024 reached 2.625 billion yuan, up 41.77% year-on-year, while the net profit attributable to shareholders was 287 million yuan, up 48.51% year-on-year [3][4] - The growth is primarily driven by the global integrated circuit industry, which has positively impacted the demand for ultra-pure target materials, and the rapid expansion of the company's precision components product line [3][4] - The company maintains its profit forecast, expecting net profits of 353 million, 460 million, and 600 million yuan for 2024, 2025, and 2026 respectively, with current stock prices corresponding to P/E ratios of 49.0, 37.6, and 28.9 times [3][4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 999.8 million yuan, a year-on-year increase of 52.48% and a quarter-on-quarter increase of 16.69%. The net profit for the same quarter was 126 million yuan, up 213.13% year-on-year and 23.85% quarter-on-quarter [3] - The company has increased its R&D investment, reaching 165 million yuan in the first three quarters of 2024, a year-on-year increase of 42.45%, with an R&D expense ratio of 6.29% [4] - The company has also been actively repurchasing shares, indicating management's confidence in the company's future development [5] Financial Forecast Summary - The company's projected revenue and net profit for the upcoming years are as follows: - 2024E Revenue: 3.38 billion yuan, Net Profit: 353 million yuan - 2025E Revenue: 4.469 billion yuan, Net Profit: 460 million yuan - 2026E Revenue: 5.887 billion yuan, Net Profit: 600 million yuan [6][7] - Key financial ratios for 2024E include a gross margin of 30.7%, a net margin of 9.4%, and a return on equity (ROE) of 7.2% [6][8]