446 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------------|--------------------|---------|---------------------------------------| | 2024 年 10 月 24 日 \n江丰电子（ 300666.SZ ） | | | | 公司研究●证券研究报告 \n公司快报 | | | | | 电子 \| | 半导体材料Ⅲ | | 24Q3 业绩高速增长，靶材&零部件加速放量 | 投资评级 | | 买入 | -A(维持) | | 投资要点 | 股价 | (2024-10-24) | | 69.30 元 | | 2024 年 10 月 23 日，公司发布 2024 年三季度报告。 | 交易数据 | | | | | 24Q3 业绩高速增长，营收和利润创历史新高 | | 总市值（百万元） | | 18,387.96 | | 24Q3 公司 ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 电子/半导体 公 司 研 究 江丰电子（300666.SZ） 2024 年 10 月 24 日 2024Q3 业绩持续增长，靶材与零部件平台布局成型 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/23 | | 当前股价 ( 元 ) | 65.24 | | 一年最高最低 ( 元 ) | 75.00/33.44 | | 总市值 ( 亿元 ) | 173.11 | | 流通市值 ( 亿元 ) | 143.86 | | 总股本 ( 亿股 ) | 2.65 | | 流通股本 ( 亿股 ) | 2.21 | | 近 3 个月换手率 (%) | 175.32 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 江丰电子 沪深300 数据来源：聚源 相关研究报告 《2024Q2 业绩同环比双增，两大主业 快速增长创新高—公司信息更新报 告》-2024.8.30 《2 ...

Financial Performance - Revenue for the third quarter reached 997.76 million yuan, a year-on-year increase of 52.48%[2] - Net profit attributable to shareholders of the listed company was 125.69 million yuan, a year-on-year increase of 213.13%[2] - Total operating revenue for the current period reached 2,625,193,193.55 yuan, a significant increase from 1,851,772,408.94 yuan in the same period last year[24] - Net profit attributable to the parent company's shareholders was 286,826,408.35 yuan, compared to 193,130,100.85 yuan in the previous year[25] - Basic earnings per share rose to 1.08 yuan from 0.73 yuan, showing improved profitability[26] - Total comprehensive income attributable to the parent company's shareholders was 285,892,768.08 yuan, up from 193,671,364.52 yuan[26] - The company's total revenue for the quarter was RMB 57,060,845, with a net profit of RMB 44,830,758[19] Asset and Liability Growth - Total assets as of the end of the reporting period were 7.45 billion yuan, an increase of 18.73% compared to the end of the previous year[2] - Total assets increased to RMB 7,446,326,443.77, up from RMB 6,271,647,079.35 at the beginning of the period[21][22][23] - Total assets increased to 7,446,326,443.77 yuan from 6,271,647,079.35 yuan, indicating growth in the company's financial position[24] - The company's total liabilities increased to RMB 3,136,600,354.08, up from RMB 2,141,838,946.24 at the beginning of the period[23] - The company's total equity increased to RMB 4,309,726,089.69, up from RMB 4,129,808,133.11 at the start of the period[23] R&D and Innovation - R&D expenses increased by 42.45% to 165.12 million yuan, reflecting the company's focus on advanced technology[7] - Research and development expenses increased to 165,116,137.21 yuan from 115,911,087.32 yuan, reflecting a focus on innovation[24] Accounts Receivable and Inventory - Accounts receivable increased by 45.06% to 965.15 million yuan, driven by continuous sales growth[5] - Accounts receivable rose to RMB 965,148,483.66, a significant increase from RMB 665,331,836.45 at the start of the period[21] - Inventory grew to RMB 1,342,125,827.47, compared to RMB 1,090,400,655.05 at the beginning of the period[21] Cash Flow and Financing - Cash paid for goods and services increased by 65.14% to 1,843,955,688.38 RMB, driven by higher inventory purchases[8] - Cash paid for employee compensation increased by 50.65% to 346,004,720.83 RMB, reflecting a rise in employee numbers[8] - Cash paid for the acquisition of fixed assets and long-term assets increased by 65.77% to 1,005,546,368.58 RMB[8] - Cash paid for investments decreased by 94.15% to 12,900,000.00 RMB, due to reduced external investments[8] - Cash received from borrowings increased by 52.40% to 1,166,135,000.00 RMB, driven by higher bank loans[8] - Cash paid for debt repayment decreased by 45.68% to 200,020,000.00 RMB, reflecting lower repayments of bank loans[8] - Cash paid for other financing activities increased by 128.88% to 51,351,290.23 RMB, mainly due to increased share repurchases[8] - Operating cash inflow totaled 2.36 billion CNY, an increase of 28.9% compared to 1.83 billion CNY in the previous period[28] - Operating cash outflow was 2.48 billion CNY, up 56.6% from 1.58 billion CNY in the prior period[28] - Net cash flow from operating activities was -116.21 million CNY, a significant decrease from 249.38 million CNY in the previous period[28] - Net cash flow from investing activities was -1.01 billion CNY, compared to -773.55 million CNY in the prior period[28] - Net cash flow from financing activities was 855.28 million CNY, a substantial increase from 314.22 million CNY in the previous period[28] - Cash and cash equivalents at the end of the period were 677.30 million CNY, down from 1.11 billion CNY at the beginning of the period[29] - The company invested 1.01 billion CNY in the purchase and construction of fixed assets, intangible assets, and other long-term assets, a 65.8% increase from 606.59 million CNY in the prior period[28] - The company received 1.17 billion CNY in borrowings, up 52.4% from 765.19 million CNY in the previous period[28] - The company repaid 200.02 million CNY of debt, a 45.7% decrease from 368.22 million CNY in the prior period[29] - The company distributed dividends, profits, or interest payments totaling 84.49 million CNY, an increase of 19.3% from 70.82 million CNY in the previous period[29] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 36,984[9] - Yao Lijun, the largest shareholder, holds 21.39% of the company's shares, totaling 56,765,724 shares[9] - The company's second phase of equity incentive plan released a total of 819,600 restricted shares for the second unlocking period on May 10, 2024[18] - The company repurchased and canceled 97,000 unvested restricted shares from 22 departing incentive recipients during the reporting period[18] - The company's second phase of equity incentive plan granted 700,000 reserved restricted shares to 4 non-executive incentive recipients, with 350,000 shares unlocked on August 7, 2023[18] - Yao Lijun, the company's chairman, subscribed to 705,882 new shares in the company's private placement in September 2022, which were unlocked on April 10, 2024[15] - Jie Pan and Toshio Aihara, former executives of the company, fulfilled their commitment to not transfer more than 25% of their shares annually and completed their commitments by June 17, 2024[15] - Zhang Huiyang, a former director of the company, fulfilled his commitment to not transfer more than 25% of his shares annually and completed his commitments by June 17, 2024[16] - Qian Hongbing, the company's current director and vice president, directly holds 21,000 shares and is committed to not transferring more than 25% of his shares annually[16] - Yu Yongqun, the company's current director and CFO, directly holds 70,000 shares and is committed to not transferring more than 25% of her shares annually[17] - Jiang Yunxia, the company's current board secretary and investment director, directly holds 150,000 shares and is committed to not transferring more than 25% of her shares annually[17] - Wang Qingsong, the company's current vice president, directly holds 25,800 shares and is committed to not transferring more than 25% of his shares annually[18] - The company repurchased 1,020,200 shares, accounting for 0.3845% of the total shares, with a total repurchase amount of RMB 52,004,544.39[20] Fixed Assets and Construction - Construction in progress rose by 49.64% to 1.42 billion yuan, mainly due to increased equipment installation and factory construction[5] - Fixed assets grew to RMB 1,258,544,884.41, compared to RMB 1,063,659,405.79 at the start of the period[22] - Construction in progress increased to RMB 1,422,542,216.84, up from RMB 950,627,727.43 at the beginning of the period[22] Expenses and Income - Sales expenses increased by 33.91% to 78.00 million yuan, reflecting expanded market development efforts[7] - Financial expenses increased by 186.22% to 24.09 million yuan, primarily due to interest expenses and exchange rate impacts[7] - Other income increased by 83.20% to 45.83 million yuan, mainly due to increased VAT deductions[7] - Tax refunds received increased by 73.75% to 88,822,679.76 RMB, mainly due to an increase in export tax rebates[8] - Sales expenses rose to 77,996,115.45 yuan from 58,245,517.74 yuan, indicating increased investment in market expansion[24] - Income tax expenses increased to 64,722,731.38 yuan from 42,101,050.57 yuan, reflecting higher taxable income[25] - Other comprehensive income for the current period was -983,933.54 yuan, compared to 545,355.39 yuan in the previous year[25] Long-term Loans and Borrowings - Long-term loans increased to RMB 1,206,467,000.00, up from RMB 749,980,000.00 at the start of the period[23] - Short-term borrowings surged by 97.24% to 365.23 million yuan due to increased funding needs[5]

增持（维持评级） 财务指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,325 2,602 3,676 4,781 5,985 增长率 yoy（%） 45.9 11.9 41.3 30.1 25.2 归母净利润（百万元） 264 255 331 471 634 增长率 yoy（%） 147.9 -3.4 29.5 42.4 34.6 ROE（%） 5.9 5.3 6.9 8.9 10.7 EPS 最新摊薄（元） 1.00 0.96 1.25 1.78 2.39 P/E（倍） 49.9 51.6 39.8 28.0 20.8 P/B（倍） 3.3 3.2 3.0 2.7 2.4 资料来源：公司财报，长城证券产业金融研究院 股票信息 行业 电子 证券研究报告 | 公司动态点评 2024 年 09 月 06 日 江丰电子（300666.SZ） 24H1 扣非净利润同比+73.5%，靶材与零部件双引擎驱动高增长 24H1 营收同比+35.9%，扣非净利润同比+73.5%，基本符合预期。 24H1 营收 16.27 亿元，同比+35.9%，归母净利润 1.61 亿元，同比+5.3 ...

电子 | 证券研究报告 — 业绩评论 2024 年 9 月 3 日 300666.SZ 江丰电子 靶材、零部件收入高增，扣非净利润增长亮眼 公司发布 2024 年半年报。2024 年上半年实现营业收入 16.27 亿元，同比增长 35.91%； 归母净利润 1.61 亿元，同比增长 5.32%；扣非归母净利润 1.70 亿元，同比增长 73.49%。 第二季度营收同增 35.18%至 8.55 亿元；归母净利润/扣非归母净利润分别同比增长 4.61%/61.14%至 1.01/1.00 亿元。看好公司在超高纯靶材和第三代半导体材料关键领 域的研发布局，维持增持评级。 支撑评级的要点 2024 年上半年收入同比高增长，第二季度超高纯靶材及精密零部件收入均创历史 新高。2024H1公司营收同增35.91%至 16.27亿元，其中 Q2单季度营收同增35.18% 至 8.55 亿元。分业务看，上半年超高纯靶材收入 10.69 亿元，同比增长 37.33%， 毛利率为 30.33%，同比上升 1.63pct。公司积极推进超高纯金属溅射靶材扩产项 目，产业链护城河不断拓宽。上半年精密零部件业务收入 3.99 亿元，同比 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-----------------------------------------------------------------------------|----------------------------------------| | 江丰电子（ 300666.SZ ）：收入增长 \n35.91% ，战略布局显成效 \n—— 2024 年半年报业绩点评 | | 2024 \n推荐 / 维持 \n江丰电子 公司报告 | 年 9 月 2 日 \n | | | 公司简介： | | | | 事件： 2024 年 8 月 28 日 ...

446 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|----------|--------------------|----------------|---------------------------------------| | 2024 年 08 月 29 日 \n江丰电子（ 300666.SZ ） | | | | 公司研究●证券研究报告 \n公司快报 | | | | | 电子 \| | 半导体材料Ⅲ | | 24H1 业绩稳健增长，精密零部件加速放量 | 投资评级 | | 买入 | -A(维持) | | 投资要点 | 股价 | (2024-08-29) | | 49.22 元 | | 2024 年 8 月 28 日，江丰电子发布 2024 年半年度报告。 | 交易数据 | | | | | 24H1 业绩稳健增长，零部件布局收获成效 | | 总市值（百万元） | | 13,059.97 | | 公司强化先端制程产 ...

宁波江丰电子材料股份有限公司 2024 年半年度报告全文 宁波江丰电子材料股份有限公司 2024 年半年度报告 2024-081 2024 年 8 月 1 宁波江丰电子材料股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人姚力军、主管会计工作负责人于泳群及会计机构负责人(会计 主管人员)符利燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 | --- | --- | |---------------------------------------------------------------------|-------| | | | | 对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 | | | 者关注相关内容。 | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | ...

证券研究报告 非金融公司|公司深度|江丰电子（300666） 靶材龙头企业，零部件快速增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 公司是全球半导体靶材领先企业，延伸布局精密零部件业务和第三代半导体材料业务。受益 于国内 FAB 厂和设备厂的零部件国产率提升，公司精密零部件业务有望持续受益，成为公司 的第二成长曲线业务。靶材业务是公司的成熟业务，短期受益周期复苏，中长期有望受益铜 靶、钨靶业务的持续推进。此外，公司已着手布局第三代半导体材料业务，该业务有望成为公 司第三增长极。 |分析师及联系人 熊军 王海 SAC：S0590522040001 SAC：S0590524070004 请务必阅读报告末页的重要声明 1 / 27 非金融公司|公司深度 glzqdatemark2 2024年08月26日 江丰电子(300666) 靶材龙头企业，零部件快速增长 | --- | --- | |----------------------------|---------------| | | | | 行 业： | 电子/半导体 | | 投资评级： | 买 ...

公司信息更新报告 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 2024Q2 预告业绩超预期，靶材与零部件双轮驱动 江丰电子（300666.SZ） 投资评级：买入（维持） 股价走势图 相关研究报告 罗通（分析师） 刘天文（分析师） luotong@kysec.cn 证书编号：S0790522070002 liutianwen@kysec.cn 证书编号：S0790523110001 公司持续加大研发投入，2023 年研发费用达 1.72 亿元，同比+37.87%。产能方面， 公司募投项目"宁波江丰电子年产 5.2 万个超大规模集成电路用超高纯金属溅射 靶材产业化项目"、"浙江海宁年产 1.8 万个超大规模集成电路用超高纯金属溅射 靶材产业化项目"正积极建设中。随着新产能逐步投放，公司业绩增长可期。 公 司 研 究 ——公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/7/17 | | 当前股价 ( 元 ) | 52.95 | | 一年最高最低 ( 元 ) | 68.66/33.44 | | 总市 ...