Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics (300666.SZ) [1][2] Core Views - Jiangfeng Electronics reported a revenue of 1.627 billion yuan for the first half of 2024, representing a year-on-year growth of 35.91%. The net profit attributable to shareholders was 161 million yuan, an increase of 5.32% year-on-year [1][2] - The company's revenue growth exceeded expectations, driven by the continuous increase in sales of ultra-pure target materials and significant growth in precision component sales [1][2] - The semiconductor market is recovering, and the company is increasing inventory in response to demand, leading to a net cash flow from operating activities of -129 million yuan, a decline of 213.54% year-on-year [1][2] Financial Performance Summary - Revenue (in million yuan) for 2022A was 2,323.88, with a growth rate of 45.80%. For 2023A, it was 2,601.61, with a growth rate of 11.89%. The forecast for 2024E is 3,312.11, with a growth rate of 27.31% [2][3] - Net profit (in million yuan) for 2022A was 265.20, with a growth rate of 148.72%. For 2023A, it was 255.47, with a decline of 3.67%. The forecast for 2024E is 383.97, with a growth rate of 50.30% [2][3] - The company's EPS is projected to be 1.45 yuan for 2024E, 1.86 yuan for 2025E, and 2.36 yuan for 2026E [1][2] Strategic Developments - Jiangfeng Electronics is actively promoting its strategic layout in the semiconductor precision components sector, with multiple production bases completed and new product lines rapidly expanding [1][2] - The company is focusing on enhancing its R&D capabilities to ensure the safety of the domestic semiconductor supply chain and is expected to accelerate the localization process of precision components [1][2] Market Outlook - The global semiconductor precision component market is expected to reach 395.6 billion yuan in 2024, with the Chinese market projected to grow faster than the global market, reaching 125.3 billion yuan [1][2] - The company aims to leverage its long-term technological capabilities and customer understanding in the ultra-pure target material field to expand into the precision component sector [1][2]

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 ...

Financial Performance - The company's operating revenue for the reporting period reached ¥1,627,437,290.34, representing a 35.91% increase compared to ¥1,197,415,292.26 in the same period last year[13]. - Net profit attributable to shareholders was ¥161,133,297.20, up by 5.32% from ¥152,988,768.49 year-on-year[13]. - The net cash flow from operating activities increased by 73.49%, amounting to ¥169,718,980.49 compared to ¥97,825,964.09 in the previous year[13]. - Total assets at the end of the reporting period were ¥6,890,913,003.66, a 9.87% increase from ¥6,271,647,079.35 at the end of the previous year[13]. - The company's net assets attributable to shareholders rose to ¥4,268,630,697.46, reflecting a 2.26% increase from ¥4,174,314,633.25[13]. - Basic earnings per share were ¥0.61, an increase of 5.17% from ¥0.58 in the same period last year[13]. - The weighted average return on equity was 3.82%, slightly up from 3.73% year-on-year[13]. - The precision components business grew by 96.14% year-on-year, with a record quarterly revenue of 224 million yuan in Q2 2024[29]. - The company achieved operating revenue of 1,627.44 million yuan, a year-on-year increase of 35.91%[29]. - Net profit attributable to shareholders reached 161.13 million yuan, up 5.32% year-on-year, while net profit excluding non-recurring gains and losses increased by 73.49% to 169.72 million yuan[29]. Research and Development - R&D investment amounted to 102 million yuan, a 30.77% increase compared to the previous year, with a total of 827 valid domestic patents obtained[29]. - The company emphasizes continuous R&D investment to ensure supply chain security and self-sufficiency in semiconductor materials[18]. - The company has a strong technical team with extensive industry experience, which is essential for maintaining its technological edge in the high-purity sputtering target market[32]. - The company’s R&D center has been awarded as a provincial-level high-tech enterprise research and development center, reflecting its commitment to innovation[32]. - Research and development investment increased to 102 million RMB, a year-on-year increase of 30.77%[69]. - The company is committed to improving governance and sustainable development while enhancing communication with investors[68]. Market Position and Strategy - Jiangfeng Electronics ranked second in the global wafer manufacturing sputtering target market in 2022 according to Frost & Sullivan report[19]. - The global semiconductor equipment precision components market is expected to reach RMB 395.6 billion in 2024, with China's market projected at RMB 125.3 billion, growing faster than the global market[19]. - The company focuses on ultra-pure metal sputtering targets and semiconductor precision components, including aluminum, titanium, tantalum, and copper targets, which are critical for semiconductor chip and flat panel display manufacturing[20][21][22][23]. - The company aims to achieve a leading position in the ultra-pure metal sputtering target field while expanding its product offerings in semiconductor precision components[18]. - The company has established multiple intelligent production bases for semiconductor precision components, enhancing its manufacturing capabilities[19]. - The company has established long-term stable partnerships with major clients such as SMIC, TSMC, and SK Hynix, enhancing its market position in the semiconductor industry[36]. Financial Management and Governance - The financial report is guaranteed to be true, accurate, and complete by the company's responsible persons[1]. - The company has maintained its registered address and contact information without changes during the reporting period[9]. - The company emphasizes the protection of shareholder and creditor rights, ensuring transparency in profit distribution decisions[77]. - The company has committed to fulfilling all promises made during the asset restructuring process, with no overdue commitments reported[80]. - The company has a long-term commitment to maintain transparency and accountability in its financial disclosures and investor communications[82]. - The company has a commitment to ensure that the prospectus does not contain any false records or misleading statements, taking legal responsibility for the accuracy of the information provided[83]. Shareholder and Equity Management - The company plans to repurchase shares using its own funds, with a total amount between RMB 50 million and RMB 80 million, aimed at equity incentives or employee stock ownership plans[132]. - The company has completed the cancellation of 19,500 restricted stocks, reducing total shares from 265,435,583 to 265,416,083[73]. - The company’s major shareholder released 705,882 shares from lock-up, representing 0.2660% of the total share capital[125]. - The company’s major shareholders are subject to restrictions on share transfers, limiting them to 25% of their holdings annually during their tenure[129]. - The company has a total of 3,057,185,678.36 CNY in other equity instruments, reflecting its financial strategy in equity management[168]. Risks and Challenges - The company has identified risks in new product development, including production quality fluctuations and market promotion challenges due to strict supplier certification requirements[65]. - The semiconductor industry is characterized by cyclical technological and market developments, which directly impact the company's main business in material and equipment support[65]. - The company has identified potential risks related to increased capital expenditures and R&D investments that could lead to decreased profitability if market development does not progress smoothly[65]. Cash Flow and Investment - Cash and cash equivalents at the end of the reporting period were 717,586,466.51 yuan, accounting for 10.41% of total assets, down from 15.29% the previous year[45]. - The company reported a significant increase in construction in progress to 1,272,338,882.15 yuan, representing 18.46% of total assets, up from 15.16% the previous year, due to ongoing equipment installation and renovation projects[45]. - The company has a remaining unutilized raised fund amount of ¥73,239.17 million, with a balance of ¥15,239.17 million in the special account[52]. - The company plans to enhance fundraising management by establishing a dedicated account for raised funds and conducting regular checks on their usage to ensure compliance and efficiency[84]. Compliance and Legal Matters - The company did not receive any requests from creditors for guarantees or early debt repayment following the announcements made on March 27 and May 16[74]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[76]. - There were no significant litigation or arbitration matters during the reporting period[114]. - The company has not experienced any bankruptcy restructuring matters during the reporting period[114].

证券代码：300666 证券简称：江丰电子 公告编号：2024-078 宁波江丰电子材料股份有限公司 第四届董事会第九次会议决议公告 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。 一、董事会会议召开情况 1、宁波江丰电子材料股份有限公司（以下简称"公司"）第四届董事会第 九次会议的会议通知于 2024 年 8 月 16 日通过电子邮件等方式送达至各位董事， 通知中包括会议相关资料，同时列明了会议的召开时间、地点和审议内容。 2、本次会议于 2024 年 8 月 27 日在公司会议室以现场及通讯相结合的方式 召开。 3、本次会议应出席董事 9 人，实际出席董事 9 人。其中现场出席会议的董 事 2 人，董事长姚力军先生、董事边逸军先生、徐洲先生、吴祖亮先生，以及独 立董事费维栋先生、张杰女士和刘秀女士以通讯方式参会。 4、本次会议由董事长姚力军先生主持，公司监事、高级管理人员列席了本 次会议。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律法规和《公司章程》的有关规定。 会议审议并通过了如下议案： 1、审议通过《关于<公司 2024 年 ...

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 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-077 宁波江丰电子材料股份有限公司 关于第二期股权激励计划预留授予限制性股票 第二个解除限售期解除限售股份上市流通的提示性公告 （一）2021 年 12 月 27 日，公司召开第三届董事会第十五次会议、第三届 监事会第十四次会议，审议并通过了《关于公司<第二期股权激励计划（草案）> 及其摘要的议案》、《关于公司<第二期股权激励计划实施考核管理办法>的议案》、 《关于提请股东大会授权董事会办理公司第二期股权激励计划相关事宜的议案》 等议案，独立董事对相关事项发表了同意的独立意见，监事会对相关事项进行了 核查。国浩律师（上海）事务所发表了《国浩律师（上海）事务所关于宁波江丰 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、本次解除限售的激励对象合计 5 名，本次可解除限售的限制性股票数量 为 22.50 万股，占公司目前总股本的 0.0848%。 2、本次解除限售股份上市流通的日期：2024 年 8 月 7 日。 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2024 年 7 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-076 宁波江丰电子材料股份有限公司 关于回购公司股份进展的公告 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 2023 年 9 月 11 日 召开第三届董事会第四十三次会议和第三届监事会第三十九次会议，审议通过了 《关于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易的方 式回购部分公司股份，用于股权激励或员工持股计划。本次用于回购的资金总额 不低于人民币 5,000 万元（含）且不超过人民币 8,000 万元（含），回购股份的价 格不超过人民币 85 元/股（含），具体回购股份的金额以回购实施完成时实际回 购的金额为准。本次回购股份的实施期限为自公司董事会审议通过本次回购方案 之日起 12 个月内。具体情况详见公司于 2023 年 9 月 11 日披露在巨潮资讯网 （www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号：2023-091） 及《回购股份报告书》（公告编号：2023-092）。 根据《深圳 ...

国浩律师（上海）事务所 国浩律师（上海）事务所 法律意见书 1 国浩律师（上海）事务所 法律意见书 律、法规和中国证监会的有关规定发表法律意见，并声明如下： 关于宁波江丰电子材料股份有限公司 第二期股权激励计划预留授予限制性股票 第二个解除限售期解除限售条件成就之 法律意见书 （一）本所及本所律师依据《中华人民共和国证券法》、《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定 及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、 误导性陈述或者重大遗漏，并承担相应法律责任； 致：宁波江丰电子材料股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受宁波江丰电子材料股份 有限公司（以下简称"公司"）的委托，担任公司第二期股权激励计划的特聘专 项法律顾问。 本所律师根据《中华人民共和国证券法》、《中华人民共和国公司法》和《上 市公司股权激励管理办法》等法律、法规和中国证券监督管理委员会（以下简称 "中国证监 ...

宁波江丰电子材料股份有限公司 关于放弃参股公司增资优先认缴出资权暨关联交易的公告 证券代码：300666 证券简称：江丰电子 公告编号：2024-075 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。 一、放弃权利暨关联交易概述 （一）宁波江丰电子材料股份有限公司（以下简称"公司"或"江丰电子"） 参股公司浙江六方半导体科技有限公司（以下简称"六方科技"或"标的公司"） 根据业务发展需要拟进行增资，新增认缴出资额人民币2,600万元（其中拟新增注 册资本人民币38.0440万元）。公司拟放弃上述增资优先认缴出资权。 本次增资完成后，六方科技的注册资本由人民币 1,492.4962 万元增加至人民 币 1,530.5402 万元，公司对六方科技的持股比例由 1.1254%下降至 1.0975%。 本次增资事项的具体内容以公司与相关各方实际签署的协议为准。 （二）公司目前持有六方科技 1.1254%的股权，持有六方科技股东北京江丰 同创半导体产业基金（有限合伙）（以下简称"江丰同创基金"）19.6852%合伙 份额。六方科技本次增资由原股东江丰同创基金、何少龙先生 ...

2、本次会议于 2024 年 7 月 29 日在公司会议室，以现场及通讯相结合的方 式召开。 证券代码：300666 证券简称：江丰电子 公告编号：2024-073 宁波江丰电子材料股份有限公司 第四届监事会第八次会议决议公告 本公司及监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。 一、监事会会议召开情况 1、宁波江丰电子材料股份有限公司（以下简称"公司"）第四届监事会第八 次会议的会议通知于 2024 年 7 月 26 日通过邮件等方式送达至各位监事，通知中 包括会议的相关资料，同时列明了会议的召开时间、地点和审议内容。 3、本次会议应出席监事 3 名，实际出席监事 3 名，张英俊先生、李秋立女 士和汪宇女士以通讯方式参会。 4、本次会议由监事会主席张英俊先生主持，公司董事会秘书和财务总监现 场列席会议。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律法规和《公司章程》的有关规定。 二、监事会会议审议情况 会议审议并通过了如下议案： 1、审议通过《关于第二期股权激励计划预留授予限制性股票第二个解除限 售期解除限售条件成就的议案》 经审议，监事 ...