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 十八次会议的会议通知于 2025 年 4 月 22 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 2025 年 4 月 24 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：2025-045 宁波江丰电子材料股份有限公司 第四届董事会第十八次会议决议公告 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。 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 1 人，董事长姚力军先生、董事边逸军先生、钱红兵先生、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。 二、董事会会议审议情况 会议审议并通过了如下议案： ...

江丰电子（300666）公告，2025年第一季度营收为10亿元，同比增长29.53%；净利润为1.57亿元，同比 增长163.58%。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company has demonstrated significant revenue and profit growth, with total revenue reaching RMB 3.605 billion in 2024, a year-on-year increase of 38.57%, and a net profit of RMB 401 million, up 56.79% year-on-year [5][9] - The precision components business is expected to continue its high growth trajectory, supported by advancements in ultra-pure target materials and third-generation semiconductor materials [5][8] - The company is well-positioned to benefit from the domestic production wave, leading to an upward revision of profit forecasts for 2025-2026 [5][8] Financial Summary - For 2024, the company reported total revenue of RMB 3,605 million, with a growth rate of 38.57% compared to 2023 [9] - The gross profit margin for 2024 was 28.17%, a decrease of 1.03 percentage points year-on-year [8] - The company’s earnings per share (EPS) for 2025 is projected to be RMB 1.97, with corresponding price-to-earnings (PE) ratios of 35.4 times [5][7] Business Segments - The ultra-pure metal sputtering target segment generated revenue of RMB 2.333 billion in 2024, growing by 39.51% year-on-year, with a gross margin of 31.35% [8][9] - The precision components business achieved revenue of RMB 887 million, reflecting a year-on-year increase of 55.53% [8][9] - The company is actively developing a diverse product range, including high-density tungsten targets and various precision components, which are widely used in core processes such as gas phase deposition and etching [8][9] Future Outlook - The company is investing in projects to enhance its production capacity, including a new facility for ultra-pure metal sputtering targets, which is expected to improve international competitiveness and supply chain stability [8][9] - The projected revenue growth rates for the upcoming years are 25.6% for 2025, 25.4% for 2026, and 24.3% for 2027 [7][11]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 87.50 CNY per share, maintaining the rating [4]. Core Insights - The company achieved a revenue of 3.605 billion CNY in 2024, representing a year-on-year increase of 38.57%, and a net profit of 401 million CNY, up 56.79% year-on-year [1]. - The company is a leading domestic supplier of semiconductor sputtering targets, with a significant market share and continuous growth in its ultra-pure target business, which generated 2.333 billion CNY in revenue, accounting for 64.73% of total revenue [7]. - The precision components business saw a substantial revenue increase of 55.53% year-on-year, reaching 887 million CNY, with products covering over 85% of industry needs [7]. Financial Performance - The company's gross margin for 2024 was 28.17%, a decrease of 1.03 percentage points year-on-year, with specific margins for ultra-pure targets, precision components, and other businesses at 31.35%, 24.27%, and 17.92%, respectively [2]. - Research and development expenses for the year were 217 million CNY, with a compound annual growth rate of 32.06% over the past three years, indicating a strong commitment to innovation [2]. - The company forecasts revenues of 4.756 billion CNY, 6.185 billion CNY, and 7.970 billion CNY for 2025, 2026, and 2027, respectively, with net profits projected at 553 million CNY, 737 million CNY, and 980 million CNY [9][11]. Market Position and Growth Potential - The company is positioned to benefit from the accelerated localization of semiconductor equipment, with increasing demand for component replacements and new equipment purchases [7]. - A partnership with KSTE INC. aims to localize the production of electrostatic chucks, tapping into a market projected to grow from 1.724 billion USD in 2023 to 2.426 billion USD by 2030, with a compound annual growth rate of 5% [8]. - The company has made significant breakthroughs in new ultra-pure target products and is expanding its product offerings in precision components, enhancing its competitive edge in the market [3][7].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 87.50 CNY per share, maintaining the rating [4]. Core Insights - The company achieved a revenue of 3.605 billion CNY in 2024, representing a year-on-year increase of 38.57%, and a net profit of 401 million CNY, up 56.79% year-on-year [1]. - The company is a leading domestic supplier of ultra-pure sputtering targets, with a revenue of 2.333 billion CNY from this segment in 2024, accounting for 64.73% of total revenue, and a year-on-year growth of 39.51% [7]. - The precision components business saw significant growth, with sales reaching 887 million CNY in 2024, a year-on-year increase of 55.53% [7]. Financial Performance - The company's gross margin for 2024 was 28.17%, a decrease of 1.03 percentage points year-on-year, with specific margins for ultra-pure targets, precision components, and other businesses at 31.35%, 24.27%, and 17.92% respectively [2]. - Research and development expenses for the year were 217 million CNY, with a compound annual growth rate of 32.06% over the past three years, representing over 5% of total revenue [2]. - The company expects revenues of 4.756 billion CNY, 6.185 billion CNY, and 7.970 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 553 million CNY, 737 million CNY, and 980 million CNY for the same years [9]. Market Position and Growth Potential - The company has made breakthroughs in new ultra-pure target products and is positioned to benefit from the domestic semiconductor equipment localization trend, with expectations for rapid penetration in various process segments [7][8]. - A partnership with KSTE INC. aims to localize the production of electrostatic chucks, tapping into a market projected to grow from 1.724 billion USD in 2023 to 2.426 billion USD by 2030, with a CAGR of 5% [8].

Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics (300666.SZ) [1] Core Views - Jiangfeng Electronics has solidified its leading position in the sputtering target material market and is experiencing significant growth in precision components, with a revenue increase of 38.57% year-on-year to 3.605 billion yuan in 2024 [5] - The company has achieved ten consecutive years of revenue growth, demonstrating stable operational development [5] - The semiconductor industry is showing signs of mild recovery, contributing to the company's revenue growth [5] - The ultra-pure target material business generated 2.333 billion yuan in revenue, up 39.51% year-on-year, while the precision components business saw a 55.53% increase to 888 million yuan [5] - The company's net profit attributable to shareholders rose significantly by 56.79% to 401 million yuan in 2024, despite a slight decline in gross and net profit margins [5] Summary by Sections Financial Performance - In 2024, Jiangfeng Electronics achieved operating revenue of 3.605 billion yuan, a year-on-year increase of 38.57%, and a net profit of 401 million yuan, up 56.79% [5][6] - The gross margin decreased by 1.03 percentage points to 28.17%, while the net margin fell by 0.88 percentage points to 7.59% [5] - The ultra-pure target material business's gross margin increased by 2.9 percentage points to 31.35%, while the precision components business's gross margin decreased by 2.81 percentage points to 24.27% [5] Future Outlook - Revenue projections for 2025 to 2027 are 4.506 billion yuan, 5.531 billion yuan, and 6.706 billion yuan, respectively, with year-on-year growth rates of 24.99%, 22.75%, and 21.24% [6] - Net profit forecasts for the same period are 511 million yuan, 648 million yuan, and 776 million yuan, with growth rates of 27.51%, 26.86%, and 19.74% [6] - The report anticipates a gradual recovery in gross and net profit margins as the company increases the sales proportion of high-value-added products [5] Market Position and Strategy - Jiangfeng Electronics is positioned to benefit from the domestic substitution trend in semiconductor materials and components, with a strong technological edge in producing advanced materials [5] - The company has a comprehensive product range, capable of mass-producing over 40,000 types of components, which are widely used in critical semiconductor processes [5] - The company is enhancing its global presence through investments, including a planned investment of 350 million yuan in its Korean subsidiary [5]

Core Viewpoint - Jiangfeng Electronics reported significant growth in its 2024 annual report, with a revenue of 3.605 billion yuan, a year-on-year increase of 38.57%, and a net profit of 401 million yuan, up 56.79% from the previous year, driven by rising demand for ultra-pure metal sputtering targets and semiconductor precision components [1][2]. Group 1: Financial Performance - The company achieved a revenue of 3.605 billion yuan, representing a 38.57% increase year-on-year [1]. - Net profit attributable to shareholders reached 401 million yuan, reflecting a 56.79% growth compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses was 304 million yuan, marking a 94.92% increase year-on-year [1]. - A cash dividend of 3.06 yuan per 10 shares was proposed, totaling 80.8814 million yuan [1]. Group 2: Business Segments - Sales revenue from ultra-pure metal sputtering targets reached 2.333 billion yuan, a year-on-year increase of 39.51% [2]. - The semiconductor precision components segment generated 887 million yuan in sales, up 55.53% year-on-year, becoming the company's second-largest business [2]. - The company has established a competitive advantage in the ultra-pure metal sputtering target market, with a focus on multi-category product strategy to meet diverse customer needs [2]. Group 3: Strategic Development - Jiangfeng Electronics is expanding its semiconductor precision components business, which is seen as a second growth curve for the company [2][3]. - The company has invested significantly in R&D, talent development, and equipment acquisition for the semiconductor precision components sector [2]. - The company has developed over 40,000 types of components for various semiconductor processes, including PVD, CVD, etching, ion implantation, lithography, and oxidation diffusion [3]. - The synergy between the ultra-pure metal sputtering targets and precision components businesses is expected to lower technical barriers and R&D costs, facilitating faster product development [3].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 5.66 billion, 7.42 billion, and 9.70 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 41%, 31%, and 31% respectively [5] Core Insights - The company reported a total revenue of 3.605 billion RMB for 2024, a year-on-year increase of 38.57%, and a net profit attributable to shareholders of 401 million RMB, up 56.79% from the previous year [2] - The ultra-pure target material business achieved significant breakthroughs, with revenue reaching 2.333 billion RMB, accounting for 64.73% of total revenue, and a year-on-year growth of 39.51% [3] - The precision components business also saw rapid growth, generating 888 million RMB in revenue, a 55.53% increase year-on-year, and has established a wide application in semiconductor core processes [3] - The company's R&D expenses for 2024 were 217 million RMB, with a compound annual growth rate of 32.06% from 2022 to 2024, indicating a strong focus on innovation [4] - The company achieved foreign sales of 1.445 billion RMB in 2024, a year-on-year increase of 26.31%, reflecting successful international market expansion [4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 980 million RMB, a year-on-year increase of 30.66%, and a net profit of 114 million RMB, up 82.43% year-on-year [2] - The company's revenue is projected to grow to 4.784 billion RMB in 2025 and 6.261 billion RMB in 2026, with corresponding growth rates of 32.72% and 30.85% [9] Business Segments - The ultra-pure target material segment's revenue growth is supported by increased market share and production capacity, particularly in advanced processes [3] - The precision components segment's gross margin decreased to 24.27% due to strategic pricing to gain market share, but is expected to contribute significantly to future growth as production bases are completed [3] Research and Development - The company has significantly enhanced its R&D capabilities, with a focus on developing high-density tungsten targets and other advanced materials [4] - The increase in R&D investment is expected to drive future innovations and market competitiveness [4]

Group 1 - The company reported a revenue of 3.605 billion yuan for 2024, representing a year-on-year growth of 38.57% [1] - The net profit attributable to shareholders reached 401 million yuan, up 56.79% year-on-year, while the net profit was 304 million yuan, reflecting a 94.92% increase [1] - The company specializes in ultra-pure metal sputtering targets and precision semiconductor components, which are essential for the production of electronic films in large-scale integrated circuits and flat panel displays [1] Group 2 - The increase in revenue is attributed to a continuous rise in customer orders, with sales revenue from ultra-pure metal sputtering targets reaching 2.333 billion yuan, a growth of 39.51% [2] - The company has expanded its market share in the global wafer manufacturing sputtering target sector, transforming its previous reliance on imports into a competitive advantage [2] - The company is advancing its globalization strategy and has invested 350 million yuan in its subsidiary in South Korea to enhance its production capabilities and market presence [2][3] Group 3 - The total investment in the South Korean subsidiary will increase to no more than 700 million yuan, with the subsidiary focusing on the wholesale and retail of special electronic materials [3] - The South Korean subsidiary reported no revenue for 2024 and incurred a net loss of 1.0149 million yuan [3] - The investment in the South Korean subsidiary aligns with the company's strategic development plan to enhance international competitiveness and market share [3]

宁波江丰电子材料股份有限公司 2024年度内部控制自我评价报告 宁波江丰电子材料股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管 要求（以下简称"企业内部控制规范体系"），结合宁波江丰电子材料股份有 限公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督 和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日） 的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价 其有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事 会建立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运 行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在 任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完 整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告 及相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控 制存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况 的变化 ...