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 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-037 宁波江丰电子材料股份有限公司 一、募集资金基本情况 （一）向不特定对象发行可转换公司债券募集资金使用情况 1、实际募集资金金额、资金到账时间 经中国证监会"证监许可[2021]2356 号"文核准，公司于 2021 年 8 月 12 日 向不特定对象发行可转换公司债券 516.50 万张，每张面值为人民币 100.00 元， 按面值发行，募集资金总额为人民币 516,500,000.00 元，扣除各项发行费用不含 税金额合计人民币 10,049,693.40 元，实际募集资金净额为人民币 506,450,306.60 元，以上募集资金已于 2021 年 8 月 18 日全部到位，业经立信会计师事务所（特 殊普通合伙）验资并出具"信会师报字[2021]第 ZF10840 号"验资报告。 2、2024年度募集资金使用情况及结余情况 截至2024年12月31日，公司本报告期募集资金使用情况如下： 1 2024 年度募集资金存放与使用情况的专项报告 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 2024 年度财务决算报告 宁波江丰电子材料股份有限公司 2024 年度财务决算报告 报告期内，宁波江丰电子材料股份有限公司（以下简称"公司"）财务部门严 格按照《企业会计准则》、《企业会计制度》、《会计法》的规定进行了财务核算， 公司所编制的年度财务报表经立信会计师事务所（特殊普通合伙）审计出具了标 准无保留意见的审计报告（信会师报字[2025]第 ZF10194 号）。现将 2024 年度财 务决算情况报告如下： 一、 主要财务指标及其变动情况 （一）主要会计数据和财务指标 单位：人民币元 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入（元） | 3,604,962,847.84 | 2,601,608,568.67 | 38.57% | 2,325,223,350.66 | | 归属于上市公司股东的净 | 400,564,027.03 | 255,474,568.79 | 56.79% | 264,337,699.57 | | 利润（元） | | | | | | ...

宁波江丰电子材料股份有限公司 2024 年度董事会工作报告 2024 年度，宁波江丰电子材料股份有限公司（以下简称"公司"）董事会严 格按照《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）等法律法规以及《公司章程》和公司 《董事会议事规则》等规章制度的相关规定，切实履行公司及股东赋予董事会的 各项职责，认真贯彻执行股东会通过的各项决议，忠实勤勉尽责地开展各项工作， 积极维护公司及全体股东利益，进一步完善和规范公司运作，从而保证了公司持 续、健康、稳定的发展。现将 2024 年度董事会工作情况报告如下： 一、2024 年度公司整体经营情况 2024 年，公司坚持科技创新，持续加大研发投入，提升新产品、新技术的研 发能力，强化先端制程产品竞争力，密切跟踪客户需求，努力扩大全球市场份额。 报告期内，公司实现营业收入人民币 36.05 亿元，同比增长 38.57%；实现归 属于上市公司股东的净利润人民币 4.01 亿元，同比增长 56.79%；实现归属于上 市公司股东的扣除非经常性损益后的净利润人民币 3.04 亿元，同比增长 94.92%。 公司完成的主要工作 ...