宁波江丰电子材料股份有限公司（以下简称"公司"）于近日接到控股股 东、实际控制人姚力军先生的通知，获悉其所持有本公司部分股份分别办理了 质押及解除质押业务，具体事项如下： 一、股东股份质押及解除质押基本情况 证券代码：300666 证券简称：江丰电子 公告编号：2024-087 宁波江丰电子材料股份有限公司 关于控股股东、实际控制人部分股份质押及解除质押的公告 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。 | 股东 名称 | 是否为 控股股 东或第 一大股 东及其 一致行 动人 | 本次质押 数量 （股） | 占其所 持股份 比例 （%） | 占公司 目前总 股本比 例 （%） | 是否 为限 售股 | 是否 为补 充质 押 | 质押 起始日 | 质押 到期日 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姚力军 | 是 | 8,740,000 | 15.40 | 3.29 | 否 | 否 | 2024-9-12 | 2025-9-1 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-086 宁波江丰电子材料股份有限公司 关于回购股份完成暨回购实施结果的公告 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），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）。 截至 2024 年 9 月 10 日，公司本次回购股份实施期限已届满，回 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company is a leading player in the high-purity sputtering target market, benefiting from domestic substitution trends in the semiconductor industry, with significant growth potential anticipated [3] - The company's revenue for the first half of 2024 is expected to grow by 35.9% year-on-year, driven by strong performance in both target materials and precision components [2][6] - The company is actively expanding its production capacity and enhancing its R&D efforts, which are expected to contribute to future growth [2][3] Financial Summary - For 2022A, the company reported revenue of 2,325 million yuan, with a year-on-year growth rate of 45.9%. The projected revenue for 2024E is 3,676 million yuan, reflecting a growth rate of 41.3% [1][10] - The net profit attributable to the parent company for 2022A was 264 million yuan, with a projected increase to 331 million yuan in 2024E, corresponding to a growth rate of 29.5% [1][10] - The company's return on equity (ROE) is expected to improve from 5.9% in 2022A to 10.7% by 2026E [1][11] Segment Performance - The first major business segment, ultra-pure target materials, generated revenue of 1,069 million yuan in the first half of 2024, accounting for 65.7% of total revenue, with a year-on-year growth of 37.3% [2][6] - The second major segment, precision components, achieved revenue of 399 million yuan in the first half of 2024, representing a remarkable year-on-year growth of 96.1% [2][6] - The company is expected to benefit from the acceleration of domestic supply chain localization, with a projected market size for precision components in China's semiconductor equipment sector reaching 125.3 billion yuan in 2024 [2][3] R&D and Market Confidence - The company's R&D expenditure increased by 30.8% year-on-year in the first half of 2024, amounting to 102 million yuan [2][6] - The company has been actively repurchasing its shares, reflecting management's confidence in the company's future development [2][6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 49.03, indicating an expectation for the stock to outperform the market index by 10%-20% in the next 6-12 months [4]. Core Insights - The company reported a significant revenue growth of 35.91% year-on-year for the first half of 2024, achieving RMB 1.627 billion, with a notable increase in net profit and a remarkable growth in non-recurring net profit by 73.49% [2][6]. - The company is actively expanding its production capacity in ultra-pure sputtering targets and precision components, which are key areas in the semiconductor industry, contributing to its strong performance [2][3]. - The gross margin improved to 31.00%, up 2.34 percentage points year-on-year, driven by efficient cost management and increased revenue [2][6]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of RMB 161 million, a 5.32% increase year-on-year, while the non-recurring net profit reached RMB 170 million, reflecting a 73.49% growth [2][6]. - In Q2 2024, the revenue was RMB 855 million, a 35.18% increase compared to Q2 2023, with net profit and non-recurring net profit growing by 4.61% and 61.14%, respectively [2][6]. - The company’s revenue from ultra-pure sputtering targets reached RMB 1.069 billion in H1 2024, marking a 37.33% increase, while precision components revenue surged by 96.14% to RMB 399 million [2][6]. Business Outlook - The company is positioned as a key supplier of high-purity sputtering targets for major semiconductor manufacturers, with ongoing projects expected to enhance its production capabilities [2][3]. - The establishment of a subsidiary in South Korea and the construction of a new semiconductor target production facility are anticipated to strengthen the company's international competitiveness and supply chain stability [2][3]. - The diversified product system, including ultra-pure metal sputtering targets, precision components, and third-generation semiconductor materials, is expected to drive continued revenue growth [2][3]. Valuation - The report forecasts earnings per share (EPS) of RMB 1.23, RMB 1.68, and RMB 2.28 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 41.2, 30.1, and 22.2 [2][3].

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）。 证券代码：300666 证券简称：江丰电子 公告编号：2024-085 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 根据《深圳 ...

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 ...