Investment Rating - The report maintains an "Accumulate" rating for Jiangfeng Electronics (300666) with a target price raised to 79.80 CNY from the previous 74.63 CNY [4][5]. Core Views - The company is expected to achieve a non-net profit of 162 to 178 million CNY in the first half of 2024, representing a year-on-year increase of 66.03% to 81.67% [4][5]. - Jiangfeng Electronics is a leading manufacturer of sputtering targets, with major clients including TSMC, UMC, SMIC, SK Hynix, Huahong Grace, and BOE [5]. - The company has seen a compound annual growth rate (CAGR) of 76% in component revenue over the past three years, driven by its strategic expansion into core semiconductor components [5]. Financial Summary - The company's projected revenue for 2024 is 3,380 million CNY, reflecting a 29.9% increase from 2023 [15]. - The net profit attributable to the parent company is expected to reach 354 million CNY in 2024, a 38.5% increase from 2023 [15]. - The earnings per share (EPS) forecast for 2024 is 1.33 CNY, up from the previous estimate of 1.27 CNY [5][15]. Performance Trends - The stock has shown a 3% increase over the past month, a 25% increase over the past three months, but a 19% decrease over the past year [3]. - The company’s net asset value per share is reported at 15.87 CNY, with a current price-to-book ratio of 3.3 [2]. Market Position - Jiangfeng Electronics is positioned to benefit from the increasing domestic production rates and expansion of downstream clients, indicating significant growth potential in the semiconductor sector [5]. - The company has established production bases in Ningbo, Shanghai, and Shenyang, enhancing its capacity to meet rising demand for semiconductor components [5].

来源：公司年报、国金证券研究所 1H24 业绩超预期，靶材零组件双驱动 我们上修盈利预期，预计 24~26 年分别实现归母净利润 3.71/4.85/6.32 亿元(yoy+45%/31%/30%), 前值为 3.41/4.59/6.26 亿元 (yoy+34%/34%/36%),对应当前 EPS 分别为 1.40 元、1.83 元、2.38 元，对应当前 PE 分别为 37、28、22 倍，维持"买入" 评级。 市价 (人民币): 51.72元 | --- | --- | --- | --- | --- | --- | |-----------------------------|---------|--------|--------|--------|--------| | 公司基本情况(人民币) \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 2,324 | 2,602 | 3,224 | 4.187 | 5,569 | | 营业收入增长率 | 45.80% | 11.95% | 23.91% | 29.90% | 32.99% | ...

Financial Performance - The company expects to achieve operating revenue of approximately 1.613 billion RMB in the first half of 2024, representing a growth of about 34.75% compared to the same period last year[8]. - The net profit attributable to shareholders is projected to be between 152.99 million RMB and 168.29 million RMB, an increase of 0.00% to 10.00% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 162.42 million RMB and 177.72 million RMB, reflecting a year-on-year increase of 66.03% to 81.67%[6]. - Non-recurring losses are estimated at approximately -9.43 million RMB, primarily due to fair value changes of strategic investments and government subsidies[1]. Business Strategy - The company has strategically positioned itself in the semiconductor precision components sector, with multiple production bases completed and new product lines rapidly expanding[1]. - The company has seen a continuous increase in domestic and international customer orders, contributing to sustained revenue growth[1]. - The company is increasing its R&D investment to enhance the development capabilities of new products and technologies[8]. Financial Reporting - The financial data in the performance forecast is preliminary and has not been audited by an accounting firm[2]. - The company will provide detailed financial data in the 2024 semi-annual report, urging investors to make cautious decisions[2]. - The board of directors guarantees the accuracy and completeness of the disclosed information, with no false records or misleading statements[9].

证券代码：300666 证券简称：江丰电子 公告编号：2024-068 宁波江丰电子材料股份有限公司 第四届董事会第七次会议决议公告 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 七次会议的会议通知于 2024 年 7 月 10 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 7 月 12 日在公司会议室以现场及通讯相结合的方式 召开。 会议审议并通过了如下议案： 1、审议通过《关于部分募集资金投资项目延期的议案》 经审议，董事会认为：本次将公司的募投项目之"武汉基地平板显示用高纯 金属靶材及部件建设项目"延期的事项，符合募集资金投资项目的实际经营情况 和公司的发展规划，不存在改变或者变相改变募集资金用途和损害股东利益的情 形。因此，董事会同意公司本次部分募集资金投资项目延期。 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 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-069 宁波江丰电子材料股份有限公司 第四届监事会第七次会议决议公告 4、本次会议由监事汪宇女士主持，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《关于部分募集资金投资项目延期的议案》 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 七次会议的会议通知于 2024 年 7 月 10 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。 2、本次会议于 2024 年 7 月 12 日在公司会议室，以现场及通讯相结合的方 式召开。 3、本次会议应出席监事 3 名，实际出席监事 2 名，李秋立女士和汪宇女士 以通讯方式参会，张英俊先生因个人原因请假。 2024 年 7 月 12 日 经审议，监事会认为： ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-070 宁波江丰电子材料股份有限公司 关于部分募集资金投资项目延期的公告 一、募集资金基本情况 （一）募集资金到位情况 根据公司第三届董事会第二次会议、2021年第一次临时股东大会以及第三届 董事会第四次会议决议，并经中国证券监督管理委员会2021年7月9日证监许可 [2021]2356号文核准，公司向不特定对象发行可转换公司债券516.50万张，面值 为人民币100.00元，共募集资金人民币516,500,000.00元，扣除相关的发行费用 不含税金额合计人民币10,049,693.40元后，实际募集资金净额为人民币 506,450,306.60元，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）以"信会师报字[2021]第ZF10840号"验资报告验证。 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 2024 年 7 月 12 日 召开了第四届董事会第七次会议和第四届监事会第七次会议，审议通过了《关于 部分募集资金投 ...

中信建投证券股份有限公司 关于宁波江丰电子材料股份有限公司 部分募集资金投资项目延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"） 作为宁波江丰电子材料股份有限公司（以下简称"江丰电子"或"公司"）向 不特定对象发行可转换公司债券、向特定对象发行股票的保荐人，根据《深圳 证券交易所创业板股票上市规则（2024年修订）》（以下简称"《创业板股票 上市规则》"）、《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作（2023年12月修订）》（以下简称"《规范运作指引》"）、 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求（2022 年修订）》等相关法律、法规和规范性文件的要求，对江丰电子部分募集资金 投资项目延期事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 根据公司第三届董事会第二次会议、2021年第一次临时股东大会以及第三 届董事会第四次会议决议，并经中国证券监督管理委员会2021年7月9日证监许 可[2021]2356号文核准，公司向不特定对象发行可转换公司债券516.50万张，面 值为人民币100.00元，共募集资金人民币516, ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-067 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）。 截至 20 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 58.05 RMB per share, based on a 45x PE multiple for 2024 [13][51] Core Views - The company is a leading domestic semiconductor target material supplier and has expanded into semiconductor precision components [23] - The company's revenue in 2023 was 2.6 billion RMB, a 12% YoY increase, with a net profit of 260 million RMB, a 4% YoY decrease [23] - In Q1 2024, the company's revenue was 770 million RMB, a 37% YoY increase, with a net profit of 60 million RMB, a 60% YoY increase [23] - The company's semiconductor precision components business grew rapidly, with revenue reaching 570 million RMB in 2023, a 59% YoY increase, accounting for 22% of total revenue [169] - The company's R&D expense ratio increased to 7.18% in Q1 2024, reflecting continued investment in innovation [169] Industry Overview - The global semiconductor market is expected to recover to 6300 billion USD in 2024, an 18% YoY increase [121] - The Chinese semiconductor market is expected to recover to 1989 billion USD in 2024, an 11% YoY increase [121] - Domestic semiconductor equipment sales in China reached 12.129 billion USD in Q4 2023, a 90.81% YoY increase [121] - The domestic income proportion of major semiconductor component companies in China has been increasing, with the company's domestic income proportion rising from 27.23% in 2018 to 56.01% in 2023 [24] Company Performance - The company's revenue is expected to grow to 3.224 billion RMB in 2024, 4.187 billion RMB in 2025, and 5.569 billion RMB in 2026, with YoY growth rates of 23.91%, 29.90%, and 32.99% respectively [9] - The company's net profit is expected to grow to 341 million RMB in 2024, 459 million RMB in 2025, and 626 million RMB in 2026, with YoY growth rates of 33.57%, 34.39%, and 36.49% respectively [54] - The company's gross margin is expected to remain stable at around 30% from 2024 to 2026 [35] Business Segments - The company's ultra-high purity target material business achieved revenue of 1.672 billion RMB in 2023, accounting for 64.29% of total revenue [9] - The company's semiconductor equipment components business achieved revenue of 570 million RMB in 2023, a 59.14% YoY increase, accounting for 21.91% of total revenue [9] - The company's other businesses achieved revenue of 359 million RMB in 2023, a 1.33% YoY increase, accounting for 13.80% of total revenue [9] Valuation and Peer Comparison - The company's 2024 PE ratio is 36.90x, higher than the peer average of 34.63x [13] - The company's target market value is 15.345 billion RMB, based on a 45x PE multiple for 2024 [13] - The company's peers include Oulai New Materials, Longhua Technology, Focus Technology, and Xinlai Applied Materials, with an average 2024 PE ratio of 34.63x [13] Growth Drivers - The company benefits from the recovery of semiconductor industry demand and the trend of domestic substitution [13] - The company's target material business is expected to grow by 18%, 23%, and 24% from 2024 to 2026, driven by the recovery of Fab plant utilization rates and domestic wafer manufacturing capacity expansion [35] - The company's semiconductor components business is expected to grow by 50%, 55%, and 57% from 2024 to 2026, driven by the recovery of the semiconductor industry and the trend of domestic substitution [35]

证券代码：300666 证券简称：江丰电子 宁波江丰电子材料股份有限公司 投资者关系活动记录表 编号：2024-002 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 □新闻发布会 □路演活动 活动类别 ■现场参观 □其他 东北证券、信达澳亚基金、德邦证券、国诚投资、银河证券、 参与单位 天风证券、国泰君安 时间 2024年6 月27日 地点 公司会议室 上市公司 董事会秘书兼投资总监蒋云霞女士 接待人员姓名 ...