Investment Rating - The report maintains a "Buy" rating for Jiangfeng Electronics [3][5]. Core Views - Jiangfeng Electronics reported a significant year-on-year increase in performance for Q3 2024, with revenue reaching 2.625 billion RMB, a growth of 41.77% compared to the same period last year. The net profit attributable to shareholders was 287 million RMB, up 48.51% year-on-year [4]. - The company is actively repurchasing shares, reflecting management's confidence in the long-term development of the business. As of September 10, 2024, the company had repurchased 1,020,200 shares, accounting for 0.3845% of the total share capital, at a cost of 52 million RMB [5]. - The semiconductor component business is experiencing accelerated growth due to domestic material and component validation in response to global export controls, enhancing the localization of the semiconductor supply chain [5]. Summary by Sections Performance Overview - For the first three quarters of 2024, Jiangfeng Electronics achieved a revenue of 2.625 billion RMB, a year-on-year increase of 41.77%. The net profit attributable to shareholders was 287 million RMB, reflecting a growth of 48.51%. The adjusted net profit was 262 million RMB, up 87.32% year-on-year. In Q3 2024 alone, revenue was 998 million RMB, a 52.48% increase year-on-year, and net profit was 126 million RMB, up 213.13% year-on-year [4]. Business Analysis - The semiconductor industry is witnessing a trend of de-globalization, with export control measures from the US, Japan, and the Netherlands. This has led to an acceleration in the domestic semiconductor supply chain, benefiting Jiangfeng Electronics' component business [5]. - The company has increased its R&D investment to 165 million RMB in Q3 2024, a 42.46% increase year-on-year, with an R&D expense ratio of 6.29% [5]. Profit Forecast and Valuation - The report maintains profit forecasts for Jiangfeng Electronics, expecting net profits of 371 million RMB, 485 million RMB, and 632 million RMB for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 45%, 31%, and 30%. The corresponding EPS estimates are 1.40 RMB, 1.83 RMB, and 2.38 RMB, with PE ratios of 50, 38, and 29 times [5].

Investment Rating - The report assigns a "Buy" rating for Jiangfeng Electronics, marking its first coverage with a current price of 69.30 yuan [1]. Core Insights - Jiangfeng Electronics has established itself as a global leader in ultra-pure sputtering targets, with strong growth in semiconductor components. The company has been deeply rooted in the ultra-pure metal sputtering target industry for nearly two decades and has expanded its business into semiconductor precision components, showcasing robust growth momentum. The company serves major clients such as TSMC, SMIC, and SK Hynix, and has demonstrated strong revenue growth and profitability since 2018, with 2023 revenue reaching 2.602 billion yuan, a year-on-year increase of 11.89% [1][2][3]. Summary by Sections Company Overview - Jiangfeng Electronics specializes in ultra-pure metal materials and sputtering targets for semiconductor manufacturing, with a development history divided into three phases: resource accumulation, market expansion, and accelerated growth [5][6]. Sputtering Targets - The ultra-pure metal sputtering target market is vast, with Jiangfeng Electronics holding the largest market share in China and the second globally. The company has established a complete industrial chain from metal purification to final product, achieving international advanced standards in product purity [6][12]. Semiconductor Components - The semiconductor component business is rapidly developing, with significant growth in precision components such as gas distribution heads and Si electrodes. This segment is expected to fill domestic gaps and drive revenue growth, marking a new growth curve for the company [2][12]. Financial Performance - Revenue and net profit have shown steady growth, with 2023 revenue at 2.602 billion yuan and net profit at 255 million yuan. The company anticipates continued growth in 2024, with a projected revenue increase of 29% and net profit of 351 million yuan [2][9][12]. Research and Development - Jiangfeng Electronics has increased its R&D investment significantly, with 2023 R&D expenses reaching 172 million yuan, a 39.03% year-on-year increase. The company holds 827 domestic patents and is focused on developing advanced materials to enhance its competitive edge [14][18]. Supply Chain Management - The company has implemented diversified supply chain management measures, establishing a stable and secure supply chain through vertical integration and strategic investments. This has enhanced its market competitiveness and enabled it to meet diverse customer needs [16][18].

Investment Rating - The investment rating for the company is "Buy - A" [1][2] Core Views - The company has experienced rapid growth in Q3 2024, achieving record high revenue and profit, with revenue reaching 998 million yuan, a year-on-year increase of 52.48% and a quarter-on-quarter increase of 16.69% [1] - The net profit attributable to the parent company for Q3 2024 was 126 million yuan, representing a year-on-year increase of 213.13% and a quarter-on-quarter increase of 23.85% [1] - The company is the global market leader in sputtering targets and has over 85% coverage of semiconductor equipment components [1][2] Financial Performance - Revenue for 2024 is projected to be 3.632 billion yuan, with growth rates of 39.6%, 30.9%, and 25.3% expected for 2024, 2025, and 2026 respectively [2][3] - The net profit for 2024 is forecasted to be 384 million yuan, with growth rates of 50.1%, 34.5%, and 30.0% for the following years [2][3] - The company's gross margin is expected to improve slightly to 30.0% in 2024, with a net margin of 10.6% [3] Product Development - The company has developed over 40,000 types of semiconductor equipment components, achieving over 85% industry product coverage [1] - The company is actively expanding upstream in the supply chain to achieve full autonomy in raw material supply, including aluminum, titanium, tantalum, copper, tungsten, cobalt, manganese, and nickel [1] - The company has established a production line for third-generation semiconductor materials, which has received initial market recognition [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous growth in its performance, with Q3 2024 revenue and net profit both increasing on a year-on-year and quarter-on-quarter basis. The revenue for the first three quarters of 2024 reached 2.625 billion yuan, up 41.77% year-on-year, while the net profit attributable to shareholders was 287 million yuan, up 48.51% year-on-year [3][4] - The growth is primarily driven by the global integrated circuit industry, which has positively impacted the demand for ultra-pure target materials, and the rapid expansion of the company's precision components product line [3][4] - The company maintains its profit forecast, expecting net profits of 353 million, 460 million, and 600 million yuan for 2024, 2025, and 2026 respectively, with current stock prices corresponding to P/E ratios of 49.0, 37.6, and 28.9 times [3][4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 999.8 million yuan, a year-on-year increase of 52.48% and a quarter-on-quarter increase of 16.69%. The net profit for the same quarter was 126 million yuan, up 213.13% year-on-year and 23.85% quarter-on-quarter [3] - The company has increased its R&D investment, reaching 165 million yuan in the first three quarters of 2024, a year-on-year increase of 42.45%, with an R&D expense ratio of 6.29% [4] - The company has also been actively repurchasing shares, indicating management's confidence in the company's future development [5] Financial Forecast Summary - The company's projected revenue and net profit for the upcoming years are as follows: - 2024E Revenue: 3.38 billion yuan, Net Profit: 353 million yuan - 2025E Revenue: 4.469 billion yuan, Net Profit: 460 million yuan - 2026E Revenue: 5.887 billion yuan, Net Profit: 600 million yuan [6][7] - Key financial ratios for 2024E include a gross margin of 30.7%, a net margin of 9.4%, and a return on equity (ROE) of 7.2% [6][8]

证券代码：300666 证券简称：江丰电子 公告编号：2024-106 宁波江丰电子材料股份有限公司 关于增加 2024 年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 宁波江丰电子材料股份有限公司（以下简称"公司"或"上市公司"或"江 丰电子"）于2024年3月11日、2024年3月27日分别召开第四届董事会第四次会议 和2024年第一次临时股东大会，审议通过了《关于2024年度日常关联交易预计的 议案》，公司（包括合并范围内的子公司，下同）拟定的2024年度与关联方（包 括合并范围内的子公司，下同）发生日常关联交易额度累计总金额不超过人民币 135,312.00万元（不含税金额，下同，不包括以实际发生额结算的电费等费用）。 具体内容详见公司发布在巨潮资讯网（www.cninfo.com.cn）的《关于2024年度日 常关联交易预计的公告》（公告编号：2024-024）。 2024年10月23日，公司召开第四届董事会第十一次会议，审议通过了《关于 增加2024年度日常关联交易预计的 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-098 宁波江丰电子材料股份有限公司 第四届董事会第十一次会议决议公告 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 十一次会议的会议通知于 2024 年 10 月 21 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。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的公司《2024 年第三季度报告》。 2、本次会议于 2024 年 10 月 23 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 ...

宁波江丰电子材料股份有限公司 公司章程 宁波江丰电子材料股份有限公司 章 程 2024 年 10 月 1 | | | | 第一章 总 则 | 4 | | --- | --- | | 第二章 经营宗旨和范围 | 5 | | 第三章 股 份 | 5 | | 第一节 股份发行 | 5 | | 第二节 股份增减和回购 | 7 | | 第三节 股份转让 | 8 | | 第四章 股东和股东会 | 9 | | 第一节 股 东 | 9 | | 第二节 股东会的一般规定 | 12 | | 第三节 股东会的召集 | 15 | | 第四节 股东会的提案与通知 | 16 | | 第五节 股东会的召开 | 18 | | 第六节 股东会的表决和决议 | 21 | | 第五章 董事会 | 25 | | 第一节 董 事 | 25 | | 第二节 董事会 | 28 | | 第六章 总经理及其他高级管理人员 | 33 | | 第七章 监事会 | 35 | | 第一节 监 事 | 35 | | 第二节 监事会 | 36 | | 第八章 财务会计制度、利润分配和审计 | 37 | | 第一节 财务会计制度 | 37 | | 第二节 内部审计 | 4 ...

宁波江丰电子材料股份有限公司 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（简称"公司"）于 2024 年 10 月 23 日召开 第四届董事会第十一次会议，审议通过了《关于修改公司章程的议案》，现将有 关情况公告如下： 一、关于修改《公司章程》的说明 为进一步提升公司治理水平，根据《中华人民共和国公司法》、《上市公司监 管指引第 3 号——上市公司现金分红（2023 年修订）》、《上市公司章程指引》等 相关法律法规、规范性文件的规定，并结合公司实际情况，拟对《公司章程》相 关条款进行如下修改： 证券代码：300666 证券简称：江丰电子 公告编号：2024-104 关于修改公司章程的公告 | 修改前条款 | 修改后条款 | | --- | --- | | 第一条 为维护公司、股东和债权人的合法权 | 第一条 为维护公司、股东、职工和债权人的合 | | 益，规范公司的组织和行为，根据《中华人民共 | 法权益，规范公司的组织和行为，根据《中华人 | | 和国公司法》（以下简称《公司法》）、《中华人民 | 民共和国公司法》（以下简称 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 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回购限制性股票之 法律意见书 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"江丰电子"或"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》（以下简称《管理办法》）等法律、法规和中国证券 监督管理委员会的有关规定，按照《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）》的要求，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，对公司在第二期股权激励计划下回购朱 金等 5 名激励对象尚未解除限售的 14,600 股限制性股票（以下简称"本次回购"） 事项开展核查工作，出具本法律意见书。 第一节 引言 本所律师依据本法律意见书出具日以前已发生或存在的事实和中国现行法 律、法规和中国证券监督管理委员会的有关规定发表法律意见，并声明如下： （一）本所及本所律师依据《中华人民共和国证券法》《律 ...

宁波江丰电子材料股份有限公司 董事会议事规则 第一条 宗旨 为了进一步规范宁波江丰电子材料股份有限公司（以下简称"公司"）董 事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》、《中华人民共 和国证券法》、《上市公司独立董事管理办法》、《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》和《宁波江丰电子材料股份 有限公司章程》（以下简称"《公司章程》"）等有关法律、法规、规范性文 件的要求，制订本规则。 第二条 董事会日常事务处理部门及专门委员会 证券部处理董事会日常事务。 董事会秘书兼任证券部负责人，保管董事会印章。 公司董事会下设专门委员会，包括审计委员会、战略委员会、薪酬与考核 委员会和提名委员会。公司董事会也可以根据需要另设其他委员会或者调整现 有委员会。专门委员会对董事会负责，依照《公司章程》和董事会授权履行职 责。 专门委员会成员全部由董事组成，其中审计委员会、提名委员会、薪酬与 考核委员会中独立董事占多数并担任召集人，审计委员会的成员应当为不在公 司担任高级管理人员的董事，并由独立董事中的会计专业人 ...