中国经济网北京4月25日讯江丰电子（300666）(300666.SZ)昨日披露关于股东减持股份计划实施完毕的 公告。近日，公司收到宁波江阁实业投资合伙企业(有限合伙)(以下简称"宁波江阁")和宁波宏德实业投 资合伙企业(有限合伙)(以下简称"宁波宏德")出具的《关于股份减持计划实施完毕的告知函》，截至公 告披露日，宁波江阁和宁波宏德本次减持计划已实施完毕。 宁波江阁、宁波宏德是公司控股股东、实际控制人的一致行动人，本次减持股份计划的实施不会导致公 司控制权发生变更，不会对公司治理结构及持续经营产生重大影响。 江丰电子2024年12月31日披露了《关于股东减持股份的预披露公告》(公告编号：2024-128)。公司股东 宁波江阁和宁波宏德计划于上述公告披露之日起15个交易日之后的三个月内(即从2025年1月23日起至 2025年4月22日止)以集中竞价或大宗交易方式减持公司股份合计不超过2,600,000股，即不超过公司目前 总股本的0.98%、公司扣除回购专用证券账户股份后总股本的0.98%。 江丰电子2024年报显示，姚力军为江丰电子控股股东、实际控制人，同时为宁波江阁、宁波宏德执行事 务合伙人。姚力军直接 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-050 宁波江丰电子材料股份有限公司 关于股东减持股份计划实施完毕的公告 公司股东宁波江阁实业投资合伙企业（有限合伙）、宁波宏德实业投资合伙 企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 宁波江丰电子材料股份有限公司（以下简称"公司"或"江丰电子"）于 2024年12月31日披露了《关于股东减持股份的预披露公告》（公告编号：2024- 128）。公司股东宁波江阁实业投资合伙企业（有限合伙）（以下简称"宁波江 阁"）和宁波宏德实业投资合伙企业（有限合伙）（以下简称"宁波宏德"） 计划于上述公告披露之日起15个交易日之后的三个月内（即从2025年1月23日起 至2025年4月22日止）以集中竞价或大宗交易方式减持公司股份合计不超过 2,600,000股，即不超过公司目前总股本的0.98%、公司扣除回购专用证券账户股 份后总股本的0.98%。 近日，公司收到宁波江阁和宁波宏德出具的《关于股份减持计划实施完毕 的告知函》，截至本公告披 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,000,450,660.01, representing a 29.53% increase compared to ¥772,389,035.94 in the same period last year[5] - Net profit attributable to shareholders was ¥157,212,644.92, a significant increase of 163.58% from ¥59,646,089.58 year-on-year[5] - Basic earnings per share rose to ¥0.59, up 168.18% from ¥0.22 in the same period last year[5] - Total operating revenue for the current period reached ¥1,000,450,660.01, compared to ¥772,389,035.94 in the previous period, indicating a significant increase[24] - Net profit for the current period was ¥157,716,074.93, compared to ¥40,756,532.27 in the previous period, showing a substantial improvement in profitability[26] - Earnings per share (EPS) for the current period was ¥0.59, compared to ¥0.22 in the previous period, indicating enhanced shareholder value[26] Cash Flow - The net cash flow from operating activities improved to ¥60,468,587.05, a turnaround from a negative cash flow of ¥89,094,519.97 in the previous year, marking a 167.87% increase[5] - Operating cash inflow for the current period reached ¥928,997,863.34, an increase of 33.4% from ¥696,619,291.48 in the previous period[28] - Net cash flow from operating activities was ¥60,468,587.05, a significant recovery from a negative ¥89,094,519.97 in the previous period[28] - Net cash flow from financing activities was ¥465,433,200.49, up from ¥412,331,209.23 in the previous period, indicating strong financing support[29] - The company’s cash flow management shows a net increase of ¥333,067,313.88 in cash and cash equivalents during the period, contrasting with a decrease of ¥77,702,833.33 in the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,274,750,263.82, reflecting a 6.74% increase from ¥8,689,443,785.51 at the end of the previous year[5] - The company’s total liabilities increased significantly, with bank borrowings rising to ¥855,000,000.00, a 74.72% increase from ¥489,345,000.00[13] - Total liabilities rose to ¥4,660,230,151.13 from ¥4,261,584,067.24, reflecting an increase in the company's financial obligations[22] - The company's total equity increased to ¥4,614,520,112.69 from ¥4,427,859,718.27, showcasing improved financial health[22] Investment and Expenses - The company reported a significant increase in investment income, amounting to ¥68,067,372.40, compared to a loss of ¥996,182.05 in the previous year, representing a 6932.82% increase[11] - The company’s financial expenses surged to ¥13,950,118.65, a 623.25% increase from ¥1,928,811.54, primarily due to increased borrowing costs[11] - Total operating costs amounted to ¥837,229,442.39, up from ¥655,728,433.48 in the previous period, reflecting a rise in operational expenses[25] - Research and development expenses were ¥54,953,062.33, slightly down from ¥55,492,215.15, indicating a stable investment in innovation[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,798[15] - The largest shareholder, Yao Lijun, holds 21.39% of shares, totaling 56,765,724 shares, with 23,871,200 shares pledged[15] - The total number of preferred shareholders is reported as zero, indicating no preferred shares outstanding[17] Supply Chain and Market Strategy - The company emphasizes the importance of a self-controlled supply chain for raw materials, which is a key advantage for domestic substitution[17] - The company aims to strengthen partnerships with global enterprises and expand into new markets, leveraging ongoing technological innovations[17] - The company has achieved domestic procurement of raw materials, enhancing its supply chain stability[17] Inventory and Receivables - Accounts receivable slightly increased to ¥1,007,601,935.66 from ¥1,005,134,213.89, showing a marginal growth of 0.25%[19] - Inventory decreased to ¥1,443,146,100.41 from ¥1,450,613,954.01, reflecting a decline of about 0.5%[20] - The total non-current assets amount to ¥2,129,039,830.73, up from ¥2,006,304,725.43, indicating an increase of approximately 6.1%[20]

证券代码：300666 证券简称：江丰电子 公告编号：2025-049 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结项 并将节余募集资金永久补充流动资金的公告 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"）向不特定对象发行可 转换公司债券募投项目之"武汉基地平板显示用高纯金属靶材及部件建设项目" 已建设完毕，达到了预定可使用状态，公司决定对该募投项目进行结项，并将该 项目节余募集资金人民币 254.61 万元（包括募集资金专户银行存款利息收入减 手续费净额，具体金额以实际划款时该项目专户资金余额为准）用于永久补充流 动资金。上述募投项目结项的节余募集资金金额（包括利息收入）占该项目募集 资金净额的 1.03%，根据《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）》、《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）》等有关规定，公司本次 将节余募集资金永久补充公司流动资金，节余金额低于人民币 500 万元且 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-047 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（以下简称"公司"）于 2025 年 4 月 24 日 召开第四届董事会第十八次会议和第四届监事会第十七次会议，审议通过了《关 于 2025 年第一季度报告的议案》。 为了使广大投资者全面了解公司的经营情况、财务状况等信息，公司《2025 年第一季度报告》于 2025 年 4 月 25 日在中国证券监督管理委员会指定的创业板 信息披露网站巨潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅。 特此公告。 宁波江丰电子材料股份有限公司董事会 2025 年 4 月 24 日 关于 2025 年第一季度报告披露的提示性公告 ...

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。 证券代码：300666 证券简称：江丰电子 公告编号：2025-046 宁波江丰电子材料股份有限公司 第四届监事会第十七次会议决议公告 4、本次会议由监事会主席张英俊先生主持，公司董事会秘书、财务总监和 证券事务代表现场列席会议。 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 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 十七次会议的会议通知于 2025 年 4 月 22 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 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。 3、本次会议应出席监事 3 名，实际出席监事 3 名，张英俊先生、李秋立女 士和汪宇女士以通讯方式参会。 会议审议并通过了如下议案： 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 三、备查文件 1、第四届监事会第 ...

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： ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 21 日 300666.SZ 增持 原评级：增持 市场价格:人民币 69.79 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 6.8 (4.6) 0.2 63.1 相对深圳成指 9.8 6.6 4.0 58.8 发行股数 (百万) 265.34 流通股 (百万) 220.52 总市值 (人民币 百万) 18,517.98 3 个月日均交易额 (人民币 百万) 527.14 主要股东持股比例（%） 姚力军 21.39 (14%) 11% 36% 61% 86% 111% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 江丰电子 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 18 日收市价为标准 相关研究报告 《江丰电子》20241120 《江丰电子》20240903 《江丰电子》20240509 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半 ...

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].