KFMI(SZ:300666) Chang Jiang Shang Bao·2025-07-13 23:25Core Viewpoint - Jiangfeng Electronics, a leading domestic semiconductor sputtering target manufacturer, is initiating a capital increase to raise no more than 1.948 billion yuan, primarily for production projects, a research center, and to supplement working capital and repay loans [1][2]. Fundraising Allocation - The fundraising will focus on four major projects, with 999.8 million yuan allocated to the production of electrostatic chucks for integrated circuit equipment, accounting for 51.23% of the total funds raised [2][3]. - The electrostatic chuck project has a total investment of 1.098 billion yuan and aims to address the long-standing market monopoly by foreign companies in China's high-end electrostatic chuck market [2]. - Another significant project is the ultra-pure metal sputtering target production project located in South Korea, with a total investment of 350 million yuan, which will enhance the company's global strategic layout [2][3]. - Additionally, 99 million yuan will be invested in the Shanghai Jiangfeng Electronics R&D and Technical Service Center, focusing on cutting-edge technology research [3]. Financial Performance - Jiangfeng Electronics has shown strong financial growth, achieving a revenue of 1 billion yuan in Q1 2025, a year-on-year increase of 29.53%, and a net profit of 157 million yuan, up 163.58% [6]. - The semiconductor precision components business has become a significant growth driver, with revenue reaching 887 million yuan in 2024, a 55.53% increase [6]. - The company has consistently invested in R&D, with expenditures rising from 73.81 million yuan in 2020 to 217 million yuan in 2024, maintaining a research expense ratio above 5% for five consecutive years [6][7]. Asset Growth - Jiangfeng Electronics' total assets increased from 5.098 billion yuan in 2022 to 8.689 billion yuan in 2024, marking a growth of 70.44% over two years [7]. - As of Q1 2025, total assets reached 9.275 billion yuan, reflecting a year-on-year growth of 42.21%, setting a new historical high [7].