KFMI(SZ:300666) Sou Hu Cai Jing·2025-07-16 01:35Core Viewpoint - Jiangfeng Electronics has emerged as a leading player in the global sputtering target market, achieving significant revenue growth and market share through technological advancements and strategic efforts in R&D and production capabilities [1][4][19]. Financial Performance - In 2024, Jiangfeng Electronics reported revenue of 3.619 billion yuan, a year-on-year increase of 39.11%, with net profit reaching 401 million yuan, up 56.9% [4]. - The company's core businesses, ultra-pure sputtering targets and semiconductor precision components, experienced rapid growth, with the former generating 2.333 billion yuan in revenue and maintaining a global market share of 38% [4][19]. R&D and Innovation - Jiangfeng Electronics invested 217 million yuan in R&D in 2024, resulting in a total of 784 domestic patents, breaking foreign monopolies in high-end fields [6][21]. - The company has developed core production technologies for sputtering targets, particularly in the 3nm advanced process, positioning itself as the only domestic company with such capabilities [14][24]. Market Position and Strategy - Jiangfeng Electronics has established itself as the second-largest supplier of sputtering targets globally, with a sales network covering Europe, North America, and Asia [19]. - The company has successfully entered the supply chains of major international manufacturers such as TSMC and SK Hynix, demonstrating its compliance with stringent quality and service standards [16]. Historical Context and Challenges - Founded in a time when China lacked domestic sputtering target production, Jiangfeng Electronics faced significant challenges, including financial crises and market skepticism regarding product quality [8][10]. - The founder, Yao Lijun, rejected acquisition offers during tough times, focusing instead on technological development and maintaining employee welfare [12][14]. Future Outlook - With ongoing investments in technology and talent acquisition, Jiangfeng Electronics is poised to enhance its competitive edge in the semiconductor materials market, potentially challenging international giants [21][24].