KFMI(SZ:300666) Xin Lang Cai Jing·2025-11-04 06:50Core Insights - Jiangfeng Electronics focuses on the research, production, and sales of ultra-pure metal sputtering targets and precision semiconductor components, achieving the highest global shipment volume of sputtering targets and comprehensive coverage of component categories [1] - The company has established a strong competitive advantage in the semiconductor supply chain by integrating upstream and downstream operations, successfully covering the entire chain from core materials to precision components and from key equipment to application scenarios [1][2] - Jiangfeng's sputtering targets are now used in mass production for 7nm and 5nm technology nodes and have entered the advanced 3nm technology node, serving major clients like TSMC, SMIC, SK Hynix, and UMC [1] - The company has achieved full self-sufficiency in the production and purification of raw materials for its sputtering targets, eliminating reliance on imported materials [1] - According to a report by Fuji Economic, Jiangfeng is expected to rank first in global sputtering target shipment volume and second in shipment value in 2024, with potential to become the top in shipment value as high-end products like copper targets ramp up [1] Component Development - Jiangfeng has deeply invested in mechanical components, capable of mass-producing over 40,000 types of components, including gas distribution plates and Si electrodes, achieving full category coverage [2] - The company leverages its material research capabilities in sputtering targets and its accumulated expertise in precision manufacturing, surface treatment, and temperature control to fill domestic gaps in key semiconductor components [2] - Jiangfeng has introduced all necessary production technologies for static suction cups from KSTE, overcoming technical bottlenecks and addressing shortages in critical semiconductor components domestically [2] Financial Forecast - The company has strengthened its competitive position in the semiconductor supply chain, leading to an upward revision of its performance forecasts, with expected revenues of 4.68 billion, 6.01 billion, and 7.65 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 541 million, 736 million, and 936 million yuan for the same years [2]