KFMI(SZ:300666) Xin Lang Cai Jing·2025-11-18 00:37Core Insights - Jiangfeng Electronics has established a joint laboratory for trace element analysis of high-purity materials with Yongjiang Laboratory, enhancing its research capabilities [1] - The company plans to raise 1.95 billion yuan through a private placement to fund projects including electrostatic chucks, ultra-pure metal targets, and a Shanghai R&D center [1] - Jiangfeng Electronics is recognized as a leading supplier in the ultra-pure metal sputtering target sector, serving major clients like SMIC, TSMC, and SK Hynix [1] Industry Developments - The global market for wafer electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current production capabilities in China being limited to small-scale manufacturing [2] - The domestic market for electrostatic chucks has a localization rate of less than 10%, indicating significant room for growth [2] - The semiconductor components business has seen rapid revenue growth, with a projected revenue of 887 million yuan in 2024, marking a year-on-year increase of 55.53% [2] Financial Projections - Jiangfeng Electronics maintains its revenue forecasts for 2025-2027 at 4.56 billion, 5.75 billion, and 7.35 billion yuan, with net profits projected at 520 million, 670 million, and 920 million yuan respectively [3] - The company expects a year-on-year growth rate of 29.0%, 29.7%, and 37.9% for net profit during the same period [3] - The dynamic P/E ratios for 2025 and 2026 are projected to be 45 and 34 times, respectively, supporting a "buy" rating [3]