KFMI(SZ:300666) Xin Lang Cai Jing·2025-12-01 12:58Core Viewpoint - Ningbo Jiangfeng Electronic Materials Co., Ltd. plans to raise up to 1.948 billion yuan through a private placement of shares, focusing on the industrialization of electrostatic suction cups for integrated circuit equipment, the construction of a high-purity metal sputtering target production base in South Korea, the establishment of a research and development center in Shanghai, and supplementing working capital [1][2]. Fundraising Focus - The fundraising will be allocated to four main projects: 998 million yuan for the production of 5,100 electrostatic suction cups, 270 million yuan for the production of 12,300 high-purity metal sputtering targets, 100 million yuan for the Shanghai R&D center, and 580 million yuan for working capital and debt repayment [2][4]. - Jiangfeng Electronic is a leading domestic company in semiconductor target material replacement, with titanium and tantalum target utilization rates exceeding 100% and aluminum target utilization at around 90% [2][4]. Electrostatic Suction Cup Project - The electrostatic suction cup project is expected to achieve an average gross margin of 65.71% upon reaching full production, with projected annual sales revenue of 1.191 billion yuan [3]. - The project adopts a "import + self-research" model and has already generated 1.8026 million yuan in agency sales revenue, collaborating with several domestic semiconductor equipment companies for product validation [3]. South Korea Target Material Base - The company plans to invest 350 million yuan in a production base in South Korea, targeting major clients like SK Hynix and Samsung, with expected annual sales revenue of 576 million yuan and an average gross margin of 20.75% [4]. - The South Korean base will focus on back-end processing, while core processes will remain in China, aiming to mitigate international trade risks [4]. - The company currently has orders worth 973 million yuan for target materials, accounting for 41.69% of the projected 2024 target material revenue, with an annual compound growth rate of over 18% from 2022 to 2024 [4].