东兴证券：维持江丰电子“推荐”评级，拟控股凯德石英增强半导体零部件业务核心竞争力

Core Viewpoint - Jiangfeng Electronics is expected to achieve steady growth in performance by 2025 and plans to acquire a controlling stake in Kaide Quartz to enhance its core competitiveness in the semiconductor components business [1] Group 1: Company Overview - Jiangfeng Electronics will become the controlling shareholder of Kaide Quartz after the completion of the transaction, gaining control over the company [1] - Beijing Kaide Quartz Co., Ltd. specializes in the research, production, and sales of quartz glass products, including quartz instruments, pipes, and boats [1] Group 2: Industry Application - Kaide Quartz's products are widely used as production consumables in the semiconductor integrated circuit chip field, photovoltaic solar industry, and other sectors [1] - Kaide Quartz is one of the few companies in China capable of processing quartz glass products for 8 and 12-inch semiconductor integrated circuit chip production lines [1] Group 3: Market Position and Performance - Kaide Quartz has been engaged in the export processing of quartz glass products for 4, 6, 8, and 12-inch semiconductor chip production lines for many years, with products primarily sold to Germany, the United States, and Taiwan [1] - The company offers over a hundred types of products, with processing technology and product quality reaching a high level in the industry [1] Group 4: Financial Projections - Jiangfeng Electronics is expected to see earnings per share (EPS) of 1.92 yuan, 2.75 yuan, and 3.55 yuan for the years 2025, 2026, and 2027, respectively [1] - The company maintains a "recommended" rating following the acquisition of Kaide Quartz's controlling stake, which will enhance its layout in the quartz component sector [1]