KFMI(300666) Dongxing Securities·2024-10-28 12:31Investment Rating - The report maintains a "Buy" rating for Jiangfeng Electronics (300666.SZ) [1][2] Core Views - Jiangfeng Electronics reported a revenue of 2.625 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 41.77%. The net profit attributable to the parent company, excluding non-recurring items, was 262 million yuan, up 87.32% year-on-year [1][2] - The company achieved a single-quarter revenue of 998 million yuan in Q3 2024, a year-on-year increase of 52.48%, with a net profit of 93 million yuan, reflecting a growth of 119.33% year-on-year. This performance is attributed to the continuous growth in sales of high-purity sputtering targets and the accelerated release of precision component products [1][2] - Jiangfeng Electronics has increased its R&D investment to 165 million yuan in the first three quarters of 2024, a year-on-year increase of 42.45%, emphasizing its commitment to cutting-edge technology and innovation [1][2] Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 3.312 billion yuan, with a growth rate of 27.31%. The net profit is expected to reach 384 million yuan, reflecting a growth rate of 50.30% [2][3] - The earnings per share (EPS) forecast for 2024, 2025, and 2026 are 1.45 yuan, 1.86 yuan, and 2.36 yuan respectively [2][3] - The company’s total assets are projected to be 6.156 billion yuan in 2024, with a total liability of 1.763 billion yuan, indicating a healthy balance sheet [3] Share Buyback - As of September 10, 2024, Jiangfeng Electronics has repurchased 1.0202 million shares, accounting for 0.3845% of the total share capital, demonstrating confidence in its business outlook and future development [1][2] Industry Position - Jiangfeng Electronics is recognized as a leader in the domestic semiconductor target material market, with a strong focus on precision components and continuous growth in its core business segments [1][2]