KFMI(SZ:300666) 剑道电子·2025-07-11 01:15Core Viewpoint - The company is experiencing significant growth in revenue and net profit, driven by its competitive advantage in the sputtering target materials sector and the expansion into semiconductor precision components, which opens a second growth curve for the business [2][3][4]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1 billion yuan, a year-on-year increase of 29.53%, and a net profit of 157 million yuan, up 163.58% year-on-year [2]. - For the year 2024, the company reported revenue of 3.605 billion yuan, representing a 38.57% year-on-year growth, and a net profit of 401 million yuan, up 56.79% year-on-year [3]. - The overall gross margin for 2024 was 28.17%, a decrease of 1.03 percentage points year-on-year, while the gross margin for ultra-pure target materials improved by 2.90 percentage points to 31.35% [3]. Group 2: Business Segments - The ultra-pure target materials segment generated sales of 2.333 billion yuan in 2024, accounting for 64.73% of total revenue, benefiting from product structure optimization and increased use of domestic raw materials [3]. - The precision components segment, covering PVD, CVD, etching, and ion implantation processes, achieved sales of 887 million yuan, representing 24.60% of total revenue, although its gross margin decreased by 2.81 percentage points to 24.27% due to capacity expansion and new product introduction [3][4]. Group 3: Market Position and Product Development - The company is a leading domestic supplier of ultra-pure metal sputtering targets, with a product range including aluminum, titanium, tantalum, and copper targets, used in advanced integrated circuit chips and flat panel displays [4]. - The company has successfully entered the global sputtering target industry’s leading tier, becoming a core supplier for major chip manufacturers such as TSMC, SMIC, SK Hynix, and UMC [4]. - The production of 300mm copper-manganese alloy targets has significantly increased, and the company has achieved stable mass production of high-density 300mm tungsten targets [4].