KFMI(SZ:300666) 招商电子·2026-02-09 00:36Core Viewpoint - Jiangfeng Electronics is a leading global manufacturer of ultra-pure metal sputtering targets, focusing on aluminum, titanium, tantalum, copper, and tungsten targets, with a dual-driven strategy of targets and components expected to drive revenue and profit growth [3][4][8]. Group 1: Business Overview - Jiangfeng Electronics has established a complete industrial chain from ultra-pure metal raw material purification to target manufacturing, serving major clients like TSMC, SMIC, and SK Hynix [3][4]. - The company has achieved significant growth in both target and component businesses, with a projected revenue CAGR of 32.6% from 2020 to 2024, and an expected revenue of 4.6 billion yuan in 2025, representing a 28% year-on-year increase [4][26]. - The company’s gross margin has remained stable between 28% and 30%, with a gross margin of 28.93% in Q3 2025, and target gross margins showing a recovery starting in 2023 [32][33]. Group 2: Target Business - Jiangfeng Electronics is the global leader in ultra-pure metal sputtering targets, with a market share of 26.9% in sales volume, and is expected to be the largest supplier by shipment volume in 2024 [5][47]. - The demand for sputtering targets is driven by a supply-demand gap and rising costs, with significant price increases observed since 2025 due to rising costs of aluminum, copper, and tungsten [5][6]. - The company is positioned to benefit from the increasing demand for advanced process technologies, with major clients planning to expand their production capacities significantly [5][6]. Group 3: Component Business - The component business is expected to open a second growth curve, with revenue from components projected to reach 8.87 billion yuan by 2024, growing 55.53% year-on-year [29]. - Jiangfeng Electronics has successfully scaled production of key components such as silicon electrodes, gas distribution plates, and heaters, with a focus on increasing the domestic production rate of electrostatic chucks [6][29]. - The acquisition of a stake in Kaide Quartz is expected to enhance the company’s capabilities in quartz products, further solidifying its position in the semiconductor supply chain [6][8]. Group 4: Strategic Development - The company has a stable core team with significant international expertise, which is crucial for long-term development and innovation in ultra-pure metal materials [18][21]. - Jiangfeng Electronics is actively pursuing a diversified industrial layout, covering semiconductor materials, core components, and specialized equipment, establishing a comprehensive competitive advantage [21][26]. - The company’s strategic collaborations and technological advancements are expected to drive long-term growth and market share expansion in both the target and component sectors [7][8].