【雅克科技（002409.SZ）】战略投资赋能双轮驱动，受益存储芯片高景气周期——跟踪点评（赵乃迪/蔡嘉豪）

Core Viewpoint - The company is entering a new growth cycle driven by strategic investments and the AI-driven semiconductor industry, which is reshaping the market landscape and enhancing domestic alternatives in key sectors [4][5][6]. Group 1: Strategic Investment and Growth - The company announced a capital increase of 925 million RMB for its wholly-owned subsidiary Chengdu Kemeite Special Gas Co., Ltd. to support its strategic planning and operational development [4]. - The strategic investment from Gongrong Jintou and Xingyin Financial Asset Investment will enhance the company's capacity expansion and technological upgrades, positioning it to seize opportunities in the industry transformation [6]. Group 2: Semiconductor Industry Dynamics - The semiconductor industry is entering a new AI-driven cycle, with significant demand growth across consumer, enterprise, and industrial sectors, particularly in AI PCs, servers, and smart driving [5][7]. - Global AI server shipments are expected to grow over 80% year-on-year in 2024, with the semiconductor market projected to exceed 1 trillion USD by 2030, nearly doubling from 2023 [7][8]. Group 3: Domestic Alternatives and Market Position - The company has established a strong presence in semiconductor materials, covering critical manufacturing processes, with its precursor purity reaching 99.99999% (7N level) and an 18% market share in global HBM precursor supply [8]. - The company is positioned as a key supplier for major domestic wafer fabs, including SMIC and Yangtze Memory Technologies, indicating a successful domestic alternative strategy [8]. Group 4: LNG Market Growth - The global LNG insulation board market is projected to grow from approximately 1.507 billion USD in 2025 to 16.82 billion USD by 2032, with a CAGR of 40.8% from 2026 to 2032 [9]. - The company is experiencing strong demand in its LNG board business, with completed GTT certification for multiple products, enhancing its profitability amid rising LNG import volumes driven by carbon neutrality policies [9].