电子 | 证券研究报告 — 业绩评论 2025 年 9 月 18 日 300666.SZ 增持 原评级：增持 市场价格:人民币 80.38 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 23.0 8.9 12.3 63.9 相对深圳成指 (8.0) (4.7) (17.8) (1.7) (10%) 8% 26% 43% 61% 79% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 江丰电子 深圳成指 | 发行股数 (百万) | 265.32 | | --- | --- | | 流通股 (百万) | 221.16 | | 总市值 (人民币 百万) | 21,326.48 | | 3 个月日均交易额 (人民币 百万) | 703.96 | | 主要股东持股比例 | | | 姚力军 | 21.40% | tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 江丰电子 靶材、零部件双轮驱动，收入、业绩维持高增速 ...

Core Viewpoint - The company, Hefei Qizhong Technology Co., Ltd., is a leading provider of advanced packaging and testing services for integrated circuits, maintaining a strong position in the industry through technological leadership and a solid customer base [1] Industry Overview - The display driver industry chain is shifting to mainland China, leading to rapid growth in domestic packaging and testing demand. In 2020, the market size for display driver chip packaging in mainland China reached 4.68 billion yuan, with a CAGR of 16% from 2016 to 2020 [2] - The penetration of AMOLED technology in smartphones, wearables, and tablets is driving incremental demand. The global AMOLED penetration rate is expected to rise from 18% in 2017 to 41% by 2024 [2] Company Positioning - The company offers comprehensive packaging services across various processes, including gold bump manufacturing and COG/COP/COF packaging, and has established a strong customer base including leading firms like Novatek and Etron Technology. The company is well-positioned to benefit from the domesticization trend in the industry [3] - The company is strategically targeting the high-growth AMOLED DDIC packaging segment, with projections indicating that revenue from AMOLED products will account for 20% of total revenue by 2024 [3] Non-Display Business Development - The company's non-display packaging services focus on power management and RF front-end chips, providing a complete solution for wafer-level chip-scale packaging. The projected revenue from non-display chip packaging is approximately 150 million yuan in 2024, reflecting a year-on-year growth of about 17% [4] Financial Projections - The company is expected to achieve revenues of 2.253 billion, 2.686 billion, and 3.042 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 310 million, 410 million, and 520 million yuan. The projected EPS for these years are 0.26, 0.34, and 0.44 yuan, with PE ratios of 43.65, 33.54, and 26.21 based on the closing price on August 8, 2025 [5]

Market Overview - The Shanghai stock market is experiencing a significant surge, with the brokerage sector seeing an 80% increase over two months and trading volume surpassing 1.5 trillion yuan, marking a historical high [1] - The market's current trajectory mirrors past cycles, with notable similarities to the 2005 and 2015 market peaks, suggesting a cyclical pattern in investor behavior [1] Trading Dynamics - Recent trading activity has shown a stark contrast between rising indices and stagnant individual stock performances, with only 824 stocks (less than 20%) rising over 50% in the first quarter of 2025 [4] - High-frequency trading algorithms are becoming dominant, with a private fund achieving an annualized return of 138%, and high-frequency trading now accounting for over 30% of market activity [6] Sector Performance - The AI and semiconductor sectors are leading the market rally, with companies like Zhongke Shuguang reporting AI server orders extending into March 2026 [4] - The robotics industry is also experiencing explosive growth, with a 120% increase in shipments for a Shenzhen manufacturer [6] - The semiconductor industry is witnessing a wave of domestic production, with Huawei's chip production line expanding and a 20% increase in chip packaging prices [8] Capital Inflows - International capital is increasingly flowing into the Chinese market, with monthly trading volumes in Hong Kong and mainland stocks exceeding $5.4 billion [5] - A significant 59% of international capital plans to heavily invest in Chinese tech stocks over the next five years, indicating strong foreign interest [5] Regulatory Environment - Recent financial regulations, including the introduction of T+0 trading, have sparked renewed enthusiasm in the market, prompting public funds to rapidly expand their trading capabilities [8] Market Sentiment - Despite the bullish market indicators, there are concerns about potential market corrections, with analysts warning that the current environment may not sustain a rally to 8000 points [9] - Historical patterns suggest caution, as previous market peaks have been followed by significant downturns, with analysts highlighting key warning signs such as a rapid increase in trading volume and a surge in new accounts [9]

Core Viewpoint - The article discusses the procurement project for the Hainan University Cryptography Research Experimental Environment Platform (Phase II) Package A, with a budget of 63,091,500.00 yuan, highlighting the rapid advancements in flow cytometry technology and the structural changes in the industry towards domestic production [1][2]. Group 1: Project Overview - Project Number: HD2025-1-023, Project Name: Hainan University Cryptography Research Experimental Environment Platform (Phase II) Package A, Procurement Method: Competitive Negotiation, Budget Amount: 63,091,500.00 yuan [2]. - The procurement package has a maximum price limit of 63,091,500.00 yuan and requires a bid security of 300,000.00 yuan [2]. Group 2: Procurement Details - The procurement demand includes satellite communication equipment, with a total quantity of 1 batch, and the budget allocated for this item is 63,091,500.00 yuan [2]. - The contract performance period is set for 24 months, with the satellite payload portion to be completed within 12 months [2]. Group 3: Document Acquisition - Procurement documents can be obtained online from June 26, 2025, to July 3, 2025, during specified hours [3]. - Bidders must register on the Hainan Provincial Government Procurement Smart Cloud Platform to download the bidding documents [4]. Group 4: Contact Information - The procurement entity is Hainan University, located at 58 Renmin Avenue, Haikou City, Hainan Province, with contact number 0898-66251770 [6]. - The procurement agency is Huacai Tendering Group Co., Ltd., located at 1-3 Jinlian Road, Longhua District, Haikou City, with contact number 0898-65392579 [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company has demonstrated significant revenue and profit growth, with total revenue reaching RMB 3.605 billion in 2024, a year-on-year increase of 38.57%, and a net profit of RMB 401 million, up 56.79% year-on-year [5][9] - The precision components business is expected to continue its high growth trajectory, supported by advancements in ultra-pure target materials and third-generation semiconductor materials [5][8] - The company is well-positioned to benefit from the domestic production wave, leading to an upward revision of profit forecasts for 2025-2026 [5][8] Financial Summary - For 2024, the company reported total revenue of RMB 3,605 million, with a growth rate of 38.57% compared to 2023 [9] - The gross profit margin for 2024 was 28.17%, a decrease of 1.03 percentage points year-on-year [8] - The company’s earnings per share (EPS) for 2025 is projected to be RMB 1.97, with corresponding price-to-earnings (PE) ratios of 35.4 times [5][7] Business Segments - The ultra-pure metal sputtering target segment generated revenue of RMB 2.333 billion in 2024, growing by 39.51% year-on-year, with a gross margin of 31.35% [8][9] - The precision components business achieved revenue of RMB 887 million, reflecting a year-on-year increase of 55.53% [8][9] - The company is actively developing a diverse product range, including high-density tungsten targets and various precision components, which are widely used in core processes such as gas phase deposition and etching [8][9] Future Outlook - The company is investing in projects to enhance its production capacity, including a new facility for ultra-pure metal sputtering targets, which is expected to improve international competitiveness and supply chain stability [8][9] - The projected revenue growth rates for the upcoming years are 25.6% for 2025, 25.4% for 2026, and 24.3% for 2027 [7][11]