证券研究报告 | 公司深度报告 2026 年 02 月 25 日 飞凯材料（300398.SZ） 半导体材料业务增长可期，屏幕显示材料市场版图有望 扩张 我们认为半导体行业景气度的持续提升，尤其是人工智能技术的快速迭代催生 了相关应用领域需求的持续增长，有望持续带动公司湿电子化学品以及 EMC 环 氧塑封料等材料的营业收入上涨。屏幕显示材料业务市场版图在收购 JNC 株式 会社旗下液晶业务板块后有望扩张。紫外固化光纤涂覆材料有望受益于新型光 纤技术发展。综上，首次覆盖给予 "增持"投资评级。 ❑ 风险提示：宏观经济及产业政策波动风险、新产品研发和技术替代风险、可 增持（首次） 周期/化工 目标估值：NA 当前股价：31.98 元 基础数据 | 总股本（百万股） | 567 | | --- | --- | | 已上市流通股（百万股） | 564 | | 总市值（十亿元） | 18.1 | | 流通市值（十亿元） | 18.0 | | 每股净资产（MRQ） | 8.7 | | ROE（TTM） | 6.7 | | 资产负债率 | 27.4% | | 主要股东 | 飞凯控股有限公司 | | 主要股东持股比例 | 2 ...

Core Insights - Guangxin Materials (300537.SZ) reported a revenue of 348 million yuan for the first three quarters of 2025, a year-on-year decrease of 9.9% [1] - The net profit attributable to shareholders was 8.77 million yuan, down 75.6% year-on-year, with a net profit of 8.4 million yuan after excluding non-recurring gains and losses, a decline of 77.0% [1] - The company’s operating cash flow net amount was 47.06 million yuan, an increase of 183.6% year-on-year, with an earnings per share (EPS) of 0.0422 yuan [1] Financial Performance - In Q3, the company achieved a revenue of 115 million yuan, a decrease of 8.8% year-on-year [3] - The net profit attributable to shareholders was a loss of 4.77 million yuan, a decline of 158.6% year-on-year, while the net profit after excluding non-recurring items was a loss of 3.33 million yuan, down 142.1% [3] - The EPS for Q3 was -0.023 yuan [3] Asset and Shareholder Structure - As of the end of Q3, the total assets of the company were 1.334 billion yuan, an increase of 13.4% compared to the end of the previous year [3] - The net assets attributable to shareholders were 903 million yuan, up 20.0% from the end of the previous year [3] - The total number of common shareholders was 28,018, with the top ten shareholders holding a significant proportion, including Li Youming, who holds 35.30% of the shares [3] Business Focus and Strategy - The company specializes in the research, production, and sales of photosensitive materials, which are widely used in printing, electronics, and optoelectronics [3] - During the reporting period, the company increased its R&D investment, focusing on core technology breakthroughs and product structure upgrades to strengthen its technological advantage in high-end photosensitive materials [3] - The company signed a share transfer agreement to sell 75% of its stake in Shenzhen Lejian for 1 yuan, aiming to reduce management costs, divest non-core businesses, and optimize its asset structure to support long-term development and profitability [3] Industry Outlook - Industry insiders believe that as the technological barriers in the electronic chemical materials sector continue to rise, Guangxin Materials is expected to enhance operational efficiency and maintain market competitiveness by focusing on its core business and adjusting its asset structure [4]

Core Viewpoint - The article highlights the strategic expansion of Feikai Materials into the semiconductor and display materials sectors, emphasizing the establishment of a new production base and recent investments to enhance its competitive position in the industry [1][4]. Group 1: Semiconductor Materials Expansion - Feikai Materials' subsidiary, Suzhou Kaixin Semiconductor Materials Co., Ltd., has commenced construction on a new facility in Zhangjiagang City, covering an area of 55 acres, which is expected to produce 30,000 tons of semiconductor-specific materials and 13,500 tons of supporting materials annually [1][3]. - The new facility will become the largest semiconductor materials production base for Feikai Group, with products including photoresists, G5-grade ultra-pure solvents, and other critical semiconductor materials [3]. Group 2: Investment in Display Materials - Feikai Materials has announced an investment of 87 million yuan in its subsidiary Aikelong, which specializes in high-performance polyimide (PI) materials, to leverage technological and financial advantages for long-term business expansion [4]. - The company plans to acquire two display companies under JNC Group and all related liquid crystal patents for a total price of 382 million yuan, aiming to optimize its industrial structure and enhance its core competitiveness in the liquid crystal business [4]. Group 3: Financial Performance - In 2024, Feikai Materials reported a revenue of 2.918 billion yuan, representing a year-on-year growth of 6.92%, and a net profit attributable to shareholders of 247 million yuan, up 119.42% [5]. - For the first quarter of 2025, the company achieved a revenue of 701 million yuan, a 4.81% increase year-on-year, and a net profit of 120 million yuan, reflecting a growth of 100.10% [5].

Core Viewpoint - The company is increasing its investment in its subsidiary, Suzhou Aikelong Materials Co., Ltd., to enhance its competitive edge and expand its business in integrated semiconductor manufacturing, packaging, and display technologies [1][2]. Group 1: Investment and Expansion - The company plans to invest a total of 87 million RMB in Aikelong, with contributions from itself and two other partners [1]. - After the capital increase, the company's stake in Aikelong will be 11.6225%, maintaining it as a subsidiary [1]. - The investment aims to leverage technical and financial strengths for resource synergy and long-term business expansion [2]. Group 2: Recent Acquisitions - In addition to the capital increase, the company acquired two display companies from JNC and all related LCD patents for a total of 382 million RMB [2]. - The purpose of these acquisitions is to optimize the industrial structure and strengthen resource integration, focusing on the LCD business to enhance core competitiveness [2]. Group 3: Financial Performance - In 2024, the company achieved a revenue of 2.918 billion RMB, a year-on-year increase of 6.92%, and a net profit of 247 million RMB, up 119.42% [3]. - In the first quarter of 2025, the company reported a revenue of 701 million RMB, a 4.81% increase year-on-year, and a net profit of 120 million RMB, reflecting a 100.10% growth [3].

Core Viewpoint - Feikai Materials (300398.SZ) enhances market competitiveness through the acquisition of core patents from industry leader JNC Corporation, focusing on liquid crystal display technology [1][2]. Group 1: Acquisition Details - Feikai Materials' subsidiary, Hecheng Display Technology, plans to acquire 100% equity of JNC's subsidiaries and all related liquid crystal display patents for a total of 382 million yuan [3]. - The acquisition includes JNCLC, which specializes in TFT-LCD liquid crystal materials, and JNCNM, which focuses on new material technology research and development [3]. - JNC will invest 170 million yuan to subscribe to the increased registered capital of Hecheng Display, acquiring a 5.10% stake [4]. Group 2: Financial Performance - In 2024, Feikai Materials expects to achieve a revenue of 2.918 billion yuan, a year-on-year increase of 6.92%, with net profit and net profit excluding non-recurring items reaching 247 million yuan and 240 million yuan, respectively, marking increases of 119.42% and 379.65% [2][6]. - The company has reported a significant recovery in performance, with a production and sales rate exceeding 98% in 2024 [5][6]. Group 3: Strategic Focus - The acquisition aims to optimize the industrial structure and strengthen resource integration, focusing on the liquid crystal business to enhance core competitiveness [4][7]. - Feikai Materials has accumulated 734 patent certificates, including 708 invention patents, which will be complemented by the newly acquired patents to create a more comprehensive patent protection network [6][7].