以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 市净率(LF)历史分位(%) (%) 90 83d7 80 78:03 70 60 59.27 50 40 3%3 30 20 20:37 10 0 2024-09-30 | 2025-03-30 | 2024-12-30 | 2025-06-30 | 2024-06-30 | 2025-0 公司 -○- 行业均值 制图数据来自恒生聚源数据库 为规避原材料价格波动风险，公司开展了期货套期保值业务。报告期末，部分原材料价格出现较大幅度上涨，导致公司相关期货套保业务产生投资损失及公 允价值变动损失，对本期业绩构成一定影响。 历年总营收、净利同比增长情况(%) 400 - %300 200 100 -55.44 52 75 24:77 2.05 0 20- 8.29 -100 -200 -300 -400 2023 2021 2022 2024 2025E 2020 营业总收入同比增长率 - 归母净利润同比增长率 - 扣非净利润同比增长率 制图数据来自恒生聚源数据库 总营收、净利季度变动情况(亿元) 1.8 1.5 1.2 0.9 1.398 0.6 ...

Core Viewpoint - The titanium target material industry is experiencing significant growth due to its critical applications in high-tech fields such as semiconductors, medical devices, and aerospace, with a projected market size of 2.802 billion yuan in China by 2024, reflecting an 8.35% year-on-year increase [1][8]. Industry Overview - Titanium target materials are made from high-purity titanium or titanium alloys, exhibiting excellent corrosion resistance, high strength, low density, and good biocompatibility, primarily used in semiconductor manufacturing, flat panel displays, decorative coatings, and vacuum equipment [4][6]. - The industry is supported by favorable policies, including subsidies and tax incentives, as outlined in the "14th Five-Year" new materials industry development plan, which identifies sputtering target materials as a key area for breakthroughs [1][8]. Market Size and Growth - The market size of China's titanium target material industry is expected to reach 2.802 billion yuan in 2024, with an increase of 8.35% compared to the previous year [1][9]. - The global semiconductor industry is projected to recover in 2024, with sales reaching $627.6 billion, a 19.1% increase year-on-year, driving demand for titanium targets as semiconductor nodes advance to 3nm and below [7][8]. Industry Chain - The titanium target material industry chain consists of upstream raw material and equipment suppliers, midstream manufacturers, and downstream application sectors, including semiconductors, medical devices, aerospace, and automotive manufacturing [7]. - China's titanium ore production is expected to decline by 6.3% to 3.044 million tons in 2024, but China remains the largest producer globally, accounting for 35.1% of total production [7]. Competitive Landscape - The industry is characterized by intense competition, with companies like Jiangfeng Electronics leading the first tier, followed by Longhua Technology, Ashi Innovation, and others in the second tier [10]. - Jiangfeng Electronics specializes in ultra-high-purity metal sputtering targets and has seen a 23.91% year-on-year increase in revenue, reaching 1.325 billion yuan in the first half of 2025 [11]. Development Trends - Future trends in the titanium target material industry include the adoption of advanced manufacturing processes such as powder metallurgy and 3D printing to enhance production efficiency and product quality [12]. - There is a growing emphasis on sustainability, with a focus on energy conservation and recycling in production processes, alongside expanding applications in emerging fields like new energy storage and biomedical materials [12].