靶材基本盘稳健，半导体零部件加速放量 [Table_Summary] 事件：据交易所互动平台，公司的超高纯金属溅射靶材和半导体精密半 导体零部件产品已批量供货给拥有三维集成和键合技术的半导体设备制 造企业、芯片制造企业。 点评 净利率提升显著， 毛利率有望得到修复 2025H1，公司实现净利率 11.12%（同比+3.29pct），毛利率 29.72%（同 比-1.28pct）。净利率提升显著主要系公司原材料采购的国产化、产业链 的本土化实现降本增效叠加投资净收益增厚利润；毛利率短期承压主要 系公司多个半导体精密零部件生产基地陆续完成建设并投产，处在产能 爬坡阶段尚未实现规模效益。未来，随着半导体零部件产能利用率提升 ，巩固全球溅射靶材行业头部企业地位，毛利率有望得到修复。 超高纯靶材基本盘稳健，半导体零部件有望打造第二增长曲线 [Table_Info1] 江丰电子(300666) 电子 [Table_Title] 证券研究报告 / 公司点评报告 超高纯金属溅射靶材：2025H1 公司实现营收 13.25 亿元（同比+23.91%）， 毛利率 33.26%（同比+2.93%）。受益于下游需求的旺盛增长与持续的 ...

投资要点 看点1：公司业绩拐点将近，有望加速扭亏 3）公司布局：①算力：通过美利信（上海）布局极端散热场景，并关注服务器市场机遇；②储能：北 美工厂已获客户定点，公司亦进入正浩等国内供应链。 1）通信：①5G-A/6G 基站建设：2025 年国内三大运营商5G-A 计划投资额接近200 亿元，6G 基站或在 2030 年前后大规模商用；②针对高功率基站散热问题，前瞻布局液冷相关产品：全球通信行业最早量 产"散热+可钎焊压铸"产品。 2）汽车：①一体化压铸利好份额提升。特斯拉、比亚迪等均已布局一体化压铸，公司也已成功试制超 大型压铸件并出货，且可开发相关模具；②公司获北美无人驾驶定点。行业方面，特斯拉Robotaxi 已在 美国两州获批试运行。 3）老项目密集投产期已过，新项目未来可期。新项目涵盖可钎焊压铸技术应用、半导体精密零部件、 极端散热场景技术、铝镁合金轻量化材料等方面。 看点2：看好公司液冷产品从通信基站向算力、储能场景延拓的潜力1）算力液冷：功耗提升下，液冷散 热方案或为AIDC 必然选择，空间巨大。根据中国信通院，预计2029 年中国智算中心液冷市场规模约达 1300 亿元，2024仅为184 亿 ...

Group 1: Company Overview and Activities - The company is named Chongqing Meilixin Technology Co., Ltd., with stock code 301307 [1][2] - The investor relations activity took place on September 18, 2025, in the company meeting room [3] Group 2: Robotics and Semiconductor Development - The company is actively developing humanoid robot shells and components, aligning with industry demand and customer needs [3] - In May 2025, the company established Chongqing Yulai Sheng Precision Technology Co., Ltd. to provide precision components for the semiconductor sector [4] Group 3: North American Operations - The North American factory is preparing for production, including facility renovations and equipment procurement [5] Group 4: Liquid Cooling Technology - The company has developed aluminum alloy components for liquid cooling, primarily used in charging stations and next-generation communication products [6] Group 5: Customer Expansion in 2025 - In the first half of 2025, the company entered the supply chain of major clients like Nokia in the communication sector and secured contracts in the semiconductor and energy storage fields [7] Group 6: Shanghai Operations - Shanghai Meilixin is providing thermal management solutions, including liquid cooling technology, tailored to customer requirements [8]

（编辑 王雪儿） 证券日报网讯 江丰电子9月10日在互动平台回答投资者提问时表示，公司主营业务为超高纯金属溅射靶 材和半导体精密零部件的研发、生产和销售，其中超高纯金属溅射靶材主要包括铝靶、钛靶、钽靶、铜 靶以及各种超高纯金属合金靶材等，目前尚不涉及钌靶业务。 ...

Group 1 - The company, Jiangfeng Electronics (300666.SZ), focuses on the research, production, and sales of ultra-pure metal sputtering targets and precision semiconductor components [1] - The main products include aluminum targets, titanium targets, tantalum targets, copper targets, and various ultra-pure metal alloy targets [1] - Currently, the company does not engage in the business of ruthenium targets [1]

Group 1 - The core viewpoint of the articles highlights Jiangfeng Electronics' strong performance in the sputtering target materials market and its growing presence in the semiconductor precision components sector, maintaining a "buy" rating [1][2][3] - In the first half of 2025, the company reported revenue of 2.095 billion yuan, a year-on-year increase of 28.71%, and a net profit attributable to shareholders of 253 million yuan, up 56.79% year-on-year [1] - The gross margin decreased to 29.72%, down 1.27 percentage points year-on-year, primarily due to pressure on the precision components business [1] Group 2 - The company plans to raise up to 1.948 billion yuan through a private placement, with significant investments in semiconductor key components and global expansion [2] - A major project includes an investment of approximately 1.1 billion yuan to produce 5,100 integrated circuit equipment electrostatic chucks, addressing domestic supply shortages [2] - Another investment of 350 million yuan is aimed at establishing a production base in South Korea for ultra-pure metal sputtering targets, enhancing localized service capabilities for international clients [2] Group 3 - The ultra-pure metal sputtering target segment achieved revenue of 1.325 billion yuan in the first half of 2025, reflecting a year-on-year growth of 23.91% [3] - The semiconductor precision components segment generated revenue of 459 million yuan, with a year-on-year increase of 15.12%, driven by the introduction of new electrostatic chucks [3] - The market for electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current domestic localization rates below 10%, indicating significant growth potential for the company [3]

Investment Rating - The investment rating for Jiangfeng Electronics is "Buy" (maintained) [1] Core Views - Jiangfeng Electronics is positioned as a global leader in sputtering targets and is making strides in the precision components sector, aiming for domestic leadership. The company reported a revenue of 2.095 billion yuan for H1 2025, representing a year-on-year increase of 28.71%, and a net profit of 253 million yuan, up 56.79% year-on-year. The gross margin is at 29.72%, down 1.27 percentage points year-on-year, while the net margin increased by 3.29 percentage points to 11.12% [4][6]. Financial Performance Summary - For H1 2025, Jiangfeng Electronics achieved revenue of 2.095 billion yuan, a 28.71% increase year-on-year, and a net profit of 253 million yuan, reflecting a 56.79% year-on-year growth. The gross margin was 29.72%, down 1.27 percentage points, while the net margin improved to 11.12%, up 3.29 percentage points [4][6]. - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 528 million yuan, 654 million yuan, and 854 million yuan for 2025, 2026, and 2027 respectively [4][6]. Business Development - Jiangfeng Electronics is expanding its production capabilities with a planned fundraising of up to 1.948 billion yuan. This includes a project to produce 5,100 integrated circuit equipment electrostatic chucks, addressing the domestic supply shortage of high-end electrostatic chucks, and a 350 million yuan investment in South Korea to establish a production base for ultra-high purity metal sputtering targets [5][6]. - The company reported that its ultra-high purity metal sputtering targets generated revenue of 1.325 billion yuan in H1 2025, a 23.91% increase year-on-year, while the precision components segment achieved revenue of 459 million yuan, up 15.12% year-on-year [6]. Market Outlook - The market for electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current domestic localization rates below 10%. Jiangfeng Electronics is expected to lead in achieving mass production breakthroughs in this area [6]. - The company is well-positioned to benefit from the expansion of wafer fabs and increased equipment investments, particularly in the context of domestic substitution and import restrictions [6]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 41.4 for 2025, 33.4 for 2026, and 25.6 for 2027 [4][6]. - The projected revenue for 2025 is 4.462 billion yuan, with a year-on-year growth of 23.8%, and the net profit is expected to reach 528 million yuan, reflecting a 31.8% increase [7].

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [2]. Core Views - The company is facing profit pressure due to multiple factors, but it is expanding into the semiconductor and high-end precision industries, which are expected to drive future growth [2][5]. - The company reported a revenue of 1.86 billion yuan in the first half of 2025, a year-on-year increase of 12.4%, but continued to incur a net loss of 110 million yuan [3]. - The automotive parts segment showed strong performance with a revenue increase of 17.6%, while the communication segment remained stable [5]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected at 3.189 billion yuan, with a growth rate of 1% year-on-year. By 2025, revenue is expected to reach 4.431 billion yuan, reflecting a growth rate of 21% [2]. - The net profit for 2025 is adjusted to 33 million yuan, with projections of 148 million yuan and 207 million yuan for 2026 and 2027, respectively [5]. - The gross margin for the first half of 2025 was 7.46%, down 3.88 percentage points year-on-year, with the communication segment's gross margin at 4.43% [5]. Business Development - The company established a joint laboratory for thermal management and materials with top universities, aiming to provide comprehensive thermal management solutions across various sectors [4]. - The company is accelerating its globalization strategy through acquisitions, particularly in North America, to enhance its competitive edge [5]. Market Position - The semiconductor and thermal management sectors are identified as key growth areas, with the company leveraging its expertise in precision component manufacturing to meet client needs [5].

Core Viewpoint - Jiangfeng Electronics (300666) reported strong growth in its 2025 semi-annual report, with revenue reaching 2.095 billion yuan, a year-on-year increase of 28.71%, and net profit attributable to shareholders at 253 million yuan, up 56.79% [1][2]. Group 1: Financial Performance - The company achieved a gross margin of 29.72% in the first half of 2025, a decrease of 1.28 percentage points year-on-year, while the net profit margin increased by 3.29 percentage points to 11.12% [2]. - The ultra-pure sputtering material business generated revenue of 1.325 billion yuan, accounting for 63.25% of total revenue, with a year-on-year growth of 23.91% [1]. - The semiconductor precision components business reported revenue of 459 million yuan, representing 21.91% of total revenue, with a year-on-year increase of 15.12% [1]. Group 2: Business Development - The company is enhancing its competitive edge in advanced process products, with the ultra-pure sputtering material business's gross margin increasing by 2.93 percentage points to 33.26% [2]. - The construction of the Huanghu wheel material factory is progressing smoothly, providing a solid foundation for the continued growth of the sputtering material business [2]. - Multiple semiconductor precision component production bases have been completed and are in operation, which is expected to gradually release capacity and improve profitability in the precision components business [2]. Group 3: Strategic Initiatives - Jiangfeng Electronics plans to raise up to 1.948 billion yuan through a private placement to enhance its global competitiveness, focusing on semiconductor sputtering material production bases in South Korea [3]. - The company is a leading domestic producer of ultra-pure metal sputtering materials, with a tight global supply chain for high-end chip materials [3]. - The company is rapidly expanding its product line in precision components, with increasing shipments of precision temperature control heaters for wafer thin film deposition processes [3]. Group 4: Investment Outlook - Revenue projections for Jiangfeng Electronics are 4.506 billion yuan in 2025, 5.531 billion yuan in 2026, and 6.706 billion yuan in 2027, with year-on-year growth rates of 24.99%, 22.75%, and 21.24% respectively [4]. - Net profit forecasts are 511 million yuan in 2025, 648 million yuan in 2026, and 776 million yuan in 2027, with growth rates of 27.51%, 26.86%, and 19.74% respectively [4]. - The expected earnings per share (EPS) are 1.93 yuan in 2025, 2.44 yuan in 2026, and 2.92 yuan in 2027, corresponding to price-to-earnings (PE) ratios of 41.53, 32.74, and 27.34 times [4].

Core Viewpoint - Meilixin reported a revenue of 1.859 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.41%, but faced a net loss of 105 million yuan due to decreased gross margins and increased asset impairments [1] Group 1: Financial Performance - The company achieved an operating income of 1.859 billion yuan in the first half of 2025, which is a 12.41% increase compared to the previous year [1] - The net profit attributable to the parent company was -105 million yuan, indicating a decline compared to the same period last year [1] Group 2: Strategic Initiatives - In response to the slowing growth of traditional fuel vehicles and the rapid development of new energy vehicles, the company is focusing on maintaining its market share while enhancing efficiency and reducing costs [1] - The establishment of Meilixin (Shanghai) Company aims to support breakthroughs in extreme heat dissipation technology and innovations in aluminum-magnesium alloy lightweight materials through collaboration with top domestic research institutions [1] - The company also founded Chongqing Yulai Sheng Precision Technology Co., Ltd. to provide precision components for semiconductor clients, currently serving leading domestic customers in Shanghai and Shenzhen [1]