您好！公司生产的半导体零部件主要用于半导体设备制造和半导体芯片制造环节，涵盖包括物理气相沉 积（PVD）、化学气相沉积（CVD）、刻蚀、离子注入等半导体核心工艺环节。感谢您的关注！查看 更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(江丰电子SZ300666)： 投资者提问： 董秘同志您好，新凯来公司致力于半导体装备及零部件、电子制造设备的研发、制造、销售与服务。请 问：贵公司的半导体零部件业务是否与新凯来公司所从事的业务构成竞争关系？单纯从业务或者技术角 度看，二者互补性或者关联性如何？谢谢。 ...

Core Insights - The collaboration between Taiwan and Anhui is transitioning from traditional manufacturing to emerging industries, highlighting a win-win partnership in economic development [1][2]. Group 1: Industry Development - Anhui province is evolving from a traditional agricultural base to a technology powerhouse, with significant growth in emerging industries such as new energy vehicles, integrated circuits, and artificial intelligence [1][2]. - By September 2025, Anhui is expected to have approved over 2,500 Taiwan-funded projects, attracting more than $20 billion in direct investments across various sectors [2]. Group 2: Business Expansion - Taiwanese businesses are shifting their focus from traditional sectors like textiles to high-tech industries, with a strong alignment between Taiwan's advantageous industries and Anhui's emerging sectors [2]. - Companies like 联宝 (Lianbao) have expanded their operations in Anhui, moving from producing laptop components to a broader range of products including automotive parts and precision bearings, with annual output exceeding 300 million RMB [2]. Group 3: Entrepreneurial Opportunities - Young Taiwanese entrepreneurs are increasingly establishing businesses in Anhui, drawn by the region's supportive environment and logistical advantages, as exemplified by a semiconductor company founded by three Taiwanese sisters [3][4]. - The local government provides comprehensive support for new businesses, enhancing the confidence of entrepreneurs in the region [3].

Summary of Conference Call for Jingsheng Electromechanical Company Overview - Jingsheng Electromechanical is backed by a publicly listed company, providing significant advantages in capital, technology research and development, and operational management [2][4][5] Industry Insights - The silicon carbide sector is improving despite Jingsheng starting late, with the company currently keeping pace with clients in 18-inch products and leading in 12-inch products due to strong technical capabilities and capital support [2][4] - The photovoltaic industry is expected to reach a turning point around 2027, driven by government intervention, the elimination of outdated production capacity, and improvements in downstream profitability [2][7] Key Points and Arguments - Jingsheng has reduced investment and quickly responded to process iterations by self-manufacturing equipment, adopting Industry 4.0 automation to lower labor costs, and establishing a showroom in Yinchuan to reduce energy costs [2][6] - The company’s semiconductor components business, initiated in 2016, currently meets 80% of its own needs through advanced imported machine tools and is set to begin external supply in 2024, with recognition from leading equipment manufacturers [2][8] - Despite low prices in the photovoltaic dry pot market in 2025, Jingsheng's market share is projected to increase from 25% in 2024 to 40%, attributed to product quality, longevity, and the exit of smaller competitors [2][9] Future Development Focus - Future R&D priorities include customized semiconductor components, new packaging products, ion implantation equipment for wafers, and domestic substitution of auxiliary materials like quartz products [2][10] - The growth drivers for the next few years include advancements in silicon carbide materials and equipment, promotion of new photovoltaic technologies, capacity expansion for overseas clients, and the growth of the semiconductor components business [2][11] Additional Important Insights - Key factors for overseas clients when selecting suppliers are technological strength and capital strength, as they prefer suppliers with long-term stability and strong operational conditions [3] - Jingsheng has improved the yield of silicon carbide products through multiple rounds of technological iterations and is exploring cost reduction opportunities [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][12][17] Core Views - The company has achieved record high revenue and profit in Q1 2025, driven by growth in target materials and components [4][6] - The company is the second largest in the global semiconductor target materials market and has successfully replaced raw materials domestically, with a continuously increasing market share [7][8] - The semiconductor components segment is rapidly growing, with a wide range of products covering all categories, indicating significant development potential [9][10] - The company plans to raise funds through a private placement to enhance production capacity for key components, which will improve its competitiveness and service capabilities [11][12] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.29 billion yuan, a year-on-year increase of 25.4%, and a net profit attributable to shareholders of 400 million yuan, up 39.7% year-on-year [6] - In Q3 2025, revenue reached 1.2 billion yuan, reflecting a year-on-year growth of 19.9% and a quarter-on-quarter increase of 9.3% [6] - The gross profit margin for Q3 2025 was 27.6%, with a net profit margin of 12.4% [6] Growth Projections - Revenue projections for the company are as follows: 3.605 billion yuan in 2024, 4.648 billion yuan in 2025, 5.957 billion yuan in 2026, and 7.574 billion yuan in 2027, with respective growth rates of 39%, 29%, 28%, and 27% [4][12] - Net profit attributable to shareholders is expected to reach 547 million yuan in 2025, 752 million yuan in 2026, and 912 million yuan in 2027, with growth rates of 37%, 37%, and 21% respectively [4][12] Market Position and Strategy - The company has established a comprehensive supply chain by localizing raw material procurement and enhancing its production capabilities, which positions it well to meet the growing demand for high-end chips [8][10] - The semiconductor equipment precision components market in China is projected to reach 138.4 billion yuan in 2025, providing substantial growth opportunities for the company [10]

Group 1 - European automakers are under significant pressure due to Chinese companies cutting off their access to key semiconductor suppliers, particularly referencing Anshi Semiconductor [1] - The situation in Europe is tense, with a planned visit from a Chinese high-tech delegation to discuss rare earth export restrictions, indicating ongoing diplomatic challenges [4] - Initial discussions have taken place regarding the temporary allowance of Anshi Semiconductor products to continue exporting, but no agreement has been reached yet [4] Group 2 - Anshi Semiconductor's control has shifted to the Netherlands, which has led to severe impacts on Germany's automotive industry, highlighting the interconnectedness of European supply chains [5] - German Chancellor Merz is urging the Netherlands to acknowledge its mistakes regarding Anshi Semiconductor, as China demands recognition before any negotiations can proceed [6] - The actions taken by the Netherlands have resulted in a significant loss of credibility for the country, as well as disruptions to the entire European automotive supply chain [6] Group 3 - The Anshi incident has provided an opportunity for Western countries to take aggressive actions against China, marking a shift in the dynamics of international relations [8]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][38]. Core Insights - The "Bay Chip Exhibition" will be held in Shenzhen from October 15-17, 2025, featuring leading companies such as New Kai Lai, North Huachuang, and others [3]. - New Kai Lai showcased 31 self-developed high-end equipment at SEMICON China 2025, indicating its strong position in the semiconductor industry [3]. - The semiconductor components sector is crucial for supporting the exponential growth of downstream industries, with an annual output value reaching over $10 billion [3]. - The demand for semiconductor components is expected to increase due to advanced equipment and process expansions, entering a new growth cycle [3]. - Investment recommendations include focusing on outstanding manufacturers in various segments of semiconductor components, such as New Lai Materials, Jiangfeng Electronics, and others [3]. Industry News and Commentary - Global semiconductor sales in August 2025 reached $64.9 billion, a year-on-year increase of 21.7%, with China growing by 12.4% [5][6]. - The Asia-Pacific region saw a significant sales increase of 43.1% year-on-year in August 2025 [6]. - DRAM and NAND flash memory prices continue to rise, reflecting market confidence in future price increases [12]. - TSMC's 2nm wafer pricing is approximately $30,000, representing a 10-20% increase compared to the 3nm process [21]. - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both experienced gains, with increases of 3.23% and 5.59% respectively [26].

Market Overview - The Shanghai Composite Index closed flat compared to the previous day, while the CSI 300 rose by 0.6%, the STAR 50 increased by 1.2%, the CSI 1000 fell by 0.4%, and the ChiNext Index rose by 1.6% [4] - The best-performing sectors included Media (+2.2%), Communication (+2.0%), Non-ferrous Metals (+1.9%), Electric Equipment (+1.6%), and Computer (+1.5%), while the worst-performing sectors were Textiles and Apparel (-1.5%), Comprehensive (-1.3%), Agriculture, Forestry, Animal Husbandry and Fishery (-1.2%), Home Appliances (-1.1%), and Transportation (-1.0%) [4] - The total trading volume in the Shanghai and Shenzhen markets was 23,711 billion, with a net inflow of 11.05 billion HKD from southbound funds [4] Important Recommendations Meili Xin (301307) - The company is a global leader in precision die-casting and is expected to explore new markets in liquid cooling, humanoid robots, and semiconductors [5] - The recommendation logic includes anticipated performance recovery and new business opportunities in liquid cooling, humanoid robots, and semiconductors [5] - Revenue projections for 2025-2027 are 4,190 million, 5,192 million, and 5,991 million, with growth rates of 14.5%, 23.9%, and 15.4% respectively [5] Weiteng Electric (688226) - The company is a leading domestic busbar manufacturer, positioned in the high-growth AIDC sector, with solar and energy storage businesses driving growth [6] - Revenue projections for 2025-2027 are 4,109.27 million, 4,806.30 million, and 5,645.62 million, with growth rates of 18.06%, 16.96%, and 17.46% respectively [7] Xizhuang Co., Ltd. (001332) - The company is a leader in high-end pressure vessels and is benefiting from trends in controllable nuclear fusion [8] - Revenue projections for 2025-2027 are 1,367.66 million, 1,504.43 million, and 1,654.87 million, with growth rates of -10.83%, 10.00%, and 10.00% respectively [8] Hanwei Technology (300007) - The company is a leading sensor manufacturer, with flexible sensors opening new growth opportunities [9] - Revenue projections for 2025-2027 are 2,502.43 million, 2,833.99 million, and 3,225.08 million, with growth rates of 12.34%, 13.25%, and 13.80% respectively [9]

Overview - The semiconductor industry is experiencing a structural recovery driven by multiple factors including AI technology penetration, deepening domestic substitution, and cyclical inventory replenishment, leading to growth across various segments [23][24]. Semiconductor Equipment - The global semiconductor equipment market is expected to reach $121 billion by 2025, with China leading in capacity expansion, projected to grow to 10.1 million wafers per month [2][28]. - Domestic high-end equipment still relies on imports, but local manufacturers are accelerating their catch-up in high-end equipment sectors due to favorable policies and external sanctions [2][28]. - In Q1 2025, selected domestic equipment companies reported a total revenue of 16.97 billion yuan, a year-on-year increase of 35.7%, and a net profit of 2.49 billion yuan, up 34.8% [2][28]. Semiconductor Materials - The global sales of wafer manufacturing materials and packaging materials are projected to be $42.9 billion and $24.6 billion in 2024, respectively, benefiting from advanced process developments [3][29]. - The semiconductor materials market is expected to exceed $84 billion by 2028, driven by AI development [3][29]. - From 2019 to 2024, the compound annual growth rate (CAGR) for selected semiconductor materials companies is projected to be 18.58% [3][29]. Semiconductor Components - The revenue and profit growth in the semiconductor components industry have significantly accelerated since 2020, with a CAGR of 27% from 6.77 billion yuan in 2019 to 22.34 billion yuan in 2024 [4][30]. - The net profit for the same period increased from 670 million yuan to 2.69 billion yuan, with a CAGR of 32% [4][30]. Packaging and Testing - The packaging and testing sector has seen continuous revenue growth for six consecutive quarters, with Q1 2025 revenue reaching 21.8 billion yuan, a year-on-year increase of 24% [5][31]. - The sector's gross margin in Q1 2025 was 13.3%, with a net profit of 420 million yuan, up 8% year-on-year [5][31]. Storage - The storage sector is expected to see an upward trend in average selling prices (ASP), driven by AI demand [7][27]. - In Q1 2025, the revenue of certain module manufacturers increased by 54% year-on-year, indicating a recovery in the sector [7][27]. Consumer Electronics - The global smartphone shipment is projected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][32]. - The consumer electronics sector is experiencing a recovery trend, with Q1 2025 revenue reaching 400.85 billion yuan, a 22% year-on-year increase [12][32]. PCB - The PCB sector is expected to see comprehensive growth in 2024, driven by high-end demand from AI applications [13][34]. - In Q1 2025, PCB companies reported significant revenue growth, with some companies like Shenghong Technology achieving an 80.3% year-on-year increase [13][34]. Passive Components - The revenue of key listed companies in the passive components sector reached 9.383 billion yuan in Q1 2025, a year-on-year increase of 16.76% [14][35]. - The average gross margin for the sector was 27.93%, indicating stable performance despite seasonal fluctuations [14][35].

Core Insights - The company reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit [1][2][3] - The semiconductor components business is rapidly growing, contributing to a larger share of total revenue, and is expected to benefit from domestic substitution trends [2][3] Financial Performance - In 2024, the company achieved revenue of 3.6 billion, a year-on-year increase of 38.6%; non-recurring net profit was 300 million, up 94.9%; and net profit attributable to shareholders was 400 million, an increase of 56.8% [1] - For Q1 2025, revenue reached 1 billion, a 29.5% increase year-on-year; net profit attributable to shareholders was 160 million, up 163.6%; and non-recurring net profit was 90 million, a 30.4% increase [1] - The company recorded investment income of 68.07 million in Q1 2025 from the partial transfer of equity in an associate, significantly boosting net profit [1] Business Segments - The high-end target material business generated revenue of 2.333 billion in 2024, a 39.5% increase, with the company expanding its global market share in sputtering target materials [1] - The semiconductor components business achieved revenue of 887 million in 2024, a 55.53% increase, and accounted for 24.6% of total revenue, up 2.7 percentage points year-on-year [2] - The company’s components are widely used in key semiconductor processes, and there is significant potential for domestic substitution in the supply chain [2] Future Outlook - The company has raised its profit forecasts and maintains a "buy" rating, expecting revenue for 2025-2027 to be 4.56 billion, 5.75 billion, and 7.35 billion respectively, with year-on-year growth rates of 26.4%, 26.2%, and 27.8% [3] - Net profit for the same period is projected to be 520 million, 670 million, and 920 million, with growth rates of 29.0%, 29.7%, and 37.9% respectively [3]

Group 1 - The U.S. Customs announced a waiver for certain products from tariffs imposed under the "reciprocal tariffs" executive order, including computers, semiconductor components, smartphones, GPUs, routers, displays, and storage devices [1][3] - Products manufactured or assembled in China, such as iPhones, PCs, servers, and semiconductors, will not be subject to the previously increased tariffs of up to 125% [2][3] - The tariff exemption aims to alleviate price pressures on U.S. consumers and reduce the impact on the technology sector, as many consumer electronics are not produced domestically [3] Group 2 - The tariff relief is expected to ease supply chain pressures, lower trade costs for related industries, enhance export competitiveness, and boost market confidence, positively impacting the valuation of technology and electronics manufacturing sectors [3] - Key companies that may benefit include semiconductor leader SMIC, memory chip manufacturer Hua Hong Semiconductor, consumer electronics giant Sunny Optical, AAC Technologies, and smart terminal OEM BYD Electronics [3]