证券日报网1月8日讯，天通股份（600330）在接受调研者提问时表示，压电晶体材料在AR眼镜上的应 用正在进行技术验证并表现出了较高的技术优势，主要能解决彩虹纹等行业技术痛点。 ...

Core Viewpoint - The article emphasizes the importance of electronic materials in various high-tech industries, highlighting the need for innovation and domestic production capabilities to enhance China's competitiveness in the global market [7][9]. Group 1: Industry Overview - Electronic materials are crucial for manufacturing electronic devices, integrated circuits (ICs), and optoelectronic devices, directly impacting product functionality and efficiency [7]. - The global semiconductor industry is projected to reach a total sales of $526.8 billion in 2023, with IC electronic materials accounting for approximately 12.7% of this market [7]. - The demand for electronic materials is increasing in sectors such as ICs, display technology, photovoltaic energy, and high-end capacitors/resistors, driven by advancements in information technology and communication [7][9]. Group 2: Key Electronic Materials - **Semiconductor Materials**: Silicon (Si) is the primary material used in over 95% of semiconductor devices, with a market dominated by companies like Shin-Etsu Chemical and Sumco, holding over 90% market share in 8-12 inch wafers [11][15]. - **Electronic Specialty Gases**: The market for electronic specialty gases is highly concentrated, with major players like Air Products and Linde holding over 80% market share. The largest category, NF3, has a market size of $8.8 billion [16][18]. - **Photoresists**: The photoresist market is critical for IC manufacturing, with costs accounting for about 35% of total chip manufacturing costs. The development of EUV photoresists is essential for advanced nodes below 7nm [19][21]. - **Wet Electronic Chemicals**: The global market for wet electronic chemicals was valued at 639.1 billion yuan in 2022, with a projected growth rate of 8.9% annually [25]. - **CMP Materials**: Chemical Mechanical Polishing (CMP) materials are vital for achieving high precision in wafer manufacturing, with the global market for CMP pads and slurries growing significantly from 2016 to 2021 [28][29]. - **Third-Generation Semiconductor Materials**: Materials like SiC and GaN are gaining traction due to their superior properties for high-frequency and high-power applications, with China's market for these materials reaching approximately 85.4 billion yuan in 2023 [30][31]. Group 3: Market Dynamics and Trends - The electronic materials industry is characterized by a high degree of international competition, with the U.S., Europe, Japan, South Korea, and China being the main players [8]. - The ongoing technological revolution and industrial transformation present both challenges and opportunities for the electronic materials sector, necessitating advancements in material performance to meet the demands of emerging technologies like 6G and quantum computing [8][9]. - The article highlights the need for China to enhance its domestic production capabilities and innovation in electronic materials to ensure supply chain security and reduce reliance on foreign imports [9].

Core Viewpoint - TianTong Co., Ltd. (600330) is currently facing challenges in its photovoltaic equipment segment, while opportunities lie in piezoelectric crystal materials and integrated inductors. The electronic materials business is developing steadily. The company has maintained a dividend payout of at least 30% of its net profit attributable to shareholders annually [1][4]. Group 1: Business Challenges and Opportunities - The company is experiencing phase-specific difficulties in the photovoltaic equipment sector, with future opportunities primarily in piezoelectric crystal materials and integrated inductors [1]. - The electronic materials segment is showing stable growth, indicating a balanced portfolio despite challenges in other areas [1]. - The company has made significant investments in piezoelectric crystal materials, positioning itself among the top players in this field domestically [3]. Group 2: Technological Advancements - TianTong has achieved multiple technological breakthroughs in C-axis sapphire crystal growth, including the successful industrialization of 400 kg C-axis crystals and the development of 1000 kg crystals, enhancing material utilization and production capacity [2]. - The company employs an improved KY method and proprietary crystal growth furnaces, resulting in significantly lower energy consumption compared to traditional methods [2]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 2.459 billion yuan, a year-on-year decrease of 3.96%, and a net profit attributable to shareholders of 57.32 million yuan, down 53.85% [6]. - The third quarter alone saw a main revenue of 875 million yuan, a decline of 11.8%, and a net profit of 4.71 million yuan, down 89.61% [6]. - The company has a debt ratio of 30.61% and a gross margin of 19.82%, indicating financial pressure and the need for cost reduction measures [6][4]. Group 4: Strategic Outlook - The company is focused on the new materials and intelligent equipment sectors and is open to evaluating potential mergers and acquisitions to enhance its business capabilities [5].

Core Viewpoint - Tiantong Co., Ltd. is a leading enterprise in the electronic materials and high-end equipment sector in China, with a comprehensive industry chain advantage [1] Group 1: Business Overview - Tiantong Co., Ltd. was established on February 10, 1999, and listed on the Shanghai Stock Exchange on January 18, 2001 [1] - The company's main business includes electronic materials (such as magnetic materials, sapphire, and piezoelectric crystals) and high-end equipment (including specialized equipment for crystal materials, powder materials, and semiconductor displays) [1] - The company operates in the electronic chemicals sector and is involved in various concept sectors including flexible electronics, military electronics, robotics, nuclear fusion, superconductivity, and nuclear power [1] Group 2: Financial Performance - For Q3 2025, Tiantong Co., Ltd. reported revenue of 2.459 billion yuan, ranking 5th among 35 companies in the industry [2] - The industry leader, Xilong Science, reported revenue of 5.324 billion yuan, while the average revenue in the industry was 1.399 billion yuan [2] - The net profit for the same period was 58.0585 million yuan, ranking 26th in the industry, with the industry leader, Anji Technology, reporting a net profit of 608 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 30.61%, which is higher than the industry average of 28.64% [3] - The gross profit margin for the same period was 19.82%, lower than the industry average of 31.60% [3] Group 4: Executive Compensation - The chairman, Zheng Xiaobin, received a salary of 993,400 yuan in 2024, a decrease of 6,600 yuan from 2023 [4] - The president, Pan Zhengqiang, received a salary of 731,900 yuan in 2024, an increase of 31,900 yuan from 2023 [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 43.58% to 128,100 [5] - The average number of circulating A-shares held per shareholder decreased by 30.35% to 9,630.04 [5] Group 6: Market Outlook - Huatai Securities maintains a "buy" rating for Tiantong Co., Ltd., projecting EPS of 0.22, 0.26, and 0.27 yuan for 2025 to 2027, respectively [6] - The company is experiencing steady growth in sales and gross profit from electronic surface mount products and materials, with these two segments accounting for 89.94% of total gross profit [6] - The company is actively advancing the application of piezoelectric crystal materials in 5G communication and optical communication upgrades [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a revenue of 1.584 billion RMB for H1 2025, a year-on-year increase of 1.00%, but a net profit attributable to shareholders of 52.6073 million RMB, a year-on-year decrease of 33.29% [2]. - The equipment business is under pressure due to market conditions, while the materials business is showing positive growth, leading to a cautious outlook but a maintained "Buy" rating due to the company's strategic focus on emerging materials [2][5]. - The company is enhancing its layout in the emerging materials sector, with successful applications of chip inductors in AI server power modules and advancements in piezoelectric crystal materials for 5G and optical communication [4][5]. Financial Performance Summary - In H1 2025, the company's electronic surface mount products and materials sales generated revenues of 1.37 billion RMB (up 24.97% year-on-year) and 64 million RMB (down 0.09% year-on-year), respectively [3]. - The specialized equipment business saw a significant revenue decline of 63.15% year-on-year, totaling 148 million RMB, with a corresponding gross profit drop of 69.10% [3]. - The company experienced an increase in asset and credit impairment of 56 million RMB year-on-year, with total expenses of approximately 299 million RMB, reflecting a slight increase from the previous year [3]. Growth and Strategic Initiatives - The company is focusing on research and development in specialized equipment for powder and crystal materials, catering to the semiconductor, communication, photovoltaic, and powder metallurgy sectors [4]. - Sales of powder material press equipment increased by 117% year-on-year, with servo presses accounting for 46% of sales [4]. - The company aims to accelerate the production of large-size RF piezoelectric wafers, targeting an annual output of 4.2 million pieces [4]. Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 is projected at 0.22, 0.26, and 0.27 RMB, respectively [5]. - The target price is set at 12.37 RMB, based on a price-to-earnings (PE) ratio of 56.2X for 2025 [5].