洁美科技机构调研报告 调研日期: 2026-01-28 浙江洁美电子科技股份有限公司成立于2001年,是一家专业为集成电路、片式电子元器件等企业配套生产薄型载带系列产品及离型膜等产品的国家高新 技术企业。公司拥有完整的产业链,能够为全球客户提供一站式服务和整体解决方案。洁美公司的产品主要包括纸质载带、上下胶带、塑料载带及配套 盖带、离型膜、流延膜等。 目录 一、调研基本情况 二、调研接待对象 三、主要调研内容 发现报告整理制作 fxbaogao.com 调研基本情况 | | 基本资料 | | | | --- | --- | --- | --- | | 公告日期 2026-01-28 | | 上市公司接待人员 | 董事、副总经理、董事会秘书 张君刚 | | 接待时间起始 2026-01-28 | | 接待时间截止 | 2026-01-28 | | 接待方式 电话会议 | | 接待地点 | 电话会议 | 发现报告整理制作 fxbaogao.com 调研接待对象 | | 接待对象明细 | | | --- | --- | --- | | 接待对象 | 接待对象类型 | 机构相关人员 | | 东方财富证券 | 证券公司 ...

浙江洁美电子科技股份有限公司投资者关系活动记录表 编号：20260116 | | | ☑特定对象调研 □媒体采访 | | | | | | □分析师会议 □业绩说明会 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资者关系 | | | | | | | | | | | | | □新闻发布会 | | | | | | □路演活动 | | | 活动类别 | | □现场参观 | | | | | | | | | | | ☑其他（电话会议） | | | | | | | | | 参与单位名称 | | 山西证券 | | | | | | | | | 时 | 间 | 2026 年 至 17:20 | 1 | 月 | 16 | 日下午 | 16:20 | | | | 地 | 点 | 浙江省杭州市拱墅区大关路 100 | | | | | | 号绿地中央广场 | 10 幢 24 层会议室 | | 上市公司接待 | | 董事、副总经理、董事会秘书：张君刚 | | | | | | | | | 人员姓名 | | 投资者关系助理：李彦霖 | | | | | ...

Core Viewpoint - The company, Zhejiang Jiemai Electronic Technology Co., Ltd., is a leading enterprise in electronic packaging materials and has maintained a high market share and profitability through a vertical and horizontal integration strategy, achieving a revenue of 1.53 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.7% [1]. Group 1: Business Overview - The company was established in April 2001 and specializes in the research, production, and sales of electronic packaging materials and electronic-grade film materials, including paper carrier tape, electronic adhesive tape, plastic carrier tape, release film, cast film, and IC trays [1]. - The company has maintained a gross margin of over 30% and has built a strong customer base due to the high recognition of its products [1]. Group 2: Market Demand - The global digitalization process has accelerated, driven by policies such as "new infrastructure" and "old-for-new" electronic product exchanges, leading to increased demand in markets like 5G networks, cloud computing, data centers, and electric vehicles [2]. - For instance, the demand for MLCC in AI servers is expected to be eight times that of traditional servers, with an annual growth rate exceeding 30% in the AI sector by 2030 [2]. Group 3: Production Capacity and Optimization - The company is expanding its production capacity both domestically and internationally to meet the surging demand for carrier tape driven by downstream electronic components [3]. - New production bases are being established and existing ones are being upgraded, including a new factory in Malaysia and a technology upgrade project in Jiangxi, which is expected to enter trial production by the end of 2025 [3]. Group 4: Strategic Acquisitions - The acquisition of Ruzhen Technology at the end of 2024 is expected to enhance the company's R&D and manufacturing capabilities in new energy materials, creating synergies and expanding market reach [4]. - Ruzhen Technology has already established deep collaborations with leading battery companies and has become a key supplier of composite aluminum foil for lithium batteries, receiving bulk orders from major clients [4]. Group 5: Financial Projections - The company is projected to achieve net profits of 207 million yuan, 359 million yuan, and 521 million yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 61.53, 35.56, and 24.47 times [4].

Core Viewpoint - Jiemai Technology (002859) has announced an employee stock ownership plan (ESOP) for 2025, allowing up to 81 employees to participate at a price of 13.1 yuan per share, with a total of up to 3.66 million shares available, representing 0.85% of the company's total equity [1][2]. Group 1: Employee Stock Ownership Plan - The ESOP will be funded by shares repurchased by the company, and the plan requires approval from the shareholders' meeting [1]. - The plan has a duration of 36 months, and the total shares held under all effective employee stock ownership plans cannot exceed 10% of the company's total equity [1]. - Individual employees can hold a maximum of 1% of the company's total equity through this plan [1]. Group 2: Performance Assessment - The ESOP includes performance assessments at both the company and individual levels, with company performance targets set for 2025 and 2026 [2]. - For 2025, the revenue growth target is set at no less than 8% compared to 2024, while the net profit growth target is set at no less than 20% [2]. Group 3: Company Overview and Market Context - Jiemai Technology specializes in the research, production, and sales of electronic packaging materials and electronic-grade film materials, with products widely used in integrated circuits, semiconductor, and new energy sectors [2]. - The company is benefiting from the accelerated global digitalization process and policies such as "new infrastructure" and "old-for-new" electronic product exchanges, which are driving demand in various markets including 5G, cloud computing, and electric vehicles [2]. Group 4: Financial Performance - In the first half of 2025, Jiemai Technology reported total revenue of 962 million yuan, a year-on-year increase of 14.67%, while net profit attributable to shareholders decreased by 18.78% to 98.49 million yuan [3]. - The revenue from electronic-grade film materials reached 116 million yuan, marking a significant year-on-year growth of 61.29% [3].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a revenue of 1.82 billion yuan for 2024, representing a year-on-year increase of 15.6%. However, the net profit attributable to shareholders decreased by 20.9% to 200 million yuan, and the net profit after deducting non-recurring items also fell by 21.9% to 200 million yuan. For Q1 2025, the revenue was 410 million yuan, up 14.0% year-on-year but down 12.9% quarter-on-quarter, with a net profit of 30 million yuan, down 36.7% year-on-year [2][5]. Financial Performance Summary - In 2024, the company's electronic packaging materials revenue reached 1.57 billion yuan, a year-on-year growth of 13.1%. The electronic film materials segment generated 180 million yuan, growing by 35.4% year-on-year. The company has also made significant investments in R&D, with expenses increasing by 85.5% year-on-year, which contributed to the decline in net profit [10][11]. - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, which accounts for 50.6% of the net profit attributable to shareholders for 2024 [5][10]. Business Development - The company is a leader in the thin carrier tape sector, focusing on integrated production and strong R&D capabilities. It has established a comprehensive supply chain advantage by producing raw materials in-house and has strengthened its customer base, particularly with key clients like Samsung and Murata [10]. - The company has expanded its product offerings into the new energy battery sector through the acquisition of Flexible Technology, targeting applications in consumer lithium batteries, power batteries, and energy storage batteries [10][11]. Future Outlook - The company is expected to benefit from the release of downstream demand and supportive national policies, with projected net profits of 240 million yuan, 270 million yuan, and 340 million yuan for 2025, 2026, and 2027, respectively [10][11].