Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is expanding its electronic packaging materials business, driven by strong demand and a trend towards miniaturization of electronic components. It is optimizing its product structure and increasing the production of high-precision carrier tape equipment, which enhances the output of high-value-added products [5]. - The company is also successfully expanding its customer base for electronic-grade film materials, with significant growth in the release film segment, particularly for MLCC applications. The revenue from electronic-grade film materials saw a year-on-year increase of 61.29% in the first half of 2025 [6]. - The company is planning to acquire 100% of Eifosi Technology, which specializes in ultra-precision optical processing equipment, to strategically expand its business into this field and enhance its competitive position in the semiconductor and electronic industries [9]. Financial Projections - The company is projected to achieve revenues of 20.29 billion, 25.71 billion, and 34.97 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 2.14 billion, 5.79 billion, and 9.68 billion yuan for the same years [10]. - The revenue growth rates are forecasted at 11.65% for 2025, 26.75% for 2026, and 36.00% for 2027, indicating a strong upward trend in financial performance [12].

Company Fundamentals - The core business of the company, electronic packaging materials, benefits from a high industry boom and is operating at full production capacity. In Q3 2025, the net profit attributable to shareholders increased by 38.53% year-on-year and 19.55% quarter-on-quarter, indicating an accelerating improvement in performance [2] - The new business of release films has achieved bulk supply to major domestic and international clients (such as Samsung and Murata), and the Tianjin production base is expected to begin trial production in Q1 2026, enhancing the supply chain responsiveness to customers in North China [2] - The subsidiary, Flexible Technology, has sent samples of its composite current collector business (such as HVLP copper foil) to Korean clients, representing a potential growth point [2] Financial Situation - On February 10, 2026, the main funds net bought 37.22 million yuan, accounting for 8.13% of the total transaction volume, with a net financing purchase of 8.98 million yuan, reflecting institutional recognition of the company [3] - Additionally, products under institutions like Huaxia Fund hold significant positions in the company's stock, further strengthening market confidence [3] Industry Policy and Environment - The electronic components industry maintains high prosperity driven by downstream demand from 5G, AI, and new energy sectors [4] - Policies such as the digital identity management for power batteries (to be implemented in April 2026) regulate the industry chain, indirectly benefiting upstream material suppliers [4] - Technological breakthroughs, such as the inclusion of 6G channel modeling in international standards, provide long-term technical support for the company's development [4] - It is noteworthy that the current stock price is significantly higher than the comprehensive target price set by institutions (34.00 yuan), indicating that market sentiment and short-term capital behavior have a substantial impact on the stock price [4]

Core Viewpoint - The A-share market has seen a significant increase in institutional research activities in 2026, with approximately 760 listed companies undergoing various institutional investigations, indicating a growing interest in quality investment targets and industry trends [2] Group 1: Institutional Research Trends - Institutional research has accelerated, with a focus on high-quality companies across sectors such as electronics, new energy, machinery manufacturing, healthcare, and information technology [2] - The research activities are characterized by a focus on companies with strong growth potential, industry competitiveness, and favorable market conditions, leading to high frequencies of institutional visits [2][3] - Key areas of interest for institutions include industry prosperity, business development strategies, overseas market expansion, capacity utilization, and performance expectations [2][7] Group 2: High-Frequency Research Companies - Six companies have been the focus of institutional research with over 10 visits each, with Jiemai Technology leading at 15 visits, followed by Taihe New Materials and Binglun Environment [3][4] - Jiemai Technology specializes in electronic packaging materials and has shown steady revenue growth, with figures of 1.301 billion, 1.572 billion, 1.817 billion, and 1.526 billion from 2022 to the first three quarters of 2025 [4] - Taihe New Materials, with 14 visits, is a leader in the domestic spandex and aramid fiber industry, while Binglun Environment, with 13 visits, operates in multiple sectors including low-temperature refrigeration and environmental heating [4] Group 3: Companies with High Institutional Engagement - Four companies have received over 200 institutional visits, with Dajin Heavy Industry leading at over 300 visits, focusing on wind power tower production and high-value offshore wind markets [5] - Dajin Heavy Industry's revenue figures from 2022 to the first three quarters of 2025 are 5.106 billion, 4.325 billion, 3.780 billion, and 4.595 billion, showing a rebound in 2025 [5] - Neipu Mining Machinery, with a focus on heavy mining equipment, and Xiangyu Medical, specializing in rehabilitation medical devices, have also seen significant institutional interest [6] Group 4: Key Focus Areas in Institutional Research - Institutions are particularly interested in the growth potential of companies, with inquiries about industry conditions and capacity utilization being common [7][8] - Jiemai Technology reported full production capacity for its core products, while Dajin Heavy Industry highlighted its overseas market strategies, particularly in Europe [8] - The overall trend reflects a strong market recognition of quality listed companies, with institutions considering fundamental factors, industry outlook, and management teams in their research [7]

Group 1 - The industry is currently experiencing high prosperity, with the company's core product, electronic packaging materials, operating at full production and sales capacity [1] - The utilization rate of electronic-grade film materials is gradually increasing [1] - The acceleration of global digitalization, along with policies such as "new infrastructure" and "old-for-new" in electronic products, is driving demand in various markets including 5G networks, cloud computing, data centers, new energy vehicles, AR/VR, industrial internet, AI terminals, and consumer electronics [1] Group 2 - The broad downstream demand provides a solid foundation for the development of the electronic components industry [1] - This robust demand environment supports the company's continuous, healthy, and stable business development [1]

Core Viewpoint - The company, Jie Mei Technology (002859), is experiencing high industry prosperity, with its core products in full production and sales status, supported by strong downstream demand in various sectors such as 5G, cloud computing, and new energy vehicles [1][6]. Industry Overview - The current industry climate is favorable, with the company's core product, electronic packaging materials, operating at full capacity. The utilization rate of electronic-grade film materials is gradually increasing due to the acceleration of global digitalization and supportive policies like "new infrastructure" and "old-for-new" electronic product exchanges [1][6]. - The demand for electronic components is being driven by emerging applications such as servers, new energy vehicles, robotics, drones, wearable devices, and consumer electronics, providing a solid foundation for the industry's development [1][6]. Pricing Strategy - The company will consider industry conditions and raw material price fluctuations when adjusting product prices. With the recent price increases from downstream clients like Yageo, Huake, and Fenghua, the company is monitoring market changes to determine the timing for potential price adjustments [1][6]. Product Development and Client Engagement - The company has successfully transitioned to stable bulk supply of MLCC release film products to major clients, including Yageo and Huaxin, and has completed validation and bulk supply for Korean and Japanese clients like Samsung and Murata [2][7]. - The company is actively developing high-end release films to break the foreign monopoly and achieve domestic substitution, with ongoing research and trials in various applications [2][7]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 1.526 billion yuan, a year-on-year increase of 13.74%. The net profit attributable to shareholders was 176 million yuan, a slight decrease of 0.7% [4][10]. - In Q3 2025, the company achieved a single-quarter revenue of 564 million yuan, up 12.19% year-on-year, with a net profit of approximately 77.43 million yuan, reflecting a significant increase of 38.53% [4][10]. - The company's gross profit margin stands at 33.69%, with a debt ratio of 56.59% [10]. Investment Sentiment - In the last 90 days, five institutions have rated the stock, all giving a buy rating, indicating positive sentiment towards the company's future performance [5][10]. - Recent financing data shows a net outflow of 15.986 million yuan in financing, while the margin balance has decreased, suggesting cautious investor sentiment [6][10].

Group 1: Investor Relations Activities - The company conducted investor relations activities on January 29 and 30, 2026, including specific object research and telephone conferences [2][3][4] - Participants included major financial institutions such as AIA Life, Huachuang Securities, Taikang Asset, and Huatai Securities [2][3] Group 2: Industry Insights - The current industry climate is favorable, with the company's core product, electronic packaging materials, operating at full capacity [3] - The utilization rate of electronic-grade film materials is gradually increasing, supported by global digitalization and policies promoting new infrastructure and electronic product upgrades [3] Group 3: Pricing Strategy - The company will consider industry conditions and raw material price fluctuations when adjusting product prices, especially in response to rising prices from downstream clients [3][4] - The demand for electronic components is expected to continue growing due to emerging applications in AI, new energy vehicles, and consumer electronics [3] Group 4: Product Development and Supply - The company has successfully achieved stable bulk supply of release films to major clients, including Yageo and Walsin Technology [4] - Ongoing R&D efforts aim to break foreign monopolies in high-end release films and improve product performance across various applications [4] Group 5: Strategic Partnerships - The company holds a 22.5% stake in Beijing Critical Domain Technology Co., which is expected to achieve mass production of core products by mid-2026 [4] - Key customers for Beijing Critical Domain include high-temperature superconducting strip manufacturers [4]

Group 1: Investor Relations Activities - The investor relations activities included a telephone conference held on January 26, 2026, from 13:30 to 14:30, with participation from Yongying Fund and Wanji Fund [2] - Additional telephone conferences were scheduled for January 27 and January 28, 2026, with various investment firms participating [3][4] Group 2: Industry Outlook and Product Pricing - The current industry outlook is positive, with the company's core product, electronic packaging materials, operating at full capacity [4] - The company is monitoring market conditions and may adjust product prices in response to rising costs from downstream customers [5] Group 3: Competitive Advantages - The company has established a strong customer base in the electronic information industry, providing a solid foundation for new product introductions [6] - It is one of the earliest companies in China to develop MLCC (Multi-Layer Ceramic Capacitor) release films, achieving stable supply to major clients [6] - The company has significant technical expertise in precision coating technology, enhancing its competitive edge in the release film market [6] Group 4: Production and Expansion Plans - The Tianjin production base is currently in the equipment debugging phase, with trial production expected to start within the first quarter of 2026 [7] - The company plans to leverage its new facility to enhance supply capabilities to strategic customers in North China, particularly Samsung [7] Group 5: Financial Health and Capital Expenditure - The company maintains sufficient bank credit limits and a normal debt ratio, ensuring financial stability for future capital expenditures [8] - It plans to conduct refinancing in line with the expansion pace of release film production [8] Group 6: Research and Development - The company is actively developing high-end release films for various applications, aiming to break foreign monopolies and achieve domestic substitution [7] - Beijing Critical Field Technology Co., in which the company holds a 22.5% stake, is focused on high-temperature superconductors and is expected to begin trial production mid-year [8]

Core Viewpoint - Jiemai Technology aims to become a leading provider of one-stop services and overall solutions for electronic component packaging materials and processes, focusing on electronic-grade film materials, electronic chemicals, and materials related to new energy [3]. Group 1: Company Developments - Jiemai Technology has been actively engaging with numerous institutions for research since January 16, including Shanxi Securities, Huatai Securities, and Tianhong Fund [1]. - The company has achieved a leading global market share in paper carrier tape, breaking the near monopoly held by foreign companies [3]. - Jiemai Technology is expanding its product offerings from electronic packaging materials to include electronic-grade film materials, achieving mass production of products such as release films and composite current collectors [3]. Group 2: Market Conditions - The electronic packaging materials sector is currently experiencing high demand, with core products operating at full production capacity [4]. - The acceleration of global digitalization, coupled with policies like "new infrastructure" and "old-for-new" electronic product exchanges, is driving demand in markets such as 5G, cloud computing, and new energy vehicles [4]. - The industry is in a period of explosive growth, with effective supply-demand matching being crucial for market capture [4]. Group 3: Pricing and Supply Chain - Recent price increases from downstream clients like Yageo and Walsin indicate a potential for Jiemai Technology to adjust its product prices in response to rising demand in sectors such as AI servers and new energy vehicles [5]. - Jiemai Technology has successfully transitioned to stable mass supply of MLCC release films to major clients, completing product validation with Korean and Japanese customers [5][6]. - The company has signed strategic supply agreements with major polarizer manufacturers for release films and is continuously developing high-end release films to replace foreign products [6]. Group 4: Acquisition and New Products - Jiemai Technology completed the acquisition of Jiangxi Rouzhen Technology, which specializes in polymer-metal composite film materials, enhancing its product portfolio for lithium-ion batteries [6][7]. - The new products from Rouzhen Technology, including composite aluminum and copper foils, are aimed at various battery applications, with a planned annual production capacity of 5 million square meters [7].

Core Viewpoint - The company, Jiemai Technology, is experiencing high industry prosperity, with its core product, electronic packaging materials, operating at full production and sales capacity [1] Industry Summary - The utilization rate of electronic-grade film materials is gradually increasing, supported by the acceleration of global digitalization and policies such as "new infrastructure" and "old-for-new" in electronic products [1] - The demand from markets such as 5G networks, cloud computing, data center construction, new energy vehicles, AR/VR, industrial internet, AI terminals, and consumer electronics is continuously expanding, providing a solid foundation for the development of the electronic components industry [1] - This broad downstream demand offers a favorable industry environment for the sustained, healthy, and stable development of the company's business [1]

Core Viewpoint - The electronic components industry remains at a high level of prosperity, with the company's core product, electronic packaging materials, achieving full production and sales. The company is also making significant progress in its release film and composite current collector businesses, poised to benefit from the growing demand in downstream markets such as 5G, AI, and new energy [1] Industry Demand and Growth - The acceleration of global digitalization, coupled with policies like "new infrastructure" and "old-for-new" electronic product exchanges, is driving strong demand in emerging application areas such as 5G networks, cloud computing, data centers, and new energy vehicles. This trend provides solid support for the company's business development [2] - The company's core product, electronic packaging materials, is currently in a state of full production and sales. Key downstream customers have begun to raise product prices, prompting the company to consider adjusting its product prices based on industry conditions and raw material price fluctuations [2] Product Development and Market Expansion - The release film business, a key focus for the company, has achieved stable bulk supply to major domestic clients and has completed the transition to self-manufactured base film products. The company has also successfully supplied its release film products to international clients such as Samsung and Murata, with ongoing volume ramp-up [2] - The company is developing a new growth area through its subsidiary, focusing on polymer metal composite film materials, which can replace traditional aluminum and copper foils in lithium-ion batteries, enhancing energy density and safety [4] Production Capacity and Strategic Positioning - The company's Tianjin production base is currently in the equipment debugging phase and is expected to start trial production in the first quarter of 2026. This facility will enhance the company's ability to supply strategic customers in North China, improving supply chain responsiveness and increasing market share among Korean clients [3] Competitive Advantage and Market Leadership - As a global leader in electronic packaging materials, the company has achieved a leading market share in the field. Through vertical integration, it has built a comprehensive capability in the electronic-grade film materials industry chain, expanding its business scope to include production process materials, optoelectronic display materials, and new energy materials [5] - With the continuous increase in downstream demand and steady progress in various businesses, the company is expected to further expand its market share and consolidate its leading position in the industry [5]