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].

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 - 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 - Jiemai Technology's stock price has shown a positive trend with a year-to-date increase of 9.42%, despite a slight decline over the past 60 days, indicating potential resilience in the market [1]. Group 1: Stock Performance - As of January 12, Jiemai Technology's stock price rose by 2.03% to 30.20 CNY per share, with a trading volume of 70.63 million CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 13.014 billion CNY [1]. - The stock has experienced a 3.35% increase over the last five trading days and a 4.43% increase over the last 20 days, while it has decreased by 2.58% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Jiemai Technology reported a revenue of 1.526 billion CNY, reflecting a year-on-year growth of 13.74%, while the net profit attributable to shareholders was 176 million CNY, showing a slight decrease of 0.70% [2]. - The company has distributed a total of 673 million CNY in dividends since its A-share listing, with 274 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of December 31, the number of shareholders for Jiemai Technology was 13,900, a decrease of 5.72% from the previous period, with an average of 29,197 circulating shares per shareholder, which is an increase of 6.07% [2]. - Notable shareholders include the second-largest shareholder, Quan Guo Xu Yuan Mixed A, holding 16.7727 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 5.8763 million shares to 10.4845 million shares [3].

Core Viewpoint - The article discusses the insights shared at the 2025 Securities Times Analyst Annual Conference, highlighting the unexpected changes in the global economy and market dynamics, particularly the simultaneous rise in equity risk assets and safe-haven assets like gold [1][3]. Group 1: Economic and Market Insights - Wu Ge, Chief Economist of Changjiang Securities, emphasizes that the market in 2025 was influenced by three supply-side factors: changes in the US dollar credit system, technological expectations and narratives of new productive forces, and domestic capital market reforms [3]. - The dollar's long-term weakening is anticipated, but non-economic factors affecting its depreciation in 2025 may diminish in 2026, potentially leading to a return to a Federal Reserve interest rate framework [3]. - The US economy faces a dual challenge of stagnation and inflation, complicating the interest rate reduction process and impacting emerging market risk preferences [3]. Group 2: Technology and Investment Opportunities - Long-term narratives around technologies like artificial intelligence (AI) remain intact, supported by the global interest rate environment and fiscal investments, although short-term earnings expectations for US tech companies may stabilize or slow down [3]. - Domestic policy reforms and anti-involution measures have positively influenced price levels in the capital market, while China's unique advantages in intermediate and capital goods have provided resilience in the new wave of globalization [3]. Group 3: Company Development and Strategy - Jie Mei Technology aims to become a one-stop solution provider for electronic component packaging and process materials, focusing on high polymer materials, electronic chemicals, and high-precision coating technologies [4][6]. - The company has evolved through three stages: from passive component paper carriers to semiconductor plastic carriers and now to strategic extensions into electronic-grade films and AI computing materials [6]. - The trend towards miniaturization of AI devices presents new opportunities for Jie Mei Technology, which plans to develop high-end electronic materials and enhance production processes through smart technology and IoT [7].

Group 1: Economic Outlook - The global economy and markets in 2025 experienced significant changes and contradictions beyond traditional analytical frameworks, with both risk assets and safe-haven assets reaching historical highs [1] - Market influences in 2025 included changes in the US dollar credit system, technological expectations, and domestic capital market reforms, shaping a unique capital market landscape [1] - The US economy faces a dilemma of "stagflation," which may complicate the interest rate reduction process and affect risk appetite in emerging markets [1] Group 2: Technology Sector Insights - Long-term narratives around technologies like artificial intelligence (AI) remain intact, supported by the global interest rate environment and fiscal investments, although short-term earnings expectations for US tech companies may stabilize or slow down [2] - The domestic capital market reforms and policies aimed at reducing "involution" have positively impacted price levels, while China's unique advantages in intermediate and capital goods have provided resilience in the new wave of globalization [2] Group 3: Company Development and Strategy - Jiemai Technology aims to become a one-stop solution provider for electronic component packaging and process materials, focusing on polymer materials, electronic chemicals, and high-precision coating technologies [2][3] - The company has evolved through three stages: from passive component paper carriers to semiconductor plastic carriers and now to strategic extensions into electronic-grade films and AI computing materials [3] - Jiemai Technology plans to leverage its existing technology and customer resources to further develop high-end materials for the new energy and AI computing industries, including applications in lithium battery films and composite materials [3][4] Group 4: Future Growth and Innovation - The trend towards miniaturization of AI devices presents new opportunities for products like carriers, prompting Jiemai Technology to enter the computing power sector and enhance its product quality through smart manufacturing and IoT [4] - The company emphasizes innovation and collaborative growth across multiple sectors to support the global electronics industry's upgrade, green transformation in new energy, and infrastructure for AI computing [4]