洁美科技所属申万行业为：电子-其他电子Ⅱ-其他电子Ⅲ。所属概念板块包括：半导体、集成电路、基 金重仓、铜箔、融资融券等。 截至11月20日，洁美科技股东户数1.53万，较上期增加22.92%；人均流通股26458股，较上期减少 18.64%。2025年1月-9月，洁美科技实现营业收入15.26亿元，同比增长13.74%；归母净利润1.76亿元， 同比减少0.70%。 分红方面，洁美科技A股上市后累计派现6.73亿元。近三年，累计派现2.74亿元。 机构持仓方面，截止2025年9月30日，洁美科技十大流通股东中，泉果旭源三年持有期混合A （016709）位居第二大流通股东，持股1677.27万股，为新进股东。香港中央结算有限公司位居第三大 流通股东，持股1048.45万股，相比上期增加587.63万股。华夏行业景气混合A（003567）位居第四大流 通股东，持股971.27万股，为新进股东。华夏卓越成长混合A（024928）位居第七大流通股东，持股 475.57万股，为新进股东。 责任编辑：小浪快报 11月25日，洁美科技盘中上涨2.01%，截至10:28，报29.37元/股，成交3342.45万元，换手率0. ...

Core Insights - Copper Peak Electronics experienced a stock price decline of 2.06% on November 12, trading at 8.08 CNY per share with a total market capitalization of 5.096 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.36%, with a 0.62% rise over the last five trading days and a 9.93% increase over the last 20 days [1] Financial Performance - For the period from January to September 2025, Copper Peak Electronics reported a revenue of 1.072 billion CNY, reflecting a year-on-year growth of 11.37%, and a net profit attributable to shareholders of 79.91 million CNY, which is a 28.88% increase compared to the previous year [2] - The company has cumulatively distributed 96.93 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Copper Peak Electronics was 42,400, a decrease of 8.03% from the previous period, with an average of 14,676 circulating shares per shareholder, an increase of 8.73% [2] - The top ten circulating shareholders include major funds, with notable changes in holdings, such as Dazhong Growth Progress Mixed A reducing its stake by 714,900 shares [3]

Group 1 - The China International Import Expo (CIIE) is being held in Shanghai, attracting over 4,100 foreign enterprises from 155 countries and regions [1] - Samsung, as a leading enterprise in the industry chain, is leveraging the CIIE to enhance its supply chain ecosystem by empowering core suppliers for mutual benefits [3] - Samsung has been acting as a "development guide" for its supply chain partners, promoting collaborative upgrades and optimizing processes to build a win-win ecosystem [3] Group 2 - Jiemai Technology reported a revenue of 116 million yuan for electronic-grade film materials in the first half of the year, marking a year-on-year increase of 61.29% [4] - The company has successfully transitioned to in-house production of base films, breaking the long-standing foreign monopoly in high-end MLCC release films [4] - Jiemai Technology's new production lines in Guangdong have commenced operations, and the project in Tianjin is progressing towards equipment installation by the end of 2025, enhancing supply capabilities for strategic clients in North China [4]

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Insights - The company achieved a record high revenue in Q3 2025, with total revenue reaching 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% year-on-year [6]. - The company plans to accelerate capacity expansion through the acquisition of Jiangxi Hongmei by its subsidiary, Ruzhen Technology, for 26 million yuan. This acquisition aims to enhance production capabilities in new film materials and electronic specialty materials [6]. - The company is focused on becoming a one-stop service provider for materials required in the global electronic component packaging process, with projected revenues of 2.2 billion yuan in 2025, 2.6 billion yuan in 2026, and 3.5 billion yuan in 2027, reflecting growth rates of 21%, 18%, and 35% respectively [6]. Financial Forecast Summary - **Revenue Forecast**: - 2024: 1.817 billion yuan - 2025: 2.200 billion yuan (21.1% growth) - 2026: 2.600 billion yuan (18.2% growth) - 2027: 3.500 billion yuan (34.6% growth) [3][7] - **Net Profit Forecast**: - 2024: 202 million yuan - 2025: 257 million yuan (27.3% growth) - 2026: 345 million yuan (34.0% growth) - 2027: 510 million yuan (47.7% growth) [3][7] - **Earnings Per Share (EPS)**: - 2024: 0.47 yuan - 2025: 0.60 yuan - 2026: 0.80 yuan - 2027: 1.18 yuan [3][7] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio for 2025 is projected at 56.02, decreasing to 28.29 by 2027 [3][7].

Core Viewpoint - Zhejiang Jiemai Electronic Technology Co., Ltd. (referred to as "Jiemai Technology") reported a revenue of 564 million yuan in Q3 2025, representing a year-on-year growth of 12.19%, and a net profit attributable to shareholders of 77.43 million yuan, up 38.53% year-on-year, driven by strong demand in various sectors including 5G, cloud computing, and new energy vehicles [1][2]. Group 1 - The high demand in the consumer electronics industry is attributed to a combination of policies, technology advancements, and market needs, with the "old-for-new" policy and increased investment in new infrastructure directly benefiting the demand side [1][2]. - The company's core product, electronic packaging materials, is operating at full capacity, and the utilization rate of electronic-grade film materials is gradually increasing, leading to record-high revenue in Q3 [2]. - Jiemai Technology is expanding into the field of composite current collectors for new energy battery anodes and cathodes through its subsidiary, Zhejiang Rouzhen Technology Co., Ltd., with plans to add 7 composite aluminum foil production lines and 4 composite copper foil production lines this year [2]. Group 2 - The composite aluminum foil focuses on high safety scenarios, addressing mechanical short-circuit issues in ternary lithium batteries, while composite copper foil aims to reduce costs, enhancing battery energy density [3]. - The rapid development of the PCB industry is driving demand for differentiated products such as HVLP copper foil and PCB carrier copper foil, which are essential for high-end markets like AI servers and intelligent equipment [3]. - The demand for HVLP copper foil is increasing due to the growing need for AI computing power, as it is a critical raw material for high-speed copper-clad laminates, which are currently in short supply [3].

Core Viewpoint - The company has demonstrated robust revenue growth and significant improvement in profitability in the first half of 2025, indicating a positive outlook for its financial performance [2]. Financial Performance - In H1 2025, the company achieved operating revenue of 728 million yuan, a year-on-year increase of 13.88% - The net profit attributable to shareholders reached 58 million yuan, up 25.54% year-on-year - The net profit excluding non-recurring items was 52 million yuan, reflecting a year-on-year growth of 22.51% - The gross margin stood at 26.16%, an increase of 1.63 percentage points year-on-year [2]. Quarterly Performance - In Q2 2025, the company reported operating revenue of 363 million yuan, a year-on-year increase of 11.17% - The net profit attributable to shareholders was 31 million yuan, marking a year-on-year increase of 39.60% and a quarter-on-quarter increase of 14.82% - The net profit excluding non-recurring items was 28 million yuan, up 47.09% year-on-year and 14.74% quarter-on-quarter - The gross margin for Q2 was 29.10%, an increase of 3.34 percentage points year-on-year [2]. Product Performance - In H1 2025, revenue from electronic-grade film materials was 294 million yuan, a year-on-year increase of 15.47%, with a gross margin of 30.17%, up 2.15 percentage points - Capacitors generated revenue of 348 million yuan, reflecting a year-on-year increase of 12.56%, with a gross margin of 23.14%, up 0.16 percentage points - Connectors achieved revenue of 30 million yuan, a year-on-year increase of 9.09%, with a gross margin of 38.08%, up 13.88 percentage points [3]. Industry Position - The company is a well-established manufacturer of film capacitors and materials, possessing integrated supply chain advantages - It has a unique position in the industry with capabilities in both film and capacitor products, covering a wide range of applications including home appliances, communications, power grids, rail transportation, industrial control, and renewable energy [4]. Market Outlook - The market for ultra-thin film materials in the renewable energy sector is expected to grow, driven by technological advancements and national policies - The demand for film capacitors, as a core component, is anticipated to boost the film market's continuous growth - The industry is likely to see new market increments with the maturation of composite current collector application technologies [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown steady revenue growth and significant improvement in profitability in the first half of 2025, with a revenue of 728 million yuan, up 13.88% year-on-year, and a net profit attributable to shareholders of 58 million yuan, up 25.54% year-on-year [2] - The company benefits from an integrated industrial chain advantage, being one of the few companies that produce both film and capacitor products, which allows it to meet diverse customer needs [3] - The market for ultra-thin film materials in the renewable energy sector is expected to grow, driven by technological advancements and national policies, which will also boost the demand for capacitor films [3] Summary by Sections Financial Performance - In 25H1, the company achieved a revenue of 728 million yuan, with a gross margin of 26.16%, an increase of 1.63 percentage points year-on-year [2] - In 25Q2, the revenue was 363 million yuan, with a net profit of 31 million yuan, reflecting a year-on-year increase of 39.60% [2] - The electronic-grade film materials segment generated 294 million yuan in revenue, up 15.47% year-on-year, with a gross margin of 30.17% [2] Market Outlook - The demand for film capacitors is expected to grow, which will drive the continuous growth of the capacitor film market [3] - The report highlights the potential for new market increments in the capacitor film industry due to the maturation of composite current collector application technologies [3] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025 and 2026 to 121 million yuan and 146 million yuan, respectively, with a new forecast for 2027 at 169 million yuan [4] - The company is positioned as a leading domestic manufacturer of film capacitors and polypropylene film materials, with a sustained growth outlook in the renewable energy sector [4]

Financial Performance - The company achieved total revenue of 962.44 million CNY in the first half of 2025, representing a year-on-year growth of 14.67% [4] - The net profit attributable to shareholders decreased by 18.78% to 98.49 million CNY [4] - In Q2 2025, revenue reached 548 million CNY, with a quarter-on-quarter growth of 32.41% and a net profit increase of 92.03% [4] Business Segments - The electronic components segment generated 808 million CNY in revenue, a year-on-year increase of 9.97% [4] - The electronic-grade film materials segment saw significant growth, achieving a revenue increase of 61.29% [4] Industry Outlook - The electronic components industry is experiencing high demand due to the acceleration of digitalization and policies promoting "new infrastructure" [4] - The company's core products are operating at full capacity, with increasing utilization rates for electronic-grade film materials [4] Product Development and Client Acquisition - The company has successfully transitioned to self-manufactured base films for MLCC (Multi-Layer Ceramic Capacitor) applications, with stable supply to major clients [5] - The company plans to expand production lines for composite aluminum and copper foils, with significant client engagement and a 40% increase in orders year-on-year [5][6] Strategic Acquisitions - The acquisition of Jiangxi Hongmei for 26.28 million CNY aims to enhance production capacity and resource integration [6] - This acquisition is expected to improve operational efficiency and profitability across the company's subsidiaries [7] Employee Incentives - The company plans to grant stock options to up to 81 employees, totaling 3.66 million shares, which is 0.85% of the total share capital [8] - Performance metrics for the stock options include market share growth and product volume increases [8] Investment in Robotics - The investment in Huanuo Lingxin Intelligent Robotics aims to leverage existing precision machining capabilities to enhance production efficiency [9] - This collaboration is expected to facilitate the provision of core components to downstream partners and improve the company's production capabilities [9]

Group 1 - The company announced an employee stock ownership plan for 2025, granting up to 3.66 million shares to no more than 81 employees, representing 0.85% of the total share capital, with a purchase price of 13.10 yuan per share [1] - The performance assessment for the employee stock plan includes company-level targets of at least 8% revenue growth and 20% net profit growth for 2025, and 16% revenue growth and 50% net profit growth for 2026, based on 2024 figures [1] - Individual performance assessments are strict, focusing on enhancing competitiveness in traditional products and specific metrics for different business segments, ensuring alignment with high-end talent in the high-end film materials sector [1] Group 2 - In the first half of 2025, the company achieved revenue of 962 million yuan, a year-on-year increase of 14.67%, with a net profit attributable to shareholders of 98.49 million yuan [2] - The second quarter showed significant growth, with revenue of 548 million yuan, a quarter-on-quarter increase of 32.41%, and a net profit of 65 million yuan, a quarter-on-quarter increase of 92.03% [2] - The company benefited from new demand in the electronic components industry driven by sectors like new energy, smart manufacturing, and 5G technology, leading to a steady recovery in order volume [2] Group 3 - The electronic components segment generated 808 million yuan in revenue, a year-on-year increase of 9.97%, while the electronic-grade film materials segment saw revenue of 116 million yuan, a year-on-year increase of 61.29% [2] - The company is advancing its optical-grade BOPET film project, with the second production line starting trial production in the second quarter of 2025, and expects small batch supply in the second half of the year [2] - The company completed the acquisition and integration of Zhejiang Rouzhen Technology Co., increasing its stake from 58.43% to 60.41% [3] Group 4 - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, totaling 42.598 million yuan [3]

Core Viewpoint - Zhejiang Jiemai Electronic Technology Co., Ltd. (referred to as "Jiemai Technology") has announced its 2025 employee stock ownership plan, aiming to enhance the interests of employees and shareholders, improve corporate governance, and boost overall competitiveness [1][2]. Employee Stock Ownership Plan - The plan involves up to 81 participants, including directors, senior management, middle management, and key employees, with a total stock source of no more than 3.66 million shares, accounting for 0.85% of the current total share capital [1]. - The subscription price is set at 13.1 yuan per share, with total self-raised funds not exceeding 47.946 million yuan [1]. - Performance assessment will include company-level metrics such as revenue growth rate or net profit growth rate, and individual performance will be evaluated through a comprehensive performance assessment system [1][2]. Financial Performance - In the first half of the year, Jiemai Technology achieved total revenue of 962 million yuan, a year-on-year increase of 14.67%, and a net profit attributable to shareholders of 98.4941 million yuan [2]. - In Q2, the company reported revenue of 548 million yuan, a quarter-on-quarter increase of 32.41%, and a net profit of 65 million yuan, a quarter-on-quarter increase of 92.03% [2]. Business Strategy and Product Development - Jiemai Technology has implemented a vertical integration strategy for core products, achieving self-control over the entire industry chain for products like paper and plastic carrier tapes and release films [3]. - The company has also diversified its product offerings, expanding into electronic packaging materials, electronic-grade films, and new energy materials [3]. - The electronic component packaging carrier tape segment generated 808 million yuan in revenue, a year-on-year increase of 9.97%, while electronic-grade films contributed 116 million yuan, a year-on-year increase of 61.29% [3]. Expansion into New Energy Sector - Jiemai Technology is extending its reach into the new energy battery materials sector, specifically composite current collectors, by increasing its stake in Zhejiang Rouzhen Technology Co., Ltd. from 58.43% to 60.41% [4]. - The company's dual focus on traditional packaging materials and high-end products, along with its entry into the new energy sector, positions it favorably in the market, leveraging its film technology to capture new opportunities [4].