12月17日，资本圈年度盛会——2025证券时报分析师年会暨最佳分析师颁奖典礼在苏州隆重举行。在本次年会上，长江证券首席经济学家、总裁助理伍戈和洁美 科技董事长方隽云等嘉宾就宏观经济展望、科技发展等主题发表了演讲。 伍戈在题为《谁在超越基本面？》的主题演讲中表示，回顾即将过去的2025年，全球经济和市场出现了诸多超出传统分析框架预料的变化与矛盾。尤其引人注目的 是，全球范围内权益类风险资产与黄金等避险资产的价格同时创下了历史新高，这种"落霞与孤鹜齐飞"的现象，值得在投资逻辑上进行深入思考。 至于国内政策，伍戈强调，资本市场制度改革与"反内卷"等政策对价格中枢产生了抬升作用。出口方面，中国凭借制造链上的中间品和资本品的独特优势，在新一 轮全球化中展现出韧性，成为年内经济超预期的重要支撑。 "不管风吹雨打，胜似闲庭信步。"伍戈表示，尽管未来面临诸多挑战，但经济中结构性机会依然广泛存在，2026年可拭目以待。 方隽云则以《深耕新材料，决胜大科技》为题发表演讲。据方隽云介绍，洁美科技致力于成为全球电子元器件封测与制程耗材的一站式解决方案提供商，立足于高 分子材料、电子化学品和高端精密涂布三大技术平台，并拓展至电子级薄 ...

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]

Core Viewpoint - Jiemai Technology's stock price has shown a significant increase of 43.04% year-to-date, despite recent declines in the short term [1][2] Financial Performance - For the period from January to September 2025, Jiemai Technology reported revenue of 1.526 billion yuan, reflecting a year-on-year growth of 13.74% [2] - The company's net profit attributable to shareholders was 176 million yuan, which represents a slight decrease of 0.70% year-on-year [2] Stock Market Activity - As of November 25, Jiemai Technology's stock price was 29.37 yuan per share, with a market capitalization of 12.657 billion yuan [1] - The stock experienced a trading volume of 33.4245 million yuan and a turnover rate of 0.28% [1] - The stock has seen a net outflow of 546,400 yuan in principal funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of November 20, the number of shareholders for Jiemai Technology increased to 15,300, marking a rise of 22.92% [2] - The average number of circulating shares per shareholder decreased by 18.64% to 26,458 shares [2] Dividend Distribution - Since its A-share listing, Jiemai Technology has distributed a total of 673 million yuan in dividends, with 274 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Quan Guo Xu Yuan Mixed A, holding 16.7727 million shares as a new shareholder [3] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, increasing its holdings by 5.8763 million shares to 10.4845 million shares [3] - Other new institutional shareholders include Huaxia Industry Prosperity Mixed A and Huaxia Excellent Growth Mixed A, holding 9.7127 million shares and 4.7557 million shares respectively [3]

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]