1月30日，江丰电子（300666.SZ）、凯德石英（920179.BJ）双双停牌，根据29日晚间公告，江丰电子 拟以现金收购凯德石英控制权。交易完成后，凯德石英将成为江丰电子的控股子公司。 从两者的业务结构来看，江丰电子收购凯德石英，或将其作为精密零部件业务的补充。石英件是半导体 精密零部件关键的基础材料部件之一。 停牌前，江丰电子股价收报113.48元/股，市值301亿元；凯德石英股价收报50.89元/股，市值38亿元。 据了解，这是2026年的首例"A吃A"。 今年首例"A收A" 29日晚间，凯德石英公告称，公司实际控制人张忠恕、王毓敏及其一致行动人张凯轩、北京德益诚投资 发展中心（有限合伙）、北京英凯石英投资发展中心（有限合伙）正在筹划重大事项，拟将部分股权转 让予江丰电子，该事项可能导致公司控制权发生变更。 江丰电子同步公告，基于公司整体战略规划及未来发展需要，公司拟以现金收购凯德石英控制权。本次 交易完成后，公司将成为凯德石英的控股股东，凯德石英将成为公司的控股子公司。本次交易预计不构 成《上市公司重大资产重组管理办法》规定的重大资产重组。 另外，两家公司均表示，目前相关方案尚待进一步商讨确定，各 ...

1月29日，江丰电子、凯德石英双双发布停牌公告称，凯德石英实控人张忠恕、王毓敏及一致行动人正 在筹划将部分股权转让给江丰电子。若交易顺利实施，凯德石英将成为江丰电子的控股子公司。 不过，凯德石英却陷入了增收不增利的困境。公司营收从2022年的1.82亿元逐年增长至2024年的3.06亿 元，但归母净利润却从5392.55万元持续下滑至3290.59万元；2025年前三季度，业绩进一步承压，实现 营业收入2.22亿元，同比下滑4.22%；归母净利润2224.09万元，同比减少24.57%。 再来看收购方江丰电子，作为全球溅射靶材龙头企业，其已实现量产8英寸和12英寸半导体用高纯铝 靶、铜靶等产品。据日本富士经济报告，2024年江丰电子靶材出货量位居全球第一，出货金额位居全球 第二，且已进入台积电、中芯国际、SK海力士等半导体企业的供应链。 近年，江丰电子在稳固靶材业务优势的同时，持续丰富业务布局，半导体精密零部件业务已成为其第二 增长曲线。去年7月，还宣布募资约19.48亿元，重点投向集成电路设备用静电吸盘产业化项目。 中国银河研报分析称，通过此次募资，江丰电子有望突破静电吸盘这一关键领域，实现国产替代。随着 ...

（编辑 姚尧） 证券日报网讯 12月30日，晶盛机电在互动平台回答投资者提问时表示，公司基于在高纯石英领域的技 术和工艺积累，积极拓展布局精密石英制品，如应用于半导体制造的石英舟、石英腔体等各类石英制 品；应用于光伏产业链的投料筒、匀流板、光伏舟托等，并顺利实现销售。 ...

Summary of Key Points from the Conference Call of Kaide Quartz Company Overview - Kaide Quartz's semiconductor business accounts for over 95% of its revenue, while the photovoltaic business contributes less than 5% [2][5][3] - The company focuses on expanding its semiconductor operations through acquisitions and joint ventures, such as the acquisition of Shenyang Kaide Xinbei and the establishment of Kaimei Quartz [2][6] Core Business Developments - The company is accelerating the localization of 12-inch high-end quartz products, with the Yizhuang new factory focusing on 8-12 inch high-end products currently in the ramp-up phase [2][7] - The new production line at Shenyang Kaide Xinbei is expected to begin trial production by the end of 2025, with a semiconductor precision component R&D and production base project planned for completion in 2025 and capacity release in 2026 [2][7] Market Dynamics - Prices for semiconductor-grade quartz remain stable, with high customization and minimal impact from fluctuations in the photovoltaic industry [8] - The imposition of tariffs has had a negligible effect on the company, with no disruptions in raw material supply [8] Competitive Landscape - The domestic high-end 8-12 inch quartz product market is still dominated by foreign companies, indicating a need for increased localization [2][9] - Kaide Quartz has achieved 12-inch certification from major clients like SMIC and North Huachuang, providing a first-mover advantage, although scaling production will take time [2][10] Production Capacity and Financials - The Yizhuang factory has a designed full capacity of 500 million yuan, with projected revenue of approximately 20 million yuan in the first half of 2024 [4][15] - Currently, high-end products account for about 20% of the company's revenue, with plans to increase this proportion through new production lines focused on 8 and 12-inch products [17] Future Directions - The company aims to continue the certification of 12-inch high-end products and expand into new markets, including further certifications [7] - Kaide Quartz is also exploring opportunities in the photovoltaic sector but prioritizes semiconductor-related products due to market saturation in the former [21] Product Development and Certification - The certification process for products is lengthy and depends on client machine scheduling, with past certifications taking about 18 months [11] - The company is currently focused on developing 12-inch related products, which are crucial for future growth and localization efforts [24] Revenue Structure and Client Base - The revenue structure is heavily weighted towards semiconductor products, with ongoing efforts to secure more clients and increase order volumes from existing customers like SMIC and Changjiang Storage [14][18] Conclusion - Kaide Quartz is strategically positioned in the semiconductor market with a focus on high-end quartz products, aiming to enhance its production capabilities and market share while navigating the competitive landscape and potential market fluctuations.

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the product structure of the company is continuously improving, and external mergers and acquisitions are poised to drive growth [1] - In the first half of 2025, the company achieved operating revenue of 2.02 billion yuan, a year-on-year increase of 8.9%, while the net profit attributable to the parent company was 90 million yuan, a year-on-year decrease of 10.2% [4][5] - The gross profit margin for the first half of 2025 was 23.7%, down 3.2 percentage points year-on-year, primarily due to intense market competition and increased fixed asset depreciation costs [4][5] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 1.34 billion yuan, a year-on-year increase of 6.1% and a quarter-on-quarter increase of 98% [4] - The net profit attributable to the parent company for Q2 2025 was 60 million yuan, a year-on-year decrease of 25.3% but a quarter-on-quarter increase of 73.8% [4] - The gross profit margin for Q2 2025 was 22.3%, down 4.4 percentage points year-on-year and down 4.1 percentage points quarter-on-quarter [4] Business Segments - The non-equipment (OPEX) business revenue share increased to 37.3% in the first half of 2025, growing significantly faster than the equipment business [5] - The core component product, Gas Box, has broken foreign monopolies and is now supplied in bulk to leading domestic semiconductor equipment manufacturers [5] - The company is advancing its capacity construction in gas and advanced materials, with a manufacturing base in Tongling entering trial production [5] - A subsidiary, Xintesi, has been established to enter the semiconductor equipment maintenance service market, enhancing customer stickiness [5] Mergers and Acquisitions - The company has completed the acquisition of Han Jing Semiconductor, which specializes in high-precision quartz and advanced ceramic materials, expanding its core component business into high-barrier, low-replacement-rate areas [6] Financial Projections - Revenue projections for 2025-2027 are 6.98 billion, 8.71 billion, and 10.96 billion yuan, respectively, with net profits of 660 million, 880 million, and 1.16 billion yuan [7] - The expected EPS for 2025-2027 is 2.25, 3.02, and 3.95 yuan, with corresponding PE ratios of 16.41, 12.21, and 9.33 times [7]

Core Viewpoint - Zhengfan Technology (688596) has made significant progress in acquiring Hanjing Semiconductor, which is expected to enhance its OPEX business development through the purchase of 62.23% equity for a total of 1.12 billion yuan [2][4]. Group 1: Acquisition Details - The acquisition involves signing a share transfer agreement with five shareholders of Hanjing Semiconductor, with a total transaction amount of 1.12 billion yuan [2]. - Hanjing Semiconductor is a leading domestic supplier of quartz products and the first domestic producer of silicon carbide consumables, supplying major semiconductor equipment manufacturers [2][3]. - The acquisition is projected to create goodwill of approximately 550 million to 700 million yuan on Zhengfan Technology's consolidated balance sheet, primarily related to high-purity quartz materials and silicon carbide ceramic materials [3]. Group 2: Financial Performance - Hanjing Semiconductor's revenue for the first quarter of 2025 is projected to be 88.22 million yuan, with a net profit of 23.20 million yuan, reflecting a year-on-year decline of 9.33% in revenue and 28.76% in net profit for 2024 [3]. - As of the end of the first quarter, Hanjing Semiconductor's total assets amounted to 979 million yuan, with a net asset value of 257 million yuan [3]. Group 3: Strategic Implications - The acquisition aligns with Zhengfan Technology's strategic goals, enhancing its operational capabilities and competitive edge in the semiconductor industry [4]. - Following the acquisition, Hanjing Semiconductor will become a subsidiary of Zhengfan Technology, contributing to the company's overall profitability and stability [4]. - Zhengfan Technology has been actively optimizing its industrial layout, including previous acquisitions to expand its scale [4]. Group 4: Market Position - As of August 13, Zhengfan Technology's stock price was 36.66 yuan per share, with a total market capitalization of 10.7 billion yuan [5].

Core Viewpoint - Zhengfan Technology plans to acquire 62.23% of Hanjing Semiconductor's equity, making it a subsidiary, which is expected to enhance its market presence in the semiconductor industry [1][2]. Group 1: Acquisition Details - The acquisition will be conducted in cash and does not constitute a related party transaction or a major asset restructuring [1]. - Hanjing Semiconductor specializes in high-precision quartz and advanced ceramic materials, serving as a key supplier for major semiconductor equipment manufacturers like Tokyo Electron and Hitachi [1]. - The valuation for the 62.23% equity transfer is set at 18 billion yuan, corresponding to a price-to-earnings (PE) ratio of 21.4 based on projected net profit for 2024 [2][3]. Group 2: Financial Performance - In Q1, Hanjing Semiconductor reported revenue of 88.22 million yuan and a net profit of 23.20 million yuan, with a net asset value of 257 million yuan [2]. - Zhengfan Technology's revenue for Q1 was 677 million yuan, reflecting a year-on-year growth of 14.94%, while net profit increased by 38.23% to 34.42 million yuan [3]. - The semiconductor business is projected to account for 50.8% of Zhengfan Technology's revenue in 2024, with emerging markets contributing 11.5% [3]. Group 3: Strategic Implications - The acquisition is expected to enhance operational efficiency and service quality by integrating the technological and operational strengths of both companies [3]. - The deal aligns with Zhengfan Technology's long-term strategy in the semiconductor sector, leveraging shared customer resources to expand market reach [2].

Core Viewpoint - Shanghai Zhengfan Technology Co., Ltd. plans to acquire 62.23% equity of Liaoning Hanjing Semiconductor Materials Co., Ltd. for cash, which will make Hanjing a subsidiary of Zhengfan [1][3] Company Overview - Hanjing Semiconductor is a leading domestic supplier of quartz products and the first domestic producer of silicon carbide consumables, serving major semiconductor equipment manufacturers like Tokyo Electron and Hitachi [4] - The company is currently in a high growth phase, developing advanced production lines, including the first ultra-pure quartz production line in China and a silicon carbide components production line [4] Financial Performance - Hanjing's revenue for 2023, 2024, and Q1 2025 is projected to be 508.83 million, 461.36 million, and 88.22 million yuan respectively, with net profits of 117.92 million, 84.02 million, and 23.20 million yuan [5] - In 2024, Hanjing's revenue and net profit are expected to decline by 9.33% and 28.76% year-on-year [5] Valuation and Transaction Details - The valuation for Hanjing's 100% equity is set at 1.8 billion yuan, with the 62.23% stake priced at approximately 1.12 billion yuan [5][6] - The estimated price-to-earnings (PE) ratio based on Hanjing's 2024 net profit is 21.4 times, aligning with market valuations [5] Strategic Rationale - The acquisition aligns with Zhengfan's long-term focus on the semiconductor industry, aiming to integrate customer resources and expand market influence [7] - Zhengfan has been optimizing its industrial layout and expanding its scale through various financing methods, including a recent public offering of convertible bonds to raise 1.041 billion yuan for projects in electronic materials and pharmaceutical equipment [8]

Core Viewpoint - The acquisition of 62.23% equity in Han Jing Semiconductor by Zhengfan Technology aims to enhance its market position in the semiconductor industry and expand its product line in high-consumption components [1][9]. Group 1: Acquisition Details - Zhengfan Technology plans to acquire 62.23% of Han Jing Semiconductor for approximately 11.2 billion yuan, valuing the entire company at 18 billion yuan [6][7]. - The acquisition does not constitute a related party transaction or a major asset restructuring [1]. Group 2: Han Jing Semiconductor Overview - Han Jing Semiconductor specializes in high-precision quartz and advanced ceramic materials, serving as a key supplier to major semiconductor equipment manufacturers like Tokyo Electron and Hitachi [3]. - The company is currently in a growth phase, developing high-end production lines, including the first ultra-pure quartz production line in China [3]. Group 3: Financial Performance - Han Jing Semiconductor's revenue for 2023, 2024, and Q1 2025 is projected at 508.83 million yuan, 461.36 million yuan, and 88.22 million yuan, respectively, with net profits of 117.92 million yuan, 84.02 million yuan, and 23.20 million yuan [4]. - The company is experiencing a decline in performance, with a projected revenue and net profit decrease of 9.33% and 28.76% year-on-year for 2024 [4]. Group 4: Valuation and Performance Metrics - As of Q1 this year, Han Jing Semiconductor's total assets are valued at 979.45 million yuan, with a net asset of 256.89 million yuan [5]. - The valuation for the acquisition corresponds to a price-to-earnings (PE) ratio of 21.4 based on 2024 net profit estimates, which aligns with market valuation trends [5]. Group 5: Strategic Implications for Zhengfan Technology - The acquisition is expected to optimize Zhengfan Technology's industrial layout and enhance its influence in the domestic and international semiconductor markets [9]. - Zhengfan Technology has been actively expanding its business through various means, including a recent acquisition of a 30.5% stake in Hongge Semiconductor, increasing its ownership to 90.5% [10].

Core Viewpoint - Zhengfan Technology (688596.SH) plans to acquire a 62.23% stake in Liao Ning Hanjing Semiconductor Materials Co., Ltd. for a cash consideration of 1.12 billion yuan, valuing the entire company at 1.8 billion yuan [1][2]. Group 1: Acquisition Details - The acquisition will be funded through the company's own and raised funds, and upon completion, Hanjing Semiconductor will become a subsidiary of Zhengfan Technology [1]. - The acquisition agreement has been signed, but the final purchase agreement is still pending [2]. - The transaction does not constitute a related party transaction or a major asset restructuring as per relevant regulations [2]. Group 2: Financial Performance of Hanjing Semiconductor - Hanjing Semiconductor's projected net profits for 2023, 2024, and Q1 2025 are 118 million yuan, 84.01 million yuan, and 23.2 million yuan, respectively [2]. - The company's total assets, liabilities, and net assets for the years ending December 31, 2023, and 2024, as well as March 31, 2025, are as follows: - Total Assets: 757.42 million yuan (2023), 1.13 billion yuan (2024), 979.45 million yuan (2025) - Total Liabilities: 137.43 million yuan (2023), 709.88 million yuan (2024), 722.57 million yuan (2025) - Net Assets: 619.99 million yuan (2023), 420.28 million yuan (2024), 256.89 million yuan (2025) [3].