证券研究报告：电子 | 公司点评报告 发布时间：2026-03-26 9291 股票投资评级 买入 |首次覆盖 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 洁美科技(002859) 拟收购埃福思，拓展超精密加工设备赛道 ⚫ 投资要点 电子封装材料业务产能持续扩张，叠加需求强劲，进入量价齐升 阶段。一方面，公司顺应电子元器件小型化趋势，持续优化产品结构， 持续增加高精密载带专用设备，提升高附加值产品的产销量；另一方 面，公司持续优化生产流程，加速技术迭代，建设高净化等级的智能 化数字工厂，适应小型化、车载、半导体类载带产品的生产要求。此 外，公司进一步优化和完善生产基地战略布局，持续新建及扩建海外 生产基地，提高对海外客户的响应速度，其中菲律宾生产基地持续向 主要客户送样测试及批量供货；马来西亚生产基地扩建项目新厂房已 经建设完成。公司持续打造塑料载带高端产品核心竞争力，新增一批 高精密塑料载带生产线，并已向半导体领域重点客户持续供货，业务 发展势头良好。2025年上半年，公司电子封装材料营业收入80,786.09 万元，同比增长 9.97% ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is acquiring 100% of Efoos Technology, expanding its business from electronic packaging materials to ultra-precision processing equipment [2][3] - Efoos Technology's core product, the ion beam polishing machine, achieves atomic-level surface processing and is widely used in semiconductor, aerospace, and high-end optical device manufacturing [3][5] - The management team of Efoos has extensive technical expertise, with backgrounds in national defense technology and significant contributions to major scientific projects [4] Financial Performance and Projections - The company expects significant revenue growth in its main MLCC products due to rising demand from the AI server market, with projected revenues of 2.186 billion, 2.890 billion, and 3.641 billion yuan for 2025, 2026, and 2027 respectively [8][10] - The forecasted net profit for the same years is 263 million, 435 million, and 655 million yuan, with corresponding EPS of 0.61, 1.01, and 1.52 yuan [10][11] - The company maintains a gross margin of approximately 34% and anticipates a steady increase in return on equity (ROE) from 6.9% in 2024 to 16.4% in 2027 [10][11] Market Context - The acquisition of Efoos is expected to open a new growth avenue for the company, enhancing its competitive position in the ultra-precision processing equipment market [3][8] - The demand for MLCC products is anticipated to rise, driven by the AI industry, with major clients already validating the company's products [6][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is acquiring 100% of Efoos Technology to enter the ultra-precision processing equipment sector, expanding its business from electronic packaging materials [2][3] - Efoos Technology's core product, the ion beam polishing machine, achieves atomic-level surface processing and is widely used in semiconductor, aerospace, and high-end optical device manufacturing [3][5] - The management team of Efoos has extensive technical expertise, with backgrounds in national defense technology and significant contributions to major scientific projects [4] Financial Performance and Projections - The company reported a revenue of 115.7 million yuan for electronic-grade film materials in 2023, a year-on-year increase of 61.29% [7] - Revenue projections for 2025-2027 are 2.186 billion, 2.890 billion, and 3.641 billion yuan respectively, with corresponding net profits of 263 million, 435 million, and 655 million yuan [8][10] - The expected earnings per share (EPS) for 2025-2027 are 0.61, 1.01, and 1.52 yuan, with price-to-earnings (PE) ratios of 69.71x, 42.22x, and 28.06x respectively [8][10]