我们认为半导体行业景气度的持续提升，尤其是人工智能技术的快速迭代催生了相关应用领域需求的持 续增长，有望持续带动公司湿电子化学品以及EMC 环氧塑封料等材料的营业收入上涨。屏幕显示材料 业务市场版图在收购JNC 株式会社旗下液晶业务板块后有望扩张。紫外固化光纤涂覆材料有望受益于 新型光纤技术发展。综上，首次覆盖给予 "增持"投资评级。 2）面板行业市场规模持续扩大，显示技术迭代正推动行业从"量增"向"质变"转型。3）光纤光缆材料持 续变革，新型光纤技术研究提速。未来几年，光纤光缆产业将处于新型光纤技术研究提速和部署应用的 关键时期，全球的光纤光缆需求呈现持续增长的态势。4）有机合成材料产品终端应用领域广泛且持续 拓展，在国家"双碳"战略以及相关环保政策的强驱动下，光引发剂作为光固化技术的关键材料，将迎来 增长机遇。医药中间体和化学原料药产品种类多、附加值高、用途广、产业关联度大，直接服务于国民 经济的诸多行业的各个领域，未来发展潜力巨大。 紫外固化材料起家，业务范围不断扩展。自成立以来，公司从光通信领域紫外固化材料的自主研发和生 产开始，不断寻求行业间技术协同，目前已将核心业务范围逐步拓展至半导体材料、屏幕显 ...

证券研究报告 | 公司深度报告 2026 年 02 月 25 日 飞凯材料（300398.SZ） 半导体材料业务增长可期，屏幕显示材料市场版图有望 扩张 我们认为半导体行业景气度的持续提升，尤其是人工智能技术的快速迭代催生 了相关应用领域需求的持续增长，有望持续带动公司湿电子化学品以及 EMC 环 氧塑封料等材料的营业收入上涨。屏幕显示材料业务市场版图在收购 JNC 株式 会社旗下液晶业务板块后有望扩张。紫外固化光纤涂覆材料有望受益于新型光 纤技术发展。综上，首次覆盖给予 "增持"投资评级。 ❑ 风险提示：宏观经济及产业政策波动风险、新产品研发和技术替代风险、可 增持（首次） 周期/化工 目标估值：NA 当前股价：31.98 元 基础数据 | 总股本（百万股） | 567 | | --- | --- | | 已上市流通股（百万股） | 564 | | 总市值（十亿元） | 18.1 | | 流通市值（十亿元） | 18.0 | | 每股净资产（MRQ） | 8.7 | | ROE（TTM） | 6.7 | | 资产负债率 | 27.4% | | 主要股东 | 飞凯控股有限公司 | | 主要股东持股比例 | 2 ...

Core Insights - Feikai Materials (300398.SZ) reported impressive financial results for the first half of 2025, with revenue of 1.462 billion yuan, a year-on-year increase of 3.80%, and a net profit of 217 million yuan, up 80.45% from the previous year [1][2][6] - The company's net profit margin improved to 14.83%, an increase of 6.30 percentage points compared to the same period last year [1][6] - Feikai Materials has established a leading position in the ultraviolet curing fiber coating materials sector since its inception in 2002, breaking foreign monopolies [1][4] Financial Performance - For the first half of 2025, Feikai Materials achieved a revenue of 1.462 billion yuan and a net profit of 217 million yuan, with a non-recurring net profit of 176 million yuan, reflecting a growth of 40.47% [1][2] - The company’s total assets reached 6.992 billion yuan as of June 30, 2025, marking an 8.71% increase year-on-year, setting a historical high [1][6] Business Segments - The semiconductor materials segment experienced significant growth, with revenue increasing by nearly 30% due to rising industry demand and advancements in artificial intelligence technology [2] - The company’s dual-driven strategy of technological innovation and market expansion has been pivotal in sustaining its growth trajectory [2][5] Strategic Developments - In May 2025, Feikai Materials made strategic acquisitions, including a 170 million yuan purchase of 100% equity in Jienzhizhi LCD materials and Jienzhizhi new materials, enhancing its capabilities in the display and semiconductor materials sectors [3] - The company also invested 10.11 million yuan to increase its stake in Aikelong, positioning itself in the polyimide materials industry for advanced semiconductor packaging [3] Research and Development - Feikai Materials has consistently invested in R&D, with expenditures totaling 1.36 billion yuan to 1.82 billion yuan from 2020 to 2024, and a 4.23% increase in the first half of 2025 to 90.83 million yuan, representing 6.21% of total revenue [5] - The company has achieved significant breakthroughs in developing advanced packaging photoresists, which have passed stringent validations from major domestic chip packaging manufacturers [5]

Group 1 - The company announced the approval of a proposal to change the funding direction of a terminated fundraising project to purchase patents from JNC Group [2] - The company raised a total of RMB 825 million through the issuance of convertible bonds, with a net amount of RMB 808.96 million after deducting issuance costs [2] - As of April 30, 2025, the company has utilized RMB 579.06 million of the raised funds, with a remaining balance of RMB 53.78 million in the account for the terminated OLED project [2] Group 2 - To enhance its strategic adjustment and optimize its industrial structure, the company plans to purchase 100% equity of two subsidiaries from JNC for RMB 170 million and acquire all related patents for RMB 212 million [3] - JNC will invest RMB 170 million in cash to subscribe to the increased registered capital of the company, acquiring a 5.1% stake, while the company waives its preemptive subscription rights [3] - The agreements include a transfer of all display-related patents to the company, with a licensing arrangement allowing JNC to use these patents outside mainland China [3] Group 3 - To improve the efficiency of fund usage, the company plans to allocate the remaining interest and cash management income of RMB 53.78 million from the terminated OLED project to pay for the patent acquisition from JNC [4]