（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：请问公司目前MLCC载带在行业中的全球占比是多少？ 已投产和在建的产能是否能满足未来5年下游的30%复合年增长率？ 洁美科技（002859.SZ）12月29日在投资者互动平台表示，公司纸质载带全球市占率约70%，已投产和 在建的产能可以满足下游客户未来增长的需求。 ...

2026：AI 之光引领成长；反内卷周期反转 20251221 摘要 AI 需求驱动资源重新分配，人形机器人和无人机是具身智能体终端应用 的主要增长点，预计 2026 年具身智能产业化将加速，成本和市场份额 将逐步显现，特斯拉等公司的量产订单预示市场份额竞争加剧。 周期性行业受益于海外市场扩张、国内地产触底反弹和更新周期需求增 长，以及供给侧改革的推动，未来几年有望迎来反转。挖掘机、汽车起 重机等工程机械数据表现积极，徐工机械、三一重工等龙头企业向上趋 势明显。 工业气体方面，光伏硅片需求带动氩气需求大幅增长，同比增幅达 75%，杭氧股份等工业气体龙头企业值得关注。可控核聚变领域，中美 竞争加剧，合肥 BETA 项目订单持续释放，相关企业如杭氧股份受益。 商业航天领域，中国长征系列火箭发射频繁，国家日益重视，中美竞争 加剧。美国重返月球计划和 SpaceX 的市值目标展现商业航天潜力。关 注商业航天相关报告，以及美国降息预期对出海链公司如巨星科技、涛 涛车业和华通线缆的积极影响。 捷美科技在电子元器件材料领域，尤其纸质载带市场占有率高达 74%， 垂直一体化生产降低成本，与三星、春田等客户紧密合作。公司拓展塑 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [6][8]. Core Insights - The company, Clean Beauty Technology, is positioned as a leading provider in the electronic consumables sector, focusing on integrated circuit and chip component support, with a vertically integrated supply chain that enhances cost efficiency and customer loyalty [2][19]. - From 2012 to 2024, the company's revenue grew from 330 million to 1.82 billion RMB, with a compound annual growth rate (CAGR) of approximately 15%, while net profit increased from 30 million to 200 million RMB, with a CAGR of about 17% [2][40]. Summary by Sections 1. Company Overview - Clean Beauty Technology specializes in electronic packaging materials, including paper and plastic carrier tapes, electronic-grade films, and composite current collectors, with a revenue distribution of 84% from electronic packaging materials and 12% from films as of mid-2025 [20][26]. 2. Market Position and Growth - The company holds a 74% market share in the paper carrier tape sector, which is projected to grow to approximately 600 million USD by 2033, while the plastic carrier tape market is expected to reach 1 billion USD by 2031, indicating significant growth potential [3][19]. - The global market for release films is estimated at around 20 billion USD, with specific segments like MLCC and optical release films showing promising growth trajectories [4][24]. 3. Strategic Developments - The acquisition of 56.8% of Youzhen Technology in 2024 marks the company's entry into the high-growth composite current collector market for lithium batteries, with projected market growth from 1.2 billion USD in 2023 to 3.4 billion USD by 2032 [5][26]. - The company has established a comprehensive manufacturing system, integrating upstream raw material production with downstream processing, which enhances its competitive edge [19][60]. 4. Financial Projections - Revenue forecasts for 2025-2027 are projected at 2.1 billion, 2.6 billion, and 3.2 billion RMB, respectively, with year-on-year growth rates of 15.51%, 24.46%, and 23.88% [6][13]. - The expected net profit for the same period is 258 million, 370 million, and 514 million RMB, reflecting growth rates of 27.64%, 43.27%, and 39.15% [6][13]. 5. Competitive Advantages - The company's core competencies include a vertically integrated supply chain, cost leadership, a one-stop service model, and strong brand recognition backed by major clients such as Samsung and Murata [2][59]. - The company has established a solid reputation through participation in industry standards and recognition as a "single champion demonstration enterprise" by the Ministry of Industry and Information Technology [66].

Company Overview - The company's vision is to become a one-stop service provider for electronic component packaging materials and processes, aiming to lead in electronic-grade film materials, electronic chemicals, and new energy-related materials [2]. - The company has developed a complete production technology for thin carrier tape, breaking the market monopoly held by foreign companies, and has achieved a leading global market share in paper carrier tape [2][3]. Product and Market Strategy - The company has established a comprehensive product line to meet the overall packaging service needs of electronic components, integrating core elements of the supply chain to reduce costs and improve profit margins [3]. - The company is expanding its product range into electronic-grade film materials, enhancing its competitiveness in the electronic component production process and new energy materials [2][4]. Competitive Advantages - **Customer Base**: The company has a strong overlap between its paper carrier tape customers and its release film customers, providing a solid foundation for new product testing and supply [4]. - **First-Mover Advantage**: The company is one of the earliest domestic producers of release films for MLCC applications, having established stable supply relationships with major clients [4]. - **Technical Expertise**: The company possesses extensive experience in precision coating technology and has introduced advanced production lines from Korea and Japan, enhancing its production capabilities [4][6]. Financial and Investment Insights - The company maintains a healthy debt ratio and has sufficient bank credit lines, planning to conduct refinancing in line with future expansion needs [5]. - The acquisition of Flexible Technology, a leader in composite current collectors, is aimed at enhancing the company's capabilities in ultra-thin BOPET film products and expanding its product range in the new energy materials sector [6][7]. Product Details - Flexible Technology specializes in polymer-metal composite film materials, which can replace traditional aluminum and copper foils in lithium-ion batteries, improving energy density and safety [7]. - The product offerings include composite aluminum foils, composite copper foils, and high-end ultra-thin copper foils, targeting various applications in consumer and power batteries [7]. Communication and Compliance - The company conducted a thorough communication session with investors, adhering to regulations to prevent the disclosure of any undisclosed significant information [8].

Core Viewpoint - Jiemai Technology (002859) reported a revenue increase of 13.74% year-on-year for the first nine months of 2025, while net profit decreased by 0.7%. The company is expanding its presence in the solid-state battery supply chain through the acquisition of Zhejiang Rouzhen Technology [1][2]. Group 1: Financial Performance - For the first nine months of 2025, Jiemai Technology achieved a revenue of 1.526 billion yuan, a year-on-year increase of 13.74% [1] - The net profit attributable to shareholders was 176 million yuan, reflecting a slight decline of 0.7% year-on-year [1] - In Q3 2025, the company reported a revenue of 564 million yuan, up 12.19% year-on-year, and a net profit of 77.43 million yuan, which is a significant increase of 38.53% year-on-year [1] Group 2: Business Operations - Jiemai Technology specializes in the research, production, and sales of electronic packaging materials and electronic-grade film materials, including paper carrier tape, electronic adhesive tape, and plastic carrier tape [1] - The company is actively integrating into the solid-state battery supply chain by acquiring Rouzhen Technology, which focuses on polymer metal composite film materials [1][2] - Rouzhen Technology's products are designed to replace traditional aluminum and copper foils in lithium-ion batteries, enhancing energy density and safety [2] Group 3: Strategic Developments - Jiemai Technology's acquisition of Rouzhen Technology involved an investment of 30 million yuan for a 4.7619% stake, increasing its ownership from 58.43% to 60.41% [1] - The company reported a 5870.57% year-on-year increase in net cash received from subsidiaries, primarily due to payments related to the acquisition of Rouzhen Technology [1] - In October 2025, Jiemai Technology signed a guarantee contract with a bank to support Rouzhen Technology's credit application of 140 million yuan, aimed at expanding production of composite aluminum and copper foils [2]

Group 1 - The core point of the article is that Jiemai Technology (002859.SZ) is currently operating at full capacity for its paper carrier tape production, while the release film utilization rate is still improving [1] - The company's utilization rate will adjust according to changes in supply and demand conditions [1]

Core Viewpoint - Jiemai Technology (002859) has announced an employee stock ownership plan (ESOP) for 2025, allowing up to 81 employees to participate at a price of 13.1 yuan per share, with a total of up to 3.66 million shares available, representing 0.85% of the company's total equity [1][2]. Group 1: Employee Stock Ownership Plan - The ESOP will be funded by shares repurchased by the company, and the plan requires approval from the shareholders' meeting [1]. - The plan has a duration of 36 months, and the total shares held under all effective employee stock ownership plans cannot exceed 10% of the company's total equity [1]. - Individual employees can hold a maximum of 1% of the company's total equity through this plan [1]. Group 2: Performance Assessment - The ESOP includes performance assessments at both the company and individual levels, with company performance targets set for 2025 and 2026 [2]. - For 2025, the revenue growth target is set at no less than 8% compared to 2024, while the net profit growth target is set at no less than 20% [2]. Group 3: Company Overview and Market Context - Jiemai Technology specializes in the research, production, and sales of electronic packaging materials and electronic-grade film materials, with products widely used in integrated circuits, semiconductor, and new energy sectors [2]. - The company is benefiting from the accelerated global digitalization process and policies such as "new infrastructure" and "old-for-new" electronic product exchanges, which are driving demand in various markets including 5G, cloud computing, and electric vehicles [2]. Group 4: Financial Performance - In the first half of 2025, Jiemai Technology reported total revenue of 962 million yuan, a year-on-year increase of 14.67%, while net profit attributable to shareholders decreased by 18.78% to 98.49 million yuan [3]. - The revenue from electronic-grade film materials reached 116 million yuan, marking a significant year-on-year growth of 61.29% [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].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Views - The company has seen a significant increase in revenue from new products, with a 14.68% year-over-year growth in revenue for the first half of 2025, reaching 9.62 billion yuan, although net profit decreased by 18.78% [1]. - The demand for electronic components, particularly MLCC, is recovering due to AI infrastructure investments, which is expected to drive growth in the company's new business segments such as release films and composite current collectors [1][2]. - The company is actively expanding its production capacity overseas, with ongoing upgrades and new lines being established to meet high demand from semiconductor clients [2][3]. Summary by Sections Revenue and Profitability - In 1H25, the company achieved a revenue of 9.62 billion yuan, with a net profit of 0.98 billion yuan, and a gross margin of 33.40% [1]. - The second quarter of 2025 saw a revenue of 5.48 billion yuan, reflecting a 15.19% year-over-year increase and a 32.41% quarter-over-quarter increase [1]. Business Segments - The electronic packaging materials segment generated 8.08 billion yuan in revenue in 1H25, a 9.97% increase year-over-year, with a gross margin of 37.85% [2]. - The release film segment reported a revenue of 1.16 billion yuan in 1H25, marking a 61.29% year-over-year increase, despite still operating at a loss in 2Q25 [3]. Future Projections - The company forecasts net profits of 2.58 billion yuan, 3.39 billion yuan, and 4.29 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 27.5%, 31.6%, and 26.5% [4]. - Revenue projections for the years 2025 to 2027 are estimated at 22.35 billion yuan, 28.36 billion yuan, and 32.73 billion yuan, with respective growth rates of 23.0%, 26.9%, and 15.4% [5].

Core Insights - The company reported a revenue of 962 million yuan for the first half of 2025, representing a year-on-year increase of 14.7% [1] - The net profit attributable to shareholders decreased by 18.8% to 98.49 million yuan, while the net profit excluding non-recurring items fell by 19.6% to 95.14 million yuan [1] - The operating cash flow net amount was 107 million yuan, down 21.3% year-on-year [1] Financial Performance - In Q2, the company achieved a revenue of 548 million yuan, up 15.2% year-on-year [1] - The net profit attributable to shareholders for Q2 was 64.77 million yuan, a decline of 4.7% [1] - The net profit excluding non-recurring items for Q2 was 63.60 million yuan, down 3.0% [1] - Earnings per share (EPS) stood at 0.2286 yuan [1] Business Segments - Revenue from electronic packaging materials grew by 9.97% year-on-year, while revenue from electronic-grade film materials surged by 61.29% [1] - The company has expanded into the new energy battery anode and cathode materials sector through its subsidiary, focusing on high-end products [1] Industry Outlook - The company anticipates new demand growth in the electronic components industry driven by the rise of new energy, smart manufacturing, 5G commercialization, and AI terminal applications [2] - The company is experiencing a steady increase in order volume due to positive industry factors [2] - Efforts are being made to optimize the industrial base layout and enhance integrated supply chain management to achieve cost reduction and efficiency improvement [2] - The company is continuously optimizing its product structure to increase the production and sales of high value-added products, with a steady rise in the share of high-end customers [2]