Core Insights - Jiangfeng Electronics has established a joint laboratory for trace element analysis of high-purity materials with Yongjiang Laboratory, enhancing its research capabilities [1] - The company plans to raise 1.95 billion yuan through a private placement to fund projects including electrostatic chucks, ultra-pure metal targets, and a Shanghai R&D center [1] - Jiangfeng Electronics is recognized as a leading supplier in the ultra-pure metal sputtering target sector, serving major clients like SMIC, TSMC, and SK Hynix [1] Industry Developments - The global market for wafer electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current production capabilities in China being limited to small-scale manufacturing [2] - The domestic market for electrostatic chucks has a localization rate of less than 10%, indicating significant room for growth [2] - The semiconductor components business has seen rapid revenue growth, with a projected revenue of 887 million yuan in 2024, marking a year-on-year increase of 55.53% [2] Financial Projections - Jiangfeng Electronics maintains its revenue forecasts for 2025-2027 at 4.56 billion, 5.75 billion, and 7.35 billion yuan, with net profits projected at 520 million, 670 million, and 920 million yuan respectively [3] - The company expects a year-on-year growth rate of 29.0%, 29.7%, and 37.9% for net profit during the same period [3] - The dynamic P/E ratios for 2025 and 2026 are projected to be 45 and 34 times, respectively, supporting a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is a leading player in the ultra-pure metal sputtering target sector, recognized as one of the top ten semiconductor material companies in China [6] - The company plans to raise 1.95 billion yuan through a private placement to invest in projects related to electrostatic chucks, ultra-pure metal targets, and to supplement working capital [6] - The semiconductor components business is experiencing rapid revenue growth, accounting for over 20% of total revenue [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,605 million yuan in 2024 to 7,346 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.8% [5] - Net profit attributable to the parent company is expected to increase from 401 million yuan in 2025 to 923 million yuan in 2027, reflecting a growth rate of 37.9% [5] - The company’s gross margin is forecasted to remain stable around 28.5% to 28.9% over the next few years [5]

Core Viewpoint - The report from Zhongyou Securities highlights Jiangfeng Electronics' steady performance growth, showcasing operational resilience and development potential in the third quarter [1] Company Overview - Jiangfeng Electronics is rooted in the ultra-pure metal sputtering target sector and has become a leader in China's ultra-pure metal sputtering target industry through continuous technological innovation and breakthroughs [1] - The company possesses core competencies that enable it to compete with multinational peers [1] Industry Context - The acceleration of domestic substitution in semiconductor precision components presents significant industry opportunities [1] - Jiangfeng Electronics is effectively capturing the core demands for expansion and efficiency from chip and semiconductor equipment manufacturers [1] Technological and Production Capabilities - The company has successfully applied its long-term accumulated capabilities in technology research and development, quality assurance, and customer service to the semiconductor precision components sector [1] - Multiple intelligent production bases have been established to achieve a comprehensive layout of both metal and non-metal precision components [1] Capacity Expansion - The establishment of an advanced process target production base in South Korea will help optimize capacity layout and break through production scale [1] - Domestic capacity will meet the growing demand for sputtering targets in the domestic semiconductor industry, further promoting the localization of ultra-pure sputtering targets [1] - Overseas capacity will focus on serving international clients such as SK Hynix and Samsung, enhancing the company's localized service capabilities and international competitiveness [1] Investment Rating - The report initiates coverage with a "Buy" rating for Jiangfeng Electronics [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The company's performance shows steady growth, with a significant increase in revenue and profit margins in the third quarter of 2025. Revenue reached 3.291 billion yuan, up 25.37% year-on-year, while net profit attributable to shareholders was 401 million yuan, an increase of 39.72% [4]. - The company is a global leader in the ultra-pure metal sputtering target market, with a comprehensive product line that covers advanced, mature, and specialty processes. It has established itself as a core supplier for major chip manufacturers like TSMC and SMIC [5]. - The company is expanding its semiconductor precision components business, aiming to capture the domestic demand for chip and semiconductor equipment manufacturing. It has built multiple smart production bases to cover a wide range of precision components [6]. - A recent capital increase will support the production of integrated circuit equipment and ultra-pure metal sputtering targets, addressing key material technology bottlenecks and enhancing domestic supply capabilities [7]. Financial Performance and Projections - For 2025, the company is projected to achieve revenues of 4.54 billion yuan, with net profits of 520 million yuan. The growth rates for revenue and net profit are expected to be 25.92% and 29.92%, respectively [9][11]. - The company’s financial metrics indicate a strong growth trajectory, with expected revenues of 7.53 billion yuan and net profits of 1.036 billion yuan by 2027 [11][14]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 49.0% and a projected increase in return on equity (ROE) from 8.9% in 2024 to 16.3% in 2027 [3][14].

Group 1 - The company demonstrated steady performance in Q3 2025, with revenue reaching 3.291 billion yuan, a year-on-year increase of 25.37%, and net profit attributable to shareholders of 401 million yuan, up 39.72% year-on-year [1] - In Q3 2025 alone, the company achieved revenue of 1.196 billion yuan, a 19.92% increase year-on-year, and a net profit of 148 million yuan, reflecting a 17.83% year-on-year growth [1] - The company is a global leader in ultra-pure metal sputtering targets, with a comprehensive product line covering advanced, mature, and specialty processes, serving major clients like TSMC and SMIC [1] Group 2 - The company is expanding its semiconductor precision components business, leveraging its technology and service capabilities to meet the growing domestic demand for semiconductor equipment [2] - It has established multiple smart production bases, producing over 40,000 types of components used in key semiconductor processes such as PVD and CVD [2] - The company has become a core supplier of precision components for several well-known domestic semiconductor equipment companies and international chip manufacturers [2] Group 3 - The company has received approval for a private placement to raise funds for projects including the production of electrostatic chucks and ultra-pure metal sputtering targets, aimed at overcoming key material technology bottlenecks [3] - The establishment of a production base in South Korea will optimize capacity layout and enhance international competitiveness, while domestic capacity will cater to the growing local semiconductor demand [3] Group 4 - Revenue projections for the company are 4.5 billion yuan in 2025, 5.9 billion yuan in 2026, and 7.5 billion yuan in 2027, with net profits expected to be 520 million yuan, 754 million yuan, and 1.036 billion yuan respectively, with a "buy" rating assigned [4]

Core Viewpoint - Jiangfeng Electronics focuses on the research, production, and sales of ultra-high-purity metal sputtering targets and precision components, achieving the highest global shipment volume of targets and establishing a comprehensive industrial chain competitiveness [8][10][12]. Group 1: Industry and Company Overview - Jiangfeng Electronics was established in 2005 and began its foray into the target material sector, leveraging its commitment to technology and quality to lead globally in advanced nodes [8][10]. - The company has successfully integrated its supply chain, achieving full self-sufficiency in the production and purification of raw materials, thus eliminating reliance on imports [8][10][12]. - Jiangfeng Electronics has built multiple intelligent production bases for semiconductor precision components, covering both metal and non-metal components [8][10]. Group 2: Financial Performance - In Q3 2025, Jiangfeng Electronics achieved a record revenue of 1.196 billion yuan, a year-on-year increase of 19.92% and a quarter-on-quarter increase of 9.34% [10][12][23]. - The revenue structure indicates that target products are the main source of income, with targets accounting for 63.26% and components 21.90% of total revenue in H1 2025 [10][12][23]. - The gross margin for H1 2025 was 29.72%, with the gross margins for ultra-high-purity targets and precision components being 33.26% and 23.65%, respectively [12][13]. Group 3: Research and Development - Jiangfeng Electronics emphasizes technological innovation, with R&D expenses reaching 194 million yuan in the first three quarters of 2025, a year-on-year increase of 17.55% [24]. - The company holds 953 valid domestic patents, including 550 invention patents, and has expanded its R&D personnel to 377, representing 10.97% of the workforce [24][25]. - Key R&D achievements include stable mass supply of high-purity 300mm² materials for advanced storage chips and significant progress in precision component technologies [24][25]. Group 4: Market Position and Competitive Advantage - Jiangfeng Electronics ranks first globally in target shipment volume and second in shipment value, with a strong focus on high-end products [8][10][31]. - The company has established a complete vertical integration from raw material purification to final product manufacturing, enhancing its competitive edge in the market [38][39]. - The production capacity for high-purity aluminum, titanium, and copper positions Jiangfeng Electronics as a leading supplier in China and globally [45][56].

证券日报网讯江丰电子（300666）11月7日在互动平台回答投资者提问时表示，公司生产的超高纯金属 溅射靶材产品已广泛应用于包括先进存储芯片在内的全球高端半导体制造领域。公司与全球多家主要芯 片制造商保持着长期稳定的合作关系。 ...

证券日报网讯江丰电子11月7日在互动平台回答投资者提问时表示，公司生产的超高纯金属溅射靶材是 半导体芯片制造中PVD工艺的关键材料，光子芯片制造也需要用到PVD工艺，公司的靶材产品适用于光 子芯片领域。 （文章来源：证券日报） ...

Core Viewpoint - The company, Jiangfeng Electronics, confirms that its ultra-pure metal sputtering target materials are widely used in advanced semiconductor manufacturing, including high-end storage chips [1] Group 1 - The company has established long-term stable partnerships with several major global chip manufacturers [1] - The company adheres to commercial confidentiality and customer agreements, thus customer information is disclosed through official announcements [1]

维持"强烈推荐"评级。 风险提示：宏观经济及行业波动风险、国际贸易政策变动的风险、市场竞争风险、新产品开发所面临的 风险、募集资金用于拓展新产品的风险等。 零部件：江丰电子深度布局机械类零部件，可量产气体分配盘、Si电极等4万多种零部件，形成全品类 零部件覆盖。江丰电子依托在靶材领域具备的材料研发能力及在零部件领域积累的精密制造、表面处理 及温度控制等技术储备和客户资源，同时从KSTE引进约定范围的静电吸盘产品所需的全部生产技术并 采购相关生产线，突破静电吸盘技术瓶颈，填补国内半导体关键零部件短板。 盈利预测：江丰电子深耕产业链上下游建设，成功打通从核心材料到精密零部件、从关键设备到场景应 用的全链条布局，打造强全产业链竞争力，在半导体供应链国产化的大趋势下发展势头强劲。我们上调 对公司的业绩预测，预计公司2025-2027年营收分别为46.80/60.14/76.48亿元，归母净利润分别为 5.41/7.36/9.36亿元。 江丰电子专注于超高纯金属溅射靶材、半导体精密零部件的研发、生产和销售，其中靶材出货量全球第 一，零部件形成全品类覆盖。江丰电子锚定延链固根基、补链破瓶颈、强链塑优势，深耕产业链上下游 ...