格隆汇12月25日丨江丰电子(300666.SZ)在互动平台表示，公司生产的超高纯金属溅射靶材与半导体精 密零部件是高端芯片制造的基础材料。 ...

格隆汇12月25日丨江丰电子(300666.SZ)在互动平台表示，公司生产的超高纯金属溅射靶材与半导体精 密零部件是高端芯片制造的基础材料。 ...

证券日报网讯12月23日，江丰电子（300666）在互动平台回答投资者提问时表示，公司主营业务为超高 纯金属溅射靶材和半导体精密零部件的研发、生产和销售，其中超高纯金属溅射靶材主要包括铝靶、钛 靶、钽靶、铜靶、钨靶以及各种超高纯金属合金靶材等，目前尚不涉及铌酸锂靶业务。 ...

证券日报网讯12月23日，江丰电子（300666）在互动平台回答投资者提问时表示，公司生产的超高纯金 属溅射靶材所使用的材料主要为超高纯铝、钛、钽、铜等，超高纯金属相对于普通金属具有较高的附加 值，其价格受大宗商品波动影响相对较小，这是由其特殊的提纯工艺和高质量要求所决定的。 ...

格隆汇12月23日丨江丰电子(300666.SZ)在互动平台表示，公司主营业务为超高纯金属溅射靶材和半导 体精密零部件的研发、生和销售，其中超高纯金属溅射靶材主要包括铝靶、钛靶、钽靶、铜靶、钨靶以 及各种超高纯金属合金靶材等，目前尚不涉及铌酸锂靶业务。 ...

从股权结构来看，公司创始人、技术领军人物姚力军先生直接持有同创普润17.61%的股权，为公司的控股股东。 启动IPO辅导，是同创普润发展历程中的一个重要里程碑。在全球半导体产业格局深刻调整、供应链自主可控需求日益迫切的背 景下，同创普润作为国内半导体材料领域的"排头兵"，其上市进程备受市场关注。 高纯金属材料是半导体芯片、显示面板、航空航天、新能源等战略性新兴产业的基石，其技术门槛极高，市场曾长期被少数美 日企业所垄断。同创普润凭借深厚的技术积累和持续的创新投入，实现了从追赶者到并跑者乃至部分领域领跑者的跨越。 作为江丰电子的重要合作伙伴与国内核心供应商，同创普润联合开发的多款超高纯金属溅射靶材，已成功导入全球顶尖的晶圆 制造厂供应链，广泛应用于AI芯片等高端电子产品制造。其中，由双方合作开发的超高纯铝、铜、锰等靶材，在全球市场份额 已超过40%，位居世界首位，彰显了强大的技术竞争力和市场认可度。 公司的快速发展也获得了资本的持续青睐。今年10月，同创普润成功完成了规模超过十亿元人民币的Pre-IPO轮融资，吸引了尚 颀资本、上汽金控（上汽集团战略直投基金）等知名产业投资方的联合参与。此次融资将为公司进一步加 ...

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].