靶材基本盘稳健，半导体零部件加速放量 [Table_Summary] 事件：据交易所互动平台，公司的超高纯金属溅射靶材和半导体精密半 导体零部件产品已批量供货给拥有三维集成和键合技术的半导体设备制 造企业、芯片制造企业。 点评 净利率提升显著， 毛利率有望得到修复 2025H1，公司实现净利率 11.12%（同比+3.29pct），毛利率 29.72%（同 比-1.28pct）。净利率提升显著主要系公司原材料采购的国产化、产业链 的本土化实现降本增效叠加投资净收益增厚利润；毛利率短期承压主要 系公司多个半导体精密零部件生产基地陆续完成建设并投产，处在产能 爬坡阶段尚未实现规模效益。未来，随着半导体零部件产能利用率提升 ，巩固全球溅射靶材行业头部企业地位，毛利率有望得到修复。 超高纯靶材基本盘稳健，半导体零部件有望打造第二增长曲线 [Table_Info1] 江丰电子(300666) 电子 [Table_Title] 证券研究报告 / 公司点评报告 超高纯金属溅射靶材：2025H1 公司实现营收 13.25 亿元（同比+23.91%）， 毛利率 33.26%（同比+2.93%）。受益于下游需求的旺盛增长与持续的 ...

一边是近百亿定增募资，一边是实控人关联方减持套现，江丰电子的资本运作引发市场质疑。 而就在此前三个月（2025年4月），公司实控人一致行动人宁波江阁和宁波宏德刚刚完成减持260万股， 套现约1.9亿元。 这并非孤例。根据公开信息，这已是江丰电子近三年来的第二次大规模融资，而股东减持也似乎成为定 期上演的"戏码"。 从2025年1月23日起 至2025年4月22日止，江丰电子股 东宁波拜耳克管理咨询有限公司合计减持260万 股，套现约1.8亿元。 江丰电子本次定增募集资金主要投向四个项目：静电吸盘产业化、超高纯金属溅射靶材产业化、上海研 发及技术服务中心以及补充流动资金。其中，静电吸盘项目独占9.98亿元，占总募资额的51.23%。 与此同时，公司却计划将本次募资中的5.8亿元用于补充流动资金及偿还借款。市场质疑的焦点在于， 公司是否真的需要如此大规模的资金？ 有投资者质疑："两年前定增价85元，两年后股价69元？两年前定增款都用哪去了？"这一疑问直指公司 资本运作的连续性和透明性。 2022年9月，公司曾以85元/股的价格完成一次定增，募资16.49亿元。与本次定增相比，两次融资间隔 仅三年，募资规模相近。 ...

公募人士指出，近期半导体设备板块领涨并非偶然。 9月24日，三大指数低开高走，盘面上半导体产业链掀起"涨停潮"并领涨市场，无论是主动权益产品还是主题ETF均有不小斩获，资金汹涌下多只ETF单日换 手率超过50%，更有产品成交额逼近20亿元，创下上市以来新高。 公募人士指出，近期半导体设备板块领涨并非偶然，而是市场在用脚投票，选择更具确定性的方向，业内频出的产业利好即是佐证。展望后市，半导体设备 材料的国产化率长期将提升，相关公司持续导入后业绩提升是大趋势；且在全球半导体景气度持续较高后，资本开支扩张也利好设备材料等公司的盈利预 期。 近日，高盛将中芯国际H股12个月目标价从73.1港元上调至83.5港元。高盛表示，中国AI芯片的长期需求增长前景将更加明朗，这将使中芯国际等领先的国内 代工厂受益。分析师表示，受中国云服务提供商增加资本支出预算以及人工智能终端应用日益丰富的推动，中国对人工智能芯片的需求将不断增长。 9月24日，A股各大指数悉数上涨，截至收盘，沪指涨0.83%，深证成指涨1.8%，其中创业板指盘中创下3年多新高，科创50指数一度涨近5%，全市场超 4400只个股上涨。 从板块来看，芯片产业链掀起涨 ...

Core Viewpoint - The semiconductor industry is experiencing a significant rally, driven by strong market sentiment and positive developments in the sector, indicating a shift towards more certain investment directions [1][6][8]. Market Performance - On September 24, major A-share indices rose, with the Shanghai Composite Index up 0.83% and the Shenzhen Component Index up 1.8%. The ChiNext Index reached a three-year high, and over 4,400 stocks in the market saw gains [3]. - The semiconductor sector led the market surge, with over 20 stocks hitting the daily limit, including Jiangfeng Electronics and Changchuan Technology, both up 20% [3][5]. Fund Activity - Jiangfeng Electronics was favored by public funds, with a holding ratio of 16.56% among 308 fund products as of the end of Q2 [3][5]. - Several ETFs related to semiconductors saw significant gains, with the GT Fund's semiconductor ETF achieving a record daily trading volume of 1.987 billion yuan [5]. Positive Industry Developments - Goldman Sachs raised the 12-month target price for SMIC's H-shares from 73.1 HKD to 83.5 HKD, citing strong long-term demand for AI chips in China [6]. - Alibaba's CEO announced plans to invest 380 billion yuan in cloud computing and AI infrastructure over the next three years, indicating a substantial increase in demand for semiconductor-related products [7]. Industry Trends - The semiconductor equipment and materials sector is expected to see a long-term increase in domestic production rates, benefiting companies in this space [8]. - The current semiconductor industry is entering a "second upcycle," with a focus on identifying high-quality companies that can sustain growth through market fluctuations [8].

Core Viewpoint - The semiconductor industry is experiencing a significant rally, driven by strong market sentiment and positive industry developments, leading to substantial gains in related ETFs and stocks [1][2][4]. Group 1: Market Performance - On September 24, A-shares saw all major indices rise, with the Shanghai Composite Index up 0.83% and the Shenzhen Component Index up 1.8%, while the ChiNext Index reached a three-year high [2]. - Over 20 stocks in the semiconductor sector hit the daily limit up, including Chengbang Co., Zhangjiang Hi-Tech, and Tongfu Microelectronics [2]. - The trading volume for semiconductor-related ETFs surged, with the Guotai Fund's semiconductor ETF achieving a record daily trading volume of 1.987 billion yuan [3]. Group 2: Industry Catalysts - The semiconductor equipment sector's recent performance is attributed to a market shift towards more certain investment directions, supported by frequent industry benefits [1][6]. - Goldman Sachs raised the 12-month target price for SMIC's H-shares from 73.1 HKD to 83.5 HKD, citing a clearer long-term demand growth outlook for AI chips in China [4]. - Alibaba's CEO announced plans to invest 380 billion yuan in cloud computing and AI infrastructure over the next three years, indicating a significant increase in demand for AI-related semiconductor products [4][5]. Group 3: Investment Trends - The semiconductor industry is entering a second upward cycle, with increasing domestic production rates expected to enhance company performance [6]. - The recent rally in semiconductor stocks is partly due to a catch-up effect, as previous gains were concentrated in chip design companies, while equipment and materials sectors are now experiencing accelerated growth [5][6]. - Fund managers emphasize the importance of identifying high-quality companies that demonstrate sustained growth and technological breakthroughs in the semiconductor sector [6].

证券时报记者赵梦桥 9月24日，A股三大指数低开高走，盘面上半导体产业链掀起"涨停潮"，并带动相关主动权益基金和主 题ETF净值大幅攀升。多只ETF单日换手率超过50%，更有产品成交额逼近20亿元，创下上市以来新 高。 公募人士指出，近期半导体设备板块领涨并非偶然，而是市场在"用脚投票"，选择更具确定性的方向， 频频出现的产业利好即是佐证。展望后市，半导体设备材料的国产化率长期将提升，相关公司的业绩提 升是大趋势；且在全球半导体景气度持续较高后，资本开支扩张也利好设备材料等公司的盈利预期。 芯片主题ETF迎大丰收 9月24日，A股各大指数悉数上涨，截至收盘，沪指涨0.83%，深证成指涨1.8%，其中创业板指盘中创下 3年多以来新高，科创50指数一度涨近5%，全市场超4400只个股上涨。从板块来看，芯片产业链掀起涨 停潮，包括诚邦股份、张江高科、通富微电、盛美上海、立昂微等20余只个股涨停，此外，港股阿里巴 巴亦放量大涨9%，创阶段新高，中芯国际H股则创上市以来新高。 在个股普遍涨停的带动下，相关基金也是迎来大丰收。大涨20%的江丰电子备受公募基金青睐，资料显 示，公司的超高纯金属溅射靶材产品已应用于世界著名半 ...

证券研究报告——晨会聚焦 2025 年 9 月 19 日 | 9 月金股组合 | | | | --- | --- | --- | | 股票代码 | 股票名称 | | | 601816.SH | 京沪高铁 | | | 601233.SH | 桐昆股份 | ■重点关注 | | 002409.SZ | 雅克科技 | | | 300750.SZ | 宁德时代 | | | 600276.SH | 恒瑞医药 | | | 688085.SH | 三友医疗 | | 中银晨会聚焦-20250919 【电子】江丰电子*余嫄嫄。公司发布 2025 年中报，上半年实现营业总收入 20.95 亿元，同比增长 28.71%；归母净利润 2.53 亿元，同比增长 56.79%； 扣非归母净利润 1.76 亿元，同比增长 3.60%。其中，第二季度营收 10.94 亿 元，同比增长 27.97%，环比增长 9.37%；归母净利润 0.95 亿元，同比降低 5.96%，环比降低 39.30%。 | 市场指数 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3831.66 | (1.15) | | ...

Core Viewpoint - The report from Zhongyin Securities highlights Jiangfeng Electronics' strong performance in the first half of the year, with a significant year-on-year profit increase, while also noting a decline in the second quarter's profit [1] Financial Performance - Jiangfeng Electronics reported a net profit attributable to shareholders of 253 million yuan in the first half of the year, representing a year-on-year increase of 56.79% [1] - In the second quarter, the net profit was 95 million yuan, showing a year-on-year decrease of 5.96% and a quarter-on-quarter decrease of 39.30% [1] - The company's revenue for the first half of 2025 grew by 28.71% to 2.095 billion yuan, with the second quarter revenue reaching 1.094 billion yuan, up 27.97% year-on-year and 9.37% quarter-on-quarter [1] Business Segments - The ultra-pure metal sputtering target business achieved steady revenue growth in the first half of 2025, generating sales of 1.325 billion yuan, which is a year-on-year increase of 23.91% [1] - The gross margin for this segment was 33.26%, reflecting a year-on-year increase of 2.93 percentage points [1] - The precision components business is expected to continue growing in revenue and profitability due to the ramp-up of production capacity and collaboration with customers on new product development [1] Strategic Outlook - The company aims to leverage its technological and manufacturing advantages in the target and component sectors to address the domestic semiconductor industry's critical component shortages [1] - The stock issuance plan is pending review by the exchange and approval from the China Securities Regulatory Commission [1]

电子 | 证券研究报告 — 业绩评论 2025 年 9 月 18 日 300666.SZ 增持 原评级：增持 市场价格:人民币 80.38 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 23.0 8.9 12.3 63.9 相对深圳成指 (8.0) (4.7) (17.8) (1.7) (10%) 8% 26% 43% 61% 79% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 江丰电子 深圳成指 | 发行股数 (百万) | 265.32 | | --- | --- | | 流通股 (百万) | 221.16 | | 总市值 (人民币 百万) | 21,326.48 | | 3 个月日均交易额 (人民币 百万) | 703.96 | | 主要股东持股比例 | | | 姚力军 | 21.40% | tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 江丰电子 靶材、零部件双轮驱动，收入、业绩维持高增速 ...

（编辑 王雪儿） 证券日报网讯 江丰电子9月10日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 靶以及各种超高纯金属合金靶材等，目前尚不涉及钌靶业务。 ...