【DT新材料】 获 悉，近日 铜基新材料龙头企业 江南新材 发布公告， 拟在鹰潭高新技术产业开发区投资3亿元建设高端铜基核心材料研发及产业化项目， 资金来源为自有或自筹资金，主要用于设备购置及场地建设。 此次投资将进一步提升公司智能化生产水平，强化核心竞争力，尤其为高精密铜基散热片等关键产品的产能释放与技术升级提供支撑，精准契合当前AI算 力爆发与新能源汽车智能化浪潮下的散热材料市场需求。 据了解， 江南新材于2025年3月在上交所主板挂牌上市，核心业务聚焦电子电路铜基新材料的研发、生产与销售，三大核心产品包括铜球系列、氧化铜粉 系列及高精密铜基散热片系列。 其中， 高精密铜基散热片作为公司重点布局的散热核心材料 ，广泛应用于PCB埋嵌散热工艺、功率半导体散热、服务器液 冷散热等高端场景，是AI服务器、新能源汽车电控系统等高性能电子设备的关键配套组件。 业务规模的快速扩张同步推动盈利水平提升。2025年前三季度，江南新材实现营业收入75.69亿元，同比增长18.34%；净利润1.65亿元，同比增长21.95%。 其中第三季度单季表现更为突出，营收27.48亿元，同比增长20.03%；净利润5965.09万元， ...

Investment Overview - The company plans to invest approximately 300 million RMB in a high-end copper-based core material R&D and industrialization project in Yingtan High-tech Industrial Development Zone [2][4] - The investment will be funded through the company's own or self-raised funds, with the final investment amount subject to actual expenditures [2][12] - The project will cover an area of about 320 acres and will include the construction of smart manufacturing facilities and the purchase of advanced production equipment [4][8] Project Details - The project aims to enhance the company's production capabilities, improve automation and smart manufacturing levels, and meet the growing market demand for copper-based new materials [10][11] - The main products of the project will include copper ball series and high-precision copper-based heat sink series [8] - The company has already signed contracts with relevant authorities for land acquisition and project implementation, although the specific progress remains uncertain [9][19] Strategic Importance - This investment aligns with the company's strategic development needs and aims to optimize its copper-based new material industry layout [4][19] - The project is expected to improve the company's overall competitiveness and operational efficiency, thereby enhancing its ability to meet market demands [11][19] - The company has established a strong foundation in technology R&D and production processes, which supports the feasibility of this project [10][11]

Core Viewpoint - Jiangnan New Materials plans to invest approximately 300 million yuan in a high-end copper-based core material R&D and industrialization project to enhance production efficiency and reduce costs [1] Group 1: Investment and Projects - The investment will be used for equipment procurement and site construction, funded by self-owned or self-raised capital [1] - Jiangnan New Materials is accelerating the construction of a 12,000-ton electronic-grade copper oxide powder project, with an investment of 179 million yuan, aimed at optimizing the product structure [3] Group 2: Financial Performance - In the first three quarters of the year, the company achieved a revenue of 7.569 billion yuan, a year-on-year increase of 18.34%, and a net profit attributable to shareholders of 165 million yuan, up 21.95% [2] - In the third quarter alone, revenue reached 2.748 billion yuan, growing 20.03% year-on-year, with a net profit of 59.65 million yuan, an increase of 60.5% [2] Group 3: Product Development and Market Position - The company is focusing on expanding new markets and applications for copper-based new materials, with significant growth in its product lines, including a 50.95% increase in revenue from the copper oxide powder series [2] - Jiangnan New Materials has established stable partnerships with several well-known PCB manufacturers, enhancing its market position [1]

Group 1 - Jiangnan New Materials plans to invest approximately 300 million yuan in a high-end copper-based core material R&D and industrialization project in Yingtan High-tech Industrial Development Zone, funded by self-owned or self-raised capital [1] - The investment aims to enhance the company's intelligent automation production level, achieve intensive production and office operations, improve overall operational efficiency, reduce production costs, and increase scale efficiency [1] - Jiangnan New Materials was listed on the Shanghai Stock Exchange in March this year, focusing on R&D, production, and sales of electronic circuit copper-based new materials, with core products including copper ball series, copper oxide powder series, and high-precision copper-based heat sinks [1] Group 2 - The global PCB industry is expected to experience structural growth in 2025, driven by the dual demand from AI computing power and the intelligentization of new energy vehicles, providing market opportunities for Jiangnan New Materials [2] - The company reported a revenue of 3.775 billion yuan from copper ball products in the first half of the year, an increase of 8.7% year-on-year; revenue from copper oxide powder series reached 832 million yuan, up 50.95%; and high-precision copper-based heat sink series generated 84.11 million yuan, with a staggering growth of 596.16% [2] - In the first three quarters, Jiangnan New Materials achieved a revenue of 7.569 billion yuan, a year-on-year increase of 18.34%, and a net profit of 165 million yuan, up 21.95% [2] Group 3 - Jiangnan New Materials is accelerating the construction of a 12,000-ton electronic-grade copper oxide powder project, a R&D center, and a marketing center, with the copper oxide powder project planned to invest 179 million yuan [3] - The project aims to enrich the company's product matrix and optimize the existing product structure, with future applications of copper oxide powder in lithium battery PET composite copper foil manufacturing and organic silicon monomer synthesis catalysts [3]

江南新材12月18日公告，公司拟与鹰潭高新技术产业开发区管理委员会、鹰潭炬能投资集团有限公司签 订合同，投资建设高端铜基核心材料研发及产业化项目。项目总投资金额约3亿元人民币，规划用地约 320亩，主要用于设备购置及场地建设等。项目主要产品包括铜球系列、高精密铜基散热片系列等。项 目建设期约36个月，资金来源为公司自有或自筹资金。 ...

本次投资高端铜基核心材料研发及产业化项目是公司基于自身的发展情况、发展战略、业务布局以及产 品市场需求等作出的投资决策，项目建成后将提升公司智能化自动化生产水平，实现集约生产和集约办 公，有利于增强公司整体运营效能，进一步提升公司制造能力、生产效率、研发能力、管理水平和规模 效益，更好满足不断增长的产品市场需求，提升公司的综合竞争力和可持续发展能力，符合公司产品绿 色化、智能化的发展战略。 江南新材（603124）(603124.SH)发布公告，公司拟在鹰潭高新技术产业开发区投资建设高端铜基核心 材料研发及产业化项目，项目总投资金额约3亿元人民币，规划用地约320亩，项目拟建设智能制造厂 房，购置先进的生产设备，并配套建设综合办公楼、研发楼、宿舍楼、仓库等现代化制造设施，项目主 要产品包括铜球系列、高精密铜基散热片系列等。 ...

人民财讯12月18日电，江南新材（603124）12月18日公告，公司拟在鹰潭高新技术产业开发区投资建设 高端铜基核心材料研发及产业化项目，项目总投资金额约3亿元，主要用于设备购置及场地建设等，规 划用地约320亩。项目主要产品包括铜球系列、高精密铜基散热片系列等。 ...

智通财经APP讯，江南新材(603124.SH)发布公告，公司拟在鹰潭高新技术产业开发区投资建设高端铜 基核心材料研发及产业化项目，项目总投资金额约3亿元人民币，规划用地约320亩，项目拟建设智能制 造厂房，购置先进的生产设备，并配套建设综合办公楼、研发楼、宿舍楼、仓库等现代化制造设施，项 目主要产品包括铜球系列、高精密铜基散热片系列等。 本次投资高端铜基核心材料研发及产业化项目是公司基于自身的发展情况、发展战略、业务布局以及产 品市场需求等作出的投资决策，项目建成后将提升公司智能化自动化生产水平，实现集约生产和集约办 公，有利于增强公司整体运营效能，进一步提升公司制造能力、生产效率、研发能力、管理水平和规模 效益，更好满足不断增长的产品市场需求，提升公司的综合竞争力和可持续发展能力，符合公司产品绿 色化、智能化的发展战略。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company is a mature manufacturer of copper-based materials, with a wide range of applications in various sectors including PCB manufacturing, photovoltaic cell copper plating, and power semiconductor cooling [1][2]. - The growth in the AI PCB market is expected to significantly enhance the demand for upstream copper ball and copper oxide powder products, driven by the rapid development of electronic technology and the structural growth in the PCB industry [2][3]. - The company has a comprehensive customer base that includes major domestic and international PCB manufacturers, and its products exhibit superior performance compared to industry standards [3]. Financial Projections - Revenue is projected to reach 10.86 billion yuan in 2025, 13.94 billion yuan in 2026, and 17.01 billion yuan in 2027, with corresponding net profits of 266 million yuan, 451 million yuan, and 643 million yuan respectively [4][10]. - The company is expected to achieve a net profit growth rate of 50.83% in 2025 and 69.58% in 2026, indicating strong profitability potential [10]. - The projected P/E ratios for 2025, 2026, and 2027 are 40.22, 23.76, and 16.65 respectively, suggesting an attractive valuation as earnings grow [4][10].

Core Viewpoint - The surge in Jiangnan New Materials' stock price is driven by the booming PCB sector, fueled by increasing demand for AI computing power, resulting in a significant rise in the company's market value since its IPO earlier this year [1][3][4]. Company Performance - Jiangnan New Materials' stock closed at 82.48 yuan per share on November 12, with a market capitalization of 12.02 billion yuan, reflecting a cumulative increase of 688.63% since its IPO on March 20, where the initial price was 10.54 yuan per share [1][2][3]. - The company reported a total revenue of 7.569 billion yuan for the first three quarters of 2025, marking an 18.34% year-on-year increase, and a net profit attributable to shareholders of 165 million yuan, up 21.95% year-on-year [3][10]. Industry Context - The PCB sector is experiencing high demand, particularly in the server and data storage markets, with projections indicating a market size of 18.921 billion USD by 2029, growing at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2029 [3]. - Jiangnan New Materials specializes in the research, production, and sales of copper-based new materials, with key products including copper ball series and copper oxide powder series, which are widely used across various sectors such as communication, computing, consumer electronics, automotive electronics, and new energy [3][10]. Shareholder Dynamics - Notable foreign institutional investors, including Morgan Stanley and UBS, have entered Jiangnan New Materials' top ten circulating shareholders, indicating strong interest from the investment community [1][2]. - SAIC has made significant early investments in Jiangnan New Materials, with estimated returns exceeding 900% on their investments [1][4][6]. Corporate Structure - Jiangnan New Materials is characterized as a typical family-owned enterprise, with the founder and his family holding a significant portion of the company's shares, totaling 46.75% of the total equity [8][9]. - The company has faced challenges in its IPO journey, with multiple attempts before successfully listing in 2023 [8][9]. Profitability Concerns - The company has been noted for its relatively weak profitability, with a gross margin of only 3.95% for the first three quarters of 2025, primarily due to its pricing model based on copper prices plus processing fees [10].