Core Viewpoint - The company, Ningbo Jiangfeng Electronic Materials Co., Ltd., is issuing shares to specific investors, which will dilute immediate returns but includes measures to compensate for this dilution [1][4]. Financial Impact Analysis - The total amount raised from the share issuance is expected to be no more than 1,947.83 million yuan [1]. - Post-issuance, the total share capital will increase significantly, leading to a potential short-term dilution of earnings per share (EPS) and return on equity (ROE) [1][4]. - Under the assumption that net profit remains flat compared to 2024, the diluted EPS is projected to decrease from 1.51 yuan to 1.47 yuan [2][3]. - If net profit increases by 20% or 40%, the diluted EPS could rise to 1.77 yuan or 2.06 yuan respectively, indicating a recovery in returns over time [3][4]. Necessity and Rationality of the Issuance - The fundraising project has undergone rigorous evaluation and is deemed necessary for enhancing the company's core competitiveness and sustainable development capabilities [5][6]. - The funds will be directed towards projects that align with the company's existing business in ultra-pure sputtering targets and semiconductor precision components [5][6]. Measures to Mitigate Dilution - The company plans to strengthen the management of raised funds to ensure they are used effectively for the intended projects [7][8]. - There will be a focus on expediting project implementation to achieve benefits as soon as possible [7]. - The company aims to enhance its main business operations to improve profitability and shareholder returns [7][8]. Commitments from Key Stakeholders - The controlling shareholder and management have made commitments to not interfere with company operations or harm its interests, ensuring adherence to the measures designed to mitigate dilution [9][10].

Industry Overview - The target material industry in China has a diverse range of listed companies, covering upstream high-purity metal target material production, midstream target material manufacturing, and downstream applications in semiconductors, flat panel displays, and solar cells [1][3][10] Key Companies - Major upstream companies include Dongfang Tantalum Industry, Yuguang Gold Lead, Jinmoly Co., Zijin Mining, and Shengda Resources, focusing on deep processing of metals like copper, aluminum, silver, and tantalum [1][3] - Leading midstream companies are Jiangfeng Electronics, Ashi Chuang, Longhua Technology, Youyan New Materials, and Oulai New Materials, specializing in target material production [1][3] - Notable downstream companies include BOE Technology Group, Qianzhao Optoelectronics, CATL, and Longi Green Energy, which utilize target materials in their manufacturing processes [1][3] Financial Performance - In 2024, Youyan New Materials and Antai Technology are projected to have significant revenue, exceeding 7 billion yuan, while Jiangfeng Electronics and Ashi Chuang are expected to see revenue growth rates of 38.57% and 23.50%, respectively [6][8] - The industry is characterized by high revenue growth but fluctuating net profits, indicating a competitive and developing market [6][8] Target Material Business Performance - Jiangfeng Electronics, Ashi Chuang, Longhua Technology, and Oulai New Materials show diverse product structures and application areas, with Jiangfeng Electronics' production volume increasing by 38.29% and Ashi Chuang's by 56.88% [10][11] - Revenue from target material businesses is growing significantly, with Youyan New Materials' thin film materials business increasing by 46.53% year-on-year [12][13] Profit Margins - In 2024, Jiangfeng Electronics leads with a gross margin of 31.35% in its high-purity target material business, followed by Longhua Technology at 22.12% and Oulai New Materials at 18.69% [16] International Business - Jiangfeng Electronics achieved overseas revenue of 1.445 billion yuan, accounting for 40.10% of total revenue, with a year-on-year growth of 26.31% [19][21] - Longhua Technology's overseas revenue grew by 41.67%, while Youyan New Materials experienced a decline of 42.05% in overseas revenue [19][21] R&D Investment - Jiangfeng Electronics and Youyan New Materials have high R&D investments of 217.29 million yuan and 207.14 million yuan, respectively, indicating a focus on enhancing technological capabilities [22] Business Planning - Companies are actively planning to innovate and expand their market presence, with Youyan New Materials focusing on high-purity target materials and Longhua Technology aiming for sustainable development through new material integration [25][27]

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