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晶瑞电材(300655):25H1高纯化学品盈利改善 半导体材料需求提升公司持续受益
Xin Lang Cai Jing· 2025-08-25 04:40
AI 需求推动,湿电子化学品及光刻胶市场规模稳步增长。受AI 需求推动,晶圆投片量持续增加,从而 带动半导体材料市场成长。根据TECHCET 最新预测,2025年全球半导体材料市场规模约为700 亿美 元,同比增长约6%,同时预计2029年市场规模将超过870 亿美元,对应CAGR 约为4.5%。其中,预计 2025 年全球用于半导体基板的湿法清洗化学品市场规模将同比增长5%,同时将以5.8%的CAGR 持续增 长,到2029 年将达到约70 亿美元的市场规模。光刻胶方面,根据CEMIA 预测,2025 年我国IC、新兴 显示、PCB 用光刻胶市场规模分别将达到68 亿元、67 亿元、44 亿元,同比分别增长4.5%、3.1%、 17.3%。公司作为国内湿电子化学品及光刻胶领域的头部企业,伴随着对应材料市场规模的增长,以及 国产材料渗透率的提升,将有望持续受益。 事件:公司发布2025 年半年度报告。2025 年上半年,公司实现营收7.68 亿元,同比增长10.68%;实现 归母净利润6975 万元,同比扭亏为盈;实现扣非后归母净利润3269 万元,同比扭亏为盈。2025Q2,公 司单季度实现营收3.98 亿 ...
晶瑞电材股价报11.84元 半年度拟派现1057万元
Jin Rong Jie· 2025-08-22 17:04
Group 1 - The latest stock price of Jingrui Electric Materials is 11.84 yuan, an increase of 0.47 yuan from the previous trading day's closing price [1] - The company specializes in the research and production of high-purity wet chemicals, photoresists, functional materials, and lithium battery materials, with applications in the semiconductor, display panel, LED, and new energy sectors [1] - The company has completed investment in four bases for semiconductor high-purity wet chemicals, achieving domestic substitution for major products and supplying over twenty domestic semiconductor chip manufacturers [1] Group 2 - For the first half of 2025, the company plans to distribute a cash dividend of 0.1 yuan for every 10 shares, with a total expected payout of 10.5769 million yuan [1] - In the first half of 2025, the company achieved operating revenue of 768 million yuan, a year-on-year increase of 10.68%, and a net profit attributable to shareholders of 69.7535 million yuan, marking a turnaround from losses [1] - The sales volume of high-purity hydrogen peroxide and other products has significantly increased, with high-purity hydrogen peroxide holding over 40% market share and high-purity sulfuric acid sales growing by 86.2% year-on-year [1] Group 3 - On August 22, 2025, the net inflow of main funds into the company was 58.1539 million yuan, while the net outflow over the past five days was 166.7 million yuan [1]
深度*公司*晶瑞电材(300655):25Q1扭亏为盈 高纯化学品布局逐渐完善
Xin Lang Cai Jing· 2025-04-29 10:51
Core Viewpoint - The company reported a revenue of 1.435 billion yuan for 2024, a year-on-year increase of 10.44%, but faced a significant net loss of 180 million yuan, a decline of 1,311.61% compared to the previous year. The company turned profitable in Q1 2025 with a revenue of 370 million yuan, a year-on-year increase of 12.17% and a net profit of 43.5 million yuan [1][2]. Group 1: Financial Performance - In 2024, the company's gross margin was 19.23%, down 4.39 percentage points year-on-year, and the net margin was -13.34%, down 14.12 percentage points year-on-year [2]. - The company incurred a goodwill impairment of 144 million yuan and other asset impairments totaling 24.93 million yuan, reducing profits by 169 million yuan [2]. - In Q1 2025, the gross margin improved to 23.05%, up 1.65 percentage points year-on-year, and the net margin was 14.29%, an increase of 18.35 percentage points year-on-year [2]. Group 2: Product Performance - The high-purity chemicals segment generated revenue of 778 million yuan in 2024, a year-on-year increase of 11.85%, with a sales volume of 252,400 tons, up 16.83% year-on-year [3]. - High-purity sulfuric acid and high-purity hydrogen peroxide achieved record sales volumes in 2024, with high-purity hydrogen peroxide revenue nearing 350 million yuan, a growth of nearly 15% [3]. - The company is one of the few globally that master the technology for G5 grade high-purity chemicals, supplying over 20 major semiconductor manufacturers domestically [3]. Group 3: Business Development - The company's photoresist segment achieved revenue of 198 million yuan in 2024, a year-on-year increase of 27.61%, with a sales volume of 1,388 tons, up 27.93% year-on-year [4]. - The lithium battery materials segment reported revenue of 260 million yuan, a decline of 5.28% year-on-year, despite a sales volume increase of 15.75% [4]. - The company is expanding its NMP production capacity with a new 60,000-ton production line under construction, which is expected to significantly enhance its output [4]. Group 4: Future Outlook - The company anticipates a gradual improvement in its high-purity chemical layout, maintaining a buy rating despite adjusting profit forecasts for 2025-2027, expecting net profits of 76 million, 112 million, and 155 million yuan respectively [5].
【私募调研记录】源乐晟资产调研玉马科技、容知日新等3只个股(附名单)
Zheng Quan Zhi Xing· 2025-04-29 00:10
Group 1: Yuma Technology - The net profit of Yuma Technology decreased significantly in Q1, primarily due to holiday effects and tariff policies, along with increased stock incentive and R&D expenses [1] - Export revenue to the US accounts for 10%, with plans to establish a production base in Vietnam, but decisions are cautious due to tariff policy changes [1] - The overall gross margin remains stable, with slight fluctuations influenced by product sales structure and pricing strategy [1] - Major raw material prices are at historical lows and are expected to remain stable [1] - The company is focusing on expanding its presence in the European market and is gradually replacing imported products, which is a growth driver [1] - The production capacity utilization rate is at 80%, with a project to produce 13 million square meters annually currently under construction [1] Group 2: Rongzhi Rixin - Rongzhi Rixin's service revenue for 2024 is projected to be approximately 23 million, representing a 73% year-on-year increase [2] - The company is focusing on sectors such as electricity, metallurgy, petrochemicals, coal, cement, non-ferrous metals, rail transit, water services, thermal power, and ports [2] - Cash flow is expected to improve from a negative 70 million to a positive 70 million in 2024, maintaining a good status into 2025 [2] - The company has integrated DeepSeek and may connect with more advanced models in the future [2] Group 3: Jingrui Electric Materials - Jingrui Electric Materials expects an increase in gross margin in Q1 2025 due to expanded sales of key products and cost reduction efforts [3] - Revenue from photoresist is projected to be 198 million in 2024, a 27.61% increase year-on-year, benefiting from downstream recovery and domestic substitution [3] - Sales of high-purity sulfuric acid are expected to grow nearly twofold, with volume increasing nearly threefold [3] - The company plans to acquire 76.0951% of Hubei Jingrui's shares, which has been approved by the board and supervisory committee [3]
【晶瑞电材(300655.SZ)】大额商誉减值影响24年业绩,拟发行股份收购湖北晶瑞股权——24年报及25一季报点评(赵乃迪等)
光大证券研究· 2025-04-28 09:07
本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件1: 高纯化学品和光刻胶持续放量,大额商誉减值及新增折旧拖累24年业绩 点击注册小程序 查看完整报告 特别申明: 公司发布2024年年报。2024年,公司实现营收14.35亿元,同比增长10.44%;实现归母净利润-1.80亿元, 同比减少1312%;实现扣非后归母净利润-1.71亿元,同比减少491%。2024Q4,公司单季度实现营收3.75 亿元,同比增长10.11%,环比增长2.21%;实现归母净利润-1.80亿元,同比亏损扩大2265%,环比由盈转 亏。 事件2: 公司发布2025年一季报。2025Q1,公司单季度实现营收3.70亿元,同比增长12.17%,环比减少1.27%;实 现归母净利润4350万元,同比增长582%,环比扭亏为盈。 点评: 拟发行股 ...