证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 | 最新收盘价（元） | 52.30 | | --- | --- | | 总股本/流通股本（亿股）1.42 | / 0.89 | | 总市值/流通市值（亿元）74 | / 46 | | 52 周内最高/最低价 | 61.62 / 23.37 | | 资产负债率(%) | 22.2% | | 市盈率 | 75.80 | | 第一大股东 | 国家集成电路产业投资 | | | 基金股份有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 个股表现 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 -6% 10% 26% 42% 58% 74% 90% 106% 122% 138% 德邦科技 电子 资料来源：聚源，中邮证券研究所 公司基本情况 德邦科技(688035) 集成电路封装材料高增 l 事件 公司发布 ...

Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "National Fund") plans to reduce its stake in Debang Technology by up to 4,267,200 shares, accounting for 3% of the company's total share capital, which is seen as a normal investment exit behavior with limited market impact [1][2]. Group 1: Company Performance - Debang Technology expects to achieve an operating income of 687 million to 692 million yuan in the first half of 2025, representing a year-on-year growth of 48.39% to 49.47% [1]. - The company anticipates a net profit attributable to shareholders of 43 million to 47 million yuan, with a year-on-year increase of 27.56% to 39.42% [1]. - The growth in performance is attributed to two main factors: continuous optimization of product structure and favorable industry conditions [1]. Group 2: Strategic Moves - Debang Technology has completed the acquisition and integration of Suzhou Taijino, which will be included in the consolidated financial statements starting February 2025 [2]. - This strategic acquisition enhances the company's technical strength in the electronic materials sector and has contributed significantly to its performance in the first half of the year [2]. - The acceleration of domestic semiconductor material production is expected to further open up growth opportunities for Debang Technology in the advanced packaging materials sector [2].

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company being analyzed [1]. Core Insights - The company reported a revenue growth of 25.19% year-on-year for 2024, while profit decreased by 5.66% [21]. - The growth in revenue is attributed to the performance of four business segments: integrated circuits, smart terminals, new energy, and high-end equipment, with integrated circuits and smart terminals outperforming the industry average [21]. - The advanced packaging materials market is currently dominated by manufacturers from Japan, South Korea, and Europe, indicating significant room for improvement in domestic advanced packaging materials [22]. - The company has achieved domestic substitution for several advanced packaging materials, with small batch deliveries already in place [22]. - The company maintains a stable market share of 30%-40% in polyurethane thermal conductive materials for new energy applications, primarily serving leading domestic battery manufacturers [23]. Summary by Sections 1. Research Overview - The research focused on Debang Technology within the electronic components industry, conducted on February 25, 2025, with participation from various investment institutions [13]. 2. Business Performance - The company’s revenue growth is driven by the expansion of its product series and new application breakthroughs, particularly in integrated circuits and smart terminals [21]. - The gross margin has been steadily increasing, although the new energy segment faced some pressure due to product price reductions [21]. 3. Competitive Landscape - The advanced packaging materials market is still heavily reliant on imports for core materials, highlighting a gap in domestic capabilities [22]. - The company is actively working on enhancing its product offerings in the advanced packaging materials sector through strategic acquisitions, such as the purchase of Taijino, which focuses on high-end thermal interface materials [24]. 4. Future Outlook - The company is exploring opportunities in the humanoid robotics sector, although this area currently contributes minimally to overall revenue [25]. - The company is committed to monitoring developments in the humanoid robotics market to capitalize on future growth opportunities [25].