证券日报网讯飞凯材料（300398）8月29日发布公告，在公司回答调研者提问时表示，公司EMC环氧塑 封料目前在先进封装领域的份额不高，主要源于公司前期策略以稳固基本盘为重点，优先保障在功率器 件、电源分立适配、家电及光伏等成熟应用领域的市场份额。在实现上述传统市场的稳定供应后，公司 正逐步释放产能，目前正积极向先进封装、IGBT和第三代半导体等高端应用领域拓展。今年，公司正 投资建设一条专用于先进封装的高性能EMC产线，重点布局高附加值产品，待该产线建成投产后，凭 借公司现有的渠道资源与客户基础，预计相关产品将获得良好的市场反馈。 ...

证券代码：300398 证券简称：飞凯材料 上海飞凯材料科技股份有限公司投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ■业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 详见附件 | | 人员姓名 | | | 时间 2025 | 年 月 日 8 28 15:00——16:00 | | 地点 | 上海飞凯材料科技股份有限公司会议室、线上会议室 | | 上市公司接待人 | 财务总监：王楠女士 | | 员姓名 | 董事会秘书：严帅先生 | | | 一、介绍 年半年度经营情况 2025 | | | 2025 年半年度，公司实现营业收入约 14.62 亿元人民币， | | | 较上年同期增长 3.80%，主要受益于全球经济和宏观消费环境 | | | 逐步回暖，半导体材料下游市场需求回升态势强劲，同时电子 | | | 消费品需求的持续提振，带动了上游材料企业整体业绩的提升。 | | 投资者关系活动 | 另外，公司 ...

集成电路领域，随着先进制程的推进，叠加AI 强劲需求，封装环节对于提升芯片整体性能发挥着至关 重要的作用，依托国产化率的提升，公司相关材料仍有增长机遇。公司EMC 环氧塑封料正逐步从中低 端应用向高毛利先进封装领域切换，正开发适用于新一代封装制程的高性能GMC 与LMC 产品，提升产 品附加值与竞争优势。屏幕显示材料方面，OLED 市场仍在上升通道，国产化率亦在爬升，公司依托液 晶材料方面的优势，战略布局未来可期。光纤光缆方面，空芯光纤等新型光纤的发展对光纤涂料提出新 的需求，公司依托在该领域的领先地位，有望受益。 盈利预测与估值 考虑公司各块业务稳步修复，我们上调公司板块收入增速，由此上调公司25-27 年归母净利润至 3.74/3.94/4.37 亿元（前值为3.12/3.60/4.15 亿元，上调幅度为20%/9%/5%），EPS 为0.66/0.70/0.77 元， 结合可比公司估值，给予25 年37xPE，目标价24.42 元（前值20.65 元，对应25 年35xPE），维持"增 持"评级。 风险提示：国际油价波动风险；新项目投产进度不达预期风险。 飞凯材料于8 月27 日发布半年报：25H1 实 ...

飞凯材料 20250828 摘要 飞凯材料 2025 年第二季度营收约 7.62 亿元，同比增长 2.9%；归母净 利润约 9,700 万元，同比增长 61%；扣非归母净利润约 9,900 万元， 同比增长 67%，主要受益于成本管控和原材料价格下降。 2025 年上半年，液晶营收同比增长 27%至 5.5 亿元，功能型湿电子化 学药水收入同比增长 27%至 1.54 亿元，光纤涂料收入同比增长 19%至 1.64 亿元，光敏材料收入同比增长 60%至 1.8 亿元。 半导体材料业务剥离台湾需求导致第二季度营收下滑 4.75%，但功能型 湿电子化学药水单季收益同比增长 89%至 8,200 万元，EMC 环氧塑封 料受益于先进封装领域拓展，新建产线以满足更高工艺要求。 公司通过与供应商谈判和自主生产 TMO（天猫）光引发剂，有效控制了 光引发剂涨价对毛利的影响，预计全年 TMO 产品营收可达 3,000 万至 4,000 万元。 飞凯材料在先进封装领域布局功能型湿电子化学药水、锡球和 EMC 环氧 塑封料，推出 2.5D/3D 封装光刻胶，并开发临时键合材料，已开始少量 送样并形成营收。 Q&A 飞凯材料 2 ...

Summary of the Conference Call for Feikai Materials Industry Overview - The semiconductor materials business of Feikai includes functional wet electronic chemicals, solder balls, and EMC epoxy encapsulants, with projected revenue of approximately 670 million yuan in 2024, accounting for 24% of total revenue, marking it as a strategic pillar for future development [2][3][4]. Key Points and Arguments - **Revenue Growth**: In the first four months of 2025, functional wet electronic chemicals grew by 29% year-on-year, while EMC epoxy encapsulants increased by 2.3%. However, the solder ball business declined due to the sale of the Taiwan plant, although the Shanghai plant saw a 9% increase [2][6]. - **Client Base**: Major clients for functional wet electronic chemicals include Changdian Technology, Tongfu Microelectronics, and Huada Semiconductor. Solder ball clients include ASE and SPIL, while EMC epoxy encapsulants are used by companies like Yangjie Technology and BYD for IGBT substrates [2][5]. - **Competitive Advantage**: Feikai has over ten years of experience in wet electronic chemicals, establishing a competitive edge through comprehensive solutions and rapid response services. The company benefits from a strong moat due to process safety advantages and customer certification barriers [2][9]. - **Gross Margin Stability**: The gross margin for functional chemicals is approximately 35%-40%, while demand-type materials have a margin of about 20%, and EMC epoxy encapsulants around 30%. Fluctuations in raw material prices have minimal impact on margins, which are expected to remain stable in the coming quarters [2][10]. - **Future Expansion**: Feikai is constructing a third EMC epoxy encapsulant plant in Anqing, focusing on supplying leading domestic memory chip manufacturers. The company plans to collaborate with JNC to acquire its China operations and patents, aiming to replace Merck as a leading global LCD supplier [3][17]. - **Market Trends**: The semiconductor materials business is expected to achieve revenue of approximately 700 million yuan in 2025, reflecting a 20% growth when excluding contributions from the Taiwan plant. The demand structure is benefiting from trends in artificial intelligence and advanced packaging technologies [3][14][21]. Additional Important Insights - **Downstream Demand**: The overall demand for advanced packaging solutions is increasing, with a 5% growth observed in the semiconductor packaging segment. This growth is attributed to the rising adoption of semiconductor packaging solutions to address front-end process challenges [4][6]. - **Competition Landscape**: Feikai faces competition from international suppliers such as Japan's Ishihara, Korea's Dongjin, and US companies like Rohm and Haas and Dow DuPont. However, the company’s established client relationships and experience provide a buffer against new entrants [11][12]. - **Domestic Market Development**: The domestic EMC epoxy encapsulant market is still developing, with the new plant expected to take one to two years to achieve significant market penetration and cost reduction [13][14]. - **Liquid Crystal Market Dynamics**: The global liquid crystal market demand is approximately 1,000 tons annually, with China accounting for about 900 tons. The middle-sized panel market is dominated by Merck, but Feikai aims to expand its share through collaboration with JNC [15][16][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market dynamics, and competitive positioning of Feikai Materials in the semiconductor and liquid crystal industries.