Investment Rating - The report assigns an "Outperform" rating to Darbond Technology with a target price of RMB 58.55 per share [1][48] Core Views - Darbond Technology plans to acquire 89.42% of Taijino for RMB 257.78 million, aiming to enhance its semiconductor packaging materials sector, particularly in high-performance and advanced packaging [96] - The acquisition is expected to expand Darbond's product range and business scope in high-performance packaging, with forecasted 2024E-2026E revenue of RMB 1.10/1.45/1.81 billion and net profit of RMB 0.09/0.15/0.21 billion [96] - Using a PE valuation of 55x for 2025E, the market capitalization is estimated at RMB 8.33 billion [1] Business Overview - Darbond Technology specializes in high-end electronic packaging materials, including integrated circuit packaging, smart terminal packaging, new energy application materials, and high-end equipment application materials [7] - The company has achieved technological breakthroughs in areas such as integrated circuit packaging, smart terminal packaging, power battery packaging, and photovoltaic shingling packaging, with a complete R&D and production system [7] - Darbond has established long-term partnerships with leading industry customers and has entered the supply chains of many well-known brands, achieving import substitution or international leadership in related fields [7] Financial Forecasts - Revenue for 2024E-2026E is projected to be RMB 1.10 billion, RMB 1.45 billion, and RMB 1.81 billion, with year-on-year growth of 18.16%, 31.53%, and 24.80% respectively [71] - Net profit (before non-recurring items) for 2024E-2026E is forecasted at RMB 0.09 billion, RMB 0.15 billion, and RMB 0.21 billion, with year-on-year growth of -11.96%, 67.07%, and 40.23% respectively [71] - Gross margins for 2024E-2026E are expected to be 26.06%, 29.62%, and 31.26% respectively [25] Acquisition Details - The acquisition of Taijino, which specializes in high-end thermal interface materials for semiconductor integrated circuit packaging, will be paid in three installments: 30% within 10 days of agreement, 50% within 10 days post-transaction, and 20% after performance commitments [13][96] - Taijino's products, such as phase change materials and liquid metal, are used in data centers, consumer electronics, and automotive domains, and have gained recognition from leading chip design companies and AI server manufacturers [23] Industry and Market Position - Darbond Technology is a national-level "Little Giant" enterprise focused on the R&D and industrialization of high-end electronic packaging materials, with a strong presence in strategic emerging industries such as integrated circuits, smart terminals, and new energy [7] - The company is a key player in the semiconductor materials sector, with significant investments from the National Integrated Circuit Industry Investment Fund [31]

Core Viewpoint - Debon Technology plans to acquire 89.42% of Suzhou Taijino New Materials Technology Co., Ltd. for 258 million yuan to enhance its position in the semiconductor packaging materials sector [1] Company Overview - Debon Technology primarily engages in the research and industrialization of high-end electronic packaging materials, including integrated circuit packaging materials, smart terminal packaging materials, new energy application materials, and high-end equipment application materials [4] - The company reported a revenue of 784 million yuan for the first three quarters of the year, a year-on-year increase of 20.48%, while net profit decreased by 28.03% to 60 million yuan [5] - Debon Technology has several chip-level packaging materials in client production, with DAF film achieving mass production and other materials like CDAF film and AD glue in small batch deliveries [6] Market Insights - The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from 17.3 billion USD in 2023 to 26.1 billion USD by 2028, indicating significant market potential [2] - The demand for thermal interface materials is driven by the rapid integration of AI, data centers, smart vehicles, and portable devices, with a focus on low thermal resistance and high reliability [7] Acquisition Details - The valuation of Taijino is 288 million yuan, representing an increase of 237 million yuan or 458.23% compared to the audited book value of the parent company's equity [3] - The acquisition is expected to enhance Debon Technology's technological innovation capabilities and core competitiveness, with performance commitments ensuring a cumulative net profit of no less than 42.33 million yuan from 2024 to 2026 [8][9] Strategic Implications - The acquisition is anticipated to expand Debon Technology's product range in electronic packaging materials, improve product solutions, and accelerate its business layout in high-performance and advanced packaging sectors [9] - The global semiconductor market is entering a strong recovery phase, providing new development opportunities for integrated circuit packaging materials [10]

证券代码：688035 证券简称：德邦科技 公告编号：2024-077 烟台德邦科技股份有限公司 关于以现金方式收购苏州泰吉诺新材料科技有限公司 部分股权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 烟台德邦科技股份有限公司（以下简称"公司"或"德邦科技"）拟使用现金 25,777.90 万元收购苏州泰吉诺新材料科技有限公司（以下简称"泰吉诺"或"标的公 司"）原股东持有的共计 89.42%的股权，本次交易完成后，泰吉诺将成为公司的控 股子公司。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组， 亦不构成关联交易。本次交易实施不存在重大法律障碍。本次交易已经公司第二届 董事会第十二次会议审议通过，无需提交公司股东大会审议。 本次交易对标的公司采用收益法评估结果作为最终评估结论，评估值为 28,840.00 万元。 为保护公司及股东特别是中小投资者利益，本次交易设置了业绩承诺、减 值测试及相关补偿安排。 风险提示：本次交易面临标的公司业绩不达预期、业务整合以及协同效应 不及预期、商 ...

证券代码：688035 证券简称：德邦科技 公告编号：2024-076 烟台德邦科技股份有限公司 第二届监事会第十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 审议通过《关于以现金方式收购苏州泰吉诺新材料科技有限公司部分股权 的议案》 经审议，公司监事会认为：本次收购股权是为了满足公司经营发展的需要， 公司已聘请专业机构对标的公司进行了评估及审计，标的公司经营情况良好，权 属清晰，不存在妨碍权属转移的情形。本次交易价格以专业独立的第三方资产评 估机构的评估价值为定价依据，并经双方协商一致确定，定价公平、合理，不存 在损害公司及股东利益的情形。监事会一致同意本次收购股权事项。 表决结果：3 票赞成，0 票反对，0 票弃权。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《烟台德邦科技股份有限公司关于以现金方式收购苏州泰吉诺新材料科技有限 公司部分股权的公告》（公告编号：2024-077）。 特此公告。 烟台德邦科技股份有限公司监事会 一、监事会会议召开情况 烟台德邦科技股份有 ...

一、 回购审批情况和回购方案内容 证券代码：688035 证券简称：德邦科技 公告编号：2024-075 烟台德邦科技股份有限公司 关于股份回购实施结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/12/15 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 12 月 日~2024 | 年 | 15 | 14 日 | | 预计回购金额 | 3,000 万元~6,000 万元 | | | | | 回购价格上限 | 88.76 元/股 □减少注册资本 | | | | | 回购用途 | √用于员工持股计划或股权激励 | | | | | | □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 实际回购股数 | 1,327,158 股 | | | | | 实际回购股数占总股本比例 | 0.9330% | | | | | 实际回购金额 | 5,406.17 万元 ...

证券代码：688035 证券简称：德邦科技 公告编号：2024-074 烟台德邦科技股份有限公司 关于独立董事辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 烟台德邦科技股份有限公司（以下简称"公司"）董事会近日收到独立董事 杨德仁先生的辞职报告。杨德仁先生根据中国科学院院士兼职管理的要求，申请 辞去公司独立董事及提名委员会、战略委员会委员职务。辞职后，杨德仁先生不 再担任公司任何职务。截至本公告披露日，杨德仁先生未直接或间接持有公司股 份，亦不存在应当履行而未履行的承诺事项。 鉴于杨德仁先生辞职将导致公司独立董事人数少于董事会成员的三分之一， 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《上海证券交易 所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号 ——规范运作》以及《公司章程》等相关规定，其辞职报告将在新的独立董事到 任之日或者独立董事人数不少于公司董事会人数的三分之一起生效。在此之前， 杨德仁先生仍将按照有关法律法规和《公司章程》的规定继续履行职责。公司将 按照相关 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 36.91 and an industry rating of "Outperform" [2][8]. Core Insights - The company experienced steady revenue growth in the first three quarters of 2024, with a year-on-year increase of 20.48%, while its net profit attributable to shareholders decreased by 28.03% [7][10]. - The report highlights the ongoing validation and introduction of the company's products as a positive factor for future performance [8][9]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of RMB 784.03 million, up from RMB 650.74 million in the same period of 2023, reflecting a growth rate of 20.48% [10]. - The gross profit margin for the first three quarters of 2024 was 26.63%, down 2.79 percentage points year-on-year, while the net profit margin was 7.57%, down 5.09 percentage points year-on-year [8]. - The company’s earnings per share (EPS) for 2024 is projected to be RMB 0.71, with corresponding price-to-earnings (PE) ratios of 52.3, 38.1, and 25.0 for the years 2024, 2025, and 2026 respectively [8][12]. Market Outlook - The semiconductor materials market is expected to recover, with a projected compound annual growth rate (CAGR) of over 5% from 2023 to 2027, driven by increased investment in wafer fabrication and capacity expansion [8][9]. - The consumer electronics market is also anticipated to recover, with a projected growth of 4% in 2024, providing opportunities for the company to expand its market share in the packaging materials sector [8][9].

证券代码：688035 证券简称：德邦科技 公告编号：2024-073 因 2023 年年度权益分派实施，公司以集中竞价交易方式回购股份价格上限 2024 年 6 月 14 日（权益分派除权除息日）起由不超过 89.01 元/股（含）调整为不 超过 88.76 元/股（含），具体内容详见公司于 2024 年 6 月 7 日在上海证券交易所 网站（www.sse.com.cn）披露的《烟台德邦科技股份有限公司关于 2023 年年度权 益分派实施后调整回购股份价格上限的公告》（公告编号：2024-045）。 二、 回购股份的进展情况 烟台德邦科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2023/12/15 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 日~2024 2023 12 | 月 | 1 ...

证券代码：688035 证券简称：德邦科技 公告编号：2024-072 烟台德邦科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 12 月 09 日(星期一) 下午 13:00- 14:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长：解海华先生 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 12 月 02 日(星期一) 至 12 月 06 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 dbkj@darbond.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 烟台德邦科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 24 日发布公司 2024 年第三季度 ...

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved an operating revenue of 7.84 billion yuan, representing a year-on-year growth of 20.48% [2] - The net profit for the same period saw a decline, primarily due to price reductions in some supply chain products and the implementation of a restricted stock incentive plan [3] - Despite challenges, the company has narrowed the net profit decline compared to the previous two quarters through measures like bulk purchasing negotiations and cost reduction [3] Group 2: Business Segments Performance - The integrated circuit segment grew over 30% in the first three quarters of 2024, outperforming the industry average [3][4] - The smart terminal segment experienced a significant growth of over 30%, driven by better performance in the consumer electronics market and successful product integration with major clients like Apple and Xiaomi [4][5] - The new energy segment maintained a leading market share despite facing profit challenges due to price reductions, with successful bulk supply to major clients [5] Group 3: Product Development and Market Strategy - The company has developed a diverse product line in the integrated circuit packaging materials sector, enhancing its overall solution capabilities [3][4] - New products in advanced packaging materials are being introduced, providing additional growth opportunities for the integrated circuit segment [4] - The company is actively expanding its business layout in various industries, including new energy vehicles and rail transportation, to further broaden its market reach [6] Group 4: Mergers and Acquisitions - The termination of the acquisition of Hengsuo Huawai was initiated unilaterally by the counterparty, with the company disclosing relevant information [6] - The company remains open to potential acquisitions to strengthen its position in the electronic packaging materials sector, focusing on domestic markets with lower market share [7]