Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company has signed a cooperation framework agreement with KSTE INC. to introduce Korean electrostatic chuck technology and procure production lines, accelerating the development of precision component business [1][2] - The global electrostatic chuck market is estimated to be between 3.6 billion to 4.2 billion yuan in 2023, with the mainland China market accounting for approximately 700 million to 800 million yuan [2] - The company has established itself as the world's leading manufacturer of semiconductor sputtering targets, holding nearly 40% market share and serving major clients like TSMC and SMIC [3] - The company has developed over 40,000 types of semiconductor equipment components, achieving over 85% coverage of industry products [4] Financial Data and Valuation - The company's projected revenue for 2024, 2025, and 2026 is 3.632 billion, 4.754 billion, and 5.957 billion yuan respectively, with year-on-year growth rates of 39.6%, 30.9%, and 25.3% [10][11] - The projected net profit attributable to the parent company for the same years is 384 million, 516 million, and 670 million yuan, with growth rates of 50.1%, 34.5%, and 30.0% respectively [10][11] - The company's price-to-earnings (P/E) ratio is expected to decrease from 50.0 in 2024 to 28.6 in 2026, indicating improving valuation [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 390 million, 536 million, and 713 million RMB for the years 2024 to 2026, representing year-on-year growth rates of 53%, 37%, and 33% respectively [2]. Core Insights - The company signed a cooperation framework agreement with KSTE INC. for the electrostatic chuck project, which is expected to open new growth opportunities in the semiconductor equipment parts business. The global market for ceramic electrostatic chucks is projected to grow from 12.2 billion RMB in 2023 to 15.1 billion RMB by 2030, with a compound annual growth rate of 5.3% from 2024 to 2030 [1]. - The commitment from the controlling shareholder not to reduce their stake in the company reflects confidence in the company's long-term development prospects [2]. Financial Summary - Revenue projections are as follows: 2,602 million RMB in 2023, 3,398 million RMB in 2024 (growth of 45.8%), 4,524 million RMB in 2025 (growth of 11.95%), and 6,078 million RMB in 2026 (growth of 30.6%) [4]. - The net profit forecast shows a decline to 255 million RMB in 2023, followed by a significant increase to 390 million RMB in 2024 (growth of 52.54%), and further growth to 713 million RMB in 2026 (growth of 33.08%) [4]. - The diluted earnings per share (EPS) are projected to be 1.47 RMB in 2024, 2.02 RMB in 2025, and 2.69 RMB in 2026, with corresponding price-to-earnings (P/E) ratios of 48, 35, and 26 [2][4].

Group 1 - The core point of the article is that Jiangfeng Electronics (300666) signed a cooperation framework agreement with KSTE INC. on January 17, 2025, to introduce production technology and purchase production lines for electrostatic suction cups [1] - Electrostatic suction cups are key components in semiconductor manufacturing equipment, widely used in etching, thin film, and measurement equipment, playing an important role in various stages of semiconductor manufacturing [1] - The signing of this agreement is expected to promote the development of the company's component business, enhance its service capabilities for semiconductor clients, and positively impact the company's future operating performance [1]

Investment Rating - The report assigns a "Buy" investment rating for Jiangfeng Electronics (300666.SZ) [1] Core Views - Jiangfeng Electronics has shown significant revenue growth, with a 41.77% year-on-year increase in revenue for the first three quarters of 2024, reaching 2.625 billion yuan, and a 48.51% increase in net profit to 287 million yuan [4] - The company is positioned as a leader in the high-purity sputtering target materials industry, benefiting from strategic investments in semiconductor precision components and expanding its product line [4][6] - The company has established a strong customer base, including major players like SMIC, TSMC, and BOE, which supports its market share and revenue growth [6] Summary by Sections Revenue Growth - In Q3 2024, Jiangfeng Electronics achieved revenue of 998 million yuan, marking a 52.48% year-on-year increase [4] - The company is expanding its production capabilities with multiple new production bases coming online, contributing to sustained revenue growth [4] R&D and Quality Assurance - The company has established an analysis laboratory for physical vapor deposition (PVD) materials, equipped with advanced testing equipment, enhancing product quality and customer satisfaction [5] - The high purity of sputtering targets is critical for semiconductor chip and flat panel display applications, with stringent quality requirements [5] Market Position and Customer Relationships - Jiangfeng Electronics has become a qualified supplier for major semiconductor manufacturers, ensuring long-term stable partnerships that facilitate revenue sharing in the integrated circuit market [6] - According to a report by Frost & Sullivan, Jiangfeng Electronics ranked second in the global wafer manufacturing sputtering target market in 2022 [6] Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 3.437 billion yuan, 4.420 billion yuan, and 5.599 billion yuan, respectively, with corresponding EPS of 1.39 yuan, 1.83 yuan, and 2.34 yuan [8][10] - The current stock price corresponds to PE ratios of 50, 38, and 30 for the years 2024, 2025, and 2026, respectively [8]

证券代码：300666 证券简称：江丰电子 公告编号：2024-126 宁波江丰电子材料股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 2、股东股份累计质押基本情况 截至本公告披露日，姚力军先生所持质押股份情况如下： | | | | | | 占其 | 占公 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股 比例 | 本次解除 质押前质 | 本次解除 质押后质 | 所持 股份 | 司目 前总 | 已质押 股份限 | 占已 质押 | 未质押 股份限 | 占未 质押 | | 名称 | （股） | （%） | 押股份数 量（股） | 押股份数 量（股） | 比例 | 股本 比例 | 售和冻 | 股份 | 售和冻 | 股份 | | | | | | | （%） | （%） | 结数量 | 比例 | 结数量 | 比例 | | | | | | | | | （股） | （%） | （股） | （%） | | 姚力军 | 56,765,724 | ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于宁波江丰电子材料股份有限公司 2024 年第三次临时股东会之 法律意见书 致：宁波江丰电子材料股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受宁波江丰电子材料股份 有限公司（以下简称"公司"）的聘请，指派赵振兴律师、张春燕律师出席并见 证了公司 2024 年第三次临时股东会（以下简称"本次股东会"）。 本所律师根据《中华人民共和国证券法》《中华人民共和国公司法》《上市公 司股东大会规则》等法律、法规和中国证券监督管理委员会的有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东会的召集、召开 程序、出席人员资格、召集人资格、会议表决程序等事项开展核查工作，出具本 法律意见书。 一、本次股东会的召集、召开程序 公司于 2024 年 12 月 14 日向股东发出了《关于召开 2024 年第三次临时股 东会的通知》（以下简称"《会议通知》"）。《会议通知》载明了本次股东会召开的 日期、时间、地点、会议审议事项和会议出席对象，并说明了有权出席会议的股 东的股权登记日、会议登记方法、网络投票系统及其投票时间，以及本次股东会 ...

中信建投证券股份有限公司 关于宁波江丰电子材料股份有限公司 对于因故未能参加现场培训的相关人员，保荐人已向其提供本次培训的相关资料 并提请公司督促其自学，在学习过程中如有疑问可随时与中信建投证券培训人员联系。 二、培训的主要内容 本次主要培训内容如下： 1、对新"国九条"及配套政策进行解读，学习新"国九条"在投资者保护、 上市公司监管、行业机构发展、监管能力和治理体系建设等方面的重点安排，了解 配套政策体系形成和落地实施情况。 2024年度持续督导培训报告 中信建投证券股份有限公司（以下简称"保荐人"、"中信建投证券"）作为 宁波江丰电子材料股份有限公司（以下简称"江丰电子"、"公司"）向特定对象发行 股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则（2024年修订）》《深圳证券交易所上市公司自律监管指引第13号——保荐 业务》等有关规定，于2024年12月25日对江丰电子的实际控制人、董事、监事、高级 管理人员和中层以上管理人员进行了培训，现将培训情况报告如下： 一、培训的时间和地点及培训对象 时间：2024年12月25日 地点：宁波江丰电子材料股份有限公司会议室 培训 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-127 宁波江丰电子材料股份有限公司 2024 年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有出现否决议案的情形； 2、本次股东会无增加、变更议案的情形； 3、本次股东会没有涉及变更以往股东会决议。 一、会议召开和出席情况 1、宁波江丰电子材料股份有限公司（以下简称"公司"）2024 年第三次临时 股东会通知于 2024 年 12 月 14 日以公告的形式发出。公司于 2024 年 12 月 26 日 披露了《关于召开 2024 年第三次临时股东会的提示性公告》，具体内容详见当日 巨潮资讯网（www.cninfo.com.cn）发布的相关公告。 3、会议召开时间 （1）现场会议召开时间：2024 年 12 月 30 日（星期一）下午 14:50 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的具体时间为：2024 年 12 月 30 日上午 9:15-9:25，9:30-11:30，下 午 13:00- ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-125 宁波江丰电子材料股份有限公司 关于召开 2024 年第三次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 宁波江丰电子材料股份有限公司（以下简称"公司"）第四届董事会第十二 次会议审议通过了《关于召开公司 2024 年第三次临时股东会的议案》，决定于 2024 年 12 月 30 日（星期一）召开 2024 年第三次临时股东会（以下简称"本次 股东会"），并已于 2024 年 12 月 14 日在中国证券监督管理委员会指定的创业板 信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露了《关于召开 2024 年第 三次临时股东会的通知》（公告编号：2024-122），现将本次股东会的有关事项再 次提示如下： 一、召开会议的基本情况 1、股东会届次：2024 年第三次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：公司于 2024 年 12 月 12 日召开第四届董事会 第十二次会议，审议通过《关于召开公司 2024 年第三次临时股东会 ...