Group 1 - Jiangfeng Electronics (300666.SZ) plans to acquire control of Kaide Quartz (920179.BJ) through a cash transaction, marking the first instance of "A shares acquiring A shares" in 2026 [1] - Following the acquisition, Kaide Quartz will become a subsidiary of Jiangfeng Electronics, potentially enhancing its precision components business [1] - Prior to the suspension of trading, Jiangfeng Electronics' stock price was 113.48 CNY per share, with a market capitalization of 30.1 billion CNY, while Kaide Quartz's stock price was 50.89 CNY per share, with a market capitalization of 3.8 billion CNY [1]

Core Viewpoint - Jiangfeng Electronics expects a net profit of 431 million to 511 million yuan for the fiscal year 2025, representing a year-on-year growth of 7.50% to 27.50% [1] Group 1: Company Performance - The company benefits from leading technological advantages, advanced manufacturing capabilities, stable product quality, strong core equipment, and a global technical support, sales, and service system [1] - Continuous growth in revenue from ultra-high-purity metal sputtering targets is noted [1] Group 2: Market Opportunities - The company is seizing opportunities from the sustained growth in downstream demand for artificial intelligence, cloud computing, and robotics [1] - The global increase in wafer and chip production is contributing to the company's market share growth in advanced process products [1]

证券代码：300666 证券简称：江丰电子 公告编号：2026-003 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 单位：万元 项 目 本会计年度 上年同期 归属于上市公司股 东的净利润 43,060.00 ～ 51,070.00 比上年同期 40,056.40 增长 7.50% ～ 27.50% 扣除非经常性损益 后的净利润 30,460.00 ～ 38,470.00 比上年同期 30,350.57 增长 0.36% ～ 26.75% 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务 所审计，但公司已就业绩预告有关事项与年报审计会计师事务所进行了预沟通， 公司与会计师事务所在本报告期的业绩预告方面不存在重大分歧。 三、业绩变动原因说明 1、2025 年度，公司受益于领先的技术优势、先进的制造能力、稳定的产品 质量、强大的核心装备以及全球化的技术支持、销售与服务体系，紧抓人工智 能、云计算、机器人等下游需求持续增长、全球晶圆及芯片产量相应提升的机 2、业绩预告情况：自愿性业绩预告 （1）以区间数进行业绩 ...

Core Viewpoint - Jiangfeng Electronics plans to acquire control of Kaide Quartz through a cash transaction, which will make Kaide Quartz a subsidiary of Jiangfeng Electronics, enhancing its precision components business in the semiconductor sector [1][2]. Company Overview - Jiangfeng Electronics, established in 2005, specializes in ultra-pure metal sputtering targets and has achieved mass application in chip manufacturing at technology nodes of 7nm, 5nm, and 3nm, serving major clients like TSMC and SMIC. It is projected to rank first in sputtering target shipment volume and second in shipment value globally by 2024 [2][3]. - Kaide Quartz, founded in 1997, focuses on the R&D, production, and sales of quartz glass products, which are essential materials in semiconductor and photovoltaic industries. Its subsidiaries include Kaixin New Materials, Kaide Xinbei, and Kaimei Quartz, which cater to various sectors including semiconductor and aerospace [3]. Financial Performance - In the first three quarters of the previous year, Jiangfeng Electronics reported revenue of 3.291 billion yuan, a year-on-year increase of 25.37%, and a net profit of 400 million yuan, up 39.72% [3]. - Conversely, Kaide Quartz has experienced a decline in net profit since 2023, with a year-on-year decrease of 29.61% in 2023 and 13.31% in 2024. In the first three quarters of 2025, it reported revenue of 222.2 million yuan, down 4.22%, and a net profit of 22.24 million yuan, down 24.57% [4]. Industry Trends - The semiconductor industry is witnessing an acceleration in mergers and acquisitions, driven by policies and the need for technological advancements. The "New National Nine Articles" and "Merger Six Articles" are expected to invigorate the capital market and enhance industrial development [5][6]. - Strategic mergers in the semiconductor sector are becoming mainstream, with companies focusing on vertical integration to strengthen supply chain resilience and enhance collaborative effects within the industry [6][7].

2026年开年以来首单"A收A"出炉。 2026年首单"A收A" 1月30日，江丰电子（300666）(300666.SZ)和凯德石英(920179.BJ)同时发布公告，宣布江丰电子拟以现金收购凯德石英控制权。 本次交易完成后，江丰电子将成为凯德石英的控股股东，凯德石英将成为公司的控股子公司。 值得一提的是，江丰电子和凯德石英同属半导体材料供应链，但分别专注于金属材料和石英材料领域。 其中，江丰电子是全球溅射靶材龙头企业，产品主要用于半导体芯片制造的物理气相沉积(PVD)工艺；凯德石英是国内重要的石 英制品供应商，石英制品是半导体制造中的关键耗材，在扩散、氧化、蚀刻等工艺环节不可或缺。此次收购显示出国内半导体 产业链加速整合的趋势。 对于此次收购的原因，江丰电子并未做详细披露，仅表示是"整体战略规划及未来发展需要"。1月30日，21世纪经济报道记者联 系了江丰电子相关人士，对方回复称："目前还在筹划阶段"，尚不方便对具体问题进行交流。 作为2026年开年首单"A收A"项目，江丰电子与凯德石英的"联姻"引发了广泛的关注。 两家上市公司虽然同属于半导体材料领域，但不管是规模、业绩表现，均存在较大差距。 收购方江丰 ...

Group 1 - Jiangfeng Electronics and Kaide Quartz have announced a suspension of trading, indicating that Kaide Quartz's actual controllers are planning to transfer part of their equity to Jiangfeng Electronics, potentially making Kaide Quartz a subsidiary of Jiangfeng Electronics [1] - Both companies are significant players in the semiconductor materials supply chain, focusing on different areas: Jiangfeng Electronics specializes in metal materials, while Kaide Quartz focuses on quartz materials [1] - Kaide Quartz's main business includes quartz instruments and products, with a strong emphasis on the semiconductor integrated circuit chip sector, aiming to upgrade to a 12-inch product production line by 2025 [1] Group 2 - Jiangfeng Electronics is a leading global supplier of sputtering targets, with production capabilities for 8-inch and 12-inch high-purity aluminum and copper targets, and is expected to rank first in global shipment volume and second in shipment value in 2024 [2] - The company has diversified its business, with semiconductor precision components becoming a second growth curve, and has raised approximately 1.948 billion yuan for projects related to electrostatic chucks [2] - Jiangfeng Electronics reported a total revenue of 3.291 billion yuan for the first three quarters of 2025, a year-on-year increase of 25.37%, and a net profit of 401 million yuan, up 39.72% year-on-year [2]

Core Viewpoint - Jiangfeng Electronics announced plans to acquire control of Beijing Kaide Quartz Co., Ltd. in cash, aiming to align with the company's overall strategic planning and future development needs [1] Group 1: Acquisition Details - The transaction will result in Jiangfeng Electronics becoming the controlling shareholder of Kaide Quartz, which will then become a subsidiary of Jiangfeng Electronics [1] - The acquisition is not expected to constitute a significant asset restructuring [1] Group 2: Current Status - The relevant plans are still under discussion, and no agreements have been signed yet; the specifics will depend on the agreements made by the parties involved [1] - Jiangfeng Electronics' stock will be suspended from trading starting January 30, with an expected suspension period of no more than five trading days [1]

Fund Market - The issuance of new funds has accelerated this year, with total scale exceeding 100 billion yuan, driven by equity and FOF products [1] - 110 new funds were established by January 29, with a total issuance scale of 110.54 billion yuan, including 85 equity funds totaling 76.81 billion yuan [1] - FOF products have also maintained high popularity, with issuance scale surpassing 80 billion yuan in 2025 [1] Technology Sector - Over 260 companies on the Sci-Tech Innovation Board have released performance forecasts for 2025, with 105 companies reporting positive growth [1] - The focus on technology growth sectors such as artificial intelligence and biomedicine is expected to attract long-term capital [1] Aerospace Industry - A series of significant announcements were made at the Commercial Aerospace Action Conference, outlining the future of China's commercial aerospace sector [2] - By 2030, low-orbit satellite constellations are expected to be established, with launch costs potentially dropping below 10,000 yuan per kilogram [2] Communication Technology - China has achieved a new milestone in ground-space laser communication, with speeds reaching 120 Gbps [2] Semiconductor Development - Research teams have made advancements in two-dimensional semiconductors, specifically in the production of molybdenum disulfide films [2] Corporate Financial Performance - Apple reported a revenue of 143.8 billion USD for the quarter ending December 27, a 16% year-on-year increase, driven by strong iPhone 17 demand and a 38% increase in sales in China [3] - Adidas preliminary data indicates a fourth-quarter revenue of 6.08 billion euros, slightly below expectations, but full-year operating profit is projected at 2.06 billion euros, above estimates [4] Market Reactions - Microsoft experienced a significant stock sell-off, with a market value decrease of 357 billion USD, the second-largest single-day drop in history, attributed to concerns over AI spending and slowing cloud business growth [5][13] - Other tech stocks, including Alphabet and Nvidia, also faced substantial market value losses [5][13]

Focus Events - President Trump announced he will reveal the nomination for the next Federal Reserve Chair next week, criticizing current Chair Powell for not lowering interest rates [1] Oil Market - WTI crude oil prices surged by 5% to $66.3 per barrel, while Brent crude rose by 4.25% to $70.23 per barrel [2][4] Company Updates - Guizhou Moutai's stock price increased by 8.61%, with investor Duan Yongping stating he did not purchase shares on that day but had exchanged some shares of China Shenhua for Moutai earlier [3] - Sichuan Gold expects a net profit of 420 million to 480 million yuan for 2025, representing a year-on-year increase of 69.23% to 93.40% due to higher sales volume and rising gold prices [16] - Hanwei Technology forecasts a net profit of 125 million to 175 million yuan for 2025, indicating a growth of 63.01% to 128.22% [17] - Transsion Holdings anticipates a revenue of approximately 65.568 billion yuan for 2025, a decrease of about 4.58%, with a net profit drop of 54.11% due to rising supply chain costs [17] - Jiangfeng Electronics plans to acquire control of Kaide Quartz for cash, leading to a temporary suspension of its stock [19] - Aote Xun expects a net loss of 63.6 million to 72.1 million yuan for 2025, with potential delisting risks due to negative financial indicators [20] - Mu Xi Co. plans to use up to 200 million yuan of raised funds to provide loans to its wholly-owned subsidiary for a new GPU project [21] Industry Dynamics - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on various sectors including transportation and online services [9] - The Ministry of Industry and Information Technology held a meeting to address the "anti-involution" issue in the photovoltaic industry, emphasizing the need for coordinated governance and market regulation [12] - China aims to expand its "space+" future industries, focusing on commercial space applications and infrastructure development [11] - New regulations were issued to support wind power projects, encouraging development in less ecologically sensitive areas [14]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260130 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 上海涉外经济创新高，北证 50 下跌 1.69% 2026 年 01 月 30 日 证券分析师 朱洁羽 相关研究： 《沪深北交易所提高融资保证金最低 比例，北证 50 上涨 0.98%》 2026-01-14 《工信部印发<推动工业互联网平台 高质量发展行动方案（2026—2028 年）>，北证 50 下跌 2.50%》 2026-01-13 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新 ...