证券代码：300666 证券简称：江丰电子 公告编号：2024-116 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质押的公告 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"）于近日接到控股股 东、实际控制人姚力军先生的通知，获悉其所持有本公司部分股份办理了质押 登记手续，具体事项如下： 2、股东股份累计质押情况 截至本公告披露日，姚力军先生所持质押股份情况如下： | | | | | | | 占公 | 已质押股份情况 | | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股 | 本次质押前 | 本次质押后 | 占其所 持股份 | 司目 前总 | 已质押 | | 未质押 | | | 股东 | | 比例 | 质押股份数 | 质押股份数 | | | 股份限 | 占已质 | 股份限 | 占未质 | | 名称 | （股） | （%） | 量（股） | 量（股） | 比例 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-115 | | | | 减持均价 | | 占公司目前 | 占公司扣除 回购专用账 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 减持股数 | | | | 股东名称 | 减持方式 | 减持期间 | （元/股） | （股） | 总股本比例 | 户股份后总 | | | | | | | （%） | 股本的比例 | | | | | | | | （%） | | 智鼎博能 | 集中竞价 | 2024/11/12 | 82.29 | 873,900 | 0.33 | 0.33 | 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 宁波江丰电子材料股份有限公司（以下简称"公司"）于2024年10月21日 披露了《关于股东减持股份的预披露公告》（公告编号：2024-097）。公司股 东上海智鼎博能投资合伙企业（有限合伙）（以下简称"智鼎博能"）和上海 智兴博辉投资合伙企业（有限合伙）（以下简称"智兴博辉"）计划于上述公 告披露之日起15个交易日之后的三个月内（即从2024年11月12 ...

Investment Rating - The report maintains a "Buy" rating for Jiangfeng Electronics, indicating a positive outlook for the company's stock performance in the near future [3]. Core Insights - Jiangfeng Electronics reported a significant revenue growth of 41.77% year-on-year for the first three quarters of 2024, reaching RMB 2.625 billion, with a net profit increase of 48.51% to RMB 287 million [1][2]. - The third quarter alone saw a revenue increase of 52.48% year-on-year, amounting to RMB 998 million, and a remarkable net profit growth of 213.13% to RMB 126 million [1][2]. - The company is actively expanding its high-purity target materials and precision components, positioning itself as a key supplier for major semiconductor manufacturers [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, Jiangfeng Electronics achieved a gross margin of 29.96%, a slight increase of 0.76 percentage points year-on-year [2]. - The third quarter's gross margin was 28.26%, reflecting a decrease of 2.18 percentage points year-on-year [2]. - The company’s operating expenses have improved efficiency, with sales, management, R&D, and financial expense ratios showing varied changes [2]. Business Development - Jiangfeng Electronics has established itself as a supplier of high-purity sputtering targets for renowned manufacturers such as SMIC, TSMC, and BOE [2]. - The company is constructing projects to produce ultra-high purity metal sputtering targets, with a planned annual output of 52,000 units for integrated circuits [2]. - The establishment of a subsidiary in South Korea aims to enhance international competitiveness and supply chain stability [2]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 are projected at RMB 1.39, RMB 1.78, and RMB 2.43, respectively, with corresponding price-to-earnings (PE) ratios of 53.6, 41.9, and 30.6 [2].

Investment Rating - First coverage with a "Buy" rating [4] - Expected net profit for 2024-2026: 338 million, 446 million, and 587 million RMB respectively [4] - EPS for 2024-2026: 1.27, 1.68, and 2.21 RMB respectively [4] - PE ratios for 2024-2026: 60.96x, 46.14x, and 35.08x respectively [4] Core Views - Jiangfeng Electronics is a leading enterprise in high-purity metal sputtering targets, with a strong technological moat [4] - The company has established a good reputation in both domestic and international markets, supplying major international manufacturers [4] - The company is advancing equipment and production line localization, achieving self-control in production equipment and domestic production lines [4] - The sputtering target market is expected to grow steadily, with the global market size reaching 258 billion USD in 2023, and a CAGR of 12.25% from 2017 to 2023 [4] - High-purity metal sputtering targets are expected to reach a market size of 57.05 billion USD by 2028, with a CAGR of 7.6% from 2023 to 2030 [4] Business Performance and Growth - In H1 2024, the company achieved revenue of 1.627 billion RMB, a YoY increase of 35.91%, and net profit of 161 million RMB, a YoY increase of 5.32% [4] - The semiconductor precision components business achieved revenue of 570 million RMB in 2023, a YoY increase of 58.55% [4] - The company is actively expanding production, with multiple production bases progressing smoothly, including the Wuhan base and Ningbo Jiangfeng projects [4] - The company is making progress in third-generation semiconductor materials, with products like high-end copper-clad ceramic substrates and silicon carbide epitaxial wafers gaining market recognition [4] Industry and Market Analysis - The global sputtering target market is expected to reach 258 billion USD in 2023, with a CAGR of 12.25% from 2017 to 2023 [4] - High-purity metal sputtering targets are expected to reach a market size of 57.05 billion USD by 2028, with a CAGR of 7.6% from 2023 to 2030 [4] - The domestic sputtering target market is growing rapidly, with a CAGR of 12.9% from 2018 to 2022, and is expected to reach 43.1 billion RMB in 2023 [4] - The semiconductor sputtering target market in China is expected to grow at a CAGR of 10-15% from 2021 to 2026, reaching 3.7 billion RMB by 2025 [4] Competitive Landscape - The global high-performance sputtering target market is dominated by a few key players, including Honeywell, JX Nippon Mining & Metals, and TOSOH [4] - Domestic companies like Jiangfeng Electronics, A-share, and Longhua Technology are accelerating the substitution of international manufacturers [4] - Jiangfeng Electronics has successfully entered the supply chains of major international manufacturers, ensuring the security of key raw materials in critical industries [4] Future Outlook - The company is expected to benefit from the recovery of the semiconductor cycle and the acceleration of domestic substitution [4] - With the expansion of production capacity and the introduction of new products, the company's market share and competitive position are expected to improve [4] - The company's semiconductor precision components and third-generation semiconductor businesses are expected to contribute significantly to future growth [4]

Investment Rating - The report initiates coverage on Jiangfeng Electronics with a "Buy" rating, citing strong growth potential in its semiconductor components business [2][4] - The target price is set at 96.65 RMB, implying a 24.5% upside from the current price [4][56] Core Views - Jiangfeng Electronics is a leading domestic player in wafer manufacturing metal sputtering targets and is rapidly expanding into the semiconductor components business [2] - The company's revenue CAGR from 2019 to 2023 was 33%, with net profit CAGR of 41% [2] - The semiconductor components business is expected to drive future growth, with revenue from this segment growing 95% in 2022 and 59% in 2023 [4] Business Segments Sputtering Targets - Jiangfeng Electronics holds an 18.6% global market share in sputtering targets, with 2023 revenue of 1.67 billion RMB [3] - The company has made breakthroughs in high-end copper-manganese targets, which are expected to improve gross margins [3] - The global sputtering target market is estimated at 12.5 billion USD in 2023, with China's market growing faster than the global average [45] Semiconductor Components - The semiconductor components business accounted for 24% of revenue in 1H24, up from 12% in 2021 [18] - Key products include Shower heads for CVD equipment and silicon electrodes for etching equipment, which are rapidly gaining market share [4][40] - The domestic semiconductor equipment components market is expected to grow significantly due to localization trends, with mechanical components having the largest market share [3] Financial Projections - Revenue is expected to grow from 3.3 billion RMB in 2024 to 5.01 billion RMB in 2026, with a CAGR of 22.6% [4][51] - Net profit is projected to increase from 364 million RMB in 2024 to 644 million RMB in 2026, with a CAGR of 33% [4][53] - Gross margins are expected to improve slightly, from 30.6% in 2024 to 31.6% in 2026, driven by higher-margin products [51] Industry Trends - The global semiconductor materials market is expected to grow from 66.7 billion USD in 2023 to over 88 billion USD by 2028 [43][44] - China's semiconductor equipment market is projected to exceed 30 billion USD in 2024, with etching and thin film deposition equipment accounting for the largest share [30][32] - Domestic wafer fab capacity expansion is expected to continue, with 12-inch wafer capacity growing 15% in 2024 and 14% in 2025 [32][33] Competitive Advantages - Jiangfeng Electronics has five core technologies in sputtering target production, including grain orientation control and high-purity metal purification [48][49] - The company's customer base is diversified, with the top five customers accounting for 34% of revenue in 2023 [49][50] - The company's expertise in metal processing from its target business is being leveraged to expand into semiconductor components [48]

宁波江丰电子材料股份有限公司 简式权益变动报告书 上市公司名称：宁波江丰电子材料股份有限公司 股票上市地点：深圳证券交易所 股票简称：江丰电子 股票代码：300666 信息披露义务人 1 名称：上海智鼎博能投资合伙企业（有限合伙） 住所：上海市杨浦区长阳路 1687 号东 1225 幢（A 楼）A711 室 通讯地址：上海市浦东新区杨高南路 99 弄保利浦开金融中心 1 幢 1 号 2606 信息披露义务人 2 名称：上海智兴博辉投资合伙企业（有限合伙） 住所：上海市杨浦区长阳路 1687 号东 1225 幢（A 楼）A716 室 通讯地址：上海市浦东新区杨高南路 99 弄保利浦开金融中心 1 幢 1 号 2606 股份变动性质：股份减持，合计持股比例降至 5%以下 五、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性、完整性承担个别和连带的法律责任。 六、本报告书部分数据计算时需要四舍五入，故可能存在尾数差异，提请投 资者注意。 2 签署日期：2024 年 11 月 14 日 1 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》、《上市公司 ...

宁波江丰电子材料股份有限公司（以下简称"公司"）于2024年10月21日 披露了《关于股东减持股份的预披露公告》（公告编号：2024-097）。公司股 东宁波海邦人才创业投资合伙企业（有限合伙）（以下简称"海邦创投"）计 划于上述公告披露之日起15个交易日之后的三个月内（即从2024年11月12日起 至2025年2月11日止）以集中竞价方式减持公司股份合计不超过17,717股，即不 超过公司目前总股本的0.01%、公司扣除回购专用账户股份后总股本的0.01% 近日，公司收到海邦创投出具的《关于股份减持计划实施完毕的告知函》， 海邦创投已通过集中竞价方式合计减持公司股份17,717股，占公司目前总股本 的0.01%、公司扣除回购专用账户股份后总股本的0.01%。截至本公告披露日， 上述减持计划已实施完毕。现将相关情况公告如下： 一、股东减持情况 证券代码：300666 证券简称：江丰电子 公告编号：2024-114 宁波江丰电子材料股份有限公司 关于股东减持股份计划实施完毕的公告 公司股东宁波海邦人才创业投资合伙企业（有限合伙）保证向本公司提供的 信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-113 宁波江丰电子材料股份有限公司 关于股东减持后持股比例低于 5%的提示性公告 2、本次权益变动不涉及公司控股股东及实际控制人，不会导致公司控股股 东及实际控制人发生变更，不会影响公司的治理结构和持续经营。 3、本次权益变动后，公司股东上海智鼎博能投资合伙企业（有限合伙） （以下简称"智鼎博能"）持有本公司股份7,466,741股（占公司目前总股本比 例2.81%，占公司扣除回购专用账户股份后总股本比例2.82%）；股东上海智兴 博辉投资合伙企业（有限合伙）（以下简称"智兴博辉"）持有本公司股份 2,723,093股（占公司目前总股本比例1.03%，占公司扣除回购专用账户股份后总 股本比例1.03%）。智鼎博能和智兴博辉合计持有公司股份10,189,834股（占公 司目前总股本比例3.84%，占公司扣除回购专用账户股份后总股本比例3.86%）。 因智鼎博能和智兴博辉的实际控制人均系公司股东张辉阳先生，智鼎博能 和智兴博辉系张辉阳先生的一致行动人。本次权益变动后，张辉阳先生及其一 致行动人智鼎博能和智兴博辉合计持有公司股份13,266,888股 ...

证券代码：300666 证券简称：江丰电子 公告编号：2024-112 宁波江丰电子材料股份有限公司 截至本公告披露日，公司尚未在中国证券登记结算有限责任公司深圳分公司 办理前述合计 1.71 万股限制性股票的回购注销手续，后续将会根据实际情况及 时办理回购注销手续，具体进展情况以公司公告披露为准。 关于回购注销部分限制性股票减资暨通知债权人的公告 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。 根据宁波江丰电子材料股份有限公司（以下简称"公司"）《第二期股权激 励计划》的相关规定，以及公司 2022 年第一次临时股东大会的授权，公司于 2024 年 10 月 23 日召开第四届董事会第十一次会议、第四届监事会第十一次会议，于 2024 年 11 月 8 日召开 2024 第二次临时股东会，审议通过《关于第二期股权激 励计划回购注销部分限制性股票的议案》，鉴于公司第二期股权激励计划中 5 名 激励对象经批准已分别从公司及子公司辞职，已失去参与公司第二期股权激励计 划的资格，根据《上市公司股权激励管理办法》、公司《第二期股权激励计划》 的有关规定，公司拟将前述 ...

国浩律师（上海）事务所 法律意见书 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 年第二次临时股东会（以下简称"本次股东会"）。 法律意见书 致：宁波江丰电子材料股份有限公司 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。 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 年第二次临时股东会之 一、本次股东会的召集、召开程序 公司于 2024 年 10 月 24 日向股东发出了《关于召开 2024 年第二次临时股 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 ...