国泰海通证券股份有限公司 一、募集资金及募投项目的基本情况 （一）募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2021]2356 号"文核准，公司于 2021 年 8 月 12 日向不特定对象发行可转换公司债券 516.50 万张，每张面值为人民币 100.00 元，按面值发行，募集资金总额为人民币 516,500,000.00 元，扣除各项发行费用不含税金额合计人民币 10,049,693.40 元， 实际募集资金净额为人民币 506,450,306.60 元，以上募集资金已于 2021 年 8 月 18 日全部到位，业经立信会计师事务所（特殊普通合伙）验资并出具"信会师 报字[2021]第 ZF10840 号"验资报告。 上述募集资金已全部存放于募集资金专户管理，公司与存放募集资金的商业 银行、保荐人签订了募集资金监管协议。 （二）已结项募投项目的基本情况 根据《宁波江丰电子材料股份有限公司向不特定对象发行可转换公司债券上 1 关于宁波江丰电子材料股份有限公司 变更已结项募投项目实施主体的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为宁 波江 ...

宁波江丰电子材料股份有限公司 内幕信息知情人登记制度 第一章 总则 第一条 为加强宁波江丰电子材料股份有限公司（以下简称"公司"）内幕 信息管理，做好内幕信息保密工作，维护信息披露的公平原则，保护广大投资者 的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司信息披露管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交 易所上市公司自律监管指引第2号——创业板上市公司规范运作》等有关法律法 规，及《宁波江丰电子材料股份有限公司章程》（以下简称"《公司章程》"） 《宁波江丰电子材料股份有限公司信息披露管理制度》等规定，结合公司实际情 况，制定本制度。 第二条 公司董事会是内幕信息的管理机构，董事会秘书为公司内幕信息保 密工作负责人，证券部为公司内幕信息的监督、管理、登记、披露及备案的日常 工作部门。 第三条 未经董事会批准同意，公司任何部门和个人不得向外界泄露、报道、 传送涉及公司的内幕信息和信息披露内容。对外报道、传送的文件、软（磁）盘、 录音（像）带、光盘等涉及内幕信息和信息披露内容的资料，须经董事会秘书审 核同意（并视重要程度呈报董事会审核），方可对外报道、传送。 第四条 公 ...

宁波江丰电子材料股份有限公司 重大投资决策管理制度 4、对已有投资项目增资的。 第一章 总则 第一条 为规范宁波江丰电子材料股份有限公司（以下简称"公司"）投资 行为，降低投资风险，提高投资效益，使投资管理真正做到科学化、民主化、规 范化，根据《中华人民共和国公司法》（以下简称"《公司法》"）和《宁波江 丰电子材料股份有限公司章程》（以下简称"《公司章程》"）等有关规定，制 定本制度。 第二条 本制度所称投资的范围包括： （一）股权投资活动 1、新设立企业（包括合伙企业）的股权或权益性投资； 2、以新增或购买存量权益的方式取得或增加被投资企业权益； 3、合营方式的投资； 宁波江丰电子材料股份有限公司 重大投资决策管理制度 （二）股权投资以外的其他投资活动：购买其它上市公司股票、证券投资基 金、债券、委托贷款、银行理财产品、信托计划、集合资产管理计划、各种金融 衍生产品及其他债权或结构性投资等风险投资。 出售上述对外投资所形成的股权或权益受本制度约束；公司购买及出售上述 资产以外的其他资产不受本制度约束。 第三条 投资管理应遵循的基本原则：符合公司发展战略、合理配置企业资 源、促进要素优化组合，创造良好经济效益 ...

Group 1 - The core point of the article is the establishment of Ningbo Fengchi Drive Technology Co., Ltd., which is fully owned by Jiangfeng Electronics (300666) and focuses on motor manufacturing and related technologies [1] - The registered capital of the new company is 10 million yuan, indicating a significant investment in the motor and control systems sector [1] - The business scope of the new company includes research and development of motors and control systems, motor manufacturing, sales of mechanical and electrical equipment, and production of electronic components [1]

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

Summary of Conference Call Notes Industry and Company Overview - The discussion primarily revolves around the semiconductor industry, specifically focusing on storage solutions and domestic computing power in China. Key companies mentioned include: - Semiconductor companies: 中芯国际 (SMIC), 江丰电子 (Jiangfeng Electronics), 晶特电子 (Jingte Electronics), 拓荆 (Tuojing), 中微 (Zhongwei), 华创 (Huachuang), 芯源微 (Xinyuanwei), 华海 (Huahai), and others. - AI-related companies: 字节跳动 (ByteDance), 腾讯 (Tencent), 阿里巴巴 (Alibaba). Key Points and Arguments 1. **Storage Sector Outlook** - The storage sector is currently experiencing adjustments due to delays in the listing of two-inch wafers, but this is seen as a buying opportunity rather than a setback. The certainty of the listing remains intact despite the delays [1][2]. - The growth potential for the storage chain is not solely dependent on the listing but also on advancements in the advanced process technology, supported by high import numbers of lithography machines [2]. 2. **Capital Expenditure and Market Sentiment** - Companies in the semiconductor sector are showing optimistic capital expenditure and order situations, indicating a sector-wide opportunity. Key players are expected to benefit from this trend [3]. - Specific companies like 江丰法财 (Jiangfeng) and 鼎龙 (Dinglong) are highlighted for their positive developments in photolithography and polishing liquids, respectively [3]. 3. **Domestic Computing Power and AI Development** - The domestic computing power sector is driven by the growth of AI in China, with major CSP companies like 字节跳动 (ByteDance) leading investments. The focus is on how these companies can leverage AI to enhance user-generated content (UGC) [4][5]. - The introduction of AI models is expected to significantly reduce the difficulty of producing high-quality UGC, potentially transforming the content creation landscape [4]. 4. **Investment Opportunities in AI and Media** - The upcoming Chinese New Year is anticipated to boost AI-related applications and media content, with companies like 博纳影业 (Bona Film Group) and those involved in IP-related content being recommended for investment [10][11]. - The sentiment around AI applications remains optimistic, with expectations of continued growth in the industry despite recent market adjustments [9][10]. 5. **Market Adjustments and Future Projections** - The Hong Kong market, particularly the Hang Seng Technology Index, has seen a decline due to liquidity issues and shifts in sentiment regarding AI narratives in the US market [9][12]. - Despite recent downturns, the long-term outlook for the semiconductor and AI sectors remains positive, with expectations of strong capital expenditure growth from major tech firms [12][15]. 6. **Gaming Sector Insights** - The gaming sector has faced significant declines, with a noted 22.8% drop in A-share gaming stocks. However, companies like 完美世界 (Perfect World) are seen as having potential due to strong pre-launch metrics for new titles [19]. Other Important Insights - The discussion emphasizes the importance of advanced packaging in the semiconductor supply chain, highlighting companies that are well-positioned in this area [7]. - The impact of regulatory changes on the consumer internet sector is noted, particularly regarding algorithm governance, but the fundamental impact on the market is considered limited [14]. - The potential for AI applications in various sectors, including social media and content creation, is a recurring theme, with significant implications for user engagement and market dynamics [5][6]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the semiconductor and AI industries.

鄢凡 招商证券电子首席: 喂，大家好。感谢大家今天参加我们的江丰电子深度报告解读电话会议。那江丰也是我们 目前比较看好的半导体材料和零部件的这么一个平台型的公司。那我们今天这篇报告，也 是会详细讲述一下公司的在靶材，还有包括零部件里面的，包括公司长期的一个增长逻辑 那江丰现在是一个全球超高纯的。金属靶材的一个领军企业。那它现在也是在全球也是一 个强二强二的这么一个位置。公司也是在 05 年成立，现在它的靶材，也是覆盖了铝、钛、 坦、铜、钨等等这些部分，那这个靶材也是在 PVD 制程里面，去，无论是在这个一些先 进制造存储，包括几个维度里面都会去用到的这么一个 PPT 的耗材。 那在这一块的话，那江峰也是有一个这个不错的产业地位，他的客户也是在国内外都是一 些龙头的公司。当然，在后面，他的整个产品也会有一个持续的升级。那第二步，就是公 司也是基于在靶材里面的一些这个产业基础，包括也一，有一些这个整个人才的这个储备 他们也是基于这些平台优势，也在拓展这个精密零部件的这个业务。以及实现了这个硅电 极、云气盘、加热器等等零部件的规模化。生产，包括最近的话，公司还这个收，投资了 这个一个凯德石英这么一家公司。 另外的话 ...

Summary of the Conference Call for Jiangfeng Electronics Company Overview - Jiangfeng Electronics is a leading global manufacturer of ultra-pure metal targets, focusing on materials such as aluminum, titanium, tantalum, copper, and tungsten, with a global sales share of 26.9% targeting clients like TSMC, SMIC, and SK Hynix [3][4]. Key Points Industry Dynamics - The global market for metal targets is estimated at 25 billion, with supply-demand imbalances and rising costs driving price increases for targets [5]. - The company anticipates a revenue growth of 28% year-on-year, projecting revenues of 4.6 billion yuan by 2025, driven by continuous growth in target sales and rapid expansion in the components business [4]. Financial Performance - For the first half of 2025, the company reported target revenues of 1.325 billion yuan, accounting for 63% of total revenue, while component revenues reached 459 million yuan, making up 22% [4]. - The overall gross margin for Q3 2025 was 28.93%, with target gross margins at 33.26% and component gross margins at 23.65% [4]. Strategic Initiatives - The company is focusing on optimizing its product structure towards advanced processes, which is expected to enhance its market share both domestically and internationally [6]. - Jiangfeng plans to significantly increase production of components, including static suction cups, with a projected production capacity of 5,100 units, which is expected to boost revenue and profits [7]. - The acquisition of a 20.6424% stake in Kaide Quartz for 590 million yuan is aimed at enhancing the overall strength of quartz components, complementing Jiangfeng's existing capabilities [7]. Long-term Vision - The company aims to evolve into a platform-type giant in semiconductor materials and components, leveraging synergies within the group to drive long-term growth [7]. - The strategic layout includes the purification and processing of raw materials, achieving self-sufficiency in key metal materials, and enhancing cost efficiency through target recycling [7]. Risks - The company faces several risks, including macroeconomic fluctuations, changes in international trade policies, market competition, and challenges in new product development [7].

（文章来源：证券日报） 证券日报网讯 2月9日，江丰电子在互动平台回答投资者提问时表示，截至2026年1月30日，公司合并股 东户数为41956户。 证券日报网讯 2月9日，江丰电子在互动平台回答投资者提问时表示，截至2026年1月30日，公司合并股 东户数为41956户。 （文章来源：证券日报） ...

Investment Rating - The investment rating for Jiangfeng Electronics is "Buy" (maintained) [3] Core Insights - Jiangfeng Electronics is accelerating the localization of semiconductor components through the acquisition of control over Kaide Quartz and investment in electrostatic chucks [1] - The company has been recognized as one of the top ten semiconductor material companies in China and has developed key technologies in the sputtering target industry [6] - The investment in a project to produce 5,100 electrostatic chucks aims to address critical material and equipment shortages in the market [6] - The semiconductor components business is experiencing rapid revenue growth, contributing over 20% to total revenue [6] - The revenue forecast for 2025 is maintained at 45.6 billion yuan, with a slight adjustment in net profit expectations [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 36.05 billion yuan in 2024 to 75.39 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 29.1% [2][8] - Net profit attributable to shareholders is expected to increase from 4.01 billion yuan in 2024 to 9.18 billion yuan in 2027, reflecting a CAGR of 37.3% [2][8] - Earnings per share (EPS) is forecasted to rise from 1.51 yuan in 2024 to 3.46 yuan in 2027 [2] - The gross profit margin is expected to improve from 28.2% in 2024 to 31.4% in 2027 [2] - The return on equity (ROE) is projected to increase from 8.9% in 2024 to 14.6% in 2027 [2] Market Data - The closing price of Jiangfeng Electronics on February 9, 2026, was 129.38 yuan, with a price-to-earnings (P/E) ratio of 86 [3] - The market capitalization of circulating A shares is approximately 28.613 billion yuan [3] - The company has a dividend yield of 0.24% based on the most recent dividend announcement [3]