Dongxing Securities: Maintains a "buy" rating for Jiangfeng Electronics, and expects profitability to steadily improve.

Dongxing Securities research report pointed out that in the first half of 2025, Jiangfeng Electronics achieved operating income of 2.095 billion yuan, a year-on-year increase of 28.71%; net profit attributable to non-recurring shareholders was 176 million yuan, a year-on-year increase of 3.60%, with the growth momentum released by two rounds of drive. The company continues to strengthen the competitiveness of advanced process products, strives to expand its global market share, and domestic and foreign customer orders continue to increase, with operating income continuing to grow. In the reporting period, the company achieved operating income of 2.095 billion yuan, a year-on-year increase of 28.71%. At present, multiple semiconductor precision component production bases are gradually completing construction and starting production. Due to being in the early stage of production, the scale effect has not yet formed, leading to pressure on short-term profitability, a decrease in gross profit margin, and subsequent gradual release of capacity, profitability Will steadily increase. The company is a domestic leading target for semiconductor materials, with continuous efforts in semiconductor component business. It is expected that the company's EPS for 2025-2027 will be 1.98 yuan, 2.41 yuan, and 2.98 yuan respectively, maintaining a "recommended" rating.