事件：公司发布2024 年年报及2025 年一季报，2024 年公司实现营业收入48.08 亿元，同比下降0.76%； 实现归母净利润6.55 亿元，同比下降7.41%；实现扣非净利润6.13 亿元，同比下降6.53%。2025 年Q1 公 司实现营业收入11.58 亿元，同比增长 10.14%，环比下降8.79%；实现归母净利润1.52亿元，同比增长 11.04%，环比下降5.16%；实现扣非净利润1.37 亿元，同比增长6.65%，环比下降10.87%。 下游领域需求回暖，铝电解电容器快速增长：2024 年公司紧紧围绕发展战略，以市场为导向，加大新 产品研发、有效降低成本，拓展、深耕客户，增强了核心竞争力，为公司进入新一轮周期夯实了基础。 2024 年公司主要业务发展如下：铝电解电容器是公司业务和发展支柱。除新能源外，在消费电子、电 动汽车和充电桩等应用领域实现增长，展现了公司产品竞争力，并且拓展了应用场景和用户，其中，固 态叠层高分子电容器在多家战略客户通过认定，固液混合电容器在汽车领域实现突破，有望实现50%以 上增长；铝电解电容器核心材料腐蚀、化成箔技术取得新突破，展现高容量、高效率、低成本的核心优 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9] Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and a net profit of 150 million CNY, up 11% year-on-year [8] - The aluminum electrolytic capacitors are expanding their application scenarios, particularly in new energy, consumer electronics, electric vehicles, and charging piles, with the acquisition of Hitachi AIC contributing positively to performance [8] - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications, with significant recognition from major enterprises in various fields [8] Financial Summary - The company's projected financials for 2025-2027 include: - Net profit attributable to the parent company: 838 million CNY in 2025, 1.014 billion CNY in 2026, and 1.182 billion CNY in 2027, reflecting growth rates of 28%, 21%, and 17% respectively [4][9] - Revenue is expected to grow from 5.771 billion CNY in 2025 to 7.695 billion CNY in 2027, with growth rates of 20%, 15.8%, and 15.2% [4][9] - Gross margin is projected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027 [4][9] Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5] - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive annual performance of 19.99% [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9]. Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and net profit attributable to the parent company at 150 million CNY, up 11% year-on-year [8]. - The aluminum electrolytic capacitor continues to expand its application scenarios, while film capacitors are entering a rapid growth phase [8]. - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications [8]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 5.77 billion CNY in 2025, 6.68 billion CNY in 2026, and 7.70 billion CNY in 2027, reflecting growth rates of 20.0%, 15.8%, and 15.2% respectively [4][9]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to be 838 million CNY in 2025, 1.01 billion CNY in 2026, and 1.18 billion CNY in 2027, with growth rates of 28%, 21%, and 17% respectively [4][9]. - **Earnings Per Share**: The earnings per share are projected to be 0.98 CNY in 2025, 1.19 CNY in 2026, and 1.39 CNY in 2027 [4][9]. - **Profitability Ratios**: The gross margin is expected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027, while the net margin is projected to be 14.5% in 2025 and improve to 15.4% by 2027 [4][9]. Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5]. - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive performance of 19.99% over the past year [6].

Core Insights - The company reported steady growth in Q1 2025, with revenue of 1.16 billion yuan (up 10% year-on-year) and a net profit of 150 million yuan (up 11% year-on-year), demonstrating strong resilience in performance [1] - The gross margin for Q1 2025 reached 24.3%, an increase of 0.7 percentage points year-on-year, while the net margin was 13.2%, up 0.03 percentage points year-on-year, benefiting from recovering downstream demand and improved product mix [1] Revenue Growth and Business Expansion - The aluminum electrolytic capacitors are expanding their application scenarios, with growth in sectors such as new energy, consumer electronics, electric vehicles, and charging stations [1] - The acquisition of Hitachi AIC has led to year-on-year growth in performance, while solid-state polymer capacitors (MLPC) have been recognized by several strategic customers [1] - The hybrid capacitors have made breakthroughs in the automotive sector, with potential growth exceeding 50% [1] - Film capacitors are entering a rapid growth phase, with significant applications in consumer electronics, industrial equipment, new energy, electric vehicles, and military industries [1] Emerging Business Opportunities - The company showcased its latest Power Capacitance Shelf rack in March 2025, integrating a new lithium-ion supercapacitor (LIC) solution, which is crucial for meeting the increasing power demands of AI and data centers [2] - The supercapacitors, particularly lithium-ion types, have gained recognition in various fields, including rail transit, automotive, medical instruments, new energy, power grids, and port machinery, entering mass application stages [2] - Revenue from supercapacitors is growing rapidly, with practical trials in power frequency regulation on both generation and user sides, indicating promising prospects in AI server applications [2] Profit Forecast and Valuation - The company forecasts net profits of 840 million yuan, 1.01 billion yuan, and 1.18 billion yuan for 2025, 2026, and 2027 respectively, with adjustments made to revenue and gross margin predictions for aluminum electrolytic, film, and supercapacitors [2] - Based on a comparable company average PE of 23 times for 2025, a target price of 22.54 yuan is set, maintaining a buy rating [2]

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained as "Buy" [1][4] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is actively advancing its AI server supercapacitor projects, indicating a robust long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026 to 821 million yuan and 993 million yuan, respectively, while introducing a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027, suggesting a favorable valuation given the growth prospects in the supercapacitor business [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a slight increase of 0.74 percentage points year-on-year, and a net profit margin of 13.21%, which is stable compared to the previous year [4][8] - The company expects steady growth in its main business areas, particularly in aluminum electrolytic capacitors and film capacitors, driven by recovering demand in downstream sectors such as photovoltaics and automotive [5][6] - The financial projections indicate a revenue increase from 4.845 billion yuan in 2023 to an estimated 7.921 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.8% [8][10]

Investment Rating - The investment rating for Jianghai Co., Ltd. is "Buy" (maintained) [1] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is continuing to advance its supercapacitor projects for AI servers, indicating a broad long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 821 million yuan and 993 million yuan respectively, with a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027 [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a net margin of 13.21%, and a year-on-year increase in gross margin of 0.74 percentage points. The company is expected to maintain steady growth in its main business due to recovering demand in downstream sectors such as photovoltaics and automotive [4][5] - The company’s revenue and profit are projected to grow steadily, with expected revenues of 5.778 billion yuan in 2025, 6.842 billion yuan in 2026, and 7.921 billion yuan in 2027, reflecting year-on-year growth rates of 20.2%, 18.4%, and 15.8% respectively [8][10]

Financial Performance - The company's revenue for Q1 2025 was ¥1,157,681,306.61, representing a 10.14% increase compared to ¥1,051,101,283.76 in the same period last year[5] - Net profit attributable to shareholders was ¥152,020,118.40, up 11.04% from ¥136,908,045.59 year-on-year[5] - The basic earnings per share increased to ¥0.1801, reflecting an 11.17% rise from ¥0.1620 in the previous year[5] - Total operating revenue for the current period reached ¥1,157,681,306.61, an increase of 10.1% compared to ¥1,051,101,283.76 in the previous period[22] - Net profit for the current period was ¥152,942,089.08, representing a growth of 10.4% from ¥138,536,685.38 in the previous period[23] - The net profit attributable to the parent company was ¥152,020,118.40, an increase of 11.1% compared to ¥136,908,045.59 last year[23] - Basic earnings per share for the current period was ¥0.1801, compared to ¥0.1620 in the previous period, reflecting an increase of 11.1%[23] Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,955,431,361.74, a 6.54% increase from ¥7,466,764,100.82 at the end of the previous year[5] - Total assets increased to ¥7,955,431,361.74, up from ¥7,466,764,100.82, reflecting a growth of 6.5%[21] - Total liabilities rose to ¥1,895,661,240.56, compared to ¥1,569,120,099.86, marking an increase of 20.8%[21] - The total equity attributable to shareholders of the parent company was ¥6,017,946,867.68, up from ¥5,856,742,718.14, indicating a growth of 2.8%[21] Cash Flow - Cash flow from operating activities decreased by 5.88% to ¥98,207,362.63, down from ¥104,341,039.06 in the same period last year[5] - Operating cash flow for the period was ¥98,207,362.63, a decrease of 5.4% compared to ¥104,341,039.06 in the previous period[24] - Total cash inflow from operating activities was ¥798,494,189.36, slightly up from ¥792,513,094.07 in the previous period[24] - Cash outflow from operating activities totaled ¥700,286,826.73, compared to ¥688,172,055.01 in the previous period, indicating an increase of 1.6%[24] - Net cash flow from investing activities was -¥101,102,715.52, worsening from -¥56,562,149.18 in the previous period[24] - Cash inflow from investing activities was ¥114,643,642.41, up from ¥65,171,718.77 in the previous period[24] - Cash outflow from investing activities increased to ¥215,746,357.93 from ¥121,733,867.95 in the previous period[24] - Net cash flow from financing activities was ¥53,391,360.12, a significant improvement from -¥37,468,862.25 in the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 52,215[15] - The largest shareholder, Zhejiang Economic Construction Investment Co., Ltd., holds 15.78% of shares, totaling 134,207,090 shares[15] - The second largest shareholder, Yiwai Investment Co., Ltd., holds 13.81% of shares, totaling 117,442,410 shares[15] - The company has a total of 6,322,968 shares held in a repurchase account, accounting for 0.74% of total share capital[16] - The company has no preferred shareholders or significant changes in major shareholders due to margin trading activities[17] Other Financial Metrics - Total current assets increased to ¥4,868,802,041.74 from ¥4,501,801,857.89, reflecting a growth of approximately 8.1%[19] - Cash and cash equivalents at the end of the period amounted to ¥1,351,378,416.90, up from ¥1,242,472,270.10[19] - Inventory increased to ¥1,280,089,233.75 from ¥1,029,976,411.40, representing a growth of approximately 24.2%[19] - Long-term equity investments rose to ¥157,865,431.97 from ¥132,767,282.61, an increase of about 18.9%[19] - The company reported a significant increase in government subsidies, with cash received related to operating activities rising by 177.48% to ¥29,870,094.08[13] - The company experienced a 44.09% increase in prepayments, totaling ¥35,482,418.06, mainly for R&D materials and prepaid utility costs[9] - The company reported a total of 46,129,547.75 in trading financial assets, down from 61,902,695.81, indicating a decrease of approximately 25.5%[19] - The company’s weighted average return on equity improved to 2.56%, up from 2.46% in the previous year[5] - Other comprehensive income after tax for the current period was ¥9,184,031.14, compared to a loss of ¥16,289,803.02 in the previous period[23] - The impact of exchange rate changes on cash and cash equivalents was ¥4,812,378.87, compared to -¥17,040,687.73 in the previous period, showing a positive shift[25]

中信证券股份有限公司 关于 南通江海电容器股份有限公司 详式权益变动报告书 之 2024 年年度持续督导意见 财务顾问 二零二五年四月 财务顾问声明 2024 年 3 月 12 日，浙江省经济建设投资有限公司（以下简称"收购人"、 "浙江经投"）与亿威投资有限公司（以下简称"亿威投资"）签署了《股份转 让协议》。2024 年 12 月 24 日浙江经投与亿威投资签署了《股份转让协议之补 充协议》，协议约定亿威投资将其持有的江海股份 127,578,590 股无限售条件普 通股以 19 元/股的价格转让给浙江经投，占上市公司总股本的比例约为 15%；同 日，亿威投资出具了《表决权放弃承诺函》，承诺自过户完成日起至过户完成满 18 个月之日的期间内，亿威投资放弃其持有的江海股份 59,536,675 股股份所对 应的所有表决权（包括但不限于该等股份对应的提案权、提名权、投票权），占 上市公司总股本的比例约为 7%。 本次交易完成后，浙江经投持有江海股份 134,207,090 股股份，占上市公司 总股本的比例约为 15.78%，上市公司控股股东由亿威投资变更为浙江经投，实 际控制人变更为浙江省人民政府国有资产监督 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's performance showed a slight recovery in Q4 2024, with revenue of 4.808 billion yuan, a year-over-year decrease of 0.76%, and a net profit of 655 million yuan, down 7.41% year-over-year. Q4 2024 revenue reached 1.269 billion yuan, up 8.01% quarter-over-quarter and 18.99% year-over-year, with a net profit of 160 million yuan, increasing by 9.08% quarter-over-quarter and 0.48% year-over-year. The decline in revenue and profit was primarily due to weak downstream demand and intensified competition [1][3] - The company is expected to benefit from the growing application of supercapacitors in AI servers, which can provide instantaneous power compensation during power fluctuations, ensuring system stability. The revenue from supercapacitors in 2024 is projected to be 231 million yuan, a year-over-year increase of 4.34% [3] - The company has made progress in high-end markets, with aluminum electrolytic capacitors generating revenue of 3.942 billion yuan in 2024, a year-over-year decrease of 0.70%. The solid-state hybrid capacitors have seen over 50% growth in the automotive sector [2][3] Financial Summary - For 2024, the company expects revenue of 4.808 billion yuan, with a projected net profit of 655 million yuan. The revenue growth rates for 2025 to 2027 are estimated at 13.9%, 14.2%, and 14.8%, respectively, while net profit growth rates are expected to be 15.6%, 16.1%, and 17.3% [4][17] - The company's gross margin for 2024 is projected to be 24.90%, down 1.18 percentage points year-over-year, with a Q4 2024 gross margin of 24.47% [1][4] - The company maintains a PE ratio of 20 for 2025, 17 for 2026, and 15 for 2027, indicating a favorable valuation outlook [3][4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company reported a revenue of 48.08 billion yuan in 2024, a decrease of 0.76% year-on-year, and a net profit attributable to shareholders of 6.55 billion yuan, down 7.41% year-on-year [7] - The aluminum electrolytic capacitor remains the core business, with significant growth potential in the AI sector and breakthroughs in automotive applications [8] - The company is positioned to benefit from the rapid penetration of AI applications, with projected revenues of 55.22 billion yuan in 2025, representing a year-on-year growth of 14.84% [8] Financial Performance Summary - **Revenue Forecast**: - 2023: 48.45 billion yuan - 2024: 48.08 billion yuan - 2025: 55.22 billion yuan - 2026: 66.34 billion yuan - 2027: 77.45 billion yuan [4][9] - **Net Profit Forecast**: - 2023: 7.07 billion yuan - 2024: 6.55 billion yuan - 2025: 8.02 billion yuan - 2026: 10.01 billion yuan - 2027: 12.06 billion yuan [4][9] - **Earnings Per Share (EPS)**: - 2023: 0.83 yuan - 2024: 0.77 yuan - 2025: 0.94 yuan - 2026: 1.18 yuan - 2027: 1.42 yuan [4][9] - **Price-to-Earnings (P/E) Ratio**: - 2023: 22.01 - 2024: 23.77 - 2025: 19.40 - 2026: 15.55 - 2027: 12.90 [4][9] - **Price-to-Book (P/B) Ratio**: - 2023: 2.82 - 2024: 2.66 - 2025: 2.39 - 2026: 2.09 - 2027: 1.80 [4][9]