JHCC(002484) 山西证券·2024-09-03 10:30Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][2]. Core Views - The company is a global leader in aluminum electrolytic capacitors, with a significant recovery in profits expected in Q2 2024, showing a year-on-year increase [1]. - The second quarter of 2024 saw record revenue of 2.11 billion yuan, marking a 1.70% year-on-year growth and a 24.89% quarter-on-quarter increase [1]. - The report highlights the company's strategic focus on expanding its market share in film capacitors and supercapacitors, alongside its core aluminum electrolytic capacitor business [1][2]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 2.364 billion yuan, a decrease of 4.43% year-on-year, with a net profit of 211 million yuan, reflecting a year-on-year increase of 1.61% in Q2 [1][3]. - The gross margin for Q2 2024 improved to 26.02%, up from 23.58% in Q1 2024 [1]. - The company expects net profits for 2024-2026 to be 774 million, 952 million, and 1.21 billion yuan respectively, with corresponding EPS of 0.91, 1.12, and 1.42 yuan [2][3]. Market Position and Growth Potential - The company is positioned as one of the few in the power electronics sector with competitive advantages across three major types of capacitors, indicating substantial growth potential [2]. - The report notes that the valuation is at a historical low, suggesting significant upside potential for investors [2][3]. - The company is actively expanding its production capacity for film capacitors to meet the growing demand in the electric vehicle sector [1][2].