JHCC(002484) 开源证券·2024-10-30 06:41Investment Rating - Buy (Maintained) [1][2] Core Views - The company's Q3 2024 performance showed a sequential decline, with revenue at 1.175 billion yuan, down 9.94% YoY and 10.48% QoQ, and net profit attributable to shareholders at 147 million yuan, down 20.98% YoY and 30.20% QoQ [2] - The decline in Q3 performance was mainly due to increased impairment losses, higher loan interest expenses, and inventory adjustments [2] - The company's long-term development is promising, supported by its diversified capacitor product layout and ongoing capacity expansion projects [2][3] - The company's non-public offering projects, including the "Super Capacitor Industrialization Project" and the "High-Voltage Large-Capacity Film Capacitor Expansion Project," are progressing steadily, with investment progress reaching 79.51% and 82.37% respectively as of June 30, 2024 [3] Financial Performance Summary - Revenue for the first three quarters of 2024 was 3.539 billion yuan, down 6.33% YoY, with net profit attributable to shareholders at 494 million yuan, down 9.71% YoY [2] - Gross profit margin for Q3 2024 was 25.27%, down 0.62 percentage points YoY and 0.75 percentage points QoQ [2] - Net profit margin for Q3 2024 was 12.57%, down 1.79 percentage points YoY and 3.66 percentage points QoQ [2] - The company's revenue is expected to grow to 5.448 billion yuan in 2024, 6.276 billion yuan in 2025, and 7.277 billion yuan in 2026, with net profit attributable to shareholders projected to reach 807 million yuan, 954 million yuan, and 1.135 billion yuan respectively [4][5] Valuation and Projections - The current stock price corresponds to a PE ratio of 16.1x for 2024, 13.6x for 2025, and 11.4x for 2026 [2][4] - The company's EPS is expected to be 0.95 yuan in 2024, 1.12 yuan in 2025, and 1.33 yuan in 2026 [4][5] - The company's ROE is projected to be 13.3% in 2024, 13.8% in 2025, and 14.3% in 2026 [4][5] Industry and Market Outlook - The demand for film capacitors in wind/solar energy storage applications is expected to grow as inventory adjustments conclude and the industry stabilizes [3] - The company has a strong order book in the electric vehicle sector, with significant potential for future profit growth [3] - The super capacitor project is expected to see good prospects in traditional applications and new areas such as power generation side and user-side frequency regulation, as well as energy-saving and intelligent manufacturing applications [3]