J-Micro(300819) 东吴证券·2024-12-31 11:54Investment Rating - The report assigns a "Neutral" investment rating for the company, indicating an expected relative performance within -5% to 5% compared to the benchmark over the next 6 months [5][19]. Core Insights - The company is a leader in the domestic ultra-fine composite fiber industry, with a strong focus on R&D and a diverse product range including ultra-fine fiber fabrics, finished products, and cleanroom products [6][19]. - The company has established stable partnerships with internationally recognized clients such as Decathlon and H&M, with Decathlon being the largest customer, contributing over 50% of revenue [6][19]. - The company is expanding its product offerings into new industrial applications, which are expected to contribute to new growth points in performance [1][19]. Financial Overview - The company reported total revenue of 684.86 million yuan in 2023, with a year-on-year growth of 13.15% [5]. - The net profit attributable to the parent company for 2023 was 74.44 million yuan, reflecting a significant year-on-year increase of 102.53% [5]. - The earnings per share (EPS) for 2023 was 0.50 yuan, with a price-to-earnings (P/E) ratio of 26.78 based on the current price [5][19]. Performance Trends - Revenue growth has been relatively stable, while net profit has shown significant fluctuations due to various market conditions, including the impact of oil prices and the COVID-19 pandemic [7][19]. - In the first three quarters of 2024, the company faced challenges with a revenue decline of 13.88% year-on-year, and a net profit decrease of 22.10% [7].