JSCQ(688182) 中邮证券·2025-01-16 03:54Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The demand for dielectric waveguide filters is expected to surge due to the advancements in 5G and 5G-A technologies, which are crucial for the evolution towards 6G. 5G-A is projected to enhance uplink and downlink speeds by tenfold, increase connection density by tenfold, and reduce latency further [4]. - The company has developed a complete automated production line for HTCC electronic ceramic products, which is anticipated to meet the growing market demand driven by 5G applications and the Internet of Things [5][6]. - The company is expected to achieve revenues of 391 million yuan, 605 million yuan, and 788 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 70 million yuan, 121 million yuan, and 176 million yuan [7]. Company Overview - The latest closing price of the company's stock is 17.11 yuan, with a total market capitalization of 6.8 billion yuan. The company has a total share capital of 400 million shares and a debt-to-asset ratio of 9.1% [3]. - The company has a price-to-earnings ratio of 142.58, indicating a high valuation relative to its earnings [3]. Financial Projections - The company is projected to experience significant revenue growth, with a forecasted increase of 54.89% in 2025 and 30.15% in 2026 [9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.17 yuan, 0.30 yuan, and 0.44 yuan respectively, reflecting a positive growth trajectory [11].