JHCC(002484) 财信证券·2025-04-15 05:56Investment Rating - The report maintains an "Accumulate" rating for Jianghai Co., Ltd. (002484.SZ) [3] Core Views - The company is expected to see a recovery in performance in Q4 2024, with significant growth potential in its supercapacitor business [1][6] - The aluminum electrolytic capacitor remains the core business, with breakthroughs in technology and industry chain layout enhancing competitive advantages [6][7] - The thin film capacitor business is showing signs of a turning point, and the supercapacitor's application in AI is promising [7] Financial Forecasts - Revenue projections for Jianghai Co., Ltd. are as follows: - 2023: 48.45 billion CNY - 2024: 48.08 billion CNY - 2025: 55.22 billion CNY - 2026: 66.34 billion CNY - 2027: 77.45 billion CNY [2][8] - Net profit forecasts are: - 2023: 7.07 billion CNY - 2024: 6.55 billion CNY - 2025: 8.02 billion CNY - 2026: 10.01 billion CNY - 2027: 12.06 billion CNY [2][8] - Earnings per share (EPS) estimates are: - 2023: 0.83 CNY - 2024: 0.77 CNY - 2025: 0.94 CNY - 2026: 1.18 CNY - 2027: 1.42 CNY [2][8] Business Segments Performance - The revenue breakdown by business segments for 2024 is as follows: - Aluminum electrolytic capacitors: 39.42 billion CNY (81.99%) - Thin film capacitors: 4.30 billion CNY (8.94%) - Supercapacitors: 2.31 billion CNY (4.80%) - Electrode foil: 1.75 billion CNY (3.63%) [6] - The growth rates for these segments are: - Aluminum electrolytic capacitors: -0.70% - Thin film capacitors: -5.77% - Supercapacitors: +4.34% - Electrode foil: +6.50% [6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 22.01 in 2023 to 12.90 by 2027 [2][8] - The price-to-book (P/B) ratio is expected to decline from 2.82 in 2023 to 1.80 in 2027 [2][8]