JHCC(002484) 国信证券·2025-04-22 02:05Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's performance showed a slight recovery in Q4 2024, with revenue of 4.808 billion yuan, a year-over-year decrease of 0.76%, and a net profit of 655 million yuan, down 7.41% year-over-year. Q4 2024 revenue reached 1.269 billion yuan, up 8.01% quarter-over-quarter and 18.99% year-over-year, with a net profit of 160 million yuan, increasing by 9.08% quarter-over-quarter and 0.48% year-over-year. The decline in revenue and profit was primarily due to weak downstream demand and intensified competition [1][3] - The company is expected to benefit from the growing application of supercapacitors in AI servers, which can provide instantaneous power compensation during power fluctuations, ensuring system stability. The revenue from supercapacitors in 2024 is projected to be 231 million yuan, a year-over-year increase of 4.34% [3] - The company has made progress in high-end markets, with aluminum electrolytic capacitors generating revenue of 3.942 billion yuan in 2024, a year-over-year decrease of 0.70%. The solid-state hybrid capacitors have seen over 50% growth in the automotive sector [2][3] Financial Summary - For 2024, the company expects revenue of 4.808 billion yuan, with a projected net profit of 655 million yuan. The revenue growth rates for 2025 to 2027 are estimated at 13.9%, 14.2%, and 14.8%, respectively, while net profit growth rates are expected to be 15.6%, 16.1%, and 17.3% [4][17] - The company's gross margin for 2024 is projected to be 24.90%, down 1.18 percentage points year-over-year, with a Q4 2024 gross margin of 24.47% [1][4] - The company maintains a PE ratio of 20 for 2025, 17 for 2026, and 15 for 2027, indicating a favorable valuation outlook [3][4]