JONES TECH PLC(300684) 国海证券·2025-04-26 13:08Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][13]. Core Views - The company's revenue growth is driven by the expansion of major clients and the recovery in demand within the consumer electronics sector, leading to significant increases in net profit [4][6][13]. - Continuous research and development efforts are enhancing the company's technological barriers, while capacity expansion is providing additional momentum for growth [10][13]. Financial Performance Summary - In 2024, the company achieved a revenue of 1.566 billion yuan, representing a year-on-year increase of 24.51%, and a net profit attributable to shareholders of 201 million yuan, up 173.04% year-on-year [4][6]. - For Q1 2025, the company reported a revenue of 349 million yuan, a year-on-year growth of 16.41%, and a net profit of 62 million yuan, reflecting a 105.70% increase year-on-year [5][9]. - The gross profit margin for 2024 was 30.95%, an increase of 5.84 percentage points year-on-year, while the net profit margin was 12.80%, up 7.09 percentage points year-on-year [4][9]. Product Segment Performance - The thermal materials segment generated a revenue of 1.49 billion yuan in 2024, growing by 27.54% year-on-year, with a gross margin of 29.79%, up 6.08 percentage points [8]. - The EMI shielding materials segment saw a revenue decline to 35 million yuan, down 18.03% year-on-year, but with a gross margin of 39.63%, an increase of 13.57 percentage points [8]. - Other business segments generated 41 million yuan in revenue, down 12.12% year-on-year, with a gross margin of 65.79%, up 6.46 percentage points [8]. Future Earnings Forecast - The company is projected to achieve revenues of 1.883 billion yuan, 2.319 billion yuan, and 2.909 billion yuan for the years 2025, 2026, and 2027, respectively [13][15]. - The net profit attributable to shareholders is expected to reach 249 million yuan, 305 million yuan, and 382 million yuan for the same years [13][15]. - Corresponding price-to-earnings ratios are forecasted to be 28, 23, and 18 for the years 2025, 2026, and 2027, respectively [13][15].