JHCC(002484) 东方证券·2025-04-29 06:53Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9]. Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and net profit attributable to the parent company at 150 million CNY, up 11% year-on-year [8]. - The aluminum electrolytic capacitor continues to expand its application scenarios, while film capacitors are entering a rapid growth phase [8]. - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications [8]. Financial Performance Summary - Revenue Forecast: The company is projected to achieve revenues of 5.77 billion CNY in 2025, 6.68 billion CNY in 2026, and 7.70 billion CNY in 2027, reflecting growth rates of 20.0%, 15.8%, and 15.2% respectively [4][9]. - Net Profit Forecast: The net profit attributable to the parent company is expected to be 838 million CNY in 2025, 1.01 billion CNY in 2026, and 1.18 billion CNY in 2027, with growth rates of 28%, 21%, and 17% respectively [4][9]. - Earnings Per Share: The earnings per share are projected to be 0.98 CNY in 2025, 1.19 CNY in 2026, and 1.39 CNY in 2027 [4][9]. - Profitability Ratios: The gross margin is expected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027, while the net margin is projected to be 14.5% in 2025 and improve to 15.4% by 2027 [4][9]. Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5]. - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive performance of 19.99% over the past year [6].