Summary of Conference Call Records Industry Overview - The AI power supply equipment industry is experiencing significant technological changes, particularly in GPU power consumption, which has increased from 200W to 300W and may double in the future. The number of cards in cabinets is also rising, from 172 to potentially 288 cards, leading to increased cabinet power from 198kW to an expected 500kW or even megawatt levels by 2027-2028. This presents challenges for data center space architecture but also opportunities for leading domestic companies [2][6][10]. Key Points and Arguments - **Market Size and Pricing**: The price of power supplies is approximately 2 yuan per watt. A 200kW cabinet corresponds to a market space of about 40 billion yuan, with the overall market potentially reaching 100 billion yuan when including components like supercapacitors and BBO [4][5]. - **HVDC Technology**: As cabinet power exceeds 250kW, the need for higher energy efficiency will drive the adoption of HVDC paths, with penetration expected to rise from 10% to over 20% by 2026. Major overseas clients are choosing Delta and Veichi Technology, while domestic companies like Megmeet, Kehua, and Kstar are also actively positioning themselves [6][10]. - **Supercapacitors**: Supercapacitors are crucial in AI power supply devices, capable of handling millisecond-level fluctuations. For instance, the JD300 chip can experience a 90% fluctuation, equating to a 1.9kW variation for a 1kW load. Supercapacitors provide high-frequency, long-lifetime energy storage solutions, essential for system stability [7][9]. - **Investment Opportunities**: There are multiple investment opportunities in PSU, HVDC, and DC-DC segments. Companies like Megmeet and HVDC-related firms show strong certainty, while new players like Newray may achieve AC-DC conversion. Jianghai Co., Blok New Materials, and Sanhuan Group may also see new opportunities due to technological changes [12]. Additional Important Insights - **Technological Iteration**: The secondary power supply (ACDC) segment is expected to undergo technological iterations due to increased power density. The core components will change as integration levels rise and switching frequencies increase from 30kHz to 500kHz, presenting substantial investment opportunities [3]. - **Market Potential for Jianghai Co.**: Jianghai Co. has secured significant orders from major clients like Meta for supercapacitors, with each module priced around $5,000. The company is expected to capture a significant market share and gradually realize profits as downstream clients ramp up demand [10]. - **Impact of IFAX**: The anticipated increase in IFAX production in 2026 will lead to changes in the DC-DC segment, with a projected market space of 1.7 billion yuan for chip-level components. Companies like Boke, with integrated advantages, are expected to capture a large share of this market [11].

Group 1 - The company, Jianghai Co., Ltd. (002484.SZ), announced a share buyback program, repurchasing 1,098,400 shares, which represents 0.1291% of its total share capital [1] - The highest transaction price during the buyback was 18.34 CNY per share, while the lowest was 18.12 CNY per share [1] - The total amount spent on the share buyback was 19,998,282.00 CNY, excluding stamp duty and transaction commissions [1]

Core Viewpoint - Jianghai Co., Ltd. announced a share buyback program, repurchasing 1,098,400 shares, which represents 0.1291% of the total share capital [1] Summary by Category Share Buyback Details - The company repurchased shares through a dedicated securities account via centralized bidding [1] - The highest transaction price was 18.34 CNY per share, while the lowest was 18.12 CNY per share [1] - The total transaction amount reached 19,998,282.00 CNY, excluding stamp duty and transaction commissions [1]

因公司实施 2024 年年度权益分派，自 2025 年 5 月 30 日起公司回购股份价 格上限由不超过 20 元/股调整为不超过 19.74 元/股。具体内容详见 2025 年 5 月 23 日公司在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）上披露的 《南通江海电容器股份有限公司关于 2024 年年度权益分派实施后调整回购股份 价格上限的公告》（公告编号：2025-032） 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司应在回购期间每个月的前三个交易日内披 露截至上月末的回购进展情况。截至 2025 年 8 月 31 日，公司通过回购专用证券 账户以集中竞价方式回购公司股份 1,098,400 股，占公司总股本的 0.1291%。最 高 成 交 价 为 18.34 元 / 股 ， 最 低 为 18.12 元 / 股 ， 总 成 交 金 额 为 人 民 币 19,998,282.00 元（不含印花税、交易佣金等交易费用）。本次回购股份资金来 源为公司自有资金，回购价格未超过回购方案中的回购价格上限，本次回购符合 相关法律、法规的 ...

Market Overview - On September 3, the component sector rose by 0.16% compared to the previous trading day, with Shengyi Electronics leading the gains [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Top Gainers in the Component Sector - Shengyi Electronics (688183) closed at 82.18, up 5.09% with a trading volume of 223,100 shares and a transaction value of 1.803 billion [1] - Fangzheng Technology (600601) closed at 9.12, up 3.52% with a trading volume of 4.2105 million shares and a transaction value of 3.720 billion [1] - Jianghai Shares (002484) closed at 34.08, up 3.34% with a trading volume of 840,700 shares and a transaction value of 2.843 billion [1] - Other notable gainers include ShenNan Circuit (002916), Shengyi Technology (600183), and Shunluo Electronics (002138) with respective gains of 3.20%, 3.01%, and 2.44% [1] Top Losers in the Component Sector - Xunjiexing (688655) closed at 22.47, down 7.15% with a trading volume of 58,500 shares and a transaction value of 135 million [2] - Jin'an Guoji (002636) closed at 12.40, down 5.42% with a trading volume of 322,600 shares and a transaction value of 408 million [2] - Benchuan Intelligent (300964) closed at 44.44, down 4.74% with a trading volume of 29,500 shares and a transaction value of 134 million [2] - Other significant decliners include Wanyuantong (920060) and Zhongjing Electronics (002579) with declines of 4.48% and 4.47% respectively [2] Capital Flow Analysis - The component sector experienced a net outflow of 961 million from institutional investors and 216 million from retail investors, while retail investors saw a net inflow of 1.177 billion [2][3] - Notable net inflows from retail investors were observed in stocks like Sihui Fushi (300852) with 21.59 million and Jianghai Shares (002484) with 72.02 million [3] - Conversely, significant net outflows from institutional investors were noted in stocks such as Fangzheng Technology (600601) and ShenNan Circuit (002916) [3]

Market Overview - The Shanghai Composite Index fell by 0.45% to close at 3858.13 points, with a high of 3885.31 points [1] - The Shenzhen Component Index decreased by 2.14% to 12553.84 points, reaching a maximum of 12857.16 points [1] - The ChiNext Index dropped by 2.85% to 2872.22 points, peaking at 2979.73 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 22811.21 billion yuan, with a financing balance of 22650.35 billion yuan and a securities lending balance of 160.85 billion yuan [2] - The margin trading and securities lending balance decreased by 85.37 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 11692.6 billion yuan, down by 25.08 billion yuan, while the Shenzhen market's balance was 11118.61 billion yuan, down by 60.29 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - Xinyi Technology (51.06 billion yuan) [3] - Zhongji Xuchuang (50.48 billion yuan) [3] - Shenghong Technology (50.25 billion yuan) [3] Fund Issuance - Two new funds were issued yesterday: - China Merchants Balanced Optimal Mixed A [4] - China Merchants Balanced Optimal Mixed C [4] Top Net Buying Stocks on the Dragon and Tiger List - The top ten net buying stocks on the Dragon and Tiger list were: - Julun Intelligent (437.29 million yuan) [6] - Changchun High-tech (274.93 million yuan) [6] - Gongxiao Daji (258.11 million yuan) [6] - Jianghai Shares (252.47 million yuan) [6] - Baiyin Youse (129.70 million yuan) [6]

Summary of Nantong Jianghai Capacitor Co. (002484.SZ) Earnings Call Company Overview - **Company**: Nantong Jianghai Capacitor Co. (002484.SZ) - **Industry**: Industrial Technology & Machinery - **Market Cap**: Rmb31.2 billion / $4.4 billion - **Enterprise Value**: Rmb30.4 billion / $4.3 billion - **Current Price**: Rmb36.64 - **12-Month Price Target**: Rmb28.50, indicating a downside of 22% [1][3][29] Financial Performance - **2Q25 Results**: - Revenue: Rmb1,536 million (+17% YoY) - Gross Profit: Rmb390 million (+14% YoY) - EBIT: Rmb225 million (+11% YoY) - Net Profit: Rmb206 million (-2% YoY) - Gross Margin: 25%, Operating Margin: 15%, Net Margin: 13% [1][14] - **Revised Financial Projections**: - 2025-30E EPS revised up by 4-41% - 2026E target multiple revised from 15x to 25x - New EPS CAGR projected at 19% for 2025-30E [1][29] Key Developments - **EDLC Order from Meta**: - Confirmed receipt of an Electric Double Layer Capacitor (EDLC) order from Meta, expected to contribute approximately Rmb300 million in revenue in 2026, with a market share of around 30% [1][16]. - Jianghai's supercapacitor performance, particularly in Equivalent Series Resistance (ESR), lags behind German competitor Skeleton [1][16]. - **Market Share and Revenue Projections**: - Expected revenue from EDLC could range from Rmb285 million to Rmb495 million in 2026-30E [16]. - Projected market share for Jianghai in Lithium-ion Capacitors (LIC) is only 1%-10%, with expected revenue of Rmb62 million to Rmb825 million [17]. Product Insights - **Supercapacitor Applications**: - Supercapacitors serve critical functions in data centers, providing emergency power and stabilizing power loads in high-performance computing environments [14][16]. - Two types of supercapacitors discussed: EDLC (lower energy density, easier thermal management) and LIC (higher energy density, longer backup duration) [16]. - **Revenue Contribution from Capacitors**: - Aluminum electrolytic capacitors and supercapacitors are expected to contribute 6-8% and 5-11% of firmwide revenue respectively by 2026-30E [29][19]. Risks and Considerations - **Market Uncertainties**: - Despite bullish outlooks for new revenue drivers, uncertainties remain regarding market share sustainability and competitive product quality [1][29]. - Risks include fluctuations in market share for supercapacitors and variations in demand for EDLC/LIC per rack [38]. Conclusion - **Rating**: Neutral - **Investment Thesis**: Jianghai is a leading supplier in aluminum electrolytic capacitors, expanding into supercapacitor products. The company has a strong industrial client base and vertical integration advantages, but faces challenges in maintaining market share against global competitors [36][29].

Core Viewpoint - The recent performance of Jianghai Co., Ltd. has attracted significant market attention, particularly following the release of its semi-annual report for 2025, which led to notable stock price fluctuations [1] Financial Performance - Jianghai Co., Ltd. reported a revenue of 2.694 billion yuan for the first half of 2025, representing a year-on-year growth of 13.96%, while net profit reached 358 million yuan, up 3.19% [2] - The company's main business, aluminum electrolytic capacitors, accounted for 82.75% of total revenue, indicating its critical role in the company's financial structure [4] - Despite stable gross margins, net profit margins have declined, reflecting cost pressures, and operating cash flow net amount decreased by 45.46% year-on-year due to faster growth in accounts receivable and inventory compared to revenue [2][6] Business Structure and Growth Drivers - The company has seen strong growth in its film capacitors and supercapacitors, which are emerging as new growth engines alongside its traditional aluminum electrolytic capacitor business [2][3] - Jianghai Co., Ltd. has established deep partnerships with leading companies such as Huawei, Delta, and BYD, further solidifying its market position [2] Technological Advancements - The company has made significant technological breakthroughs in supercapacitors, particularly for AI servers and grid frequency regulation, positioning itself favorably in the rapidly growing markets of renewable energy and artificial intelligence [3][6] - Jianghai Co., Ltd. has successfully reduced costs for high-temperature automotive modules in film capacitors, showcasing its competitive edge in domestic substitution [2][6] Market Position and Future Outlook - Jianghai Co., Ltd. is well-positioned for long-term growth due to its strong control over the entire industry chain, advanced technology barriers, and deep ties with major clients, despite facing short-term challenges such as declining net profit margins and cash flow pressures [6]

Core Insights - On September 2, 2023, a total of 44 stocks appeared on the Dragon and Tiger list, with 17 stocks having the presence of Shenzhen Stock Connect dedicated seats among the top five trading departments [1][2] - Notable net purchases were made in Jianghai Co., Ltd., Siling Co., Ltd., and Zhongyou Capital, with net buying amounts of 233.93 million yuan, 87.59 million yuan, and 72.32 million yuan respectively [1][2] - Significant net sales were observed in Hengbao Co., Ltd., Liou Co., Ltd., and Xuanji Information, with net selling amounts of 276.86 million yuan, 148.74 million yuan, and 132.32 million yuan respectively [1][2] Summary by Category Net Purchases - Jianghai Co., Ltd. (Code: 002484) had a net purchase of 233.93 million yuan, with a daily price change of -9.99% and a turnover rate of 15.85% [2] - Siling Co., Ltd. (Code: 301550) saw a net purchase of 87.59 million yuan, with a daily price increase of 11.32% and a turnover rate of 17.69% [2] - Zhongyou Capital (Code: 000617) recorded a net purchase of 72.32 million yuan, with a daily price change of -10.02% and a turnover rate of 3.45% [2] Net Sales - Hengbao Co., Ltd. (Code: 002104) experienced the highest net sale of 276.86 million yuan, with a daily price change of -9.99% and a turnover rate of 39.67% [2] - Liou Co., Ltd. (Code: 002131) had a net sale of 148.74 million yuan, with a daily price change of 1.04% and a turnover rate of 34.11% [2] - Xuanji Information (Code: 300324) recorded a net sale of 132.32 million yuan, with a daily price change of 1.55% and a turnover rate of 39.32% [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][20]. Core Insights - The company has experienced significant revenue growth, with a record high revenue of 2.694 billion yuan in the first half of 2025, representing a year-on-year increase of 13.96% [1][2]. - The demand for AI servers is driving hardware needs, leading to a strong growth outlook for the company's supercapacitor business, which is expected to become a key growth driver [9][10]. - The company is actively expanding its product applications in various sectors, including new energy and electric vehicles, showcasing its competitive product capabilities [3][10]. Financial Performance Summary - Revenue projections show a steady increase from 4.845 billion yuan in 2023 to 7.889 billion yuan in 2027, with a notable growth rate of 21.0% in 2025 [1][12]. - The net profit attributable to the parent company is expected to rise from 707 million yuan in 2023 to 1.15 billion yuan in 2027, with a growth rate of 22.4% in 2025 [1][12]. - The company's gross margin for the first half of 2025 was reported at 24.93%, with a net profit margin of 13.42%, indicating a slight decline in profitability [2][12]. Market Position and Product Development - The company is focusing on the aluminum electrolytic capacitor segment, which remains a core business area, and is expanding into film capacitors and other specialized products [3][10]. - The company is responding to the growing demand for basic components in strategic emerging industries, with applications across automation, robotics, consumer electronics, and more [3][10]. - The report highlights the company's strong position in the industrial capacitor market, with its technology and production volume ranking among the top globally [3].