Core Viewpoint - The company reported steady growth in Q1 2025, driven by strong performance in three key sectors, benefiting from the recovery in industry demand [2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.158 billion yuan, representing a year-over-year increase of 10.14% but a quarter-over-quarter decrease of 8.79% [1]. - The net profit attributable to shareholders was 152 million yuan, up 11.04% year-over-year and down 5.16% quarter-over-quarter [1]. - The non-recurring net profit was 137 million yuan, reflecting a year-over-year increase of 6.65% and a quarter-over-quarter decrease of 10.87% [1]. - The gross margin stood at 24.32%, with a year-over-year increase of 0.74 percentage points and a quarter-over-quarter decrease of 0.15 percentage points [1]. - The net profit margin was 13.21%, showing a year-over-year increase of 0.03 percentage points and a quarter-over-quarter increase of 0.53 percentage points [1]. Business Development - The aluminum electrolytic capacitor remains a core business, with significant progress in applications such as consumer electronics, electric vehicles, and charging stations, showcasing product competitiveness and expanding application scenarios [2]. - In the film capacitor sector, the company is diversifying its product offerings and making technological breakthroughs to contribute to national key projects and prepare for future growth [2]. - The supercapacitor segment is experiencing large-scale development, with ongoing projects in frequency regulation for power generation and user sides, particularly in AI servers and data centers [2][3]. Future Growth Potential - The company is one of the few globally engaged in R&D, manufacturing, and sales across three types of capacitors, with applications in smart appliances, 5G communications, renewable energy, and industrial automation [3]. - Strategic alliances through international cooperation are facilitating rapid entry into the electric vehicle market, with significant breakthroughs in key components for AI servers [3]. Investment Outlook - The company expects net profits attributable to shareholders to reach 822 million yuan, 1.021 billion yuan, and 1.225 billion yuan in 2025, 2026, and 2027 respectively, with a maintained "buy" rating based on projected PE ratios [4].

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained as "Buy" [1][4] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is actively advancing its AI server supercapacitor projects, indicating a robust long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026 to 821 million yuan and 993 million yuan, respectively, while introducing a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027, suggesting a favorable valuation given the growth prospects in the supercapacitor business [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a slight increase of 0.74 percentage points year-on-year, and a net profit margin of 13.21%, which is stable compared to the previous year [4][8] - The company expects steady growth in its main business areas, particularly in aluminum electrolytic capacitors and film capacitors, driven by recovering demand in downstream sectors such as photovoltaics and automotive [5][6] - The financial projections indicate a revenue increase from 4.845 billion yuan in 2023 to an estimated 7.921 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.8% [8][10]

Investment Rating - The investment rating for Jianghai Co., Ltd. is "Buy" (maintained) [1] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is continuing to advance its supercapacitor projects for AI servers, indicating a broad long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 821 million yuan and 993 million yuan respectively, with a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027 [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a net margin of 13.21%, and a year-on-year increase in gross margin of 0.74 percentage points. The company is expected to maintain steady growth in its main business due to recovering demand in downstream sectors such as photovoltaics and automotive [4][5] - The company’s revenue and profit are projected to grow steadily, with expected revenues of 5.778 billion yuan in 2025, 6.842 billion yuan in 2026, and 7.921 billion yuan in 2027, reflecting year-on-year growth rates of 20.2%, 18.4%, and 15.8% respectively [8][10]

Core Viewpoint - The company, Jianghai Co., Ltd., has released its first quarter report for 2025, highlighting significant changes in financial metrics and operational activities, including increases in various liabilities and cash flow improvements [3][4][12]. Financial Data Summary - The company reported a 44.09% increase in prepayments compared to the beginning of the year, amounting to 35,482,418.06 yuan, primarily due to prepayments for research and development materials and electricity fees [5]. - Short-term borrowings increased by 32.50%, totaling 54,373,620.85 yuan, mainly due to fixed asset investments by subsidiaries [5]. - Accounts payable rose by 32.83%, with an increase of 276,313,782.84 yuan, attributed to the use of supplier credit [6]. - Contract liabilities increased by 41.89%, amounting to 3,464,222.35 yuan, due to an increase in advance receipts [7]. - Tax payable decreased by 60.19%, down 11,791,177.05 yuan, due to outstanding VAT at the beginning of the year [8]. - Other payables surged by 266.03%, increasing by 20,868,991.38 yuan, mainly due to discounting domestic letters of credit by a subsidiary [8]. - Other current liabilities decreased by 33.79%, down 7,829,935.62 yuan, due to a reduction in endorsed but undelivered commercial acceptance bills [8]. - Non-current liabilities decreased by 47.31%, down 10,800,000.00 yuan, as some government subsidy projects were approved [8]. Profit and Loss Summary - Financial expenses for the first quarter of 2025 increased by 53.49%, totaling 1,506,054.32 yuan, primarily due to increased interest income [9]. - Interest income rose by 94.73%, amounting to 1,595,350.90 yuan, attributed to higher bank deposit rates [9]. - Investment income decreased by 133.02%, down 3,344,821.37 yuan, due to the transfer of equity in Yudong Foil Material [9]. - Investment income from joint ventures and associates fell by 454.75%, down 759,488.42 yuan, as a joint venture was consolidated into the financial statements [9]. - Credit impairment losses decreased by 65.36%, down 3,097,794.90 yuan, due to reduced provisions based on accounts receivable aging [9]. - Asset impairment losses increased by 199.58%, up 1,813,972.71 yuan, as the company increased inventory to capture market share [9]. - Operating income from other sources increased by 137.78%, totaling 530,519.81 yuan, due to other miscellaneous income [10]. - Other comprehensive income after tax rose by 156.38%, amounting to 25,473,834.16 yuan, due to fair value changes in Taiyang Yudie stock [10]. Cash Flow Summary - Cash received from operating activities increased by 177.48%, totaling 29,870,094.08 yuan, mainly due to government subsidies and increased large transactions [12]. - Net cash flow from investing activities decreased by 78.75%, down 44,540,566.34 yuan, due to increased fixed asset investments [12]. - Net cash flow from financing activities increased by 242.5%, totaling 90,860,222.37 yuan, primarily due to increased borrowings [12]. - The impact of exchange rate changes on cash and cash equivalents increased by 128.24%, amounting to 21,853,066.60 yuan, due to fluctuations in the RMB against the USD [12]. - The net increase in cash and cash equivalents rose by 921.74%, totaling 62,039,046.20 yuan, driven by the aforementioned changes [13].

Financial Performance - The company's revenue for Q1 2025 was ¥1,157,681,306.61, representing a 10.14% increase compared to ¥1,051,101,283.76 in the same period last year[5] - Net profit attributable to shareholders was ¥152,020,118.40, up 11.04% from ¥136,908,045.59 year-on-year[5] - The basic earnings per share increased to ¥0.1801, reflecting an 11.17% rise from ¥0.1620 in the previous year[5] - Total operating revenue for the current period reached ¥1,157,681,306.61, an increase of 10.1% compared to ¥1,051,101,283.76 in the previous period[22] - Net profit for the current period was ¥152,942,089.08, representing a growth of 10.4% from ¥138,536,685.38 in the previous period[23] - The net profit attributable to the parent company was ¥152,020,118.40, an increase of 11.1% compared to ¥136,908,045.59 last year[23] - Basic earnings per share for the current period was ¥0.1801, compared to ¥0.1620 in the previous period, reflecting an increase of 11.1%[23] Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,955,431,361.74, a 6.54% increase from ¥7,466,764,100.82 at the end of the previous year[5] - Total assets increased to ¥7,955,431,361.74, up from ¥7,466,764,100.82, reflecting a growth of 6.5%[21] - Total liabilities rose to ¥1,895,661,240.56, compared to ¥1,569,120,099.86, marking an increase of 20.8%[21] - The total equity attributable to shareholders of the parent company was ¥6,017,946,867.68, up from ¥5,856,742,718.14, indicating a growth of 2.8%[21] Cash Flow - Cash flow from operating activities decreased by 5.88% to ¥98,207,362.63, down from ¥104,341,039.06 in the same period last year[5] - Operating cash flow for the period was ¥98,207,362.63, a decrease of 5.4% compared to ¥104,341,039.06 in the previous period[24] - Total cash inflow from operating activities was ¥798,494,189.36, slightly up from ¥792,513,094.07 in the previous period[24] - Cash outflow from operating activities totaled ¥700,286,826.73, compared to ¥688,172,055.01 in the previous period, indicating an increase of 1.6%[24] - Net cash flow from investing activities was -¥101,102,715.52, worsening from -¥56,562,149.18 in the previous period[24] - Cash inflow from investing activities was ¥114,643,642.41, up from ¥65,171,718.77 in the previous period[24] - Cash outflow from investing activities increased to ¥215,746,357.93 from ¥121,733,867.95 in the previous period[24] - Net cash flow from financing activities was ¥53,391,360.12, a significant improvement from -¥37,468,862.25 in the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 52,215[15] - The largest shareholder, Zhejiang Economic Construction Investment Co., Ltd., holds 15.78% of shares, totaling 134,207,090 shares[15] - The second largest shareholder, Yiwai Investment Co., Ltd., holds 13.81% of shares, totaling 117,442,410 shares[15] - The company has a total of 6,322,968 shares held in a repurchase account, accounting for 0.74% of total share capital[16] - The company has no preferred shareholders or significant changes in major shareholders due to margin trading activities[17] Other Financial Metrics - Total current assets increased to ¥4,868,802,041.74 from ¥4,501,801,857.89, reflecting a growth of approximately 8.1%[19] - Cash and cash equivalents at the end of the period amounted to ¥1,351,378,416.90, up from ¥1,242,472,270.10[19] - Inventory increased to ¥1,280,089,233.75 from ¥1,029,976,411.40, representing a growth of approximately 24.2%[19] - Long-term equity investments rose to ¥157,865,431.97 from ¥132,767,282.61, an increase of about 18.9%[19] - The company reported a significant increase in government subsidies, with cash received related to operating activities rising by 177.48% to ¥29,870,094.08[13] - The company experienced a 44.09% increase in prepayments, totaling ¥35,482,418.06, mainly for R&D materials and prepaid utility costs[9] - The company reported a total of 46,129,547.75 in trading financial assets, down from 61,902,695.81, indicating a decrease of approximately 25.5%[19] - The company’s weighted average return on equity improved to 2.56%, up from 2.46% in the previous year[5] - Other comprehensive income after tax for the current period was ¥9,184,031.14, compared to a loss of ¥16,289,803.02 in the previous period[23] - The impact of exchange rate changes on cash and cash equivalents was ¥4,812,378.87, compared to -¥17,040,687.73 in the previous period, showing a positive shift[25]

江海股份（002484）公告，2025年第一季度营业收入11.58亿元，同比增长10.14%。净利润1.52亿元， 同比增长11.04%。 ...

中信证券股份有限公司 关于 南通江海电容器股份有限公司 详式权益变动报告书 之 2024 年年度持续督导意见 财务顾问 二零二五年四月 财务顾问声明 2024 年 3 月 12 日，浙江省经济建设投资有限公司（以下简称"收购人"、 "浙江经投"）与亿威投资有限公司（以下简称"亿威投资"）签署了《股份转 让协议》。2024 年 12 月 24 日浙江经投与亿威投资签署了《股份转让协议之补 充协议》，协议约定亿威投资将其持有的江海股份 127,578,590 股无限售条件普 通股以 19 元/股的价格转让给浙江经投，占上市公司总股本的比例约为 15%；同 日，亿威投资出具了《表决权放弃承诺函》，承诺自过户完成日起至过户完成满 18 个月之日的期间内，亿威投资放弃其持有的江海股份 59,536,675 股股份所对 应的所有表决权（包括但不限于该等股份对应的提案权、提名权、投票权），占 上市公司总股本的比例约为 7%。 本次交易完成后，浙江经投持有江海股份 134,207,090 股股份，占上市公司 总股本的比例约为 15.78%，上市公司控股股东由亿威投资变更为浙江经投，实 际控制人变更为浙江省人民政府国有资产监督 ...

Investment 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]

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company reported a revenue of 48.08 billion yuan in 2024, a decrease of 0.76% year-on-year, and a net profit attributable to shareholders of 6.55 billion yuan, down 7.41% year-on-year [7] - The aluminum electrolytic capacitor remains the core business, with significant growth potential in the AI sector and breakthroughs in automotive applications [8] - The company is positioned to benefit from the rapid penetration of AI applications, with projected revenues of 55.22 billion yuan in 2025, representing a year-on-year growth of 14.84% [8] Financial Performance Summary - **Revenue Forecast**: - 2023: 48.45 billion yuan - 2024: 48.08 billion yuan - 2025: 55.22 billion yuan - 2026: 66.34 billion yuan - 2027: 77.45 billion yuan [4][9] - **Net Profit Forecast**: - 2023: 7.07 billion yuan - 2024: 6.55 billion yuan - 2025: 8.02 billion yuan - 2026: 10.01 billion yuan - 2027: 12.06 billion yuan [4][9] - **Earnings Per Share (EPS)**: - 2023: 0.83 yuan - 2024: 0.77 yuan - 2025: 0.94 yuan - 2026: 1.18 yuan - 2027: 1.42 yuan [4][9] - **Price-to-Earnings (P/E) Ratio**: - 2023: 22.01 - 2024: 23.77 - 2025: 19.40 - 2026: 15.55 - 2027: 12.90 [4][9] - **Price-to-Book (P/B) Ratio**: - 2023: 2.82 - 2024: 2.66 - 2025: 2.39 - 2026: 2.09 - 2027: 1.80 [4][9]

Investment 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]