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]

Core Viewpoint - Jianghai Co., Ltd. anticipates that revenue from exports to the U.S. will account for approximately 4.5% of total revenue in 2024, while actively communicating with clients to mitigate potential market fluctuations due to U.S. tariffs [2] Financial Performance - In 2024, Jianghai Co., Ltd. expects to achieve operating revenue of 4.808 billion yuan, a year-on-year decrease of 0.76% - The net profit attributable to shareholders is projected to be 655 million yuan, down 7.41% year-on-year - The net profit excluding non-recurring items is estimated at 613 million yuan, reflecting a decline of 6.53% year-on-year - Overall profitability has declined due to falling product prices, although a significant recovery in performance is noted in Q4, driven by the end of inventory destocking in the new energy sector and a rebound in demand for electric vehicles and charging stations [2] Production Capacity and Utilization - The capacity utilization rates for the three main types of capacitors are at their highest levels in the past two years, laying a solid foundation for future development [2] Technological Innovation - Jianghai Co., Ltd. has achieved preliminary results in the AI server sector with its supercapacitor products, currently undergoing testing and adaptation with domestic and international server manufacturers - The company expects to achieve large-scale orders for MLPC (solid-state laminated polymer capacitors) within the year, with applications gradually expanding to core power supply scenarios for CPUs and GPUs, potentially creating new growth in AI servers and data centers [2] Market Strategy - The company has optimized its product structure around emerging markets such as artificial intelligence, new energy, and power regulation - The performance of MLPC technology has reached internationally advanced levels, and the market share of aluminum electrolytic capacitors continues to expand in the photovoltaic and electric vehicle sectors - The controlling shareholder, Zhejiang Investment, plans to enhance the company's development through increased shareholding, further strengthening its competitive advantage [3]

| 在哪？未来在该领域的市场拓展计划如何？ | | --- | | 答:您好，目前看公司超容产品都适用于不同功率段的AI服务 | | 器，并在相关服务器生产商进行产品测试和评价。谢谢！ | | 4.请问贵公司目前产能利用率处于什么水平 | | 答:您好，目前公司三大类产品产能利用率都处于近两年较高 | | 水平。谢谢！ | | 5.新兴产业快速发展，公司如何把握机遇优化产品结构？有无 | | 针对新兴产业的研发和推广策略？ | | 答:您好，公司的发展战略和研发课题都是以市场为导向、以 | | 客户创新需求为课题进行的。所以，都抓住了下游应用发展的每一 | | 个机遇并取得良好竞争优势。谢谢！ | | 6.贵公司在数据中心领域是否已经开始批量出货？以及公司未 | | 来对数据中心业务是如何看待的？ | | 答:您好，数据中心用UPS等产品，公司配套占有率是比较高 | | 的，AI蓬勃发展更为公司主营业务产品带来又一周期的大发展机 | | 遇。谢谢！ | | 7.【查询-002】高管您好，请问贵公司未来盈利增长的主要驱 | | 动因素有哪些？谢谢 | | 答:您好，科技进步一直是公司前进的重要原则。未来收益增 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [5][7]. Core Views - The company experienced a revenue decline of 0.76% year-on-year in 2024, with total revenue reaching 4.808 billion yuan. The net profit attributable to shareholders decreased by 7.41% to 655 million yuan [1]. - In Q4 2024, the company showed signs of recovery with a revenue increase of 18.99% year-on-year and a net profit increase of 0.48% year-on-year, indicating a positive trend [2]. - The company is positioned as a platform-type company in the capacitor industry, with a comprehensive product range including aluminum electrolytic capacitors, film capacitors, and supercapacitors. The solid-liquid hybrid capacitors are expected to see over 50% growth in the automotive sector [3]. - The advent of AI technology is opening new market opportunities for supercapacitors, particularly in AI servers and data centers, where they can provide rapid power compensation during load fluctuations [4]. Financial Summary - The company forecasts a revenue growth of 14.4% in 2025, reaching 5.503 billion yuan, and a net profit growth of 24.8%, reaching 817 million yuan. The projected PE ratios for 2025, 2026, and 2027 are 17, 13, and 11 respectively [6][5]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 6.629 billion yuan in 2026 and 7.855 billion yuan in 2027 [6][11].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [7]. Core Views - The company experienced a revenue decline of 0.76% year-on-year in 2024, with total revenue reaching 4.808 billion yuan and a net profit attributable to shareholders of 655 million yuan, down 7.41% year-on-year [1][5]. - In Q4 2024, the company showed signs of recovery with a revenue increase of 18.99% year-on-year and a net profit increase of 0.48% year-on-year, indicating a positive trend [2]. - The company is positioned as a platform-type company in the capacitor industry, with a comprehensive product range including aluminum electrolytic capacitors, film capacitors, and supercapacitors, which are expected to drive growth [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.808 billion yuan, with a gross profit margin of 24.90% and a net profit margin of 13.73% [1]. - The Q4 2024 results showed a revenue of 1.269 billion yuan and a net profit of 160 million yuan, reflecting a recovery in performance [2]. - The company forecasts a revenue growth of 14.4% in 2025, reaching 5.503 billion yuan, with net profits expected to grow to 817 million yuan [6]. Product and Market Insights - The company is the only domestic player and one of the few globally to offer a full range of capacitors, with aluminum electrolytic capacitors accounting for 81.99% of revenue in 2024 [3]. - The solid-liquid hybrid capacitors are expected to see over 50% growth, particularly in the automotive sector [3]. - The supercapacitor market is anticipated to expand significantly due to its applications in AI servers and data centers, where it can provide rapid power compensation [4]. Investment Outlook - The company is expected to achieve net profits of 817 million yuan in 2025, 1.060 billion yuan in 2026, and 1.311 billion yuan in 2027, with corresponding PE ratios of 17, 13, and 11 [5][6]. - The traditional markets for new energy and industrial control are recovering, while AI applications are expected to open new growth avenues for supercapacitor products [5].

证券代码:002484 证券简称：江海股份 公告编号：2025-027 南通江海电容器股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 浙江省经济建设投资有限公司 | 134207090.00 | 15.78% | | 2 | 億威投資有限公司 | 117442410.00 | 13.81% | | 3 | 朱祥 | 60627966.00 | 7.13% | | 4 | 香港中央结算有限公司 | 15745790.00 | 1.85% | | 5 | 陆军 | 11711040.00 | 1.38% | | 6 | 中国人寿保险股份有限公司－传统－普通保险产 品－005L－CT001 沪 | 10057244.00 | 1.18% | | 7 | 中国银行股份有限公司－宏利转型机遇股票型证 | 9295800.00 | 1.09% | | | 券投资基金 | | | | 8 | 全国社保基金一零七组合 | 7166563.00 | 0.84% ...

近期江海股份（002484）发布2024年年报，证券之星财报模型分析如下： 经营概况 江海股份发布的2024年年报显示，公司全年营业总收入为48.08亿元，同比下降0.76%；归母净利润为 6.55亿元，同比下降7.41%；扣非净利润为6.13亿元，同比下降6.53%。尽管全年业绩表现不佳，但第四 季度的数据呈现出一定的回暖迹象，营业总收入达到12.69亿元，同比上升18.99%；归母净利润为1.6亿 元，同比上升0.48%；扣非净利润为1.54亿元，同比上升19.1%。 主要财务指标 利润率与费用率 2024年，江海股份的毛利率为24.9%，较去年同期下降4.53个百分点；净利率为13.73%，同比下降6.34 个百分点。销售费用、管理费用、财务费用总计2.21亿元，三费占营收比为4.6%，同比上升0.84个百分 点。 资产负债状况 公司货币资金为12.42亿元，同比增长20.25%；应收账款为16.8亿元，同比增长5.74%，值得注意的是， 应收账款占归母净利润的比例高达256.58%，需关注其回收风险。有息负债为3.01亿元，同比下降 19.63%。 每股指标 主营业务分析 收入构成 从主营收入构成来看 ...