特此公告。 证券代码:002484 证券简称：江海股份 公告编号：2025-029 南通江海电容器股份有限公司董事会 南通江海电容器股份有限公司 2025 年 5 月 7 日 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 4 月 30 日，公司尚未开始实施回 购。 后续公司将根据市场情况在回购期限内实施本次回购计划，并将在回购期间 根据相关法律、法规和规范性文件的规定及时履行信息披露义务，敬请广大投资 者注意投资风险。 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召开 第七届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》。 公司 决定以自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购公司已 发行的部分人民币普通股（A 股）股票，并在未来将前述回购股份用于股权激励 计划或员工持股计划。回购股份价格不 ...

Core Insights - The company reported a slight decline in revenue and net profit for 2024, with total revenue at 4.808 billion yuan, down 0.76% year-on-year, and net profit attributable to shareholders at 655 million yuan, down 7.41% year-on-year [1] - In Q1 2025, the company experienced a year-on-year revenue growth of 10.14%, reaching 1.158 billion yuan, while net profit increased by 11.04% to 152 million yuan [1] - The company’s aluminum electrolytic capacitors remain a key business area, with growth in applications such as consumer electronics and electric vehicles, supported by advancements in core materials and technology [2] Financial Performance - For 2024, the company’s operating income was 4.808 billion yuan, with a net profit of 655 million yuan and a non-recurring net profit of 613 million yuan, all showing a year-on-year decline [1] - In Q1 2025, the gross margin was 24.32%, an increase of 0.74 percentage points year-on-year, while the net profit margin was 13.21%, up 0.03 percentage points year-on-year [1] - The company’s expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 1.99%, 3.82%, 5.15%, and -0.11% respectively, indicating a decrease in overall expense ratios year-on-year [1] Market Trends - The demand for aluminum electrolytic capacitors is growing, particularly in the fields of consumer electronics, electric vehicles, and charging stations, showcasing the company’s competitive product capabilities [2] - The AI server market is experiencing significant growth, with a projected 46% increase in global AI server shipments in 2024, which is expected to drive demand for the company’s supercapacitors [3] - The company is collaborating with key clients to develop power compensation solutions for AI servers and data centers, indicating a promising growth outlook for its supercapacitor business [3] Future Outlook - The company maintains a "buy" rating, with expectations for net profits of 802 million yuan, 1.006 billion yuan, and 1.2 billion yuan for 2025, 2026, and 2027 respectively, alongside projected EPS of 0.94, 1.18, and 1.41 yuan per share [4] - The growth in AI server demand is anticipated to significantly enhance the company’s performance, particularly in the supercapacitor segment [4]

Investment 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 a net profit of 150 million CNY, up 11% year-on-year [8] - The aluminum electrolytic capacitors are expanding their application scenarios, particularly in new energy, consumer electronics, electric vehicles, and charging piles, with the acquisition of Hitachi AIC contributing positively to performance [8] - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications, with significant recognition from major enterprises in various fields [8] Financial Summary - The company's projected financials for 2025-2027 include: - Net profit attributable to the parent company: 838 million CNY in 2025, 1.014 billion CNY in 2026, and 1.182 billion CNY in 2027, reflecting growth rates of 28%, 21%, and 17% respectively [4][9] - Revenue is expected to grow from 5.771 billion CNY in 2025 to 7.695 billion CNY in 2027, with growth rates of 20%, 15.8%, and 15.2% [4][9] - Gross margin is projected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 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 annual performance of 19.99% [6]

Investment 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].

Core Insights - The company reported steady growth in Q1 2025, with revenue of 1.16 billion yuan (up 10% year-on-year) and a net profit of 150 million yuan (up 11% year-on-year), demonstrating strong resilience in performance [1] - The gross margin for Q1 2025 reached 24.3%, an increase of 0.7 percentage points year-on-year, while the net margin was 13.2%, up 0.03 percentage points year-on-year, benefiting from recovering downstream demand and improved product mix [1] Revenue Growth and Business Expansion - The aluminum electrolytic capacitors are expanding their application scenarios, with growth in sectors such as new energy, consumer electronics, electric vehicles, and charging stations [1] - The acquisition of Hitachi AIC has led to year-on-year growth in performance, while solid-state polymer capacitors (MLPC) have been recognized by several strategic customers [1] - The hybrid capacitors have made breakthroughs in the automotive sector, with potential growth exceeding 50% [1] - Film capacitors are entering a rapid growth phase, with significant applications in consumer electronics, industrial equipment, new energy, electric vehicles, and military industries [1] Emerging Business Opportunities - The company showcased its latest Power Capacitance Shelf rack in March 2025, integrating a new lithium-ion supercapacitor (LIC) solution, which is crucial for meeting the increasing power demands of AI and data centers [2] - The supercapacitors, particularly lithium-ion types, have gained recognition in various fields, including rail transit, automotive, medical instruments, new energy, power grids, and port machinery, entering mass application stages [2] - Revenue from supercapacitors is growing rapidly, with practical trials in power frequency regulation on both generation and user sides, indicating promising prospects in AI server applications [2] Profit Forecast and Valuation - The company forecasts net profits of 840 million yuan, 1.01 billion yuan, and 1.18 billion yuan for 2025, 2026, and 2027 respectively, with adjustments made to revenue and gross margin predictions for aluminum electrolytic, film, and supercapacitors [2] - Based on a comparable company average PE of 23 times for 2025, a target price of 22.54 yuan is set, maintaining a buy rating [2]

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]