Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.60 per 10 shares, amounting to a total of RMB 219,492,252.98, which represents 33.53% of the net profit attributable to ordinary shareholders for 2024[9]. - The cash dividend amount is 100% of the total profit distribution amount, indicating a strong commitment to returning value to shareholders[125]. - The company has a cash dividend policy that aligns with its articles of association and shareholder resolutions, ensuring clarity and compliance[124]. - The company plans to maintain a minimum cash dividend ratio of 20% in future distributions, especially during significant capital expenditure phases[125]. - The total number of shares for the dividend calculation is based on 844,200,973 shares after accounting for repurchased shares[127]. - The company has not proposed any stock dividends or capital reserve transfers in the current profit distribution plan[127]. - The company has not made any adjustments to its cash dividend policy during the reporting period, maintaining consistency in its approach[123]. Financial Performance - The company's operating revenue for 2024 was ¥4,808,152,503.52, a decrease of 0.76% compared to ¥4,844,923,743.00 in 2023[6]. - The net profit attributable to shareholders for 2024 was ¥654,664,296.72, down 7.41% from ¥707,069,109.46 in 2023[6]. - The cash flow from operating activities increased by 13.57% to ¥647,751,619.66 in 2024, compared to ¥570,344,924.47 in 2023[6]. - The company achieved a basic earnings per share of ¥0.7753 in 2024, a decline of 7.63% from ¥0.8393 in 2023[6]. - The total assets at the end of 2024 were ¥7,466,764,100.82, reflecting a 2.80% increase from ¥7,263,050,307.80 at the end of 2023[6]. - Total revenue for 2024 is CNY 4,808,152,503.5, a decrease of 0.76% compared to CNY 4,844,923,743.0 in 2023[48]. - Revenue from electronic components is CNY 4,602,551,254.5, accounting for 95.72% of total revenue, with a year-on-year decrease of 0.96%[48]. - Domestic sales increased by 6.28% to CNY 3,799,394,922.1, representing 79.02% of total revenue, while foreign sales decreased by 20.57% to CNY 1,008,757,581.3, accounting for 20.98%[48]. Research and Development - The company is focusing on expanding into new markets and developing products in automotive electronics, industrial automation, renewable energy, and artificial intelligence[6]. - The company has established a mature R&D, operations, and service team to effectively respond to risks associated with new market entries and product developments[7]. - The company is committed to deepening its understanding of customer needs and application scenarios to align with global industry benchmarks[6]. - The company has advanced its talent development program, enhancing its soft power and ESG initiatives[38]. - The company has established a national postdoctoral research station and a provincial engineering technology research center, emphasizing its commitment to R&D[39]. - The company is actively involved in R&D across three major types of capacitors, positioning itself as a leader in the power electronics sector[43]. - The company's R&D expenses increased by 16.23% year-over-year, reaching ¥269,899,396.00, which is 5.61% of total revenue[58]. Market Strategy and Competition - The company emphasizes its competitive advantages in technology, customer resources, product variety, production capacity, and procurement capabilities to address market competition[5]. - The company has a robust strategy to provide value-added services to strategic customers and actively engage in joint product development[5]. - The company has established multiple strategic alliances with international partners to enhance its technological capabilities and market position[45]. - The company is collaborating with key domestic and international clients on AI server and data center power compensation projects, showing promising results[38]. - The company has reported a significant growth potential in solid-state capacitors, expecting over 50% growth in the automotive sector[36]. - The company is focusing on expanding its product lines in film capacitors and has made technological breakthroughs in core materials for aluminum electrolytic capacitors[36]. Risk Management - The company has implemented measures to mitigate exchange rate risks due to a significant proportion of exports, including pricing mechanisms and forward foreign exchange contracts[8]. - The company has taken out relevant liability insurance to further safeguard its operations and mitigate risks[7]. - The company has faced challenges in achieving expected benefits from its investment projects due to slower market and user expansion, as well as intense competition leading to price reductions[73]. - The company has adjusted its investment strategy to proceed with expansion in phases based on market conditions[73]. Corporate Governance - The company has improved its corporate governance structure in compliance with relevant laws and regulations, ensuring transparency and accountability[87]. - The company emphasizes high-quality information disclosure and investor relationship management to communicate its value effectively[85]. - The company maintains a high level of independence from its controlling shareholders in terms of assets, personnel, finance, and operations[89]. - The company has established an independent financial department with a standardized accounting system and financial management policies[91]. - The company has not provided guarantees to major shareholders or their affiliates, ensuring financial independence[91]. Shareholder Information - The total number of shares held by the board members at the end of the period was 40.06 million shares, with an increase of 1.13 million shares[95]. - The largest shareholder, Yiwei Investment Co., Ltd., holds 28.81% of the shares, totaling 245,021,000 shares, with no change during the reporting period[175]. - The company reported a total of 33,568 ordinary shareholders at the end of the reporting period, a decrease from 52,215 at the end of the previous month[174]. - The company’s actual controller, Yiwei Investment Co., Ltd., has not changed during the reporting period[178]. Audit and Compliance - The audit opinion issued was a standard unqualified opinion, signed on April 3, 2025[187]. - The audit included a review of management's estimates and assumptions regarding goodwill impairment[192]. - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[133]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[136]. - The company has not disclosed any measures taken to reduce carbon emissions during the reporting period[136].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [5]. Core Insights - The company focuses on aluminum electrolytic capacitors while expanding into film capacitors and supercapacitors, establishing a comprehensive industry chain advantage [3]. - The aluminum electrolytic capacitor remains the company's traditional strength, maintaining a leading position in the domestic market, with a revenue share of 80.8% in H1 2024 [3]. - The film capacitor business is accelerating its layout in the new energy and electric vehicle markets, with a revenue share of 9.39% in H1 2024 [3]. - The supercapacitor business is well-positioned to meet the growing demand for AI computing, with a revenue share of 4.59% in H1 2024 [3]. - The GTC conference highlighted the trend of lithium-ion supercapacitors, showcasing the company's advantages in this area [4]. - The company has achieved operational readiness for its "supercapacitor industrialization" and "high-voltage large-capacity film capacitor expansion" projects, enhancing its technological edge in high-end capacitors [4]. Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 51.5 billion, 61.5 billion, and 71.02 billion respectively, with corresponding EPS of 0.85, 1.05, and 1.20 [5]. - The current stock price corresponds to a PE ratio of 24.3, 19.7, and 17.1 for the years 2024, 2025, and 2026 respectively [5]. - The company's main revenue for 2024 is projected to grow by 6.3%, with a significant increase of 19.5% in 2025 [8].

Core Viewpoint - The company is positioned to benefit from the growing demand in AI servers and other emerging industries, leveraging its unique capabilities in capacitor technology [3][4][6]. Group 1: Supercapacitors - The company's supercapacitors are primarily used in smart meters, wind power, smart grid upgrades, rail transportation, and port machinery, with a new application emerging in AI servers [3]. - The company is in discussions with relevant manufacturers regarding technical solutions for AI servers, highlighting its product adaptability and advantages in capacity, short expansion cycles, and low costs [3]. Group 2: Aluminum Electrolytic Capacitors - The company's aluminum electrolytic capacitors are expected to see increased demand in AI and small power supply applications, with potential cost reductions from using green electricity for material production [4]. - Breakthroughs in MLPC technology are anticipated to enhance the application of aluminum electrolytic capacitors in AI servers, with positive developments reported from relevant clients [4]. Group 3: Strategic Investments - The completion of state-owned capital entry is expected to support the company's growth, with Zhejiang Investment acquiring a 15.78% stake, making it the controlling shareholder [5]. - The acquisition process involved a share transfer agreement and subsequent stock purchases, indicating strong backing from state-owned entities [5]. Group 4: Industry Opportunities - The company is the only domestic player and one of the few globally to operate in aluminum electrolytic capacitors, film capacitors, and supercapacitors, positioning it well to capitalize on high demand from AI servers and electric vehicles [6]. - In the first three quarters of 2024, the company reported revenues of 3.539 billion yuan, a year-on-year decrease of 6.33%, and a net profit of 494 million yuan, down 9.71% year-on-year, reflecting the challenges faced in the current market [6].

Group 1: Industry Insights - The organic silicon sector is experiencing continuous improvement in profitability, with an optimizing industry structure [3] - The agricultural sector is focusing on new breeding directions and industry transformations following the recent seed industry conference [4] Group 2: Company Performance - Zijin Mining (601899.SH) reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.5%, and a net profit of 32.1 billion yuan, up 51.8% year-on-year [5] - Jianghai Co., Ltd. (002484.SZ) achieved a revenue of 3.539 billion yuan in the first three quarters of 2024, a decrease of 6.33% year-on-year, with a net profit of 494 million yuan, down 9.71% [7] - Horizon Robotics (9660.HK) saw a decline in non-vehicle solution revenue to 72 million yuan in 2024, compared to 81 million yuan in 2023, but improved gross margin by 10.4 percentage points [8] - Furuida (600223.SH) reported a revenue of 3.98 billion yuan and a net profit of 240 million yuan for 2024, with a proposed dividend of 0.06 yuan per share [9] - Pinduoduo (PDD.O) achieved a revenue of 393.84 billion yuan in 2024, a 59% year-on-year growth, and a GAAP net profit of 112.43 billion yuan, up 87.3% year-on-year [10]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing trend of using supercapacitors in AI servers to address power consumption challenges and overload shocks, with the GB300 chip expected to integrate supercapacitor modules as peak-shaving components [3][4] - The GB300 chip is projected to enhance performance and power efficiency, with a 50% increase in FP4 computing performance and a 50% increase in high-bandwidth memory (HBM) capacity from 192GB to 288GB [3] - Supercapacitors are favored for their rapid response to power fluctuations, stability in power supply, high power density, and long cycle life compared to traditional battery systems [5] Summary by Sections Industry Overview - The report discusses the anticipated growth in the application of supercapacitors in AI data centers, driven by the need for improved power quality and system reliability [4][5] Technological Advancements - The GB300 chip's design will mirror that of the B200 chip but will feature significant improvements in performance and power consumption, with a total design power (TDP) of 1.4KW [3] Market Dynamics - The report identifies key players in the supercapacitor market, such as Japan's Musashi and Jianghai Co., which are positioned to benefit from the growing demand in AI server applications [5][6] Investment Recommendations - The report suggests focusing on companies with established supercapacitor production capabilities and strong partnerships in the power supply sector, particularly Jianghai Co. [6]

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