Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company's performance in 2023 showed steady growth, with revenue reaching 4.845 billion yuan, a year-on-year increase of 7.15%, and a net profit attributable to shareholders of 707 million yuan, up 6.93% year-on-year. The gross margin was 26.08%, slightly down by 0.29 percentage points [2][3]. - The company is a leading global manufacturer of aluminum electrolytic capacitors, with a solid foundation and significant growth potential in expanding markets such as film capacitors and supercapacitors [2][3]. Financial Summary - In 2023, the company achieved a revenue of 4.845 billion yuan, with a year-on-year growth of 7.15%. The net profit attributable to shareholders was 707 million yuan, reflecting a year-on-year increase of 6.93%. The gross margin stood at 26.08%, a slight decrease of 0.29 percentage points [2][4]. - For the fourth quarter of 2023, the company reported a revenue of 1.067 billion yuan, down 15.61% year-on-year and 18.25% quarter-on-quarter. The net profit attributable to shareholders was 160 million yuan, a decrease of 9.06% year-on-year and 14.22% quarter-on-quarter [2][4]. - The company has revised its profit forecasts for 2024 to 807 million yuan, 2025 to 954 million yuan, and introduced a new forecast for 2026 at 1.135 billion yuan, with corresponding EPS of 0.95, 1.12, and 1.34 yuan respectively [2][4]. Business Development - The company has successfully advanced its various business lines, with aluminum electrolytic capacitors seeing over 30% growth in applications such as new energy, energy storage, electric vehicles, and charging piles. The solid-state layered polymer capacitors have made breakthroughs, laying the foundation for high-end applications like AI [3][7]. - The film capacitors segment achieved a revenue growth of 40.66% year-on-year, while the supercapacitors have established a scalable development foundation, showing good growth potential in both traditional and emerging markets [3][7]. Market Demand - Emerging application fields such as data centers, 5G communication equipment, and electric vehicles are driving rapid growth in demand for capacitors and other basic components [3][7]. - The company is focusing on specialized layouts in various product directions for film capacitors, including coating, safety regulations, DC Link, AC, box-type, and modular products, which are beginning to be delivered in bulk in new energy and electric vehicle sectors [3][7].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 20.85 CNY [6][14]. Core Insights - The company reported a revenue of 4.845 billion CNY in 2023, a year-on-year increase of 7.15%, and a net profit of 707 million CNY, up 6.93% year-on-year [2][3]. - Despite short-term pressure on performance due to insufficient demand and price reduction, the company is expected to achieve stable long-term growth driven by its expansion into emerging markets and continuous product development [3][4]. - The company is one of the few globally that operates across three major capacitor types, with a complete product range and industry chain, which positions it well for future growth [3][4]. Financial Performance - In 2023, the aluminum electrolytic capacitor segment generated revenue of 3.970 billion CNY, growing by 10.80% year-on-year, while the film capacitor segment saw a revenue increase of 40.66% to 456 million CNY [4][5]. - The supercapacitor segment, however, faced a decline in revenue, dropping by 27.87% to 221 million CNY [5]. - The company plans to distribute a cash dividend of 2.6 CNY per 10 shares, amounting to approximately 221 million CNY [2]. Market Outlook - The company is actively developing new products and core materials while expanding into new markets and clients, which is expected to yield positive results in the long term [3][4]. - The growth in applications for aluminum electrolytic capacitors in sectors such as renewable energy, electric vehicles, and charging stations has exceeded 30% [4]. - The film capacitor segment is anticipated to benefit from increased demand in the wind and solar storage applications, with existing orders in the electric vehicle sector [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.625 billion CNY, 6.628 billion CNY, and 7.790 billion CNY, respectively, with net profits expected to reach 886 million CNY, 1.074 billion CNY, and 1.261 billion CNY [14][20].

Financial Performance - The company's operating revenue for 2023 was CNY 4,844,923,743, representing a 7.15% increase from CNY 4,521,681,374.62 in 2022[44] - The net profit attributable to shareholders for 2023 was CNY 707,069,109.46, up 6.93% from CNY 661,242,022.68 in the previous year[44] - The net profit after deducting non-recurring gains and losses was CNY 655,749,439.53, a 2.89% increase compared to CNY 637,316,962.12 in 2022[44] - The net cash flow from operating activities increased by 36.72% to CNY 570,344,924.47 from CNY 417,175,500.33 in 2022[44] - The total assets at the end of 2023 were CNY 7,263,050,307.80, a 9.91% increase from CNY 6,608,454,319.83 at the end of 2022[44] - The net assets attributable to shareholders increased by 12.92% to CNY 5,520,321,750.53 from CNY 4,888,787,301.30 in 2022[44] Revenue Breakdown - The revenue from aluminum electrolytic capacitors was ¥3,969,679,618, accounting for 81.93% of total revenue, with a growth of 10.80% year-on-year[55] - The revenue from film capacitors increased by 40.66% year-on-year, reaching ¥456,078,330, while supercapacitor revenue decreased by 27.87% to ¥221,190,729[55] - The domestic sales accounted for 73.79% of total revenue, amounting to ¥3,574,912,483, while international sales decreased by 7.88% to ¥1,270,011,259[56] Research and Development - The company has established a national postdoctoral research station and a provincial engineering technology research center, enhancing its core competitiveness through continuous investment in R&D[51] - Research and development expenses increased by 6.06% to approximately ¥232.21 million, reflecting the company's commitment to innovation[87] - The number of R&D personnel increased by 9.26% to 602 in 2023, compared to 551 in 2022[109] Market Strategy - The company plans to enhance its core material R&D and production to increase the proportion of self-produced materials and accelerate the launch of new products[7] - The company aims to expand its domestic sales while utilizing its production base in Japan for new export opportunities[30] - The company is actively expanding its product line and application scenarios, particularly in high-end applications such as communication and artificial intelligence[69] Operational Efficiency - The company has completed the relocation of its core material production base for aluminum electrolytic capacitors, achieving lower costs and higher efficiency[49] - The company is focusing on talent development and ESG initiatives to enhance its soft power and operational capabilities[70] - The company is focusing on energy-saving and cost-reduction technologies to balance the negative impact on operating income[7] Customer and Sales Dynamics - The top five customers accounted for 20.64% of total annual sales, with the largest customer contributing 7.43%[84] - The company signed significant sales contracts and maintained a strong international cooperation network, enhancing its market position[75] Cash Flow and Investments - The net cash flow from financing activities decreased by 153.83% in 2023 due to reduced borrowing and increased profit distribution[112] - The net increase in cash and cash equivalents was approximately ¥270.19 million, a significant increase of 391.26% compared to the previous year[89] - The company committed to invest a total of 120,000,000 yuan in projects, with 76.37% and 79.10% of the investment progress achieved for the supercapacitor industrialization and high-voltage large-capacity film capacitor expansion projects respectively[121] Accounts Receivable and Bad Debt - The company reported a total accounts receivable balance of CNY 1,679,406,722.61 at the end of the period, an increase from CNY 1,604,503,542.40 at the beginning of the period, representing a growth of approximately 4.67%[172] - The company has a bad debt provision of CNY 90,794,680.29, which increased from CNY 87,865,646.07, indicating a provision increase of about 2.2%[179] - The company’s receivables overdue for more than one year amounted to CNY 69,550,214.61, which is consistent with the previous year's figure of CNY 69,249,920.80, showing stability in long-term receivables[172] Employee and Management - The total number of employees and their professional composition, as well as educational levels, were reviewed during the reporting period[189] - The company has a comprehensive training program for employees, including safety and environmental management training[192] - The company’s management compensation is primarily based on annual salary and stock incentives, with performance evaluations influencing the final compensation[198]

南通江海电容器股份有限公司 证券代码：002484 证券简称：江海股份 公告编号：2024-011 第六届监事会第二次会议决议公告 本公司及监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）第六届监事会第二次会议于 2024年4月11日在公司会议室召开，通知于2024年4月1日以邮件、微信等送达方 式发出，会议于2024年4月11日在公司一楼会议室以现场方式召开。会议由监事 会主席钱志伟主持，会议应到监事3人，实到监事3人，公司监事会主席钱志伟先 生、监事蔡志忠先生、顾华女士以现场方式参加本次会议。符合《公司法》和《公 司章程》的规定，会议审议并通过如下决议： 价的原则定价，没有违反公开、公平、公正的原则，不存在损害公司和中小股东 利益的行为并同意提交公司 2023 年年度股东大会表决。具体内容详见公司指定 信息披露网站"巨潮资讯网"（www.cninfo.com.cn）公告同时刊登在《证券时报》、 《上海证券报》。 1、审议通过了《公司 2023 年度监事会工作报告》 《2023 年度监事会工作报告》的具体内容详见刊登于公司指定信息 ...

3、审议通过了《关于2023年度董事会工作报告的议案》，并同意提交公司 2023年年度股东大会表决。 独立董事沈小燕、古群、陈达亮、张斌向董事会递 交了独立董事述职报告，并将在2023年年度股东大会上进行述职。《独立董事 证券代码:002484 证券简称：江海股份 公告编号：2024-010 南通江海电容器股份有限公司 第六届董事会第三次会议决议公告 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"）第六届董事会第三次 会议（以下简称"会议"）通知于2024年4月1日以邮件、微信等送达方式发 出，会议于2024年4月11日在公司一楼会议室以现场结合通讯方式召开。应到董 事9人，实到董事9人。公司监事、高级管理人员列席了本次会议。本次会议的 召集、召开以及参与表决董事人数符合《中华人民共和国公司法》、《公司章 程》等有关法律、法规的规定。会议由董事长陈卫东先生主持，经参加会议董 事认真审议并经记名投票方式表决，通过以下决议： 1、审议通过了《关于2023年度总裁工作报告的议案》。 本议案赞成票9票，反对票0票，弃权票0票，此 ...

南通江海电容器股份有限公司（以下简称"公司"）2023 年年度报告及其摘 要已经公司第六届董事会第三次会议审议通过，具体内容详见 2024 年 4 月 12 日 《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上的披露内容。 为使广大投资者能进一步了解公司经营情况，公司定于 2024 年 4 月 18 日（星期 四）下午 15:00-17:00 在价值在线（www.ir-online.cn）举行 2023 年年度网上业绩 说明会，本次说明会将采用网络远程方式举行，投资者可登陆通过网址 https://eseb.cn/1dnjqJjZ6Ks 或使用微信扫描下方小程序码即可进入参与本次说明 会。 证券代码:002484 证券简称：江海股份 公告编号：2024-017 南通江海电容器股份有限公司 关于举行 2023 年年度网上业绩说明会的公告 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。 一、业绩说明会基本情况 平和企业整体价值，现就公司 2023 年度业绩说明会提前向投资者征集相关问题， 广泛听取投资者建议。投资者可在 2024 年 4 月 ...

华泰联合证券有限责任公司 关于南通江海电容器股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 经公司第四届董事会第四次会议及第四届监事会第三次会议审议通过，于 2018 年 4 月用闲置募集资金暂时补充流动资金 10,000 万元，使用期限不超过 12 个月，起止时间为 2018 年 4 月 10 日-2019 年 4 月 10 日。已于 2019 年 4 月 9 日 归还。 经公司第四届董事会第十三次会议及第四届监事会第九次会议审议通过，于 2019 年 4 月用闲置募集资金暂时补充流动资金 10,000 万元，使用期限不超过 12 个月，起止时间为 2019 年 4 月 23 日-2020 年 4 月 23 日。已于 2020 年 3 月 19 日 归还。 经第四届董事会第二十二次会议及第四届监事会第十六次会议审议通过，于 2020 年 4 月用闲置募集资金暂时补充流动资金 20,000 万元，使用期限不超过 12 个月，起止时间为 2021 年 4 月 21 日-2021 年 4 月 20 日。已于 2021 年 3 月 17 日 归还。 经第五届董事会第五次会议及第五届监事会第四次会议审议 ...

证券代码:002484 证券简称：江海股份 公告编号：2024-015 南通江海电容器股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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。 根据公司 2015 年第一次临时股东大会股东会决议，审议通过了《关于公司 2015 年度非公开发行股票方案的议案》等议案，并经中国证券监督管理委员会 《关于核准南通江海电容器股份有限公司非公开发行股票的批复》（证监许可 ［2016］1224 号）核准，获准非公开发行不超过 108,781,868.00 股新股的人民币 普通股，公司最终确定的非公开发行股份数量为 94,562,647.00 股，发行价格为 12.69 元／股，募集资金总额为 1,199,999,990.43 元，扣除保荐承销费用、审计验 资费用、律师费用等发行费用共计 19,239,599.87 元，募集资金净额为人民币 1,180,760,390.56 元。上述募集资金已经天衡会计师事务所（特殊普通合伙）天 衡验字(2016)00156 号验资报告验证。 二、前次使用闲置募集资金暂时补充流动资金情况 经公司 ...

证券代码:002484 证券简称：江海股份 公告编号：2024-013 南通江海电容器股份有限公司 关于 2023 年度利润分配预案的公告 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 2024 年 4 月 11 日召 开第六届董事会第三次会议和第六届监事会第二次会议，会议审议通过了《关于 公司 2023 年度利润分配预案》，本议案尚需提交公司 2023 年度股东大会审议， 现将相关情况公告如下： 一、利润分配的基本情况 1、2023 年度利润分配的具体内容 公司经天衡会计师事务所（特殊普通合伙）审计，截至 2023 年 12 月 31 日 止归属于母公司可供股东分配的利润为人民币 2,608,884,987.72 元，公司 2023 年 度实现归属于母公司普通股股东的净利润人民币 707,069,109.46 元，其中母公司 实现净利润人民币 461,843,331.18 元。 基于公司持续、稳健的盈利能力和良好的财务状况，以及对未来发展的良好 预期，结合公司的发展战略、发展阶段及中小投资者的利益和合理诉求，在保 ...

一、以3票同意，0票反对，0票弃权的表决结果审议并通过了《关于选举第六届 董事会独立董事专门会议召集人的议案》 为进一步完善公司法人治理结构，充分发挥独立董事在公司治理中的作用，根 据《公司法》《上市公司治理准则》《上市公司独立董事管理办法》《深圳证券交 易所上市公司自律监管指引第1号--主板上市公司规范运作》《公司章程》及其他有 关规定，选举公司第六届董事会独立董事古群女士担任公司第六届董事会独立董事 专门会议召集人，任期与第六届董事会届期相同。 南通江海电容器股份有限公司（以下简称"公司"）第六届董事会独立董 事专门会议第一次会议通知于2024年4月1日以传真方式或电子邮件形式送达。会 议于 2024年4月11日以现场方式召开，应出席会议独立董事 3名，实际出席会议独立 董事 3名，会议的召集和召开符合《公司法》《上市公司独立董事管理办法》《公司 章程》和公司《独立董事制度》的有关规定，决议合法有效。本次独立董事专门会 议审议并通过如下议案： 南通江海电容器股份有限公司独立董事： 古群 陈达亮 张斌 2024年4月11日 二、3票同意，0票反对，0票弃权的表决结果审议并通过了《关于预计公司2024 年度日 ...