（文章来源：证券日报） 证券日报网讯江海股份11月17日在互动平台回答投资者提问时表示，公司一直以来聚焦主业，提升创新 发展能力，持续提升信息披露质量，加强投资者沟通交流，夯实公司治理，强化规范运作，践行可持续 发展理念，积极回报投资者，切实履行上市公司的责任和义务，不断提升公司的投资价值。 ...

Core Viewpoint - Jianghai Co., Ltd. has shown a significant increase in stock price this year, with a year-to-date rise of 57.03%, despite recent declines in the last few trading days [1][2]. Financial Performance - For the period from January to September 2025, Jianghai Co., Ltd. achieved a revenue of 4.117 billion yuan, representing a year-on-year growth of 16.34%. The net profit attributable to shareholders was 535 million yuan, reflecting an 8.19% increase compared to the previous year [2]. - The company has distributed a total of 1.212 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 17, Jianghai Co., Ltd.'s stock price was 27.20 yuan per share, with a market capitalization of 23.134 billion yuan. The stock experienced a trading volume of 1.07 billion yuan and a turnover rate of 0.48% [1]. - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on September 2, where it recorded a net purchase of 252 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jianghai Co., Ltd. was 47,400, a decrease of 6.11% from the previous period. The average number of circulating shares per shareholder increased by 6.50% to 17,325 shares [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the fourth largest shareholder with 53.496 million shares, an increase of 39.722 million shares from the previous period [3].

Core Viewpoint - Jianghai Co., Ltd. experienced a decline of 2.53% in stock price on November 11, with a trading volume of 423 million yuan, indicating a significant market reaction [1] Financing Summary - On November 11, Jianghai Co., Ltd. had a financing buy-in amount of 46.80 million yuan and a financing repayment of 76.20 million yuan, resulting in a net financing outflow of 29.40 million yuan [1] - The total financing and securities balance for Jianghai Co., Ltd. reached 918 million yuan, with the financing balance accounting for 3.88% of the circulating market value, which is above the 80th percentile of the past year [1] - The company had a securities lending repayment of 300 shares and a securities lending sell-out of 22,100 shares, with a sell-out amount of 613,700 yuan, while the securities lending balance was 2.27 million yuan, below the 50th percentile of the past year [1] Business Performance - As of September 30, Jianghai Co., Ltd. reported a total revenue of 4.12 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 16.34%, and a net profit attributable to shareholders of 535 million yuan, up 8.19% year-on-year [2] - The company has cumulatively distributed dividends of 1.21 billion yuan since its A-share listing, with 565 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders for Jianghai Co., Ltd. was 47,400, a decrease of 6.11% from the previous period, while the average circulating shares per person increased by 6.50% to 17,325 shares [2] - Notable changes in institutional holdings include Hong Kong Central Clearing Limited becoming the fourth largest shareholder with 53.50 million shares, an increase of 39.72 million shares, and new entries from Guotou Ruijin New Energy Mixed A and Southern CSI 1000 ETF among the top ten circulating shareholders [3]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, particularly focusing on the potential growth of SiC/GaN power devices driven by new power supply solutions for AI data centers [6]. Core Insights - The demand for AI servers and data centers is expected to open up growth opportunities for SiC/GaN power devices, with new power supply solutions like HVDC and SST becoming increasingly important [3][11]. - The report highlights that the transition to 800V HVDC power supply architecture is anticipated to significantly enhance power efficiency and reduce operational costs for data centers [9][28]. Summary by Sections 1. AI Data Center Power Requirements - The power requirements for AI data centers are increasing, with single cabinet power rising from 5-8 kW to 20-50 kW, and potentially exceeding 100 kW [19]. - NVIDIA is promoting the transition to an 800V HVDC power supply architecture, which is expected to be fully implemented by 2027 [26][28]. 2. SST (Solid State Transformer) - SSTs are characterized by high efficiency and compact size, making them suitable for modern power supply needs [37]. - The adoption of SST technology is expected to become mainstream in future power supply solutions, significantly improving space utilization and power efficiency in data centers [47]. 3. HVDC and SST Impact on Power Semiconductors - The report indicates that HVDC and SST solutions will enhance the performance requirements for power semiconductors, creating a favorable environment for the penetration of SiC/GaN devices [56]. - The market for SiC/GaN devices is projected to reach $2.7 billion by 2030, driven by their application in 800V HVDC data center power systems [11][68]. 4. SiC/GaN Growth Potential - The report identifies key companies that are well-positioned to benefit from the growth in SiC/GaN devices, including industry leaders like Innoscience and Tianyu Advanced [3][14]. - The penetration rates for SiC and GaN in the power semiconductor market are expected to increase, with forecasts suggesting a rise in demand due to AI computing facilities [68].

Core Viewpoint - Jianghai Co., Ltd. is a leading player in the aluminum electrolytic capacitor industry in China, with a diversified product line and a strong market position in various applications [1] Group 1: Business Performance - In Q3 2025, Jianghai achieved a revenue of 4.117 billion yuan, ranking 4th in the industry [2] - The main business segments include aluminum electrolytic capacitors (2.229 billion yuan, 82.75%), film capacitors (233 million yuan, 8.65%), and supercapacitors (162 million yuan, 6.00%) [2] - The net profit for the same period was 537 million yuan, also ranking 4th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Jianghai's debt-to-asset ratio was 29.29%, lower than the industry average of 31.50% [3] - The gross profit margin for the period was 24.50%, below the industry average of 27.75% [3] Group 3: Executive Compensation - The chairman, Chen Weidong, received a salary of 902,300 yuan in 2024, a decrease of 54,300 yuan from 2023 [4] - The president, Ding Jihua, earned 726,500 yuan in 2024, an increase of 110,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.11% to 47,400 [5] - The average number of circulating A-shares held per shareholder increased by 6.50% to 17,300 [5] Group 5: Market Outlook and Growth Potential - The company is expected to see steady growth, particularly in the AI server power market, with projected net profits of 750 million, 945 million, and 1.101 billion yuan for 2025-2027 [5] - Key business highlights include strong growth in aluminum electrolytic capacitors in new energy sectors and solid-state capacitors for AI servers [5] - Dongwu Securities initiated coverage with a "buy" rating, forecasting revenues of 5.603 billion, 6.474 billion, and 7.322 billion yuan for 2025-2027 [6]

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 2025 年第三季度持续督导意见 财务顾问 （一）权益变动情况 二零二五年十月 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 ...

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained at "Buy" [1] Core Views - Jianghai Co., Ltd. has shown steady growth in the first three quarters of 2025, with revenue reaching 4.117 billion yuan, a year-on-year increase of 16.34%. The net profit attributable to shareholders is 535 million yuan, up 8.19% year-on-year [4] - The demand for AI server power supplies is expected to open up significant growth opportunities for the company, particularly in the aluminum electrolytic capacitor and supercapacitor markets [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.117 billion yuan, with a net profit of 535 million yuan, and a gross profit margin of 24.50% [4] - In Q3 2025, the company reported revenue of 1.423 billion yuan, a year-on-year increase of 21.12%, but a quarter-on-quarter decrease of 7.34% [4] - The projected net profit for 2025, 2026, and 2027 is estimated at 750 million yuan, 945 million yuan, and 1.101 billion yuan respectively, reflecting slight downward adjustments from previous forecasts [4] Market and Product Insights - The aluminum electrolytic capacitor and film capacitor markets are experiencing stable growth, with significant demand from the new energy and electric vehicle sectors [5] - The global AI data center power demand is expected to grow rapidly, with predictions indicating an increase in power capacity from 81 GW in 2024 to 277 GW by 2035 [6] - The company has made technological breakthroughs in aluminum electrolytic capacitors, enhancing their capacity, performance, and cost-effectiveness [5]

Core Insights - Jianghai Co., Ltd. (002484.SZ) reported a revenue of 1.423 billion yuan for Q3 2025, representing a year-on-year increase of 21.12% [1] - The net profit attributable to shareholders of the listed company was 176 million yuan, reflecting a year-on-year growth of 20.01% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 173 million yuan, which is a year-on-year increase of 20.78% [1]

Core Insights - Jianghai Co., Ltd. reported a revenue of 1.423 billion yuan for Q3 2025, representing a year-on-year growth of 21.12% [1] - The net profit attributable to shareholders for Q3 2025 was 176 million yuan, showing a year-on-year increase of 20.01% [1] - For the first three quarters of 2025, the company achieved a total revenue of 4.117 billion yuan, which is a 16.34% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters was 535 million yuan, reflecting an 8.19% year-on-year growth [1]

Core Insights - Jianghai Co., Ltd. reported a revenue of 4.117 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 16.34% [1] - The net profit attributable to shareholders of the listed company reached 535 million yuan, an increase of 8.19% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 517 million yuan, showing a year-on-year growth of 12.64% [1]