Investment Rating - The report maintains a "Buy" rating for the company Jiemai Technology (002859) [1] Core Views - The demand recovery has led to performance improvement, with revenue for the first half of 2024 reaching 839 million yuan, a year-on-year increase of 17.8%, and net profit attributable to shareholders reaching 121 million yuan, up 20.9% year-on-year [1] - The main business of electronic packaging tape and supporting adhesive tape is steadily growing, with revenue from electronic packaging thin tapes reaching 599 million yuan and adhesive tape revenue at 126 million yuan, both maintaining high gross margins [1] - The company has made progress in the release film segment, successfully supplying major clients and expanding into high-end applications, indicating a shift towards domestic alternatives [1] - The company is expanding production capacity and actively exploring overseas markets, with new production bases in South China and plans for Southeast Asia [1] - Due to increased R&D efforts and depreciation from new capacity, profit forecasts for 2024-2026 have been adjusted, with expected net profits of 300 million, 430 million, and 540 million yuan respectively [1] Summary by Sections Revenue and Profit Forecast - Total revenue for 2022 was 1.301 billion yuan, with projections of 1.572 billion yuan for 2023, 2.020 billion yuan for 2024, 2.660 billion yuan for 2025, and 3.460 billion yuan for 2026 [1] - Net profit attributable to shareholders was 165.87 million yuan in 2022, expected to rise to 255.62 million yuan in 2023, 304.50 million yuan in 2024, 434.27 million yuan in 2025, and 537.26 million yuan in 2026 [1] - The latest diluted EPS is projected to be 0.70 yuan for 2024, 1.00 yuan for 2025, and 1.24 yuan for 2026 [1] Market Position and Product Development - The company maintains a high market share in the paper carrier tape sector, with a steady increase in the proportion of high-value-added products [1] - The company has developed new types of release films and is successfully supplying to major clients, indicating a strong foothold in the market [1] Capacity Expansion and Market Strategy - The company is expanding its production capacity in South China and has plans for further expansion in Southeast Asia [1] - The production capacity for adhesive tape has reached 3.25 million rolls annually, indicating robust growth in this segment [1]

证券代码：002859 证券简称：洁美科技 债券代码：128137 债券简称：洁美转债 浙江洁美电子科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------|----------------|-------------| | | □√特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系 | | | | | □新闻发布会 | □路演活动 | | 活动类别 | | | | | □现场参观 | | □其他 参与单位名称 南方基金、德邦证券 时 间 2024 年 8 月 16 日下午 15:00 至 16:00 地 点 浙江省杭州市拱墅区大关路 100 号绿地中央广场 10 幢 24 层会议室 上市公司接待 人员姓名 董事、董事会秘书：张君刚 中信证券、国联证券、兴银基金、申万研究所、中金公司、西部证券、海创基 金、中信建投、光大证券、兴业证券、华安证券、伟星资产、杭银理财、上海 参与单位名称 智尔、广东狐尾松、华福证券、重湖私募、华能信托、国盛证券、华泰资管、 开源证券 时 间 2024 年 8 月 19 日下午 13:30 至 ...

电子 2024年08月19日 洁美科技 (002859) -- 1H24 归母净利润同比增长超 20%,关注离型膜下半 年进展 报告原因:有业绩公布需要点评 (维持) 投资要点: ● | --- | --- | |-----------------------|----------------| | 市场数据: | 2024年08月16日 | | 收盘价(元) | 17.35 | | 年内最高/最低(元) | 28.77/16.60 | | | 2.7 | | 息率(分红/股价) | | | | 1.15 | | 流通 A 股市值(百万元) | 7.037 | ● 上证指数/深证成指 2,879.43/8,349.87 注:"息率"以最近一年已公布分红计算 | --- | --- | |-----------------------------------|----------------| | | | | | | | 基础数据: | 2024年06月30日 | | 每股净资产(元) | 6.51 | | 容产负债率% 总股本/流通 A 股(百万 | 46.28 431/406 | | 流通 B 股/H 股( ...

市场数据 2024-08-16 股票代码 002859.SZ A 股收盘价(元) 17.35 上证指数 2879.43 总股本 43,091.19 实际流通 A 股(万股) 40,558.51 流通 A 股市值(亿元) 70.36 公司点评报告 · 电子行业 f稳增长,电子薄膜材料国产化进展顺利 — 2024 年半年报点评 2024年08月19日 ● 事件:公司披露 2024年半年报。2024H1 公司实现营收 8.39 亿元,同比增长 17.75%;归母净利润 1.21亿元,同比增长 20.88%;扣非后归母净利润 1.18 亿元,同比增长 19.64%。 ● 2024Q2 延续复苏态势,汇兑收益减少和研发投入增加拖累归母净利润增 速。2024Q2 公司实现营收 4.76亿元,同比增长 17.66%,环比增长 31.04%, 延续复苏态势,公司持续优化产品结构,高附加值产品的产销量增长较快,高 端客户的份额稳步提升。2024H1 公司实现归母净利润 1.21 亿元,同比增长 20.88%。其中,Q2 归母净利润为 0.68 亿元,同比减少 1.24%,主要是汇兑 减少和研发费用增加共同导致,上半年公司汇兑收 ...

Investment Rating - The report maintains an "Outperform" rating for Jiemei Technology (002859 SZ) [1][3] Core Views - Jiemei Technology achieved 18% YoY revenue growth in 1H24, driven by strong performance of new products [1] - The company's MLCC release film is making progress in localization and gaining traction with Japanese and Korean clients [1] - New production bases in Zhaoqing and overseas are progressing smoothly, with capacity expansions underway [1] - The company's casting film business is operating at full capacity, benefiting from strong demand in new energy vehicles [1] Financial Performance - 1H24 revenue reached 839 million yuan (+17 75% YoY), with net profit of 121 million yuan (+20 88% YoY) [1] - Q2 2024 revenue was 476 million yuan (+17 66% YoY, +31 04% QoQ), with net profit of 68 million yuan (-1 24% YoY, +27 47% QoQ) [1] - Product breakdown: - Electronic packaging thin carrier tape: 598 million yuan (+14 50% YoY) - Electronic packaging tape: 125 million yuan (+29 61% YoY) - Electronic-grade film materials: 71 million yuan (+18 41% YoY) - IC-tray: 10 million yuan (+44 51% YoY) [1] Production Capacity Expansion - Zhaoqing base is in trial production, with paper carrier tape already supplying key customers [1] - First phase of release film project with annual capacity of 100 million square meters is in trial production [1] - Second release film production line is undergoing production debugging [1] - Tianjin production base construction is progressing smoothly [1] - Overseas bases in Philippines and Malaysia are under construction [1] - BOPET film Phase II project equipment has been ordered, expected to double annual capacity after completion [1] Product Development - Successfully developed low-roughness MLCC release film and mid-to-high-end polarizer release film [1] - MLCC release film has achieved stable batch supply to major clients like Yageo and Walsin [1] - Making progress with Japanese and Korean clients: - Murata in small batch trial stage - Samsung has completed main testing process and received small batch orders [1] Financial Forecast - 2024-2026 revenue forecast: 2 18/2 67/3 22 billion yuan [1] - 2024-2026 net profit forecast: 290/360/460 million yuan [1] - Current PE ratio: 26/21/16x for 2024-2026 [1] Market Performance - Closing price: 17 35 yuan [3] - Market cap: 7 476 billion yuan [3] - 52-week high/low: 28 77/16 60 yuan [3] - 3-month average daily trading volume: 84 02 million yuan [3]

Investment Rating - Buy (Maintained) [1] Core Views - Revenue for H1 2024 reached RMB 839 million, a YoY increase of 17.75%, with net profit attributable to the parent company at RMB 121 million, up 20.88% YoY [1] - Q2 2024 revenue was RMB 480 million, a YoY increase of 17.66%, but net profit attributable to the parent company declined by 1.24% YoY to RMB 67.96 million [1] - Gross margin for H1 2024 improved to 36.52%, up 3.32 percentage points YoY, driven by increased demand in the passive components industry and higher production utilization rates [1] - The company has successfully expanded its high-end release film products, securing stable bulk supply to major clients such as Yageo, Walsin, and Fenghua Advanced Material [1] - The first phase of the release film production line, with an annual capacity of 100 million square meters, has begun trial production and is undergoing customer testing [1] Financial Performance - Expected net profit attributable to the parent company for 2024-2026 is RMB 279 million, RMB 368 million, and RMB 483 million, with YoY growth rates of 9.14%, 31.88%, and 31.34% respectively [1] - The current PE ratio is 27x for 2024, 20x for 2025, and 15x for 2026 [1] - Revenue growth rates for 2024-2026 are projected at 18.70%, 24.51%, and 36.75% respectively [3] - ROE (Return on Equity) is expected to increase from 9.01% in 2024 to 12.80% in 2026 [3] Industry and Market Trends - The passive components industry is experiencing a recovery in demand, driven by growth in new energy, smart manufacturing, and 5G commercialization [1] - The company is focusing on optimizing its product structure, increasing the production of high-value-added products, and improving cost efficiency through intelligent manufacturing and refined management [1] - Expansion of production capacity in Southeast Asia, including the Philippines and Malaysia, is underway to meet growing demand [1] Historical Ratings and Market Sentiment - The company has consistently received a "Buy" rating from analysts, with 26 "Buy" recommendations in the past six months [5][6] - The market sentiment score is 1.00, indicating a strong "Buy" consensus among analysts [5]

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：18.09 元/股 [Table_Finance 公司盈利预测及估值 1] 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,301 1,572 2,044 2,667 3,556 增长率 yoy% -30% 21% 30% 30% 33% 净利润（百万元） 166 256 336 443 570 增长率 yoy% -57% 54% 32% 32% 29% 每股收益（元） 0.38 0.59 0.78 1.03 1.32 每股现金流量 0.82 0.55 1.13 0.99 1.19 净资产收益率 6% 9% 10% 12% 14% P/E 47.0 30.5 23.2 17.6 13.7 P/B 2.8 2.6 2.4 2.2 1.9 备注：股价更新于 2024 年 8 月 15 日，每股指标按照最新股本数全面摊薄 [Table_Profit] 基本状况 总股本(百万股) 431 流通股本(百万股) 406 市价(元) 18.09 市值(百万元) 7,795 流通市值(百万元) ...

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [4][7]. Core Views - The company achieved a revenue of 839.27 million yuan in the first half of 2024, representing a year-on-year growth of 17.75%. The net profit attributable to shareholders reached 121.27 million yuan, up 20.88% year-on-year [2][4]. - The demand from downstream sectors is recovering, with an increase in the share of high-end products. The company is benefiting from new demand growth points in the electronic components industry driven by sectors such as new energy, smart manufacturing, and 5G technology [2][6]. - The company is actively upgrading its production capacity to meet high-end demand, with new production lines and projects underway, including the expansion of its electronic special paper and adhesive tape production [3][6]. Financial Performance - For the first half of 2024, the company reported total revenue of 839.27 million yuan, a 17.75% increase year-on-year, and a net profit of 121.27 million yuan, reflecting a 20.88% growth [2][4]. - The company forecasts revenues of 1.918 billion yuan, 2.532 billion yuan, and 3.494 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 294.4 million yuan, 419.3 million yuan, and 654.8 million yuan for the same years [7][9]. Production Capacity and R&D - The company has successfully trialed its fifth electronic special paper production line and is expanding its adhesive tape production capacity, with a project aiming for an annual output of 4.2 million rolls [3][6]. - The company is continuously developing various models and applications of release films, improving production processes and product performance, which is expected to lead to rapid revenue growth in this segment [6][4]. Market Position - The company has established a strong customer base, including major clients in the MLCC sector, and is making strides in the high-end MLCC application field, particularly in the Japanese and Korean markets [6][4]. - The report indicates that the company is well-positioned to benefit from the recovery in the industry and the increasing demand for high-value products [2][6].

[Table_Main] 证券研究报告 | 公司点评 洁美科技(002859.SZ) 2024 年 08 月 16 日 | --- | --- | --- | --- | --- | |----------------------------|------------|-----------|-------|---------------------| | 买入（维持） | 洁美科技（ | 002859.SZ | H1 | ）： 业绩符合预期， | | | | | | | | 所属行业：电子 / 其他电子Ⅱ | | | | 离型膜业务进展顺利 | | 当前价格 ( 元 ) ： 17.35 | | | | | 证券分析师 陈蓉芳 资格编号：S0120522060001 邮箱：chenrf＠tebon.com.cn 研究助理 张威震 邮箱：zhangwz5＠tebon.com.cn 市场表现 -34% -26% -17% -9% 0% 9% 洁美科技 沪深300 | --- | --- | --- | --- | |--------------------------------|---------------- ...

洁美科技（002859.SZ）2024 年中报点评 [盈利预测与财务指标 Table_Forcast] Q2 业绩稳步增长，纸质载带与离型膜双向发力 2024 年 08 月 17 日 ➢ 事件： 8 月 15 日，洁美科技发布 2024 年半年度报告，2024 年上半年公 司实现营收 8.39 亿元，同比增长 17.75%；实现归母净利润 1.21 亿元，同比增 长 20.88%；扣非归母净利润 1.18 亿元，同比增长 19.64%；毛利率为 36.52%， 同比增长 3.32pct。 ➢ 需求回暖带动业绩改善，Q2 营收利润环比增长。公司 Q2 实现营收 4.76 亿 元，同比增长 17.66%，环比增长 31.04%；实现归母净利润 0.68 亿元，同比下 降 1.24%，环比增长 27.48%；实现扣非归母净利润 0.66 亿元，同比下滑 3.48%， 环比增长 24.31%。Q2 营收和净利润环比增长主要得益于下游新能源、智能制 造、5G 商用技术等产业的逐步增长，以及 AI 终端应用新产品的推动，公司订单 量持续回升；同时公司坚持降本增效，高附加值产品的产销量持续上升。 ➢ 纸质与塑料载带共同发力 ...