Company and Industry Summary Company: JieBang Technology Key Points - **Transition to Diverse Growth Sectors** JieBang Technology is transitioning from being a leader in precision structural components for consumer electronics to aggressively entering multiple high-growth sectors, indicating significant earnings elasticity [1] - **Cold Plate Strategy** The company has adopted a dual-track strategy by acquiring Taiwanese targets to bind with AVC and directly supplying samples to NVIDIA, quickly obtaining factory certification and gradually expanding into other major North American manufacturers [2][3] - **High Technical Barriers in Liquid Cooling Plates** The technology barriers for liquid cooling plates are extremely high, with core challenges in micro-channel teeth and precision welding. The production capacity is secure in both domestic and Vietnamese factories [2][3] - **VC Thermal Plates and Consumer Electronics** VC thermal plates are essential components for managing heat in devices like smartphones. JieBang is a core supplier for Apple, covering multiple models including the iPhone and iPad. The iPhone 17 series is expected to significantly boost revenue, especially in high-end models like Pro and Pro Max [3] - **Conductive Carbon Black and Domestic Substitution** The high-performance conductive agent market is currently dominated by foreign companies like Cabot. JieBang has achieved a technological breakthrough with a gross margin of 30% and has successfully entered the supply chain of leading battery manufacturers like CATL, indicating a clear domestic substitution logic [4] - **Benefiting from Demand for Low-Cost, High-Performance Materials** The company is poised to benefit from the demand for low-cost, high-performance domestic materials driven by the new energy battery sector [5] - **Entry into Global Satellite Internet Market** JieBang has successfully entered the SpaceX supply chain, providing a complete set of high-precision structural components for Starlink user terminals, which positions the company to share in the growth of the satellite internet market [5] - **Upcoming Mass Production** The company is nearing the end of the sample validation phase, with mass production imminent [6] - **Commercial Aerospace as a New Growth Driver** The commercial aerospace sector is expected to become a new significant growth driver for the company [7]

Core Viewpoint - The company, Jieban Technology, has shown a significant increase in stock performance and is heavily reliant on major clients like Foxconn and Apple for its revenue streams [1][2][3]. Group 1: Company Overview - Jieban Technology is based in Dongguan, Guangdong, and was established on June 28, 2007, with its IPO on September 21, 2022 [7]. - The company specializes in customized precision components and structural parts, providing a range of services including product design, material selection, mold design, prototyping, testing, and mass production [7]. - The revenue composition of Jieban Technology is as follows: precision manufacturing products account for 92.70%, new materials for 5.79%, and other sources for 1.51% [7]. Group 2: Financial Performance - For the period from January to September 2025, Jieban Technology achieved a revenue of 962 million yuan, representing a year-on-year growth of 62.04% [7]. - The net profit attributable to the parent company was -12.58 million yuan, a significant decrease of 1762.51% compared to the previous year [7]. - The company has distributed a total of 43.24 million yuan in dividends since its A-share listing [8]. Group 3: Client and Market Dependency - The company's primary clients include Foxconn, Quanta Computer, Compal Electronics, Catcher Technology, and BYD, with sales to Foxconn constituting 35.58%, 36.85%, and 39.52% of total revenue in recent years [2]. - A significant portion of the company's products is used in Apple's laptops and tablets, with sales to Apple products accounting for 85.22%, 77.95%, and 81.27% of total revenue [2]. - The company is also involved in the carbon nanotube product market, primarily supplying conductive pastes for lithium batteries to major new energy manufacturers such as CATL and BYD [2]. Group 4: Market Trends and Stock Performance - On February 10, the stock price of Jieban Technology increased by 2.41%, with a trading volume of 283 million yuan and a turnover rate of 7.77%, leading to a total market capitalization of 9.878 billion yuan [1]. - The company has seen a net inflow of 20.89 million yuan from major investors, indicating a growing interest in the stock [4][5]. - The average trading cost of the stock is 120.90 yuan, with current price levels between resistance at 143.86 yuan and support at 130.39 yuan, suggesting potential for trading within this range [6].

Core Viewpoint - The company, Jieban Technology, has shown significant growth in revenue and is heavily reliant on major clients like Foxconn and Apple, while also benefiting from the depreciation of the Chinese yuan. Group 1: Company Performance - Jieban Technology's stock increased by 5.57% on February 9, with a trading volume of 372 million yuan and a turnover rate of 10.44%, bringing the total market capitalization to 9.645 billion yuan [1] - For the period from January to September 2025, the company achieved a revenue of 962 million yuan, representing a year-on-year growth of 62.04%, while the net profit attributable to shareholders was -12.5763 million yuan, a decrease of 1762.51% [7] - The company has distributed a total of 43.2365 million yuan in dividends since its A-share listing [8] Group 2: Client and Revenue Dependency - The company's primary clients include Foxconn, Quanta Computer, Compal Electronics, and BYD, with sales to Foxconn accounting for 35.58%, 36.85%, and 39.52% of total revenue in recent years [2] - A significant portion of the company's products is used in Apple's laptops and tablets, with sales revenue from products ultimately applied in Apple devices making up 85.22%, 77.95%, and 81.27% of total revenue [2] Group 3: Market and Industry Position - The company has a strong presence in the liquid cooling server business, which is progressing as planned, although specific project details are confidential due to non-disclosure agreements [2] - The company's carbon nanotube products are primarily used in lithium batteries, with supply agreements in place with several new energy manufacturers, including CATL and BYD [2] - As of the 2024 annual report, overseas revenue accounted for 67.79% of total revenue, benefiting from the depreciation of the yuan [3] Group 4: Shareholder and Institutional Holdings - As of September 30, 2025, the company had 7,464 shareholders, an increase of 12.82%, with an average of 3,646 circulating shares per shareholder, a decrease of 10.24% [7] - New institutional shareholders include several funds from the Fortune Group, indicating growing interest in the company's stock [9]

Core Viewpoint - The company forecasts a net loss attributable to shareholders of 40-55 million yuan for the year 2025, with a non-recurring net loss expected to be 45-60 million yuan, indicating significant short-term pressure on performance due to intensified competition in the consumer electronics sector [1] Group 1: Investment Highlights - The company is facing pressure on its short-term performance due to increased competition in the consumer electronics industry and pricing pressures from clients, leading to a decline in the unit price of some precision components and structural parts, which has resulted in a decrease in gross profit for related businesses [1] - The company is actively enhancing its industrial layout and expanding into new businesses and products, with a notable increase in period expenses, including approximately 20.39 million yuan in stock incentive costs for the first half of 2025, which is a year-on-year increase of about 13.2 million yuan, creating temporary pressure on profits [1] - Despite the current challenges, the acceleration of investments in new businesses such as thermal management is expected to provide growth opportunities in the future [1] Group 2: Business Development - The company has completed the acquisition of Sainogao, further enhancing its thermal management business layout, with Sainogao being a leading manufacturer in the mobile phone VC (Vapor Chamber) heat spreader etching processing field in China [2] - Sainogao has obtained supplier codes from major North American clients and has entered mass production for next-generation smartphone VC heat spreader components, indicating promising future development [2] - The company has also secured a temporary supplier code from a North American client for liquid cooling modules, with ongoing product introduction efforts, positioning itself in a high-growth, high-margin segment [2] Group 3: New Product Contributions - The company’s new material products, used as conductive agents in lithium battery electrode preparation, have gained supplier codes from well-known lithium battery end customers such as CATL, BYD, and EVE Energy [3] - The introduction of high surface area carbon black product lines, in addition to carbon nanotube conductive slurry products, meets the diverse conductive material needs of major lithium battery clients, with initial mass production approvals leading to incremental revenue contributions [3] Group 4: Profit Forecast - The company forecasts revenues of 1.27 billion, 2.31 billion, and 3.66 billion yuan for the years 2025, 2026, and 2027, respectively, with expected EPS of -0.57, 2.62, and 4.67 yuan [4] - The current stock price corresponds to a PE ratio of -214, 47, and 26 times for the respective years, reflecting the potential for upward earnings revisions as the VC heat spreader business enters a growth phase and liquid cooling modules are introduced to North American clients [4]

华鑫证券研报指出，捷邦科技预计2025年全年归母净利润亏损4000-5500万元，扣非归母净利润预计亏 损4500-6000万元。受消费电子行业竞争加剧及客户降价压力影响，公司部分精密功能件及结构件产品 单价有所下降，导致相关业务毛利下滑；同时公司持续加强产业布局，拓展新业务及新产品，期间费用 投入明显增加，叠加2025年上半年实施限制性股票与期权激励计划确认约2,039万元股权激励费用，同 比增加约1,320万元，对当期利润形成阶段性压力。然而随着散热等新业务投入加速，公司未来成长值 得期待。考虑到公司均热板业务进入放量期，液冷模组导入北美大客户中，盈利具备向上潜能，给 予"买入"投资评级。 ...

Core Viewpoint - The company, Jieban Technology, has shown significant growth in revenue and is heavily reliant on major clients like Foxconn and Apple, with a notable increase in stock price and trading volume recently [1][2][3]. Company Overview - Jieban Technology, established on June 28, 2007, is located in Dongguan, Guangdong Province, and specializes in customized precision components and structural parts [7]. - The company's main business revenue composition includes precision manufacturing products (92.70%), new materials (5.79%), and others (1.51%) [7]. - As of September 30, 2025, Jieban Technology had 7,464 shareholders, an increase of 12.82%, with an average of 3,646 circulating shares per shareholder, a decrease of 10.24% [7]. Financial Performance - For the period from January to September 2025, Jieban Technology achieved a revenue of 962 million yuan, representing a year-on-year growth of 62.04% [7]. - The net profit attributable to the parent company was -12.58 million yuan, a significant decrease of 1,762.51% year-on-year [7]. - The company has distributed a total of 43.24 million yuan in dividends since its A-share listing [8]. Client Dependency - The company's primary clients include Foxconn, Quanta Computer, Compal Electronics, and BYD, with sales to Foxconn accounting for 35.58%, 36.85%, and 39.52% of revenue in recent years [2]. - A significant portion of the company's products is used in Apple's laptops and tablets, with sales to Apple products making up 85.22%, 77.95%, and 81.27% of revenue [2]. Market Trends - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 67.79% of total revenue as of the 2024 annual report [3]. - The stock price increased by 6.58% recently, with a trading volume of 464 million yuan and a turnover rate of 13.66%, leading to a total market capitalization of 9.439 billion yuan [1]. Institutional Holdings - As of September 30, 2025, several new institutional investors have entered the top ten shareholders, including various funds from the Fortune group [9].

Investment Rating - The report maintains a "Buy" investment rating for the company [4][8] Core Insights - The company is experiencing short-term pressure on performance due to intensified competition in the consumer electronics sector and price reductions from clients, leading to a decline in gross margins for certain precision components [4] - Despite the current challenges, the company is accelerating investments in new businesses, particularly in the cooling solutions sector, which is expected to drive future growth [5] - The acquisition of Sainogao has strengthened the company's position in the cooling business, with significant production capacity and new client engagements in North America [5] - The introduction of high surface area carbon black products for lithium battery applications is anticipated to contribute additional revenue, as these products have already secured production approvals from major clients [6] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 12.7 billion, 23.1 billion, and 36.6 billion yuan respectively, with corresponding EPS of -0.57, 2.62, and 4.67 yuan [8][10] - The company is expected to achieve a significant revenue growth rate of 60.5% in 2025 and 81.2% in 2026, with a net profit margin turning positive by 2026 [10]

投入加码，散热业务动能强劲 —捷邦科技（301326.SZ）公司事件点评报告 买入(维持) 事件 捷邦科技发布 2025 年业绩预告，预计 2025 年全年归母净利 润亏损 4000-5500 万元，扣非归母净利润预计亏损 4500- 6000 万元。 2026 年 02 月 03 日 投资要点 ▌ 消费电子竞争加剧，短期业绩承压 受消费电子行业竞争加剧及客户降价压力影响，公司部分精 密功能件及结构件产品单价有所下降，导致相关业务毛利下 滑；同时公司持续加强产业布局，拓展新业务及新产品，期 间费用投入明显增加，叠加 2025 年上半年实施限制性股票与 期权激励计划确认约 2,039 万元股权激励费用，同比增加约 1,320 万元，对当期利润形成阶段性压力。然而随着散热等 新业务投入加速，公司未来成长值得期待。 -60 -40 -20 0 20 40 60 80 100 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/01 (%) 捷邦科技 沪深300 ▌ 散热业务进入放量期，加码液冷布局 公司已完成对赛诺高德 ...

格隆汇1月27日丨捷邦科技(301326.SZ)公布，1、捷邦精密科技股份有限公司股东广州君成投资发展有 限公司（以下简称"君成投资"）、安义致远新程股权投资合伙企业（有限合伙）（曾用名：共青城捷邦 投资合伙企业(有限合伙)，以下简称"致远新程"）和公司副董事长、副总经理林琼珊女士具有一致行动 关系，合计持有公司股份4,639,175股（占公司总股本比例6.38%，占剔除回购股份后的公司总股本比例 6.43%），计划自本次减持公告披露之日起15个交易日后的三个月内（即2026年2月26日至2026年5月25 日）通过集中竞价、大宗交易方式减持公司股份合计不超过1,080,000股（占公司总股本比例不超过 1.49%，占剔除回购股份后的公司总股本比例不超过1.50%），其中君成投资计划通过集中竞价、大宗 交易方式减持公司股份不超过634,500股（占公司总股本比例不超过0.87%，占剔除回购股份后的公司总 股本比例不超过0.88%）；致远新程计划通过集中竞价、大宗交易方式减持公司股份不超过436,500股 （占公司总股本比例不超过0.60%，占剔除回购股份后的公司总股本比例不超过0.61%）；公司副董事 长、副 ...

Core Viewpoint - The company announced a share reduction plan involving major shareholders and executives, indicating a potential shift in ownership dynamics and investor sentiment [1][2]. Group 1: Shareholder Actions - Major shareholders, including Guangzhou Jun Cheng Investment and An Yi Zhi Yuan New Journey, plan to reduce their holdings by a total of up to 1.08 million shares, representing no more than 1.49% of the total share capital [2]. - The reduction period is set from February 26, 2026, to May 25, 2026, with the method of reduction being through centralized bidding and block trading [2]. Group 2: Individual Executive Plans - Vice Chairman and Deputy General Manager Lin Qiongshan plans to reduce her holdings by up to 9,000 shares, which is approximately 0.01% of the total share capital [2]. - Secretary of the Board and Deputy General Manager Li Tonglong intends to reduce his holdings by up to 8,200 shares, also around 0.01% of the total share capital [3]. - Financial Director Pan Xin plans to reduce her holdings by up to 83,400 shares, which is about 0.11% of the total share capital [3]. - Deputy General Manager Feng Mingzhen plans to reduce her holdings by up to 10,000 shares, approximately 0.01% of the total share capital [4]. - Deputy General Manager Hu Zongwei plans to reduce his holdings by up to 4,000 shares, which is about 0.01% of the total share capital [4].