江海股份：2024年对美营收占比4.5%，正协同客户共同应对市场波动

Core Viewpoint - Jianghai Co., Ltd. anticipates that revenue from exports to the U.S. will account for approximately 4.5% of total revenue in 2024, while actively communicating with clients to mitigate potential market fluctuations due to U.S. tariffs [2] Financial Performance - In 2024, Jianghai Co., Ltd. expects to achieve operating revenue of 4.808 billion yuan, a year-on-year decrease of 0.76% - The net profit attributable to shareholders is projected to be 655 million yuan, down 7.41% year-on-year - The net profit excluding non-recurring items is estimated at 613 million yuan, reflecting a decline of 6.53% year-on-year - Overall profitability has declined due to falling product prices, although a significant recovery in performance is noted in Q4, driven by the end of inventory destocking in the new energy sector and a rebound in demand for electric vehicles and charging stations [2] Production Capacity and Utilization - The capacity utilization rates for the three main types of capacitors are at their highest levels in the past two years, laying a solid foundation for future development [2] Technological Innovation - Jianghai Co., Ltd. has achieved preliminary results in the AI server sector with its supercapacitor products, currently undergoing testing and adaptation with domestic and international server manufacturers - The company expects to achieve large-scale orders for MLPC (solid-state laminated polymer capacitors) within the year, with applications gradually expanding to core power supply scenarios for CPUs and GPUs, potentially creating new growth in AI servers and data centers [2] Market Strategy - The company has optimized its product structure around emerging markets such as artificial intelligence, new energy, and power regulation - The performance of MLPC technology has reached internationally advanced levels, and the market share of aluminum electrolytic capacitors continues to expand in the photovoltaic and electric vehicle sectors - The controlling shareholder, Zhejiang Investment, plans to enhance the company's development through increased shareholding, further strengthening its competitive advantage [3]