JHCC(002484) 新浪财经·2025-04-30 06:44Core Insights - The company reported a slight decline in revenue and net profit for 2024, with total revenue at 4.808 billion yuan, down 0.76% year-on-year, and net profit attributable to shareholders at 655 million yuan, down 7.41% year-on-year [1] - In Q1 2025, the company experienced a year-on-year revenue growth of 10.14%, reaching 1.158 billion yuan, while net profit increased by 11.04% to 152 million yuan [1] - The company’s aluminum electrolytic capacitors remain a key business area, with growth in applications such as consumer electronics and electric vehicles, supported by advancements in core materials and technology [2] Financial Performance - For 2024, the company’s operating income was 4.808 billion yuan, with a net profit of 655 million yuan and a non-recurring net profit of 613 million yuan, all showing a year-on-year decline [1] - In Q1 2025, the gross margin was 24.32%, an increase of 0.74 percentage points year-on-year, while the net profit margin was 13.21%, up 0.03 percentage points year-on-year [1] - The company’s expense ratios for sales, management, R&D, and financial costs in Q1 2025 were 1.99%, 3.82%, 5.15%, and -0.11% respectively, indicating a decrease in overall expense ratios year-on-year [1] Market Trends - The demand for aluminum electrolytic capacitors is growing, particularly in the fields of consumer electronics, electric vehicles, and charging stations, showcasing the company’s competitive product capabilities [2] - The AI server market is experiencing significant growth, with a projected 46% increase in global AI server shipments in 2024, which is expected to drive demand for the company’s supercapacitors [3] - The company is collaborating with key clients to develop power compensation solutions for AI servers and data centers, indicating a promising growth outlook for its supercapacitor business [3] Future Outlook - The company maintains a "buy" rating, with expectations for net profits of 802 million yuan, 1.006 billion yuan, and 1.2 billion yuan for 2025, 2026, and 2027 respectively, alongside projected EPS of 0.94, 1.18, and 1.41 yuan per share [4] - The growth in AI server demand is anticipated to significantly enhance the company’s performance, particularly in the supercapacitor segment [4]