捷邦科技(301326)：投入加码 散热业务动能强劲

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]