JHCC(002484) 国信证券·2024-08-31 04:13Investment Rating - The report maintains an "Outperform" rating for Jianghai Capacitor (002484 SZ) [1][3] Core Views - 2Q24 revenue and net profit hit record highs despite challenges [1] - 2Q24 revenue: 1 313 billion yuan (YoY +1 70% QoQ +24 89%) [1] - 2Q24 net profit: 211 million yuan (YoY +1 61% QoQ +53 77%) [1] - 2Q24 gross margin: 26 02% (QoQ +2 44pct) ending 3-quarter decline [1] - Aluminum electrolytic capacitors continue to dominate with focus on high-end markets [1] - 1H24 revenue: 1 910 billion yuan (YoY -4 68%) [1] - Gross margin: 26 56% (YoY -1 01pct) [1] - Expanding in industrial control new energy and automotive sectors [1] - Film capacitors show strong growth potential in automotive sector [1] - 1H24 revenue: 222 million yuan (YoY +12 88%) [1] - Gross margin: 16 47% (YoY -4 09pct) [1] - Inventory clearance nearing completion with robust EV orders [1] - Supercapacitors expanding into new applications [1] - 1H24 revenue: 109 million yuan (YoY +8 40%) [1] - Gross margin: 20 57% (YoY -3 07pct) [1] - Scaling up in power generation side and user-side frequency regulation [1] Financial Projections - 2024-2026 net profit forecast: 737/845/1 003 million yuan [1] - YoY growth: 4 2%/14 6%/18 7% [1] - PE ratio: 14/12/10x [1] - 2024-2026 revenue forecast: 5 297/5 958/6 863 million yuan [2] - YoY growth: 9 3%/12 5%/15 2% [2] - Key financial ratios [2] - ROE: 12 1%/12 4%/13 2% [2] - EBIT margin: 15 9%/16 0%/16 5% [2] - PE ratio: 17 4/15 2/12 8x [2] Market Performance - Current price: 12 31 yuan [3] - Market cap: 10 467 billion yuan [3] - 52-week range: 19 29-10 98 yuan [3] - 3-month average daily turnover: 100 47 million yuan [3]