KBC(688598) 西南证券·2024-09-03 09:30Investment Rating - The investment rating for Jinbo Co., Ltd. (688598) is not explicitly stated in the report, but the analysis suggests a cautious outlook due to weak demand and declining prices in the photovoltaic sector [1][4]. Core Views - The report highlights that Jinbo Co., Ltd. experienced a significant decline in revenue and net profit in the first half of 2024, with revenue dropping by 43.43% year-on-year to 343 million yuan and a net loss of 103 million yuan, a decrease of 136.45% [1]. - The photovoltaic heat field demand is weak, and prices have fallen, putting pressure on the company's performance. Despite an increase in silicon wafer production, the demand for heat fields has sharply decreased due to a slowdown in new silicon wafer capacity [1][4]. - The report anticipates that the supply-demand situation in the photovoltaic sector may improve in 2025, leading to a potential recovery in heat field prices [1][4]. Summary by Sections Financial Performance - In 2024H1, the company's revenue from photovoltaic products was 258 million yuan with a gross margin of only 0.46%. The semiconductor segment generated 9.12 million yuan with a gross margin of 53.16%, while the transportation segment brought in 5.17 million yuan with a gross margin of 24.86%. The lithium battery segment reported revenue of 69.07 million yuan but with a negative gross margin of -14.74% [1][4]. - The forecast for 2024-2026 indicates a gradual recovery, with expected net profits of 51.47 million yuan in 2024, 208.41 million yuan in 2025, and 308.71 million yuan in 2026, corresponding to PE ratios of 60, 15, and 10 respectively [2][4]. Market Outlook - The report notes that the current market for carbon-carbon heat fields is experiencing losses, with prices at a low point. Major manufacturers, including Jinbo, have no plans for capacity expansion, and new projects are facing delays [1][4]. - The anticipated recovery in 2025 is linked to the replacement cycle of heat fields as new silicon production facilities come online, which is expected to drive demand and potentially increase prices [1][4]. Business Strategy - Jinbo Co., Ltd. is focusing on the commercialization of carbon materials and accelerating the market introduction of new products. The company has developed new carbon-based composite materials that have passed customer validation and are expected to meet energy-saving and quality requirements in the photovoltaic sector [1][4]. - The report emphasizes the importance of new business segments, such as lithium battery materials and carbon-ceramic brake discs, which are expected to contribute to revenue growth in the coming years [1][4].