Zhejiang Jiemei Electronic And Technology (SZ:002859) Minsheng Securities·2025-01-02 23:44Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company has acquired a controlling stake in Zhejiang Rouzhen Technology Co., Ltd. for 30 million RMB, corresponding to a 56.83% equity stake, which is expected to enhance its position in the composite aluminum foil market [2]. - Rouzhen Technology has completed its business registration changes and has received mass production orders for composite aluminum foil, which has been validated by major battery manufacturers [2]. - The acquisition is part of the company's strategic expansion in the new energy materials sector, complementing its existing BOPET film business and enhancing its product offerings [2]. - The company's production capacity for release films is currently 400 million square meters, with ongoing expansions planned based on customer demand [2]. - The company anticipates continued growth in its release film business driven by downstream demand, projecting net profits of 258 million, 359 million, and 462 million RMB for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 34, 24, and 19 [2]. Financial Summary - The company expects revenue growth rates of 20.8%, 25.2%, 22.3%, and 27.0% for the years 2023, 2024, 2025, and 2026, respectively [7]. - The projected net profit for 2023 is 256 million RMB, with a growth rate of 54.1%, followed by 258 million RMB in 2024, 359 million RMB in 2025, and 462 million RMB in 2026 [7][10]. - The gross profit margin is expected to improve from 35.82% in 2023 to 41.34% in 2025, before slightly declining to 40.48% in 2026 [4].