JONES TECH PLC(300684) 东方证券·2025-01-15 04:50Investment Rating - The report maintains a Buy rating for the company with a target price of 33.84 yuan [1][4] Core Views - The company's Q3 2024 performance exceeded expectations, driven by AI terminal heat dissipation upgrades [2] - The company is benefiting from the trend of AI terminal heat dissipation solutions, which are becoming a critical innovation in hardware [8] - The company's heat dissipation products have achieved mass production in the optical communication field, with potential growth from 800G and 1.6T solutions [8] - The company is also expanding its server heat dissipation business, with products like thermal interface materials and liquid cooling modules expected to grow [8] Financial Performance and Forecasts - The company's revenue is expected to grow from 1,568 million yuan in 2024E to 2,531 million yuan in 2026E, with a CAGR of 24.7% to 31.2% [6] - Net profit attributable to the parent company is forecasted to increase from 199 million yuan in 2024E to 363 million yuan in 2026E, with a CAGR of 41.0% to 29.1% [6] - Gross margin is expected to stabilize at 32.7% from 2024E to 2026E, up from 25.1% in 2023A [6] - ROE is projected to improve from 9.9% in 2024E to 14.1% in 2026E [6] Industry Trends - AI terminal heat dissipation is a growing trend, with increasing demand for advanced materials like graphite films and vapor chambers (VC) [8] - The company is well-positioned to benefit from the heat dissipation upgrades in high-end smartphones, particularly with its North American client's new models [8] - The optical communication and server markets are also driving demand for heat dissipation solutions, with the company securing certifications and mass production for 800G optical modules [8] Valuation and Comparables - The company's target price of 33.84 yuan is based on a 36x PE multiple for 2025E, in line with comparable companies [4][9] - Comparable companies in the industry include Ruihua Tech, Debon Tech, and Lianrui New Materials, with average PE multiples ranging from 24.23x to 63.39x [9]