JHCC(002484) 国金证券·2025-01-15 07:47Investment Rating - The report maintains a "Buy" rating for the company, with expected PE valuations of 29, 24, and 20 times for 2024, 2025, and 2026 respectively [2] Core Views - The company is expected to benefit from state-owned enterprise (SOE) background after the equity transfer, gaining access to government resources and policy support [1] - The company is positioned to become a major supplier of supercapacitors for AI servers, leveraging its 2013 acquisition of Japan's ACT, which aligns with the high-power demands of AI markets [2] - The company's aluminum electrolytic capacitor business is expected to maintain steady growth driven by new energy demand and domestic substitution, while emerging sectors like solid-liquid hybrid and MLPC capacitors provide new growth momentum [2] - The company's film capacitor business is accelerating its layout in the new energy vehicle sector, potentially reaching an inflection point in performance [2] Financial Projections - Revenue is projected to grow from RMB 5,026 million in 2024E to RMB 6,810 million in 2026E, with growth rates of 15.94% and 16.86% respectively [4] - Net profit attributable to shareholders is expected to increase from RMB 680 million in 2024E to RMB 1,022 million in 2026E, with growth rates of 22.24% and 23.00% respectively [4] - ROE (Return on Equity) is forecasted to improve from 11.21% in 2024E to 13.54% in 2026E [4] Business Analysis - The company completed a significant equity transfer, with Zhejiang Economic Construction Investment Co Ltd acquiring 127,578,590 shares (15% of total shares) at RMB 19 per share, totaling RMB 2,423.99 million [1] - Post-transfer, Zhejiang Provincial State-owned Assets Supervision and Administration Commission will become the actual controller of the company [1] - The company's supercapacitors are currently used in wind power and grid sectors, with potential expansion into AI server applications [2] Market Performance - Historical stock price data shows fluctuations between RMB 11 and RMB 25 over the observed period [3][10] - The company's trading volume has shown significant variations, with peaks reaching up to 2,500 million RMB [3] Industry Position - The company holds a leading position in the domestic aluminum electrolytic capacitor market [2] - Its technological capabilities, particularly through the acquisition of Japan's ACT, position it well for high-power AI server applications [2]