JHCC(002484) 华鑫证券·2025-03-30 12:23Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [5]. Core Insights - The company focuses on aluminum electrolytic capacitors while expanding into film capacitors and supercapacitors, establishing a comprehensive industry chain advantage [3]. - The aluminum electrolytic capacitor remains the company's traditional strength, maintaining a leading position in the domestic market, with a revenue share of 80.8% in H1 2024 [3]. - The film capacitor business is accelerating its layout in the new energy and electric vehicle markets, with a revenue share of 9.39% in H1 2024 [3]. - The supercapacitor business is well-positioned to meet the growing demand for AI computing, with a revenue share of 4.59% in H1 2024 [3]. - The GTC conference highlighted the trend of lithium-ion supercapacitors, showcasing the company's advantages in this area [4]. - The company has achieved operational readiness for its "supercapacitor industrialization" and "high-voltage large-capacity film capacitor expansion" projects, enhancing its technological edge in high-end capacitors [4]. Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 51.5 billion, 61.5 billion, and 71.02 billion respectively, with corresponding EPS of 0.85, 1.05, and 1.20 [5]. - The current stock price corresponds to a PE ratio of 24.3, 19.7, and 17.1 for the years 2024, 2025, and 2026 respectively [5]. - The company's main revenue for 2024 is projected to grow by 6.3%, with a significant increase of 19.5% in 2025 [8].