JHCC(002484)2025-04-09 10:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [5][7]. Core Views - The company experienced a revenue decline of 0.76% year-on-year in 2024, with total revenue reaching 4.808 billion yuan. The net profit attributable to shareholders decreased by 7.41% to 655 million yuan [1]. - In Q4 2024, the company showed signs of recovery with a revenue increase of 18.99% year-on-year and a net profit increase of 0.48% year-on-year, indicating a positive trend [2]. - The company is positioned as a platform-type company in the capacitor industry, with a comprehensive product range including aluminum electrolytic capacitors, film capacitors, and supercapacitors. The solid-liquid hybrid capacitors are expected to see over 50% growth in the automotive sector [3]. - The advent of AI technology is opening new market opportunities for supercapacitors, particularly in AI servers and data centers, where they can provide rapid power compensation during load fluctuations [4]. Financial Summary - The company forecasts a revenue growth of 14.4% in 2025, reaching 5.503 billion yuan, and a net profit growth of 24.8%, reaching 817 million yuan. The projected PE ratios for 2025, 2026, and 2027 are 17, 13, and 11 respectively [6][5]. - The financial projections indicate a steady increase in revenue and net profit over the next few years, with expected revenues of 6.629 billion yuan in 2026 and 7.855 billion yuan in 2027 [6][11].