JHCC(SZ:002484) China Post Securities·2025-07-23 01:31Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Insights - The company is actively developing key materials and technologies for three major capacitor types, extending the aluminum electrolytic capacitor supply chain, and has become a leading player in the global power electronics application field [4] - The business is expected to grow significantly in various sectors, including consumer electronics, electric vehicles, and charging stations, with solid-state capacitors achieving over 50% growth potential [5] - Strategic collaborations with Japanese companies and academic institutions are enhancing the company's technological capabilities and market position [6] Financial Projections - Projected revenues for 2025, 2026, and 2027 are estimated at 57.6 billion, 67.7 billion, and 78.2 billion yuan respectively, with net profits of 8.3 billion, 10.0 billion, and 11.8 billion yuan [7] - The company is expected to see a revenue growth rate of 19.84% in 2025, followed by 17.48% in 2026 and 15.58% in 2027 [9] - Earnings per share (EPS) is projected to increase from 0.77 yuan in 2024 to 1.39 yuan by 2027 [10]