Zhejiang Jiemei Electronic And Technology (SZ:002859) CAITONG SECURITIES·2025-08-12 02:11Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has made significant progress in the release film sector, and the combination of composite current collectors and carrier copper foil presents substantial growth potential [6] - The company reported a revenue of 9.62 billion yuan in the first half of 2025, a year-on-year increase of 14.68%, with a net profit attributable to shareholders of 0.98 billion yuan, a year-on-year decrease of 18.78% [6] - The company continues to maintain high quality and market share in packaging tapes while optimizing overseas production capacity [6] - The company has successfully developed carrier copper foil for PCB applications, with orders increasing by over 40% year-on-year [6] - The forecasted net profit for 2025-2027 is 2.92 billion yuan, 4.36 billion yuan, and 6.36 billion yuan respectively, with corresponding EPS of 0.68 yuan, 1.01 yuan, and 1.48 yuan [6] Financial Performance - The company achieved a revenue of 5.48 billion yuan in Q2 2025, a year-on-year increase of 15.19% and a quarter-on-quarter increase of 32.41% [6] - The gross profit margin for Q2 2025 was 34.29%, showing a quarter-on-quarter improvement of 2.07 percentage points [6] - The company's electronic packaging materials revenue was 8.08 billion yuan, a year-on-year increase of 9.97%, while electronic-grade film materials revenue was 1.16 billion yuan, a year-on-year increase of 61.29% [6] - The projected revenue growth rates for 2023 to 2027 are 20.8%, 15.6%, 15.7%, 24.9%, and 28.3% respectively [7] Valuation Metrics - The projected PE ratios for 2025 to 2027 are 39.3, 26.4, and 18.1 respectively [6] - The projected ROE for 2025 to 2027 is 9.1%, 12.2%, and 15.4% respectively [7] - The projected PB ratios for 2025 to 2027 are 3.6, 3.2, and 2.8 respectively [6]