JADARD TECHNOLOGY INC.(SH:688252) Great Wall Securities·2025-08-28 05:28Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Insights - The company has demonstrated significant revenue growth in the first half of 2025, achieving a revenue of 1.208 billion yuan, a year-on-year increase of 43.35%, and a net profit of 152 million yuan, up 50.89% year-on-year [1][2]. - The growth is attributed to the strong performance of high-refresh-rate mobile display driver chips, increased shipments from brand clients in tablet display drivers, and a rise in market share for wearable display driver chips [2][4]. - The company is leading the global electronic price tag market, with a significant increase in market share and innovative product development, including a new four-color electronic paper driver IC [9]. Financial Performance Summary - Revenue projections show a steady increase from 1.209 billion yuan in 2023 to 4.475 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24% [1]. - Net profit is expected to grow from 113 million yuan in 2023 to 685 million yuan in 2027, reflecting a strong upward trend in profitability [1]. - The company's gross margin for the first half of 2025 was reported at 24.41%, an increase of 3.75 percentage points year-on-year, while the net margin was 12.61%, up 0.63 percentage points year-on-year [2]. Product Development and Market Position - The company is expanding its product matrix and increasing R&D investments to maintain technological leadership, with innovations in industrial control, wearable devices, and AMOLED technology [3]. - The electronic price tag market is projected to reach 15 billion yuan by 2025, with the company expected to maintain its leading position due to its early product launches and comprehensive market strategies [9].