JSCQ(SH:688182) Changjiang Securities·2025-09-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to benefit significantly from the capital expenditure on 5G-A by operators, leading to a substantial increase in its main business of filters. The HTCC production capacity is anticipated to be gradually released in 2025, enhancing the company's growth potential and improving the stability of future performance. The company is also expected to apply its products in various fields, including robotics [2][10] - The company's financial data indicates that the utilization rate has a significant impact on profitability. With rapid revenue growth and improved utilization rates, there may be an increase in gross margin, a decrease in expense ratio, and an enhancement in net profit margin [10] Financial Performance - In the first half of 2025, the company achieved operating revenue of 287 million yuan, a year-on-year increase of 52.76%, and a net profit attributable to the parent company of 52 million yuan, up 51.94% year-on-year. In the second quarter of 2025, the operating revenue was 162 million yuan, with a year-on-year increase of 52.36%, and a net profit of 29 million yuan, up 49.30% year-on-year [6][10] - The company is projected to achieve net profits attributable to the parent company of 104 million yuan, 214 million yuan, and 362 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth of 80%, 106%, and 70%. The corresponding PE valuations are expected to be 106x, 51x, and 30x [10]