KBC(SH:688598) Shanghai Aijian Securities·2025-09-29 06:09Investment Rating - The report assigns a "Buy" rating for Jinbo Co., Ltd. (688598) as its initial coverage [2][3]. Core Insights - The report highlights that the growth of high-end electric vehicles is driving the rapid expansion of the carbon-ceramic business for Jinbo Co., Ltd. [1]. - The company is expected to see significant revenue growth from its carbon-ceramic brake discs and lithium battery anode materials, which are not fully reflected in the current market valuation [3]. - The report anticipates that the penetration rate of carbon-ceramic brake discs will increase significantly, with projected revenue growth rates of 169% and 27% for 2026 and 2027, respectively [3]. - Jinbo Co., Ltd. is positioned as a leading supplier of carbon-ceramic brake discs in China, benefiting from its comprehensive R&D and production capabilities [3]. Financial Data and Profit Forecast - The projected total revenue for Jinbo Co., Ltd. is expected to reach 1,819 million yuan in 2026, with a year-on-year growth rate of 78.9% [4]. - The net profit attributable to the parent company is forecasted to be 219 million yuan in 2026, marking a significant recovery from previous losses [4]. - The report indicates a projected PE ratio of 31.7x for 2026 and 19.0x for 2027, reflecting the anticipated growth in profitability [3][4]. Market Dynamics - The report notes that the market perception of Jinbo Co., Ltd. has been overly focused on its photovoltaic materials, underestimating its potential in the transportation and lithium battery sectors [3]. - The company is expected to benefit from the optimization of the photovoltaic industry landscape, which may support stable business performance amid a phase of industry consolidation [3]. - The report emphasizes the importance of cost reduction and local production in driving the adoption of carbon-ceramic brake discs, which are projected to penetrate a broader range of vehicle price segments [3].