JHCC(SZ:002484) KAIYUAN SECURITIES·2025-10-27 06:11Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained at "Buy" [1] Core Views - Jianghai Co., Ltd. has shown steady growth in the first three quarters of 2025, with revenue reaching 4.117 billion yuan, a year-on-year increase of 16.34%. The net profit attributable to shareholders is 535 million yuan, up 8.19% year-on-year [4] - The demand for AI server power supplies is expected to open up significant growth opportunities for the company, particularly in the aluminum electrolytic capacitor and supercapacitor markets [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 4.117 billion yuan, with a net profit of 535 million yuan, and a gross profit margin of 24.50% [4] - In Q3 2025, the company reported revenue of 1.423 billion yuan, a year-on-year increase of 21.12%, but a quarter-on-quarter decrease of 7.34% [4] - The projected net profit for 2025, 2026, and 2027 is estimated at 750 million yuan, 945 million yuan, and 1.101 billion yuan respectively, reflecting slight downward adjustments from previous forecasts [4] Market and Product Insights - The aluminum electrolytic capacitor and film capacitor markets are experiencing stable growth, with significant demand from the new energy and electric vehicle sectors [5] - The global AI data center power demand is expected to grow rapidly, with predictions indicating an increase in power capacity from 81 GW in 2024 to 277 GW by 2035 [6] - The company has made technological breakthroughs in aluminum electrolytic capacitors, enhancing their capacity, performance, and cost-effectiveness [5]