Investment Rating - The report assigns a rating of "Buy" to Jiangnan New Materials with a target price of 132.00 CNY [5]. Core Viewpoints - Jiangnan New Materials is a leading player in copper-based new materials, focusing on the research, production, and sales of products such as copper balls, copper oxide powder, and high-precision copper-based heat sinks [2][15]. - The company has shown robust revenue and net profit growth, with projected revenues of 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY for 2025, 2026, and 2027 respectively, and net profits of 325 million CNY, 481 million CNY, and 689 million CNY for the same years [4][11]. - Jiangnan New Materials has a clear and stable shareholding structure, with the chairman holding 39.06% of the shares, ensuring effective governance [21][23]. Financial Summary - Total revenue is expected to grow from 6.82 billion CNY in 2023 to 14.82 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.1% [4]. - Net profit attributable to shareholders is projected to increase significantly from 142 million CNY in 2023 to 689 million CNY in 2027, indicating a strong growth trajectory [4]. - The earnings per share (EPS) is forecasted to rise from 0.97 CNY in 2023 to 4.72 CNY in 2027 [4]. Industry Overview - The copper-based new materials industry is experiencing significant growth, driven by increasing demand in sectors such as PCB manufacturing and liquid cooling systems [2][15]. - The global liquid cooling system market has been growing rapidly, with expectations of doubling in size by 2030 [2][15]. - Jiangnan New Materials' products, particularly copper oxide powder, are positioned to meet the high-end requirements of PCB manufacturing and other applications, enhancing their competitive edge [2][15]. Company Development - Jiangnan New Materials has been recognized as a top enterprise in the electronic circuit industry and has received numerous awards for its innovation and quality [16][17]. - The company has a strong focus on R&D, with 96 patents granted, and aims to enhance its product offerings continuously [16][28]. - The company plans to invest in a new project to produce 12,000 tons of electronic-grade copper oxide powder, which will significantly expand its production capacity and meet growing market demands [31][34].
江南新材(603124)：PCB铜基新材料龙头，液冷助力发展提速