J-Micro(SZ:300819) GUOTAI HAITONG SECURITIES·2026-02-26 09:12Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Insights - The company is expanding into the electronic fabric sector through the acquisition of Genyin Technology, which enhances its capabilities in flexible equipment upgrades [2][11]. - The semiconductor cleanroom consumables are experiencing rapid growth, with the company producing high-end cleanroom wipes that meet international standards, primarily used in high-end wafer fabs and PCB industries [11]. - The financial forecast indicates a projected increase in net profit from 74 million yuan in 2023 to 117 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 32.6% [4][12]. Financial Summary - Total revenue is expected to decline from 685 million yuan in 2023 to 592 million yuan in 2025, before recovering to 749 million yuan by 2027, reflecting a CAGR of 14.8% from 2025 to 2027 [4][12]. - The earnings per share (EPS) is projected to grow from 0.50 yuan in 2023 to 0.79 yuan in 2027 [4][12]. - The company’s return on equity (ROE) is expected to improve from 8.7% in 2023 to 12.3% in 2027 [4][12]. Market Data - The company's target price is set at 62.85 yuan, with a current price of 53.38 yuan [5][11]. - The stock has shown significant price appreciation, with a 12-month absolute increase of 266% [10][11]. - The company has a total market capitalization of 7,965 million yuan [6].