Zhejiang Jiemei Electronic And Technology (SZ:002859) HUAXI Securities·2026-03-17 04:25Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company is acquiring 100% of Efoos Technology, expanding its business from electronic packaging materials to ultra-precision processing equipment [2][3] - Efoos Technology's core product, the ion beam polishing machine, achieves atomic-level surface processing and is widely used in semiconductor, aerospace, and high-end optical device manufacturing [3][5] - The management team of Efoos has extensive technical expertise, with backgrounds in national defense technology and significant contributions to major scientific projects [4] Financial Performance and Projections - The company expects significant revenue growth in its main MLCC products due to rising demand from the AI server market, with projected revenues of 2.186 billion, 2.890 billion, and 3.641 billion yuan for 2025, 2026, and 2027 respectively [8][10] - The forecasted net profit for the same years is 263 million, 435 million, and 655 million yuan, with corresponding EPS of 0.61, 1.01, and 1.52 yuan [10][11] - The company maintains a gross margin of approximately 34% and anticipates a steady increase in return on equity (ROE) from 6.9% in 2024 to 16.4% in 2027 [10][11] Market Context - The acquisition of Efoos is expected to open a new growth avenue for the company, enhancing its competitive position in the ultra-precision processing equipment market [3][8] - The demand for MLCC products is anticipated to rise, driven by the AI industry, with major clients already validating the company's products [6][7]