FARATRONIC(SH:600563) KAIYUAN SECURITIES·2026-03-31 08:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 5.327 billion yuan in 2025, representing a year-on-year increase of 11.64%. The net profit attributable to the parent company was 1.192 billion yuan, up 14.72% year-on-year. The gross profit margin was 32.12%, a decrease of 1.26 percentage points [3][4] - The company is positioned as a leader in the global film capacitor market, with a comprehensive product supply capability across various sectors including new energy, data centers, and industrial control. The company is expanding its upstream capabilities by developing its own materials and equipment, thereby strengthening its supply chain [4][5] - The company has successfully developed dry-type DC capacitors, overcoming key technical challenges, and is set to benefit from the construction plans for flexible direct current projects during the 14th Five-Year Plan period [5][6] Financial Summary - In 2025, the company reported a revenue of 4.772 billion yuan, with a year-on-year growth of 23%. The net profit attributable to the parent company was 1.039 billion yuan, reflecting a growth of 1.5% year-on-year. The gross margin was 33.4% [6][8] - The projected revenues for 2026, 2027, and 2028 are 6.204 billion yuan, 7.307 billion yuan, and 8.502 billion yuan, respectively, with corresponding net profits of 1.303 billion yuan, 1.616 billion yuan, and 1.822 billion yuan [6][8] - The company's P/E ratios for 2026, 2027, and 2028 are projected to be 22.9, 18.4, and 16.4 times, respectively [6][8]