JHCC(SZ:002484) KAIYUAN SECURITIES·2024-04-13 16:00Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company's performance in 2023 showed steady growth, with revenue reaching 4.845 billion yuan, a year-on-year increase of 7.15%, and a net profit attributable to shareholders of 707 million yuan, up 6.93% year-on-year. The gross margin was 26.08%, slightly down by 0.29 percentage points [2][3]. - The company is a leading global manufacturer of aluminum electrolytic capacitors, with a solid foundation and significant growth potential in expanding markets such as film capacitors and supercapacitors [2][3]. Financial Summary - In 2023, the company achieved a revenue of 4.845 billion yuan, with a year-on-year growth of 7.15%. The net profit attributable to shareholders was 707 million yuan, reflecting a year-on-year increase of 6.93%. The gross margin stood at 26.08%, a slight decrease of 0.29 percentage points [2][4]. - For the fourth quarter of 2023, the company reported a revenue of 1.067 billion yuan, down 15.61% year-on-year and 18.25% quarter-on-quarter. The net profit attributable to shareholders was 160 million yuan, a decrease of 9.06% year-on-year and 14.22% quarter-on-quarter [2][4]. - The company has revised its profit forecasts for 2024 to 807 million yuan, 2025 to 954 million yuan, and introduced a new forecast for 2026 at 1.135 billion yuan, with corresponding EPS of 0.95, 1.12, and 1.34 yuan respectively [2][4]. Business Development - The company has successfully advanced its various business lines, with aluminum electrolytic capacitors seeing over 30% growth in applications such as new energy, energy storage, electric vehicles, and charging piles. The solid-state layered polymer capacitors have made breakthroughs, laying the foundation for high-end applications like AI [3][7]. - The film capacitors segment achieved a revenue growth of 40.66% year-on-year, while the supercapacitors have established a scalable development foundation, showing good growth potential in both traditional and emerging markets [3][7]. Market Demand - Emerging application fields such as data centers, 5G communication equipment, and electric vehicles are driving rapid growth in demand for capacitors and other basic components [3][7]. - The company is focusing on specialized layouts in various product directions for film capacitors, including coating, safety regulations, DC Link, AC, box-type, and modular products, which are beginning to be delivered in bulk in new energy and electric vehicle sectors [3][7].