JHCC(002484) 中泰证券·2024-04-13 16:00Investment Rating - Buy rating maintained for Jianghai Capacitor (002484 SZ) with a target price of 15 09 RMB per share [3] Core Views - Jianghai Capacitor achieved steady growth in 2023 with revenue of 4 845 billion RMB, up 7 15% YoY, and net profit of 707 million RMB, up 6 93% YoY [3] - The company is well-positioned to capitalize on opportunities in new energy and AI sectors, with significant breakthroughs in MLPC technology for AI servers [5] - Three major businesses (aluminum electrolytic capacitors, film capacitors, and supercapacitors) are developing synergistically, with film capacitors entering a rapid growth phase [4] Business Performance Aluminum Electrolytic Capacitors - Revenue of 3 97 billion RMB in 2023, up 10 8% YoY, with a gross margin of 27 65%, down 0 22 pct YoY [2] - Benefiting from new energy sector growth, MLPC technology for AI servers is expected to be a key growth driver [2] Film Capacitors - Revenue of 456 million RMB in 2023, up 40 66% YoY, with a gross margin of 18 23%, down 2 32 pct YoY [2] - Entering mass application phase in consumer electronics and industrial equipment, with batch deliveries in new energy, EVs, and military sectors [2] Supercapacitors - Revenue of 221 million RMB in 2023, down 27 87% YoY, with a gross margin of 16 3%, down 6 84 pct YoY [2] - Gaining recognition in various fields including vehicles, medical instruments, and new energy, with more application prospects expected [2] Electrode Foil - Revenue of 164 million RMB in 2023, down 37 09% YoY, with a gross margin of 20 89%, up 4 42 pct YoY [2] - Completed relocation of Shaanxi production base and technical upgrades in Inner Mongolia, ensuring global competitiveness [2] Financial Forecasts - Revenue expected to grow to 5 606 billion RMB in 2024, 6 695 billion RMB in 2025, and 7 949 billion RMB in 2026, with YoY growth rates of 16%, 19%, and 19% respectively [3] - Net profit forecasted at 832 million RMB in 2024, 1 033 billion RMB in 2025, and 1 265 billion RMB in 2026, with YoY growth rates of 18%, 24%, and 22% respectively [3] - EPS projected at 0 98 RMB in 2024, 1 22 RMB in 2025, and 1 49 RMB in 2026 [3] Valuation Metrics - P/E ratios of 19 4x in 2024, 15 4x in 2025, and 12 4x in 2026 [3] - P/B ratios of 2 6x in 2024, 2 1x in 2025, and 1 9x in 2026 [3] Market Position - One of the few global companies in the power electronics field with R&D, manufacturing, and sales capabilities across three major capacitor categories [5] - Products widely used in smart home appliances, 5G communications, photovoltaic and wind power, energy storage, and industrial automation [5]