JHCC(002484) 长城证券·2024-06-13 03:01Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [29]. Core Insights - The company achieved steady growth in 2023, with revenue from aluminum electrolytic capacitors in new energy, energy storage, electric vehicles, and charging piles increasing by over 30%. The gross margin for 2023 was 26.08%, a slight decrease of 0.29 percentage points year-on-year, while the net margin was 14.66%, showing a marginal increase of 0.01 percentage points due to significant growth in other income [1][3]. - The company's MLPC business is expected to benefit from the high demand for AI servers, with the global AI server market projected to grow significantly, reaching $166.6 billion by 2030, with a CAGR of approximately 17.45% from 2024 to 2030 [20]. - The company has adjusted its profit forecast downwards due to pressures in the photovoltaic market but remains optimistic about future performance, projecting net profits of 8.32 billion, 10.33 billion, and 12.65 billion for 2024, 2025, and 2026 respectively [7][20]. Financial Performance Summary - In 2023, the company reported revenue of 4.845 billion, a year-on-year increase of 7.15%, and a net profit of 707 million, up 6.93% year-on-year. However, Q1 2024 saw a decline in revenue to 1.051 billion, down 11.12% year-on-year, and a net profit of 137 million, down 11.32% year-on-year [3][7]. - The gross margin for Q1 2024 was 23.58%, a decrease of 2.21 percentage points year-on-year, while the net margin was 13.18%, showing a slight increase of 0.12 percentage points year-on-year [1][3]. - The company expects a significant increase in revenue from its film capacitor business, projecting over 40% growth in 2024 due to improved demand in various sectors [18].