Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9] Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and a net profit of 150 million CNY, up 11% year-on-year [8] - The aluminum electrolytic capacitors are expanding their application scenarios, particularly in new energy, consumer electronics, electric vehicles, and charging piles, with the acquisition of Hitachi AIC contributing positively to performance [8] - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications, with significant recognition from major enterprises in various fields [8] Financial Summary - The company's projected financials for 2025-2027 include: - Net profit attributable to the parent company: 838 million CNY in 2025, 1.014 billion CNY in 2026, and 1.182 billion CNY in 2027, reflecting growth rates of 28%, 21%, and 17% respectively [4][9] - Revenue is expected to grow from 5.771 billion CNY in 2025 to 7.695 billion CNY in 2027, with growth rates of 20%, 15.8%, and 15.2% [4][9] - Gross margin is projected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027 [4][9] Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5] - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive annual performance of 19.99% [6]

Core Insights - The company reported steady growth in Q1 2025, with revenue of 1.16 billion yuan (up 10% year-on-year) and a net profit of 150 million yuan (up 11% year-on-year), demonstrating strong resilience in performance [1] - The gross margin for Q1 2025 reached 24.3%, an increase of 0.7 percentage points year-on-year, while the net margin was 13.2%, up 0.03 percentage points year-on-year, benefiting from recovering downstream demand and improved product mix [1] Revenue Growth and Business Expansion - The aluminum electrolytic capacitors are expanding their application scenarios, with growth in sectors such as new energy, consumer electronics, electric vehicles, and charging stations [1] - The acquisition of Hitachi AIC has led to year-on-year growth in performance, while solid-state polymer capacitors (MLPC) have been recognized by several strategic customers [1] - The hybrid capacitors have made breakthroughs in the automotive sector, with potential growth exceeding 50% [1] - Film capacitors are entering a rapid growth phase, with significant applications in consumer electronics, industrial equipment, new energy, electric vehicles, and military industries [1] Emerging Business Opportunities - The company showcased its latest Power Capacitance Shelf rack in March 2025, integrating a new lithium-ion supercapacitor (LIC) solution, which is crucial for meeting the increasing power demands of AI and data centers [2] - The supercapacitors, particularly lithium-ion types, have gained recognition in various fields, including rail transit, automotive, medical instruments, new energy, power grids, and port machinery, entering mass application stages [2] - Revenue from supercapacitors is growing rapidly, with practical trials in power frequency regulation on both generation and user sides, indicating promising prospects in AI server applications [2] Profit Forecast and Valuation - The company forecasts net profits of 840 million yuan, 1.01 billion yuan, and 1.18 billion yuan for 2025, 2026, and 2027 respectively, with adjustments made to revenue and gross margin predictions for aluminum electrolytic, film, and supercapacitors [2] - Based on a comparable company average PE of 23 times for 2025, a target price of 22.54 yuan is set, maintaining a buy rating [2]

事件概述 公司发布25 年一季报，25Q1 实现11.58 亿元，yoy+10.14%，qoq-8.79%，归母净利润1.52亿元， yoy+11.04%，qoq-5.16%，扣非归母净利润1.37 亿元，yoy+6.65%，qoq-10.87%，毛利率24.32%， yoy+0.74pct，qoq-0.15pct，净利率13.21%，yoy+0.03pct，qoq+0.53pct。 25Q1 业绩平稳增长，三大领域进展顺利后续动能强受益于行业景气度回升，公司一季度业绩实现稳健 增长，但在公司三大领域拓展顺利，增长动能强。1）铝电解电容是公司业务和发展支柱，除新能源 外，在消费电子、电动汽车和充电桩等应用领域进展顺利，展现了公司产品竞争力，并且拓展了应用场 景和用户。固态叠层高分子电容器在多家战略客户通过认定，固液混合电容器在汽车领域实现突破，有 望实现50%以上增长；在铝电解电容器核心材料腐蚀、化成箔技术取得新突破，展现高容量、高效率、 低成本的核心优势。2）在薄膜电容领域，薄膜电容器的镀膜、安规、针式、DCLink、AC、箱式、模 组等不同产品方向专业化布局，对标行业头部企业、在技术、质量、成本方面不断找 ...