Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a record high revenue in a single quarter, with 1H25 revenue reaching 2.694 billion yuan, a year-on-year increase of 13.96%. The net profit attributable to the parent company was 358 million yuan, up 3.19% year-on-year [1]. - The demand for aluminum electrolytic capacitors and supercapacitors is expected to rise significantly due to the high voltage requirements in AI servers, leading to increased revenue and profit forecasts for the company [3][4]. - The company is focusing on expanding production capacity for supercapacitors, which are anticipated to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation [3][4]. Financial Performance Summary - In 1H25, the company's aluminum electrolytic capacitor revenue was 2.229 billion yuan, with a gross margin of 26.75%, driven by strong demand in the photovoltaic and UPS power supply sectors [2]. - Supercapacitor revenue reached 162 million yuan in 1H25, marking a year-on-year increase of 48.93%, although the gross margin decreased to 16.86% due to expansion into new application areas [3]. - The company has revised its profit forecast for 2025-2027, expecting net profits of 800 million, 1.1 billion, and 1.5 billion yuan respectively, with year-on-year growth rates of 17%, 45%, and 38% [4][5]. Financial Projections - The projected revenue for 2025 is 5.382 billion yuan, with a net profit of 763 million yuan, reflecting a 16.5% increase from the previous year [5]. - The company's earnings per share (EPS) is expected to rise from 0.84 yuan in 2023 to 1.79 yuan by 2027 [5][21]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.3 in 2023 to 10.0 by 2027, indicating an improving valuation over time [5][21].

核心观点 投资建议：上调盈利预测，维持"优于大市"评级。 （来源：研报虎） 公司单季度营收再创历史新高。1H25公司实现营收26.94亿元(YoY+13.96%)；归母净利润3.58亿元 (YoY+3.19%)；扣非净利润3.44亿元(YoY+8.96%)。对应2Q25公司实现营业收入15.36亿元 (YoY+17.02%，QoQ+32.69%)；归母净利润2.06亿元(YoY-1.92%，QoQ+35.82%)；扣非净利润2.07亿元 (YoY+10.54%，QoQ+51.01%)。盈利能力上，1H25公司毛利率为24.93%(YoY-0.01pct)；净利率为13.42% (YoY-1.46pct)。 AI服务器高压化带来铝电解电容量、价齐升。1H25公司铝电解电容营收22.29亿元(YoY+16.70%)，毛利 率26.75%(YoY+0.19%)。增长主要源于两方面：一是光伏领域因5月31日后上网电价政策由固定价格转 为市场化定价，刺激了抢装需求；二是UPS电源、通信电源等领域需求持续旺盛。新产品方面，MLPC 在AI服务器领域批量交货，固液混合电容器在汽车领域持续增长。随着AI服务器电源高压化，市场 ...

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 Viewpoint - The company reported steady growth in Q1 2025, driven by strong performance in three key sectors, benefiting from the recovery in industry demand [2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.158 billion yuan, representing a year-over-year increase of 10.14% but a quarter-over-quarter decrease of 8.79% [1]. - The net profit attributable to shareholders was 152 million yuan, up 11.04% year-over-year and down 5.16% quarter-over-quarter [1]. - The non-recurring net profit was 137 million yuan, reflecting a year-over-year increase of 6.65% and a quarter-over-quarter decrease of 10.87% [1]. - The gross margin stood at 24.32%, with a year-over-year increase of 0.74 percentage points and a quarter-over-quarter decrease of 0.15 percentage points [1]. - The net profit margin was 13.21%, showing a year-over-year increase of 0.03 percentage points and a quarter-over-quarter increase of 0.53 percentage points [1]. Business Development - The aluminum electrolytic capacitor remains a core business, with significant progress in applications such as consumer electronics, electric vehicles, and charging stations, showcasing product competitiveness and expanding application scenarios [2]. - In the film capacitor sector, the company is diversifying its product offerings and making technological breakthroughs to contribute to national key projects and prepare for future growth [2]. - The supercapacitor segment is experiencing large-scale development, with ongoing projects in frequency regulation for power generation and user sides, particularly in AI servers and data centers [2][3]. Future Growth Potential - The company is one of the few globally engaged in R&D, manufacturing, and sales across three types of capacitors, with applications in smart appliances, 5G communications, renewable energy, and industrial automation [3]. - Strategic alliances through international cooperation are facilitating rapid entry into the electric vehicle market, with significant breakthroughs in key components for AI servers [3]. Investment Outlook - The company expects net profits attributable to shareholders to reach 822 million yuan, 1.021 billion yuan, and 1.225 billion yuan in 2025, 2026, and 2027 respectively, with a maintained "buy" rating based on projected PE ratios [4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook compared to the benchmark index [7]. Core Views - The company experienced a revenue decline of 0.76% year-on-year in 2024, with total revenue reaching 4.808 billion yuan and a net profit attributable to shareholders of 655 million yuan, down 7.41% year-on-year [1][5]. - In Q4 2024, the company showed signs of recovery with a revenue increase of 18.99% year-on-year and a net profit increase of 0.48% year-on-year, indicating a positive trend [2]. - The company is positioned as a platform-type company in the capacitor industry, with a comprehensive product range including aluminum electrolytic capacitors, film capacitors, and supercapacitors, which are expected to drive growth [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 4.808 billion yuan, with a gross profit margin of 24.90% and a net profit margin of 13.73% [1]. - The Q4 2024 results showed a revenue of 1.269 billion yuan and a net profit of 160 million yuan, reflecting a recovery in performance [2]. - The company forecasts a revenue growth of 14.4% in 2025, reaching 5.503 billion yuan, with net profits expected to grow to 817 million yuan [6]. Product and Market Insights - The company is the only domestic player and one of the few globally to offer a full range of capacitors, with aluminum electrolytic capacitors accounting for 81.99% of revenue in 2024 [3]. - The solid-liquid hybrid capacitors are expected to see over 50% growth, particularly in the automotive sector [3]. - The supercapacitor market is anticipated to expand significantly due to its applications in AI servers and data centers, where it can provide rapid power compensation [4]. Investment Outlook - The company is expected to achieve net profits of 817 million yuan in 2025, 1.060 billion yuan in 2026, and 1.311 billion yuan in 2027, with corresponding PE ratios of 17, 13, and 11 [5][6]. - The traditional markets for new energy and industrial control are recovering, while AI applications are expected to open new growth avenues for supercapacitor products [5].

Core Viewpoint - The company is positioned to benefit from the growing demand in AI servers and other emerging industries, leveraging its unique capabilities in capacitor technology [3][4][6]. Group 1: Supercapacitors - The company's supercapacitors are primarily used in smart meters, wind power, smart grid upgrades, rail transportation, and port machinery, with a new application emerging in AI servers [3]. - The company is in discussions with relevant manufacturers regarding technical solutions for AI servers, highlighting its product adaptability and advantages in capacity, short expansion cycles, and low costs [3]. Group 2: Aluminum Electrolytic Capacitors - The company's aluminum electrolytic capacitors are expected to see increased demand in AI and small power supply applications, with potential cost reductions from using green electricity for material production [4]. - Breakthroughs in MLPC technology are anticipated to enhance the application of aluminum electrolytic capacitors in AI servers, with positive developments reported from relevant clients [4]. Group 3: Strategic Investments - The completion of state-owned capital entry is expected to support the company's growth, with Zhejiang Investment acquiring a 15.78% stake, making it the controlling shareholder [5]. - The acquisition process involved a share transfer agreement and subsequent stock purchases, indicating strong backing from state-owned entities [5]. Group 4: Industry Opportunities - The company is the only domestic player and one of the few globally to operate in aluminum electrolytic capacitors, film capacitors, and supercapacitors, positioning it well to capitalize on high demand from AI servers and electric vehicles [6]. - In the first three quarters of 2024, the company reported revenues of 3.539 billion yuan, a year-on-year decrease of 6.33%, and a net profit of 494 million yuan, down 9.71% year-on-year, reflecting the challenges faced in the current market [6].