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Investment Rating - The report assigns a "Buy" rating for Jiangnan New Materials (603124) with a target price of 112 CNY, based on its growth potential and position in the industry [6][40]. Core Insights - Jiangnan New Materials specializes in copper-based materials, focusing on products such as copper balls, copper oxide powder, and high-precision copper heat sinks, primarily serving the PCB and liquid cooling sectors [1][12]. - The company is transitioning its product structure towards higher-margin copper powder due to increasing demand for high-end PCBs, which require more precise manufacturing processes [30][33]. - The high-precision copper heat sinks are expected to significantly boost revenue in the first half of 2025, with a projected income of 84.11 million CNY, marking a 596% year-on-year increase [3][37]. Summary by Sections Overview - Jiangnan New Materials was established in 2007 and has developed a leading position in copper-based materials, with a focus on R&D and manufacturing [12][18]. - The company has a stable shareholding structure, with the chairman holding 39.06% of the shares, which supports long-term development [18]. Market Drivers - The growth in high-end PCB demand is driving the shift from copper balls to copper powder, which offers better process capabilities and efficiency [30][33]. - The liquid cooling market for servers is expected to create a second growth curve for the company, with significant revenue growth anticipated from high-precision copper heat sinks [3][36]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY, with net profits expected to reach 284.75 million CNY, 465.85 million CNY, and 658.64 million CNY respectively [4][38]. - The report compares Jiangnan New Materials with peers in the PCB and liquid cooling sectors, suggesting a valuation of 35 times earnings for 2026, leading to a target price of 112 CNY [40][41].