Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is experiencing rapid revenue growth from high-efficiency heat dissipation modules, with a projected revenue of 1.566 billion yuan in 2024, representing a year-on-year increase of 24.51%. The net profit attributable to shareholders is expected to reach 201 million yuan, a significant increase of 173.04% [4]. - For the first half of 2025, the company anticipates a net profit of 116 to 129 million yuan, reflecting a growth of 85.01% to 105.75%, driven by increased demand in the consumer electronics sector and the introduction of new projects and products [4]. - The company is strategically expanding its product applications in AI-enabled hardware and is maintaining a leading position in the artificial graphite materials sector [5]. Company Overview - The latest closing price is 27.13 yuan, with a total market capitalization of 8.1 billion yuan and a circulating market value of 5.5 billion yuan. The company has a total share capital of 300 million shares, with 203 million shares in circulation [3]. - The company has a debt-to-asset ratio of 19.5% and a price-to-earnings ratio of 40.13 [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.961 billion yuan, 2.432 billion yuan, and 3.104 billion yuan, respectively. The net profit attributable to shareholders is expected to be 295 million yuan, 375 million yuan, and 490 million yuan for the same years [8]. - The report indicates that the current stock price corresponds to price-to-earnings ratios of 28, 22, and 17 for the years 2025, 2026, and 2027, respectively [8].

Core Viewpoint - The company has demonstrated significant growth in revenue and profit in 2024 and Q1 2025, driven by increased demand in the consumer electronics sector and strategic expansion into new markets and product lines [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.566 billion yuan, a year-on-year increase of 24.51% - The net profit attributable to shareholders reached 201 million yuan, up 173.04% - The net profit after deducting non-recurring items was 174 million yuan, growing by 228.14% - For Q1 2025, the company reported a revenue of 349 million yuan, a 16.41% increase year-on-year - The net profit attributable to shareholders was 62 million yuan, up 105.70% - The net profit after deducting non-recurring items was 56 million yuan, increasing by 214.99% [1]. Industry Trends and Developments - The consumer electronics industry is experiencing a recovery, with the company expanding its business beyond mobile phones to other terminal products in North America - The demand for new cooling solutions is rising due to AI-driven product iterations in consumer electronics and digital infrastructure [2]. - The company has strengthened its position in the artificial synthetic graphite materials sector and is enhancing its market share in die-cut components [3]. Strategic Initiatives - The company is actively pursuing industry solutions and core materials for computing power devices, creating new growth avenues - It has achieved product certification and mass production for its integrated VC module products in the data center communication sector [3]. - The company is expanding its international presence, establishing Singapore as its overseas headquarters and Thailand as a production base [3]. Profitability and Investment Outlook - The company has maintained a gross margin of 30.95% in 2024, an increase of 5.84 percentage points year-on-year - The net profit margin reached 12.80%, up 7.08 percentage points year-on-year - The company is expected to see continued profit growth, with projected net profits of 266 million, 320 million, and 373 million yuan for 2025-2027, respectively [2][4].

Financial Performance - The company achieved a revenue of 1.566 billion CNY in 2024, representing a year-on-year growth of 24.51% [8] - The net profit for 2024 was 201 million CNY, showing a significant increase of 173.04% compared to the previous year [8] - In Q1 2025, the revenue reached 349 million CNY, with a year-on-year growth of 16.41%, and the net profit was 62 million CNY, up by 105.70% [8] Growth Drivers - The growth in revenue was primarily driven by the recovery in consumer electronics demand, expansion into North American markets, and the introduction of new products [2][3] - The company is focusing on high-value products and optimizing its product structure, which has led to an increase in gross margin [3] - New business opportunities in data centers, servers, and smart vehicles are expected to contribute to future growth [11] Market Position and Clientele - The company has established a comprehensive coverage of top clients in the 3C industry, including major players like Samsung, Microsoft, Google, and Amazon [3] - The market share in the consumer electronics sector is anticipated to expand due to the growth of AI terminal devices and ongoing technological innovations [3] International Trade and Strategy - Export revenue accounts for 38.20%, primarily to Southeast Asia, with minimal exposure to the U.S. market [4] - The company has developed strategies to mitigate risks from international trade uncertainties by establishing overseas production bases, particularly in Thailand [5][12] R&D and Innovation - In 2024, the company invested 84.35 million CNY in R&D, which is 5.39% of its revenue, and employs a significant number of technical staff [14] - The focus on high-performance thermal management technologies and new product development is expected to enhance competitive advantage [4][6] Future Outlook - The company is optimistic about the growth prospects in AI hardware, smart vehicles, and clean energy sectors, which are expected to drive new product demand [14] - Continuous investment in R&D and innovation is planned to maintain a leading position in the market and meet evolving customer needs [14]

Core Viewpoint - The company has successfully integrated Sino Gaode into its consolidated financial statements and is optimistic about future performance due to ongoing projects with major clients [2][3]. Company Overview - As of March 2025, the company holds 49.90% of Sino Gaode's shares and has completed the necessary registration procedures [2]. - The integration of Sino Gaode is progressing normally, with expected performance releases in Q3 2025 [2]. Technology and Market Position - Sino Gaode is recognized for its etching technology, which has significant barriers to entry due to the need for chemical processing capabilities and environmental compliance [3]. - The company is confident in its business layout and future growth prospects in the etching sector as client demand increases [3]. New Materials Strategy - The lithium battery new materials sector is experiencing intense price competition, prompting the company to focus on high-tech applications [4]. - The company has developed carbon nanotube products for solid-state batteries and is increasing investment in high-surface-area carbon black, which has higher conductivity and profit margins [4]. CCS Business Layout - The integrated bus CCS is a critical component in new energy batteries, with the company leveraging its relationships with major lithium battery clients [5]. - The transition from FPC to FCC signal acquisition components presents an opportunity for product iteration and margin improvement [5]. Thermal Management Strategy - The acquisition of Sino Gaode is a strategic move to enhance the company's thermal management capabilities, particularly in consumer electronics [6]. - The company is also exploring liquid cooling module business opportunities in response to rising cooling demands from advanced technologies [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 166 million yuan, a year-on-year increase of 1.66%, but a net loss of 11.24 million yuan, a decline of 121.43% [8]. - The company's debt ratio stands at 29.48%, with a gross margin of 24.28% [8]. Analyst Ratings and Predictions - Recently, one institution has issued a buy rating for the stock, with profit forecasts indicating a net profit of 113 million yuan for 2025 [9]. - The stock has seen a net outflow of 27.78 million yuan in financing over the past three months [9].

Core Insights - Jebon Technology (301326.SZ) reported a strong performance for the fiscal year 2024, driven by the recovery in consumer electronics demand and the continuous growth in new energy battery demand [1] - The company achieved a revenue of 793 million yuan, representing a year-on-year increase of 16.90%, with a gross margin of 26.47%, up by 5.44 percentage points [1] - Although the net profit was a loss of 19.35 million yuan, it marked a significant reduction in losses by 65.33% year-on-year, indicating a recovery in core business profitability [1] Business Segments - Jebon Technology's two core business segments, precision functional parts and carbon nanotube products, showed rapid growth in 2024 [2] - The precision functional parts and structural components segment generated revenue of 727 million yuan, a year-on-year increase of 13.3%, with a gross margin improvement of 5.26 percentage points to 27.54% [2] - The carbon nanotube product segment experienced explosive growth, with revenue reaching 55.76 million yuan, a staggering increase of 140.13% year-on-year, driven by the rising demand for conductive materials in lithium batteries [2] Strategic Developments - The company is proactively developing carbon nanotube products for solid-state batteries to address conductivity and stability issues, having already provided samples for testing to some clients [3] - Jebon Technology is expanding its thermal product solutions through strategic acquisitions, including the acquisition of a 49.9% stake in Dongguan Sainuo Gaode Etching Technology Co., Ltd., which is expected to enhance performance growth [3] Future Outlook - For 2025, Jebon Technology plans to deepen collaborations with major clients, maintain high R&D investments, and optimize its product system, including the introduction of a new high-specific surface area carbon black product line [4] - The company aims to advance the implementation of mobile and tablet VC heat dissipation projects and expand liquid cooling module business development [4] - Market institution CITIC Securities has given a "buy" rating for Jebon Technology, anticipating continued improvement in profitability for 2025 [4]