9月29日，江海股份盘中上涨2.20%，截至11:11，报31.07元/股，成交4.83亿元，换手率1.92%，总市值 264.26亿元。 责任编辑：小浪快报 江海股份所属申万行业为：电子-元件-被动元件。所属概念板块包括：超级电容、5G、石墨烯、ETC概 念、增持回购等。 截至6月30日，江海股份股东户数5.04万，较上期减少3.41%；人均流通股16268股，较上期增加3.53%。 2025年1月-6月，江海股份实现营业收入26.94亿元，同比增长13.96%；归母净利润3.58亿元，同比增长 3.19%。 分红方面，江海股份A股上市后累计派现12.12亿元。近三年，累计派现5.65亿元。 机构持仓方面，截止2025年6月30日，江海股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1377.28万股，相比上期减少4.12万股。中欧时代先锋股票A（001938）位居第七大流通股 东，持股1050.00万股，为新进股东。宏利转型机遇股票A（000828）位居第八大流通股东，持股929.58 万股，持股数量较上期不变。国投瑞银新能源混合A（007689）退出十大流通股东之列。 资金流向方面，主 ...

9月24日，江海股份涨0.18%，成交额9.87亿元。两融数据显示，当日江海股份获融资买入额1.14亿元， 融资偿还1.39亿元，融资净买入-2463.74万元。截至9月24日，江海股份融资融券余额合计8.57亿元。 融资方面，江海股份当日融资买入1.14亿元。当前融资余额8.55亿元，占流通市值的3.08%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，江海股份9月24日融券偿还700.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量6.01万股，融券余额196.23万元，低于近一年40%分位水平，处于较低位。 分红方面，江海股份A股上市后累计派现12.12亿元。近三年，累计派现5.65亿元。 机构持仓方面，截止2025年6月30日，江海股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1377.28万股，相比上期减少4.12万股。中欧时代先锋股票A（001938）位居第七大流通股 东，持股1050.00万股，为新进股东。宏利转型机遇股票A（000828）位居第八大流通股东，持股929.58 万股，持股数量较上期不变。国投瑞银新能源混合A（007689 ...

Core Viewpoint - Jianghai Co., Ltd. has shown significant stock performance with an 86.24% increase year-to-date, despite a recent decline of 2.95% over the last five trading days [1] Financial Performance - For the first half of 2025, Jianghai Co., Ltd. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up 3.19% year-on-year [2] - The company has distributed a total of 1.212 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, Jianghai Co., Ltd. had 50,400 shareholders, a decrease of 3.41% from the previous period, with an average of 16,268 circulating shares per shareholder, an increase of 3.53% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 13.7728 million shares, and new entrant China Europe Era Pioneer Stock A, holding 10.5 million shares [3] Market Activity - Jianghai Co., Ltd. has been active in the market, appearing on the trading leaderboard seven times this year, with the most recent appearance on September 2, where it recorded a net purchase of 252 million yuan [1] - The stock's trading volume on September 22 reached 448 million yuan, with a turnover rate of 1.72% [1] Business Overview - Jianghai Co., Ltd. specializes in the research, production, sales, and service of capacitors and related materials, with its main revenue sources being aluminum electrolytic capacitors (82.75%), film capacitors (8.65%), supercapacitors (6.00%), electrode foils (2.00%), and others (0.60%) [1]

Macro Strategy - The core viewpoint indicates that the recent cooling of U.S. employment data makes a rate cut in September almost certain, with expectations of a 25bps cut and potential for 1-2 additional cuts throughout the year [1][14][18] - The U.S. non-farm payrolls for August showed an increase of only 22,000, significantly below the expected 75,000, indicating a weakening labor market [1][18] - The unemployment rate rose to 4.324%, slightly above expectations, highlighting a trend of weakening labor demand [1][18] Fixed Income - In the week of September 1-5, 19 green bonds were issued in the interbank and exchange markets, totaling approximately 8.767 billion yuan, an increase of 1.651 billion yuan from the previous week [2] - The secondary market saw a total trading volume of green bonds amounting to 48.2 billion yuan, a decrease of 4 billion yuan from the previous week [2] Industry Analysis - The domestic aluminum electrolytic capacitor industry is experiencing stable growth, with a focus on supercapacitors expected to drive a second growth curve for Jianghai Co., Ltd. [10] - Jianghai Co., Ltd. is positioned as a leader in the supercapacitor market, with a compound annual growth rate of 23.9% in the domestic market from 2017 to 2023 [10] - The report highlights the potential for significant growth in the supercapacitor business, particularly in AI computing applications, as the company collaborates with multiple AI clients [10] Company Recommendations - Yapu Co., Ltd. is expected to see revenue growth from 9.123 billion yuan in 2025 to 10.961 billion yuan in 2027, with a corresponding net profit increase from 575 million yuan to 756 million yuan [9] - Jianghai Co., Ltd. is projected to achieve revenues of 4.565 billion yuan in 2025, growing to 5.770 billion yuan by 2027, with net profits expected to rise from 791 million yuan to 1.025 billion yuan [13] - China Pacific Insurance is maintaining a positive outlook with projected net profits of 51.6 billion yuan in 2025, increasing to 55.3 billion yuan by 2027 [12]

Core Viewpoint - The report highlights the potential for aluminum electrolytic capacitors and supercapacitors to be widely used in AI servers, driven by increasing demand for high voltage and compact components in the AI sector [4] Financial Performance - In 1H25, the company achieved revenue of 2.694 billion yuan (YoY +13.96%) and a net profit attributable to shareholders of 358 million yuan (YoY +3.19%). The net profit after deducting non-recurring items was 344 million yuan (YoY +8.96%) [5] - For 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and a net profit of 206 million yuan (YoY -1.92%, QoQ +35.82%). The net profit after deducting non-recurring items was 207 million yuan (YoY +10.54%, QoQ +51.01%) [5] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points), and the net margin was 13.42% (YoY -1.46 percentage points) [5] Aluminum Electrolytic Capacitors - In 1H25, revenue from aluminum electrolytic capacitors reached 2.229 billion yuan (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%). Growth was driven by increased demand in the photovoltaic sector and robust needs in UPS and communication power supply sectors [6] - The introduction of new products, such as MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, is expected to enhance growth. The shift towards higher voltage requirements in AI servers will significantly increase the demand for horn-shaped capacitors [6] - The manufacturing process for horn-shaped aluminum electrolytic capacitors will transition from traditional chemical etching to atomic deposition technology, leading to higher product prices [6] Supercapacitors - In 1H25, supercapacitor revenue was 162 million yuan (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%). The decline in gross margin is attributed to the company's efforts to explore new application areas [7] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during significant power fluctuations caused by AI chip power consumption [7] - The company's EDLC and LIC products have received certifications from several leading domestic and international companies, with EDLC expected to achieve scale due to its lower heat generation and cost advantages [7] - The supercapacitor market is anticipated to experience explosive growth driven by increasing demand across various sectors, including AI servers, energy storage, smart meters, and controlled nuclear fusion [7]

Group 1 - Jiangsu Jianghai Capacitor Co., Ltd. experienced a stock price increase of 5.02% on September 5, reaching 32.66 CNY per share, with a trading volume of 1.537 billion CNY and a turnover rate of 5.91%, resulting in a total market capitalization of 27.778 billion CNY [1] - The company's main business includes the research, production, sales, and service of capacitors and their materials, with revenue composition as follows: aluminum electrolytic capacitors 82.75%, film capacitors 8.65%, supercapacitors 6.00%, electrode foil 2.00%, and others 0.60% [1] Group 2 - Manulife Fund's "Manulife Transformation Opportunity Stock A" (000828) holds 9.2958 million shares of Jianghai Co., representing 1.13% of the circulating shares, with an estimated floating profit of approximately 14.5014 million CNY [2] - The fund has a total scale of 3.028 billion CNY, with a year-to-date return of 53.64%, ranking 134 out of 4222 in its category, and a one-year return of 103.46%, ranking 133 out of 3795 [2] Group 3 - The fund manager of "Manulife Transformation Opportunity Stock A" is Meng Jie, who has been in the position for 5 years, with the fund's total asset scale at 4.785 billion CNY and the best return during his tenure being 65.4% [3] Group 4 - "Manulife Transformation Opportunity Stock A" has Jianghai Co. as its fifth-largest heavy stock, holding 9.2958 million shares, which accounts for 5.71% of the fund's net value, with an estimated floating profit of approximately 14.5014 million CNY [4]

Macro and Strategy - The high-tech manufacturing macro report indicates that the National Securities Weekly High-Tech Manufacturing Diffusion Index A recorded 0.2, while Index B reached 52.2, continuing to rise from the previous week [8] - The government bond weekly report shows that special new bonds issued amounted to 1.1 trillion yuan, with cumulative net financing reaching 10.3 trillion yuan, exceeding the same period last year by 4.5 trillion yuan [9][11] Industry and Company - The semiconductor industry is experiencing a positive trend, with the semiconductor index rising 36.66% from the beginning of 2025 to August 31, outperforming the CSI 300 index by 22.38 percentage points [20] - BlueDai Technology reported a 79% year-on-year increase in net profit for Q2 2025, driven by the release of orders in the automotive parts business [25][26] - Fuda Co., Ltd. achieved a 93% year-on-year increase in net profit for Q2 2025, supported by the gradual release of crankshaft production capacity [28][29] - Top Group's revenue for H1 2025 reached 12.94 billion yuan, a year-on-year increase of 5.8%, with a net profit of 1.295 billion yuan, reflecting a 10% decline year-on-year [31][32] - Leap Motor reported a significant revenue increase of 174% year-on-year for H1 2025, achieving a net profit of 33 million yuan, marking its first half-year profit [34][35] Investment Strategy - The report emphasizes the importance of new quality productivity as a core driver for high-quality economic development in China, highlighting investment opportunities in digital economy, high-end equipment, biotechnology, and energy transition sectors [12][13][14] - The semiconductor sector is expected to benefit from AI and domestic substitution opportunities, with recommendations to focus on companies involved in computing power and edge chips [23][24]

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].

Core Insights - The company achieved a record high revenue in a single quarter, with 1H25 revenue reaching 2.694 billion yuan (YoY +13.96%) and net profit attributable to shareholders at 358 million yuan (YoY +3.19%) [1] - In 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and net profit attributable to shareholders of 206 million yuan (YoY -1.92%, QoQ +35.82%) [1] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points) and net margin was 13.42% (YoY -1.46 percentage points) [1] Aluminum Electrolytic Capacitors - Revenue from aluminum electrolytic capacitors reached 2.229 billion yuan in 1H25 (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%) [2] - Growth was driven by increased demand in the photovoltaic sector due to a shift to market-based pricing and sustained demand in UPS and communication power supply sectors [2] - New product developments include MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, with expectations for increased demand for high-voltage capacitors [2] Supercapacitors - Supercapacitor revenue was 162 million yuan in 1H25 (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%) [3] - The decline in gross margin is attributed to the company's efforts to explore new application areas for supercapacitors [3] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during power fluctuations [3] Investment Outlook - The company has raised its profit forecast, expecting net profits attributable to shareholders of 800 million yuan, 1.1 billion yuan, and 1.5 billion yuan for 2025-2027, with growth rates of 17%, 45%, and 38% respectively [4] - Current stock price corresponds to PE ratios of 36, 26, and 19 times for the respective years [4]

Core Viewpoint - The recent performance of Jianghai Co., Ltd. has attracted significant market attention, particularly following the release of its semi-annual report for 2025, which led to notable stock price fluctuations [1] Financial Performance - Jianghai Co., Ltd. reported a revenue of 2.694 billion yuan for the first half of 2025, representing a year-on-year growth of 13.96%, while net profit reached 358 million yuan, up 3.19% [2] - The company's main business, aluminum electrolytic capacitors, accounted for 82.75% of total revenue, indicating its critical role in the company's financial structure [4] - Despite stable gross margins, net profit margins have declined, reflecting cost pressures, and operating cash flow net amount decreased by 45.46% year-on-year due to faster growth in accounts receivable and inventory compared to revenue [2][6] Business Structure and Growth Drivers - The company has seen strong growth in its film capacitors and supercapacitors, which are emerging as new growth engines alongside its traditional aluminum electrolytic capacitor business [2][3] - Jianghai Co., Ltd. has established deep partnerships with leading companies such as Huawei, Delta, and BYD, further solidifying its market position [2] Technological Advancements - The company has made significant technological breakthroughs in supercapacitors, particularly for AI servers and grid frequency regulation, positioning itself favorably in the rapidly growing markets of renewable energy and artificial intelligence [3][6] - Jianghai Co., Ltd. has successfully reduced costs for high-temperature automotive modules in film capacitors, showcasing its competitive edge in domestic substitution [2][6] Market Position and Future Outlook - Jianghai Co., Ltd. is well-positioned for long-term growth due to its strong control over the entire industry chain, advanced technology barriers, and deep ties with major clients, despite facing short-term challenges such as declining net profit margins and cash flow pressures [6]