开源证券研报指出，佳驰科技深耕电磁功能材料与结构（EMMS）领域，已形成从制备到工程化应用的 完整闭环，产品覆盖隐身功能涂层材料、隐身功能结构件及电磁兼容材料等业务体系。公司在低频超宽 带、多频谱兼容及薄型轻量化等核心技术上具备显著优势，产品已在我国第四代、第五代战机等重点型 号上实现定型批产。公司积极延伸业务边界，布局新一代电波暗室及电磁测控服务，正加速向"材料— 结构—测试"一体化平台型企业演进，核心竞争力持续增强。同时，公司掌握关键吸收剂的自研自产能 力，并构建"主力+替补"的双轨制供应链体系，有效控制成本波动。在收入规模扩张的同时，公司凭借 核心技术壁垒与供应链韧性，确立了毛利率长期维持高位稳定的特征。预计公司2025年至2027年的归母 净利润为5.49/8.48/9.64亿元，EPS为1.37/2.12/2.41元/股，对应当前股价的PE分别为49.2/31.8/28.0倍，首 次覆盖给予"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The company is expected to achieve a compound annual growth rate (CAGR) of 33% in EPS from 2025 to 2027, driven by its strong position in the electromagnetic functional materials and structures (EMMS) sector [4] - The demand for stealth materials is on the rise, supported by an increase in national defense budgets and the upgrading of military equipment, which is expected to drive the company's revenue growth [5] - The company has established a complete closed-loop system from preparation to engineering application, with significant advantages in core technologies such as low-frequency ultra-wideband and multi-spectrum compatibility [4][5] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 9.81 billion yuan in 2023 to 22.56 billion yuan in 2027, with a CAGR of 43.96% from 2019 to 2024 [7] - The net profit attributable to the parent company is expected to increase from 564 million yuan in 2023 to 964 million yuan in 2027, reflecting a strong growth trajectory [7] - The gross margin is expected to remain high, with estimates of 76.4% in 2025, 74.9% in 2026, and 73.4% in 2027 [7] Business Overview - The company focuses on stealth functional materials and electromagnetic compatibility materials, with stealth coating materials and structural components accounting for 97.17% of revenue in the first half of 2025 [19] - The company is expanding its business boundaries by developing new generation electromagnetic measurement and control services, aiming to evolve into an integrated platform enterprise [4][19] - The company has a stable supply chain and pricing mechanism that ensures high gross margins, with a gross margin of 76.9% in 2023 [6][25] Market Dynamics - The stealth materials market is expected to grow significantly, with a projected CAGR of 8.5% in China from 2025 to 2035, driven by military modernization and equipment upgrades [42] - The company is well-positioned to benefit from the increasing demand for stealth materials due to the growing number of military aircraft and the need for maintenance and upgrades [46] - The competitive landscape is characterized by high barriers to entry, with the company holding a strong position in the market due to its proprietary technologies and established relationships with key military clients [48][50]

Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The demand for stealth materials is on the rise, supported by the growth in defense budgets and the upgrading of military equipment, which is expected to drive the company's revenue growth [5][6] - The company has established a complete closed-loop system from preparation to engineering application in the electromagnetic functional materials and structures (EMMS) field, with significant advantages in core technologies [4][5] - The company is expected to achieve a compound annual growth rate (CAGR) of over 30% in stealth materials revenue from 2024 to 2027 [5][51] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 9.81 billion yuan in 2023 to 22.56 billion yuan in 2027, with a CAGR of 43.96% from 2019 to 2024 [7][20] - The net profit attributable to the parent company is expected to increase from 564 million yuan in 2023 to 964 million yuan in 2027, with a CAGR of 47.34% from 2019 to 2024 [7][20] - The company's gross margin is expected to remain above 70%, with a slight decline from 76.9% in 2023 to 73.4% in 2027 [7][25] - The earnings per share (EPS) are projected to rise from 1.41 yuan in 2023 to 2.41 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 47.9 in 2023 and 28.0 in 2027 [7][4] Business Overview - The company focuses on stealth functional materials and electromagnetic compatibility materials, with a significant portion of revenue derived from stealth coating materials and structural components [19][21] - The company is expanding its business boundaries by developing new-generation electromagnetic measurement and control services, aiming to evolve into an integrated platform enterprise [4][19] - The company has a stable supply chain and pricing mechanism that helps maintain high gross margins [6][60] Market Dynamics - The stealth materials market is expected to grow significantly due to the increasing demand for military aircraft and the modernization of defense capabilities [5][42] - The company is well-positioned to benefit from the high demand for stealth materials driven by the upgrading of military equipment and the need for maintenance in the aftermarket [46][48] - The competitive landscape in the stealth materials market is characterized by high barriers to entry, with established players like the company maintaining a strong market position [48][50]

Group 1 - On January 19, Jiachi Technology's stock rose by 4.02%, with a trading volume of 242 million yuan [1] - The financing data shows that on the same day, Jiachi Technology had a financing purchase amount of 17.4481 million yuan and a net financing purchase of 5.4437 million yuan, with a total financing and margin balance of 223 million yuan [1] - The current financing balance of Jiachi Technology is 223 million yuan, accounting for 2.29% of the circulating market value, which is above the 90th percentile level over the past year [1] Group 2 - Jiachi Technology, established on July 18, 2008, is located in Chengdu, Sichuan Province, and focuses on products related to the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies [2] - The company's main business revenue composition includes 71.46% from electromagnetic functional structural components, 25.71% from electromagnetic functional coating materials, and 2.58% from electromagnetic compatibility materials [2] - As of September 30, 2025, Jiachi Technology achieved an operating income of 619 million yuan, a year-on-year increase of 5.21%, while the net profit attributable to the parent company was 249 million yuan, a year-on-year decrease of 22.39% [2] Group 3 - Since its A-share listing, Jiachi Technology has distributed a total of 160 million yuan in dividends [3] - As of September 30, 2025, the top ten circulating shareholders include several new entrants, with the largest being Southern Military Reform Flexible Allocation Mixed A, holding 2.1658 million shares [3] - Notable new shareholders also include China Europe High-end Equipment Stock Initiation A and Industrial Bank Xingrui Two-Year Holding Period Mixed A, among others [3]

Group 1 - The core viewpoint of the news is that Jiachi Technology has seen a significant increase in stock price, rising 5.09% to 69.00 CNY per share, with a total market capitalization of 27.601 billion CNY and a trading volume of 1.30 billion CNY [1] - Jiachi Technology specializes in the EMMS industry, focusing on independent innovation and breaking foreign technology monopolies, with a product revenue composition of 71.46% from electromagnetic functional structural components, 25.71% from electromagnetic functional coating materials, and 2.58% from electromagnetic compatibility materials [1] - The company has experienced a cumulative stock price increase of 1.55% over the past three days, indicating positive market sentiment [1] Group 2 - Penghua Fund has a significant holding in Jiachi Technology, with its Penghua Core Advantage Mixed A fund holding 112,800 shares, representing 5.11% of the fund's net value, making it the fifth-largest holding [2] - The fund has generated a floating profit of approximately 376,700 CNY today, with a floating profit of 112,800 CNY during the three-day stock price increase [2] - The Penghua Core Advantage Mixed A fund has a total asset size of 155 million CNY and has achieved a year-to-date return of 3.83% and a one-year return of 49.65% [2]

Group 1 - The core viewpoint of the news is that Jiach Technology has shown a slight increase in stock price and has notable financing activities, indicating investor interest despite a decrease in net profit year-on-year [1][2]. Group 2 - On December 22, Jiach Technology's stock rose by 0.85%, with a trading volume of 99.01 million yuan. The financing buy-in amount was 6.73 million yuan, while the financing repayment was 4.80 million yuan, resulting in a net financing buy of 1.93 million yuan [1]. - As of December 22, the total balance of margin trading for Jiach Technology was 123 million yuan, with the financing balance accounting for 1.48% of the circulating market value, which is below the 20th percentile level over the past year [1]. - In terms of securities lending, Jiach Technology had no shares repaid on December 22, with 800 shares sold short, amounting to 46,400 yuan at the closing price. The securities lending balance of 800 shares is above the 90th percentile level over the past year [1]. Group 3 - Jiach Technology, established on July 18, 2008, is located in Chengdu, Sichuan Province, and focuses on products related to the EMMS industry, emphasizing independent innovation and covering stealth functional coating materials and electromagnetic compatibility materials [2]. - For the period from January to September 2025, Jiach Technology reported a revenue of 619 million yuan, a year-on-year increase of 5.21%, while the net profit attributable to shareholders decreased by 22.39% to 249 million yuan [2]. Group 4 - Since its A-share listing, Jiach Technology has distributed a total of 160 million yuan in dividends [3]. - As of September 30, 2025, the top ten circulating shareholders of Jiach Technology included several new institutional investors, with the largest being Southern Military Reform Flexible Allocation Mixed A, holding 2.17 million shares [3].

Core Viewpoint - On November 17, 2023, Jiachi Technology's stock increased by 1.20%, with a trading volume of 84.34 million yuan, indicating positive market sentiment despite a net financing outflow [1] Financing Summary - On November 17, Jiachi Technology had a financing buy-in amount of 3.30 million yuan and a financing repayment of 5.77 million yuan, resulting in a net financing outflow of 2.47 million yuan [1] - As of November 17, the total financing and securities lending balance for Jiachi Technology was 131 million yuan, which represents 5.24% of its market capitalization [1] - There were no shares sold or repaid in the securities lending segment on November 17, with a remaining balance of 0.00 yuan [1] Company Overview - Chengdu Jiachi Electronic Technology Co., Ltd. was established on July 18, 2008, and is located in the Chengdu Modern Industrial Port [2] - The company focuses on the EMMS industry, emphasizing independent innovation and breaking foreign technology monopolies, with products including stealth functional coating materials and electromagnetic compatibility materials [2] - The revenue composition for Jiachi Technology includes 71.46% from electromagnetic functional structural components, 25.71% from electromagnetic functional coating materials, 2.58% from electromagnetic compatibility materials, and 0.24% from technical services [2] Financial Performance - For the period from January to September 2025, Jiachi Technology reported a revenue of 619 million yuan, reflecting a year-on-year growth of 5.21%, while the net profit attributable to shareholders decreased by 22.39% to 249 million yuan [2] Shareholder Information - As of September 30, 2025, Jiachi Technology had 5,446 shareholders, a decrease of 40.76% from the previous period, with an average of 7,052 circulating shares per shareholder, an increase of 68.80% [2] - The top ten circulating shareholders include several new institutional investors, with the largest being Southern Military Industry Reform Flexible Allocation Mixed A, holding 2.17 million shares [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has shown significant growth in its performance, particularly in the third quarter, with a notable increase in revenue from stealth function structural components [6][7]. - The company is focusing on three main business areas: new stealth function structural components, next-generation electromagnetic anechoic chambers, and stealth maintenance products, with substantial R&D investment [6][10]. - The company’s revenue for the first three quarters of 2025 reached 619 million yuan, a year-on-year increase of 5.21%, while the net profit attributable to the parent company was 249 million yuan, a decrease of 22.39% [5][6]. Financial Performance Summary - In Q3 2025, the company achieved a revenue of 341 million yuan, representing a year-on-year increase of 54.53% and a quarter-on-quarter increase of 59.82% [7]. - The net profit attributable to the parent company for Q3 2025 was 135 million yuan, up 24.38% year-on-year and 52.90% quarter-on-quarter [7]. - The company’s gross profit margin for Q3 2025 was 70.16%, showing a decline compared to the previous year [7][9]. Revenue and Profit Forecast - The company is projected to achieve revenues of 1.028 billion yuan, 1.434 billion yuan, and 1.789 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The net profit attributable to the parent company is expected to be 491 million yuan in 2025, increasing to 739 million yuan in 2026 and 955 million yuan in 2027 [10][12].

Core Viewpoint - The company reported a revenue of 619 million yuan for the first three quarters of 2025, representing a year-on-year growth of 5.21%, while the net profit attributable to shareholders decreased by 22.39% to 249 million yuan [1][2]. Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 341 million yuan, showing significant growth of 54.53% year-on-year and 59.82% quarter-on-quarter, with a net profit of 135 million yuan, up 24.38% year-on-year and 52.90% quarter-on-quarter [3]. - The gross profit margin for the first three quarters of 2025 was 71.80%, down 5.45 percentage points, while the net profit margin was 39.92%, down 14.49 percentage points [3]. - The company’s R&D expenses for the first three quarters reached 125 million yuan, a substantial increase of 107.22% year-on-year, exceeding the total R&D expenses of 88 million yuan for the entire year of 2024 [2][3]. Group 2: R&D and Product Development - The company has made significant breakthroughs in new stealth structural components, with revenue growth approaching the total revenue for 2024 [2]. - The new generation of electromagnetic anechoic chambers has over 100 million yuan in orders, with multiple projects progressing simultaneously, including the completion of a multi-million yuan project in Q3 2025 [2]. - The company is focusing on R&D projects in stealth structural components, new electromagnetic anechoic chambers, and stealth maintenance products, achieving breakthroughs in several technologies [2]. Group 3: Strategic Initiatives - The company launched a stock incentive plan in May, granting 1.48375 million restricted shares to 62 key personnel, which is 0.371% of the total share capital, aimed at attracting and retaining talent [4]. - The company is advancing its fundraising projects, including a manufacturing base for electromagnetic functional materials with a total planned investment of 618 million yuan and a research center with an investment of 85 million yuan [5]. - The company has completed the historical mission of the "rapid ramp-up" strategic development phase and is now entering a "comprehensive development" phase, with long-term performance expected to improve [5].

Core Viewpoint - Jiachitech (688708.SH) has faced operational challenges post-IPO, with a significant drop in net profit despite revenue growth in the first three quarters of 2024. The company operates in the military sector, which has led to stock price fluctuations, including a peak increase of over 91% from April to September 2024 [3][4]. Financial Performance - In the first three quarters of 2024, Jiachitech reported revenue of 619 million yuan, a year-on-year increase of 5.21%, while net profit decreased by 22.39% to 249 million yuan. The non-recurring net profit also fell by 27.56% to 222 million yuan [3][4]. - Quarterly performance showed a significant recovery in Q3, with revenue reaching 341 million yuan, a 54.53% increase year-on-year, while net profit rose by 24.38% to 135 million yuan. However, Q1 and Q2 saw declines of 52.70% and 7.27% in revenue, respectively [4][5]. Business Segments - Jiachitech specializes in electromagnetic functional materials and structures (EMMS), focusing on three main areas: stealth functional structural components, next-generation electromagnetic anechoic chambers, and stealth maintenance products [4]. - The company has secured over 100 million yuan in orders for the new generation of electromagnetic anechoic chambers, with multiple projects currently underway [5]. Research and Development - R&D investment has significantly increased, with 125 million yuan spent in the first three quarters of 2025, a 107.22% increase year-on-year. This investment is aimed at new areas such as stealth functional structural components and electromagnetic measurement and control [6]. - The company has applied for 125 patents, with 32 granted, indicating a strong focus on innovation and technology development [6]. Market Dynamics - Jiachitech's stock has attracted interest from various funds, with significant changes in the top ten circulating shareholders by the end of Q3 2024, indicating fluctuating investor confidence [8]. - The company aims to improve profitability through continued breakthroughs in new fields, particularly in stealth coating materials, which have seen applications in aviation and military sectors [7].