JHCC(SZ:002484)2025-08-28 15:15Summary of Jianghai Co., Ltd. Conference Call Company Overview - Company: Jianghai Co., Ltd. - Date: August 28, 2025 Key Financial Metrics - Total Revenue: 2.694 billion CNY, up 13.96% year-on-year [3] - Revenue Breakdown: - Lithium Capacitors: 2.229 billion CNY, 82.75% of total revenue, up 16.7% [3] - Film Capacitors: 233 million CNY, 8.65% of total revenue, up 4.96% [3] - Supercapacitors: 162 million CNY, 6% of total revenue, up 48.93% [2][4] Profitability Analysis - Gross Margins: - Lithium Capacitors: 26.75%, slight increase [5] - Film Capacitors: 14.39%, decline year-on-year [5] - Supercapacitors: 16.86%, decline year-on-year but slight increase quarter-on-quarter [5] - Materials: 21.53%, increase due to cost reductions from new projects [5] Market Segmentation - Aluminum Electrolytic Capacitors: - Industrial Automation: 38.59% - New Energy: 29.3% - Automotive & Charging Stations: 10.26% - Consumer Applications: 21.85% [6] - Film Capacitors: - New Energy: 33.16% - Automotive: 30.8% - Industrial Automation: 23.9% - Consumer Applications: 12.44% [6] - Supercapacitors: - Smart Meters: 44.88% - New Energy: 29.8% - Energy Storage & Frequency Regulation: 25.32% [6] Future Outlook - Market Growth: Expected to maintain a growth rate of 10%-20% for the year despite a cooling new energy market in Q3 [7][8] - Expansion Plans: Plans to double supercapacitor sales to 600 million CNY by 2026 through automation and capacity enhancements [3][16] - AI Technology Integration: Significant opportunities in AI applications, with expected monthly orders from Delta for supercapacitors starting in Q1 2026 [9][17] AI and Technology Developments - Supercapacitor Production: New models (H200, GB200, GB300) in mass production, with expected demand growth exceeding 50% [9] - Aluminum Electrolytic Capacitors: Voltage increased to 475V, with capacity exceeding 1,000μF, and significant demand from AI applications [10][11] - Market Position: Jianghai is a key supplier in the AI sector, with expectations of high margins for new products [27] Capital Expenditure Plans - 2025 Capital Expenditure: Expected to be around 1.5 to 2 billion CNY, focusing on expanding production capacity and enhancing technology [24][23] - Future Investments: Plans to invest 500 million to 1 billion CNY to increase production capacity by 3 to 5 times [22][23] Competitive Landscape - Market Share: Jianghai aims to increase its market share in aluminum electrolytic capacitors, particularly in AI applications, with expected revenue growth of 20% in 2026 [26] - Material Innovations: Collaboration with South China University of Technology to develop new materials that enhance product performance and reduce costs [30][31] Conclusion - Jianghai Co., Ltd. is positioned for significant growth in the capacitor market, particularly in AI and new energy applications, with robust financial performance and strategic expansion plans. The integration of AI technology and ongoing innovations in product development are expected to drive future profitability and market share.