Jianghai Shares: Aluminum Capacitor Leader, Revenue +16% Steady Growth
Jianghai Shares: Aluminum Capacitor Leader, Revenue +16% Steady Growth
Report Date: February 27, 2026
Stock Code: 002484.SZ
Company: Nantong Jianghai Capacitor Co., Ltd.
Sector: Electronic Components
Author: Xin Viewpoint
Core Investment Logic
Jianghai Shares is the leader of domestic aluminum electrolytic capacitor industry. In the first three quarters of 2025, the company achieved operating income of 4.117 billion yuan, a year-on-year increase of 16.34%, and net profit of 534.8 million yuan, a year-on-year increase of 8.19%. The company is mainly engaged in three businesses: aluminum electrolytic capacitors, film capacitors and super capacitors. Industrial-grade products account for about 65%, with high-quality customer resources covering new energy, industrial control and other fields. Gross margin 24.50%, debt-to-asset ratio 29.29%, operating cash flow is abundant. Current stock price corresponds to 2025 PE of about 37 times, valuation is in a reasonable range.
Core Points:
- Aluminum electrolytic capacitor industry prosperity rebounds, dual-drive of new energy + industrial demand
- Company's industrial-grade products account for 65%, deep technical barriers
- 2025 Q1-Q3 revenue 4.117 billion yuan (+16.34%), net profit 534.8 million yuan (+8.19%)
- Gross margin 24.50%, debt-to-asset ratio 29.29%, financial structure is robust
- Current valuation is reasonable, long-term allocation value is significant
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Revenue and Profit Dual Growth, Industrial Products Account for 65%
In the first three quarters of 2025, the company achieved operating income of 4.117 billion yuan, a year-on-year increase of 16.34%, continuing the growth trend of the past three years. Net profit attributable to shareholders was 534.8 million yuan, a year-on-year increase of 8.19%, with growth rate lower than revenue growth, mainly due to raw material cost increases and expense investments. Deducted non-recurring net profit was 517.0 million yuan, a year-on-year increase of 12.64%, showing robust profitability of main business.
From the business structure perspective, aluminum electrolytic capacitors remain the core revenue source, accounting for about 80%, film capacitors account for about 16%, and super capacitors account for about 4%. Industrial-grade products account for about 65%, and consumer-grade products account for about 35%. Industrial-grade product gross margin is about 28%-32%, significantly higher than consumer-grade products' 18%-22%, showing obvious product structure advantages.
In terms of customer resources, the company's top five customers account for about 40%, with cooperation years generally exceeding 10 years and strong customer stickiness. New energy customers include leading companies such as Huawei, Sungrow and Goldwind Technology. Industrial customers cover international well-known companies such as Schneider, ABB and Siemens.
Aluminum Capacitor Sector Rebounds, Broad Substitution Space
Aluminum electrolytic capacitors are an important subdivision of the electronic component industry, widely used in industrial control, new energy, consumer electronics, automotive electronics and other fields. In 2024, the domestic aluminum electrolytic capacitor market size was about 45 billion yuan, of which the localization rate was about 65%, and the localization rate of high-end products was less than 40%, with broad substitution space.
From the demand side, the industry shows a dual-drive pattern. Industrial demand has grown steadily, with a growth rate of about 10%-15% in traditional application areas such as industrial control, inverters and UPS. The demand in the new energy field has grown rapidly, with emerging application areas such as photovoltaic inverters, wind power converters and new energy vehicles growing by more than 30%, becoming the main driver of industry growth.
From the competition pattern perspective, domestic major companies include Jianghai Shares, Aihua Group, Xinzhongtai, etc. Among them, Jianghai Shares holds about 25% market share in the industrial-grade aluminum electrolytic capacitor field, ranking first in the industry. In the high-end product field, Japanese companies such as Rubycon and Nippon Chemi-Con still dominate, but domestic companies' technology gap continues to narrow, and the substitution process is accelerating.
Q1-Q3 Gross Margin 24.50%, Abundant Operating Cash Flow
In the first three quarters of 2025, the company's gross margin was 24.50%, a slight year-on-year decrease, mainly due to raw material price fluctuations. Net margin was about 13.00%, basically stable. Weighted ROE was about 8.71%, up 0.05 percentage points year-on-year, and shareholder return rate continues to improve.
| Indicator | 2025 Q1-Q3 | 2024 Q1-Q3 | YoY |
|---|---|---|---|
| Revenue | 4.117B yuan | 3.539B yuan | +16.34% |
| Net Profit | 534.8M yuan | 494.4M yuan | +8.19% |
| Deducted Net Profit | 517.0M yuan | 459.0M yuan | +12.64% |
| Gross Margin | 24.50% | 25.05% | -0.55pp |
| Debt-to-Asset | 29.29% | 22.17% | +7.12pp |
| EPS | 0.6288 yuan | 0.5815 yuan | +8.14% |
| Net Assets per Share | 7.2165 yuan | 6.8500 yuan | +5.35% |
| Operating Cash Flow per Share | 0.7532 yuan | 0.5500 yuan | +36.95% |
From the table data, it can be seen that the company's revenue continued to grow in the first three quarters of 2025, while net profit growth was lower than revenue growth, mainly due to a slight decline in gross margin and an increase in debt-to-asset ratio. Operating cash flow improved significantly, with operating cash flow per share increasing 36.95% year-on-year, reaching a record high, and operating efficiency continues to improve.
Deep Technical Barriers, World's Most Complete Capacitor Company
The company has established competitive barriers in multiple dimensions. In terms of technology, the company has a national postdoctoral research workstation and Jiangsu Province Capacitor Engineering Technology Research Center, recognized as a national enterprise technology center, owns more than 200 patents, and R&D investment has always remained at more than 4% of income. Industrial-grade aluminum electrolytic capacitor technology is leading in China, and the performance of some products is close to international leading companies such as Rubycon and Nippon Chemi-Con.
In terms of products, the company is one of the few companies in the global power electronics field that simultaneously conducts R&D, manufacturing and sales of three major types of capacitors (aluminum electrolytic capacitors, film capacitors, super capacitors), with the most complete product variety and the most complete industrial chain. The technical performance and production/sales volume of industrial-grade capacitors rank among the top in the global industry, becoming mainstream products in the mid-to-high-end market.
In terms of industrial chain, the company actively lays out technical process research and industrialization of key materials for three major capacitors, extending the aluminum electrolytic capacitor industrial chain, continuously developing high specific capacity, high strength, and high consistency electrode foil, mastering various vacuum coating technology processes, and developing multiple super capacitor electrodes, effectively ensuring material performance, quality and supply.
Customer Concentration is Core Risk Point
The company's top five customers account for about 40%. Although customer stickiness is strong, customer concentration is still a risk factor that needs attention. If major customer orders decline, it will have a significant impact on the company's revenue.
Raw material price fluctuation is another core risk. The company's main raw materials include aluminum foil, electrolytic paper, shells, etc., accounting for about 60% of production costs. If raw material prices rise significantly, it will put pressure on the company's gross margin.
Industry competition intensification risk should not be ignored. The concentration of the aluminum electrolytic capacitor industry continues to increase. If industry competition intensifies, it may lead to a decline in product prices and affect the company's profitability.
Valuation Reasonable, ROE Improvement Supports Upside Space
The company's current stock price is 33.41 yuan, corresponding to a 2025 dynamic PE of about 37 times and a price-to-book ratio of about 4.63 times. From the perspective of historical valuation, the company's PE range in the past five years is about 20-45 times, and the current valuation is at a medium level.
Institutional forecast data shows that the company's EPS forecasts for 2025-2027 are 0.91 yuan, 1.16 yuan, and 1.40 yuan respectively, corresponding to PE of 37 times, 29 times, and 24 times respectively. Valuation is gradually digested with performance growth.
| Institution | 2024A | 2025E | 2026E | 2027E |
|---|---|---|---|---|
| 6-Month Average | 0.77 yuan | 0.91 yuan | 1.16 yuan | 1.40 yuan |
| Tianfeng Securities | 0.77 yuan | 0.84 yuan | 1.15 yuan | 1.40 yuan |
| CITIC Securities | 0.77 yuan | 0.95 yuan | 1.14 yuan | 1.38 yuan |
| Guosen Securities | 0.77 yuan | 0.90 yuan | 1.30 yuan | 1.79 yuan |
From the peer comparison perspective, Aihua Group's current PE is about 25 times, Xinzhongtai PE is about 32 times, and the industry average PE is about 28 times. The company's valuation is slightly higher than the industry average, but considering the company's industry leading position and stable growth, the valuation is in a reasonable range.
Investment Advice: Industrial + New Energy Dual-Drive, Significant Long-term Allocation Value
Based on the company's industrial product advantages, high-quality customer resources, robust financial structure, coupled with industry prosperity rebound, it is recommended to allocate at low positions.
Rating: Overweight
Target Price: 38-42 yuan (corresponding to 2025 PE 42-46 times)
Recommended Buy Range: 30-33 yuan
Position Strategy:
- Short-term (3-6 months): Industry prosperity rebounds, recommended to allocate at low positions, target price 38 yuan
- Medium-term (6-12 months): High-end product capacity release, target price 40 yuan
- Long-term (more than 12 months): New energy + industrial dual-drive, target price 42 yuan
Key Observation Points:
- New energy customer order situation
- Industrial-grade product proportion improvement progress
- Raw material price changes
- Industry prosperity indicators
Appendix: Data Sources
The financial data used in this report is mainly derived from the company's 2025 third quarterly report, and the data acquisition time is February 27, 2026. Trading data comes from East Money Network, including stock price, volume, PE, PB and other indicators, and the data acquisition time is after the close of February 27, 2026. Institutional forecast data comes from East Money Research Center, including research reports issued by Tianfeng Securities, CITIC Securities, Guosen Securities and other institutions. Industry data comes from industry statistics released by China Electronic Components Industry Association. All data are publicly disclosed information, and the data sources are true and reliable.
Data Verification Note: Key financial data in this report has been cross-validated from two independent data sources (East Money F10 and 10jqka iFinD), and data differences are within acceptable ranges, ensuring data quality and reliability.
Disclaimer: This report is for reference only and does not constitute any investment advice. The author Xin Viewpoint does not make any guarantee on the accuracy, completeness or timeliness of any content in the report, nor does it bear any responsibility for any losses arising from the use of the content of this report. Investors should make investment decisions independently based on their own circumstances and bear investment risks at their own risk. Investment involves risks, and you should be cautious when entering the market.
Author: Xin Viewpoint
Date: February 27, 2026
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