J.POND PRECISION(301326):PRECISION FUNCTIONAL PART LEADER CREATING A SECOND GROWTH CURVE
J.POND PRECISION(301326):PRECISION FUNCTIONAL PART LEADER CREATING A SECOND GROWTH CURVE
J.Pond Precision is an outstanding domestic manufacturer of precision functional components, boasting significant advantages in product innovation and customer channels. Leveraging the exceptional industry experience accumulated from major clients, the Company is poised to secure more international orders and gain a higher market share, further enhancing its brand impact. J.Pond Precision is also rapidly entering the carbon nanotube industry, with its products already integrated into certain power, energy storage, and consumer battery manufacturing supply chains, which may refuel the Company's growth. We estimate its 2023E-25E attributable net profit (ANP) at Rmb56mn/113mn/184mn, equivalent to EPS forecasts of Rmb0.77/1.56/2.55. Based on the PE and PEG valuation methods, we assign a target price of Rmb43 on 55x 2023E PE and initiate coverage with a "BUY" rating.
江湖精密是國內優秀的精密功能部件製造商，在產品創新和客戶渠道方面擁有顯著的優勢。憑藉從主要客戶那裡積累的卓越行業經驗，該公司有望獲得更多國際訂單，並獲得更高的市場份額，進一步增強其品牌影響力。J.Pond Precision也正在迅速進入碳納米管行業，其產品已經整合到某些電力、儲能和消費電池製造供應鏈中，這可能會重新推動公司的增長。我們估計其2023E-25E可歸屬淨利潤(ANP)為5600萬元人民幣/11300萬元/1.84億元人民幣，相當於每股收益預測0.77元/1.56/2.55元。基於PE和PEG估值方法，我們將55X 2023E PE的目標價定為43元，並以買入評級啟動覆蓋。
Company profile: Domestic leader of the precision functional parts. J.Pond Precision is a highly customized manufacturer of precision functional and structural parts. Its products find applications in various end-user segments, including tablets, laptops, all-in-one computers, smart home devices, 3D printing, drones, and more. The Company's revenue mainly comes from its precision functional and structural parts business, and it ventured into the carbon nanotube field in 2020, enriching its business mix. In 1H23, J.Pond Precision achieved revenue of Rmb327mn, down 30.05% YoY; and ANP of Rmb-10mn, turning into a YoY loss.
公司簡介：國內精密功能件領先者。J.Pond Precision是一家高度定製化的精密功能和結構部件製造商。其產品適用於各種終端用戶細分市場，包括平板電腦、筆記本電腦、一體機、智慧家居設備、3D列印、無人機等。公司的收入主要來自精密功能和結構部件業務，並於2020年進軍碳納米管領域，豐富了業務組合。2013年第一季度，J.Pond Precision實現營收3.27億元，同比下降30.05%；ANP-1000萬元，扭虧為盈。
Precision functional & structural parts: Consumer electronics shows visible improvement, and J.Pond enhances its leadership via deeper partnerships.
精密功能和結構部件：消費電子產品表現出明顯的改進，J.Pond通過更深入的合作夥伴關係加強了其領先地位。
Precision functional and structural components belong to the midstream link of the consumer electronics industry value chain. The demand for downstream end-user consumer electronics, such as tablets, laptops and all- in-one computers, is likely to rebound and enter a new growth cycle. Against the backdrop of the gradual migration of the consumer electronics supply chain to Southeast Asia and South Asia, the Company's establishment of an overseas production base in Vietnam helps optimize the supply chain and improve supply efficiency. The rapid development of the downstream industries, with demand for features like slimness and flexibility, drives continuous innovation in functional and structural parts. Leveraging its strong R&D capabilities and economies of scale, J.Pond continuously provides high- quality products to its customers, facilitating customer expansion. As of now, it has become consumer electronic suppliers of some international brands like Apple, Google, Amazon etc, and such partnerships contribute to the Company's stability, sustainability, and brand recognition.
精密功能部件和結構部件屬於消費電子產業價值鏈的中游環節。平板電腦、筆記本電腦和一體機等下游終端用戶消費電子產品的需求可能會反彈，進入新的增長週期。在消費電子供應鏈逐步向東南亞和南亞轉移的背景下，公司在越南建立海外生產基地有助於優化供應鏈，提高供應效率。下游產業的快速發展，以及對纖細和靈活性等特徵的需求，推動了功能和結構部件的不斷創新。憑藉其強大的研發能力和規模經濟，J.Pond不斷為客戶提供高質量的產品，促進客戶擴張。到目前為止，它已經成為蘋果、谷歌、亞馬遜等國際品牌的消費電子供應商，這種合作夥伴關係有助於公司的穩定性、可持續性和品牌認知度。
Carbon nanotubes: Venturing into the lithium battery material field to create a second growth curve.
碳納米管：進軍鋰電池材料領域，創造第二條增長曲線。
Carbon nanotubes, compared to traditional conductive agents like carbon black, have advantages in terms of conductivity and usage. The demand for fast-charging lithium-ion batteries (LIBs) and the emergence of new anode materials like silicon-carbon (SiC) will to some extent drive the demand for carbon nanotube conductive agents. We anticipate that by 2025, the demand for carbon nanotubes will reach 31kt, with a CAGR of 79.8% from 2021 to 2025, corresponding to a demand for 770kt of carbon nanotube slurries in 2025. The Company will continue to expand its carbon nanotube production capacity and accelerate its carbon nanotube business with its excellent carbon nanotube R&D team. As its carbon nanotube products have been recognized by some battery manufacturers, especially those in the new energy vehicle (NEV) battery segments, such products gradually enter into the supply chains of these battery manufacturers. The carbon nanotube business revenue is likely to experience significant growth, enhancing the Company's profitability, stability and sustainability.
與炭黑等傳統導電劑相比，碳納米管在導電性和用途方面具有優勢。快速充電鋰離子電池(LIB)的需求和新型負極材料如硅碳(SIC)的出現將在一定程度上推動對碳納米管導電劑的需求。我們預計，到2025年，對碳納米管的需求將達到31kt，2021年至2025年的復合年增長率為79.8%，相當於2025年對碳納米管漿料的770kt的需求。公司將憑藉優秀的碳納米管研發團隊，繼續擴大碳納米管產能，加快碳納米管業務發展。隨著其碳納米管產品得到一些電池製造商，特別是新能源汽車(NEV)電池細分市場的認可，此類產品逐漸進入這些電池製造商的供應鏈。碳納米管業務收入可能經歷顯著增長，從而增強公司的盈利能力、穩定性和可持續性。
Potential risks:
潛在風險：
A growth slowdown or decline in the global consumer electronics market; delays in the construction of new production capacity projects; price hikes of raw materials; fluctuations in exchange rate; risks related to safety in production; and intensified competition in the industry.
全球消費電子市場增長放緩或下降；新產能專案建設延遲；原材料價格上漲；匯率波動；安全生產風險；行業競爭加劇。
Investment strategy:
投資策略：
J.Pond Precision is an outstanding domestic manufacturer of precision functional components, boasting significant advantages in product innovation and customer channels. Leveraging the exceptional industry experience accumulated from major clients, the Company is poised to secure more international orders and gain a higher market share, further enhancing its brand impact. It is also rapidly entering the carbon nanotube industry, with its products already integrated into certain power, energy storage, and consumer battery manufacturing supply chains, which may refuel the Company's growth. We estimate its 2023E-25E ANP at Rmb56mn/113mn/184mn, equivalent to EPS forecasts of Rmb0.77/1.56/2.55, with the stock currently trading at 45x/22x/14x 2023E/24E/25E PE. Based on the PE and PEG valuation methods, by taking into account the average valuation level of the comparable companies and the expectation of the Company's high growth, we assign 55x 2023E PE to derive a target price of Rmb43 and initiate coverage with a "BUY" rating.
江湖精密是國內優秀的精密功能部件製造商，在產品創新和客戶渠道方面擁有顯著的優勢。憑藉從主要客戶那裡積累的卓越行業經驗，該公司有望獲得更多國際訂單，並獲得更高的市場份額，進一步增強其品牌影響力。該公司還迅速進入碳納米管行業，其產品已經整合到某些電力、儲能和消費電池製造供應鏈中，這可能會重新推動公司的增長。我們估計其2023E-25E的淨現值為56MN/113MN/184MN，相當於每股收益預測為0.77/1.56/2.55元，該股目前的本益比為45x/22x/14x 2023E/24E/25E。基於PE和PEG估值方法，考慮到可比公司的平均估值水準和對公司高增長的預期，我們賦予55倍2023E的PE，以得出人民幣43元的目標價，並以“買入”評級啟動覆蓋。
譯文內容由第三人軟體翻譯。