Nantong Jianghai Capacitor Co. (002484.SZ) 2Q26 results below GSe, limited shipment or customer certification progress despi...

Equity Research 22 August 2026 | 5:10PM HKT

Nantong Jianghai Capacitor Co. (002484.SZ): 2Q26 results below GSe, limited shipment or customer certification progress despite aggressive

Jianghai released 2Q26 results after the Aug 20 market close, with revenue/gross Jacqueline Du | profit/operating profit/net profit of Rmb1,767mn/435mn/251mn/221mn, Goldman Sachs (Asia) L.L.C. +15%/+12%/+11%/+7% yoy, -6%/-8%/-8%/-14% vs. GSe, below our expectations. Market is most interested in its AIDC product shipment status and new customer certification progress. Among aluminum electrolytic capacitor revenue breakdown, industrial control and UPS revenue was around Rmb579mn in 2Q26 versus Rmb497mn in 2Q25, with limited incremental contribution so far, although company commented on shipping 2mn units in August for AIDC applications (implying revenue of c. Rmb108mn). For EDLC, company has already started shipping into AI applications, with cumulative shipments of around 1mn units, while 1H26 AI-related supercapacitor revenue was only around Rmb17mn. We remain cautious despite the improving near-term pricing environment. For aluminum electrolytic capacitors, management’s 2027 capacity plan implies a very large revenue opportunity, but we do not yet see enough verified customer demand to support full utilization. EDLC shipment remains small, capturing likely 13% market share, while LIC and MLPC remain at relatively early stages of qualification and customer conversion. We reiterate Sell as we believe current stock price has reflected overly optimistic opportunities across aluminum electrolytic capacitors, supercapacitors and MLPC.

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Goldman Sachs Nantong Jianghai Capacitor Co. (002484.SZ)

Exhibit 1: Jianghai financial summary

Prior Jianghai 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 yoy qoq 2Q26 Diff (002484.SZ) GSe Revenue (Rmb mn) 1,158 1,536 1,423 1,367 1,384 1,767 15% 28% 1,874 -6% Gross profit (Rmb mn) % 22% 472 -8% EBIT (Rmb mn) % 36% 273 -8% Net profit (Rmb mn) % 37% 257 -14% EPS (Rmb) % 37% 0.30 -14% Gross margin 24% 25% 24% 23% 26% 25% -1pp -1pp 25% -1pp EBIT margin 13% 15% 13% 12% 13% 14% 0pp 1pp 15% 0pp Net margin 13% 13% 12% 10% 12% 13% -1pp 1pp 14% -1pp

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 2: Current Jianghai share price implies separately 48%/64%/77% market share for aluminum electrolytic capacitors or 41%/55%/66% market share for LIC in AIDC business by applying 40x/30x/25x P/E in 2028E, both above our base case forecast

Source: Company data, Goldman Sachs Global Investment Research

Aluminum electrolytic capacitors revenue recorded Rmb2,498mn, +12% yoy, with GPM at 27.0%, +0.3pp yoy.

Film capacitors revenue recorded Rmb311mn, +34% yoy, with GPM at 15.2%, +0.8pp yoy.

Supercapacitors revenue recorded Rmb249mn, +54% yoy, with GPM at 19.5%, +2.7pp yoy.

Gross margin trends: 2Q26 GPM declined by 0.8pp yoy and 1.3pp qoq, mainly due to the annual price decline of 3-5% across the company’s products and higher raw-material costs. Some price hikes (from 4.5% to 20%) will only be fully implemented during 3Q26, with company possessing strong pricing power under supply shortage conditions. AI-related high-margin products have yet to make a meaningful contribution, and management expects margins to improve sequentially from August onward, where we also forecast a slight recovery into 2H26E, though noting electricity prices could be a modest headwind: Xinjiang electricity prices remain broadly stable at around Rmb0.31/kWh, while the gradual withdrawal of preferential power tariffs for some strategic emerging industries in Inner Mongolia could increase electricity costs by around Rmb0.01-0.02/kWh. Some…