Jianghai Capacitor (002484 CH): Downgrade to Hold: Concerns amid heated sentiment

研报英文原文证据摘录

Jianghai Capacitor (002484 CH): Downgrade to Hold: Concerns amid heated sentiment

e expect lower demand for horn-type capacitors in Nvidia’s

800V DC solution” for details); the 800VDC solution is likely to use more film capacitors

which Jianghai also makes but enjoys much smaller market share now.

◆ Meanwhile, we think further growth upside for Jianghai depends on the application of LIC

supercapacitors (Lithium-Ion Capacitor) in AIDC. The market could be as large as USD1.6bn

in 2028e (see exhibit 3) and there are fewer competitors of LIC or HUC than of EDLC

supercapacitors globally, but the final design of next-generation AI servers is yet complete and

the timing of massive delivery is uncertain. We are not sure if it will be used in large scale yet.

◆ MLPC (multilayer polymer aluminium capacitors) is also a promising growth driver for

Jianghai and it did not draw much attention from investors, mainly because the addressable

market is relatively smaller (exhibit 3). We also find that many Japanese peers can make

similar products, in addition to Panasonic.

Overall, we think it is fortunate that Jianghai has exposure to almost all the capacitors to be

used AI servers (except MLCC and tantalum electrolytic capacitors, see exhibits 3-4). This is

thanks to Jianghai’s comprehensive product portfolio and leading market position. AI

infrastructure will be the major growth driver for Jianghai in 2026-28e (exhibit 8).

In 2026-28e, the major growth contributor will be horn-type aluminium capacitors used in AI

servers, and we highlight that our market sizing in exhibit 3 includes those for ASIC servers and

is not limited to those in Nvidia’s Vera Rubin racks (exhibit 1). Our Vera Rubin delivery forecast

is from HSBC global research report NVIDIA Corp (NVDA US), 19 May 2026.