Initiation of Coverage: AI beneficiary with nuclear fusion exposure; initiate at Buy

研报英文原文证据摘录

Initiation of Coverage: AI beneficiary with nuclear fusion exposure; initiate at Buy

Global Research

2 July 2026ab

Initiation of Coverage

EquitiesNantong Jianghai Capacitor

AI beneficiary with nuclear fusion exposure; China

initiate at Buy Advanced Industrial Equipment

12-month rating Buy

Prior : No Rating

12m price target Rmb176.00

Key beneficiary of two major upcycles; initiate coverage at Buy

Prior :

We initiate coverage of Jianghai Capacitor with a Buy rating and price target of

Rmb176.0. Jianghai is a tier-1 Chinese capacitor manufacturer specialised in high-value Price (30 Jun 2026) Rmb105.00

capacitor products, positioning it for two structural upcycles: 1) AI data centre (AIDC) RIC: 002484.SZ BBG: 002484 CS

infrastructure build-out and 2) nuclear fusion build-out. We forecast a 45% EPS CAGR in

Trading data and key metrics

2026-28, driven by 1) accelerating capacitor demand from AIDC applications, and 2)

exposure to nuclear fusion-related supercapacitor demand. Our 2026-27E EPS are 55- 52-wk range Rmb111.02-20.04

97% above consensus, while the stock trades at 40x 2027E PE. Market cap. Rmb89.1b/US$13.1b

Shares o/s 849m (ORDA)

Nuclear fusion exposure, with Jianghai already qualified domestically Free float 58%

We forecast a fusion-related supercapacitor demand CAGR of 70% to 2030, and see a Avg. daily volume ('000) 51,318

meaningful supply shortage emerging as early as 2028 as AIDC applications absorb a Avg. daily value (m) Rmb3,192.8

growing share of global supercapacitor capacity. We believe Jianghai is well-positioned Common s/h equity (12/26E) Rmb7.45b

to capture this upcycle, having already supplied fusion-grade supercapacitors to two P/BV (12/26E) 12.0x

Chinese fusion projects.