Analysis Report on Jin’anguoji (002636) Limit-Up
Comprehensive Analysis
Event Background
This analysis is based on reports from multiple authoritative financial media including Dongfang Wealth Network [1], Tonghuashun Finance [2], and Changjiang Business Daily [3], published between January 21-23, 2026. Jin’anguoji (002636.SZ) hit the daily limit-up on January 23, 2026, closing at 25.63 yuan and entering the day’s limit-up pool. This marks the 4th limit-up for the stock in the past 7 trading days, with a cumulative increase of 56.28%, and a 39.43% gain since the start of 2026 [0][2].
From trading data, the stock recorded a turnover of 829 million yuan, limit-up sealing capital of 177 million yuan, and a turnover rate of 4.58%, indicating high market capital participation. As of the close, its total market capitalization reached 18.659 billion yuan, and free float market capitalization reached 18.564 billion yuan [0]. It is worth noting that the stock has hit the daily limit-up 18 times in the past year, showing relatively active trading characteristics.
Core Drivers for Limit-Up
First, explosive earnings growth is the core catalyst for this limit-up.
On the evening of January 21, 2026, the company released its 2025 annual earnings forecast, expecting to achieve a net profit attributable to shareholders of 280-360 million yuan, representing a year-on-year surge of 655.53%-871.40% [1][3][5]. Its net profit excluding non-recurring items also performed strongly, reaching 250-320 million yuan, compared to a loss of 82.37 million yuan in the same period last year, turning from loss to profit. The main reasons for earnings growth are the recovery of the copper clad laminate (CCL) market, a significant year-on-year increase in the company’s production and sales volume, and a rebound in sales prices [1][5]. The basic earnings per share is expected to be 0.385 yuan/share - 0.495 yuan/share, providing solid fundamental support.
Second, capacity expansion plans demonstrate development confidence.
On November 19, 2025, the company announced a plan to raise approximately 1.3 billion yuan through a private placement to invest in a project with an annual output of 40 million square meters of high-grade CCL [4]. Subsequently, on October 30, 2025, the company added an investment of no more than 385 million yuan to increase the total annual capacity of the Ningguo Jin’an high-grade CCL project from 30 million sheets to 36 million sheets. On the same day, the company also announced an investment of no more than 100 million yuan to build a 60 million meters electronic-grade fiberglass cloth expansion project, to ensure raw material supply and strengthen the integrated industrial chain layout [4]. These capacity expansion measures indicate the company’s optimistic attitude towards the future development of the CCL industry.
Third, the high boom in the PCB industry driven by AI provides macro support.
As a core upstream substrate supplier in the PCB industry, the substantial earnings growth of the CCL industry directly confirms the recovery of the PCB industry’s boom [6]. Since the start of 2026, the PCB sector has continued to rise, with a cumulative increase of over 8%. Emerging applications such as AI terminals, 5G communications, and new energy vehicles have strong demand for high-grade CCL, providing a favorable industry development environment for the company [6][7].
Technical Pattern and Capital Side Analysis
From a technical perspective, the stock shows a typical accelerated upward trend. It hit the limit-up at 9:32 AM today, then stabilized at a high level around 25.63 yuan, with a cumulative turnover rate of 47.02% in the past 7 trading days, indicating high attention from capital [0][7]. Margin trading data shows that as of January 22, the financing balance was 483 million yuan, a decrease of 25.07 million yuan from the previous day, indicating that some leveraged capital has started to take profits, but the 177 million yuan limit-up sealing capital still shows strong buying support [0].
The short-term resistance level is in the 26.50-27.00 yuan range (previous high), the first support level is at 24.00 yuan (near the 5-day moving average), and the second support level is at 22.50 yuan (near the 10-day moving average) [0]. Calculated based on the closing price on January 21, the company’s PE (TTM) is approximately 42.83x-55.08x, which is higher than the industry average [8].
Key Insights
Cross-domain Correlation Findings
Integrated industrial chain advantage is prominent.
Jin’anguoji has achieved full industrial chain coverage of “fiberglass cloth - CCL - PCB”. This vertical integration model has obvious cost advantages and risk resistance during periods of raw material price fluctuations and supply chain tensions. The company’s investment in the 60 million meters electronic-grade fiberglass cloth expansion project is exactly to strengthen this competitive advantage and ensure the stable supply of core raw materials [4].
Deep implications of earnings reversal.
From a loss of 82.37 million yuan in 2024 to a profit of 280-360 million yuan in 2025, this sharp earnings reversal is not just a simple cyclical recovery, but also reflects the company’s strategic adjustments and capability improvements during the industry downturn. The substantial improvement in net profit excluding non-recurring items indicates that the real profitability of the company’s main business has been restored and enhanced, rather than relying on one-time gains [1][3].
Sector linkage effect is significant.
The PCB sector has risen by over 8% since the start of 2026, with many stocks in the sector performing strongly. As a leading company in the CCL sub-sector, Jin’anguoji fully benefits from the overall valuation lift and capital attention of the sector [6]. Such sectoral opportunities tend to have strong sustainability, but investors also need to be wary of the linkage risk brought by sector pullbacks.
Risks and Opportunities
Main Risk Points
Short-term pullback risk is prominent.
With a 56.28% increase in 7 trading days, the short-term gains have fully priced in the earnings positive news, and there is a risk of profit-taking after “good news is fully reflected”. The financing balance decreased by 25.07 million yuan, and some leveraged capital has begun to withdraw [0]. Investors should be wary of the risk of short-term losses from chasing highs at elevated levels.
Valuation pressure cannot be ignored.
The current PE (TTM) is approximately 43-55x, significantly higher than the average level of the CCL industry [8]. Although explosive earnings growth can partially digest the high valuation, if market sentiment shifts or the sector pulls back, high-valuation stocks often face greater adjustment pressure.
Uncertainty exists in fundraising projects.
The 1.3 billion yuan private placement project has a long construction period, and there is uncertainty about whether the capacity can be smoothly absorbed. The traditional consumer electronics market has not yet fully recovered, market competition is still fierce, and the actual benefits of the project may be lower than expected [4].
Industry cyclical risk.
The PCB/CCL industry has strong cyclical characteristics. Although it currently benefits from the high boom driven by AI, changes in the industry cycle may lead to future earnings fluctuations.
Opportunity Window
Solid fundamental support.
With a 6-8x explosive earnings growth, net profit excluding non-recurring items turning from loss to profit, and steady progress in capacity expansion, the company’s fundamentals have undergone substantial improvement. This kind of rise driven by fundamentals has strong sustainability.
Broad industry development prospects.
Emerging applications such as AI terminals, 5G communications, and new energy vehicles continue to increase demand for high-grade CCL, and the industry’s high boom is expected to continue. As an industry leader, the company is expected to continue to benefit [6].
High capital attention.
The 177 million yuan limit-up sealing capital and 829 million yuan turnover show high market capital attention to this stock. In the current market environment, hot sectors and stocks favored by capital often have stronger short-term performance momentum [0].
Key Information Summary
Jin’anguoji’s limit-up today is the result of multiple positive factors resonating: the 2025 earnings forecast shows a 655%-871% surge in net profit, the recovery of the CCL market with simultaneous growth in volume and price, the steady progress of the 1.3 billion yuan capacity expansion project, and the high boom in the PCB industry driven by AI [1][2][4][6]. The stock has hit 4 limit-ups in 7 trading days, with a cumulative increase of 56.28%, and a 39.43% increase since the start of 2026, with high market capital participation [0][2].
From a fundamental perspective, the company has achieved full industrial chain coverage of “fiberglass cloth - CCL - PCB” and benefits from the development of emerging applications such as 5G communications, AI terminals, and new energy vehicles. The net profit excluding non-recurring items has sharply improved from a loss of 82.37 million yuan in the previous year to a profit of 250-320 million yuan, indicating that the real profitability of the company’s main business has been restored and enhanced [1][3][5].
In terms of risks, the 56% increase in 7 trading days has fully reflected the earnings positive news, the PE (TTM) of approximately 43-55x is higher than the industry average, and margin traders have started to take profits, so investors need to be wary of pullback risks [0][8]. Subsequent attention should be paid to changes in trading volume, the overall trend of the sector, and the progress of the company’s capacity expansion projects.