Analysis of Jin'anguoji (002636)'s Consecutive Limit-Ups: A New Cycle for Electronic Materials Driven by AI Demand

Jin’anguoji (002636) hit the daily limit on January 19, 2026, marking its third consecutive trading day reaching the limit-up price. According to the company’s announcement, the cumulative deviation of closing price gains over 3 consecutive trading days has met the 20% threshold for abnormal price fluctuations [1]. From a timeline perspective, this limit-up rally kicked off on January 15, 2026, when the stock closed at RMB 18.04, recording a 10% single-day gain, a transaction volume of RMB 828 million, and a turnover rate of 6.63% [0][4].

The

stem from the resonance of three factors. First, the triggered by the . Market reports indicate that as the artificial intelligence industry booms, demand for high-performance copper-clad laminates and electronic-grade fiberglass cloth from AI servers has skyrocketed. Under pressure to secure limited supplies in the AI server supply chain dominated by NVIDIA and AMD, consumer electronics giants such as Apple and Qualcomm have been forced to seek new supply sources, directly benefiting leading domestic CCL enterprises like Jin’anguoji [2][3]. Second, the : Q3 2025 data shows the company’s net profit surged 247.36% year-on-year, while the year-on-year growth rate of net profit excluding non-recurring gains and losses reached 541.35%, signaling a significant improvement in fundamentals [4]. Third, the : 4 production lines of Ningguo Jin’an’s annual 30 million high-grade CCL project have been put into operation; its wholly-owned subsidiary Anhui Jinrui plans to expand electronic cloth capacity to 60 million meters per year, and a private placement financing of no more than RMB 1.299 billion will lay a foundation for future growth [5][6].

From the perspective of market sentiment, Jin’anguoji’s current limit-up rally has received strong support from the capital side. Capital flow data on January 15, 2026, shows that main capital recorded a

, accounting for 25.98% of the total daily transaction volume, indicating active intervention by institutional capital [4]. In terms of margin trading, the net margin purchase on that day was RMB 35.0393 million, with margin purchases reaching RMB 87.7986 million, and the margin trading balance stood at RMB 398 million. The historical high margin balance reflects investors’ bullish sentiment towards the stock. Meanwhile, short selling volume was only 400 shares, nearly negligible, indicating a lack of effective short-selling pressure in the market [4].

However, market sentiment is not fully unified. On the same day, retail capital recorded a net outflow of RMB 169 million, and hot money recorded a net outflow of RMB 46.2251 million, reflecting profit-taking tendencies among some short-term capital [4]. From the sector linkage perspective, the electronic materials sector performed actively overall, with related stocks such as Dongcai Technology and Jin’anguoji rising in tandem, forming a clear sector speculation atmosphere [3]. Technically, the MACD indicator has formed a golden cross, and the short-term moving average system has broken upward, with bullish forces dominating [6].

Jin’anguoji (002636) is primarily engaged in the R&D, production, and sales of copper-clad laminates, a foundational material for the electronics industry. The company ranks among the top three in China’s CCL industry, with three production bases in Shanghai, Hangzhou, and Zhuhai, and is a major supplier of FR-4 CCLs, with a wide coverage of downstream PCB customers [5].

In terms of

, in the first three quarters of 2025, the company achieved operating revenue of RMB 3.251 billion, a 10.28% year-on-year increase; net profit attributable to shareholders was RMB 173 million, a 73.9% year-on-year surge; and net profit excluding non-recurring gains and losses was RMB 151 million, a 541.35% year-on-year surge [4]. For Q3 alone, operating revenue reached RMB 1.201 billion, a 23.02% year-on-year increase; net profit was RMB 102 million, a 247.36% year-on-year increase; and net profit excluding non-recurring gains and losses was RMB 78.12 million, a 320.1% year-on-year increase [4]. The sharp growth in net profit excluding non-recurring gains and losses indicates the company’s core business has truly entered a recovery track, rather than relying on one-off gains.

In terms of

, the company is advancing two core expansion projects. First, Ningguo Jin’an’s annual 30 million high-grade CCL project, which has 6 planned production lines. To date, 4 lines have been put into operation and reached full capacity by the end of 2024, with a monthly capacity of over 16 million boards [5]. Second, the electronic cloth expansion project of its wholly-owned subsidiary Anhui Jinrui, which plans to add 60 million meters of annual capacity, is expected to start trial production by the end of December 2026. Upon completion, total annual capacity will reach 220 million meters [5]. This means the company not only continues to strengthen its CCL business but also extends upstream to the full electronic cloth industry chain, creating synergies. The company also plans to raise no more than RMB 1.299 billion via private placement for capacity expansion and R&D center construction; the first extraordinary shareholders’ meeting held on January 15, 2026, has reviewed and approved the relevant proposals [6][7].

Jin’anguoji’s current limit-up rally is not just short-term individual stock performance, but also reflects structural changes in the electronic materials industry. The

is reshaping the entire electronic materials supply chain. As a key material for AI server PCBs, high-performance CCLs face a clear gap between explosive demand growth and supply-side capacity bottlenecks, which is the core logic behind market attention to enterprises like Jin’anguoji [2][3].

From an industry chain perspective, Jin’anguoji’s

forms a unique competitive advantage. The company produces both CCLs and electronic cloth. In an environment of tight upstream material supply, this vertical integration not only ensures stable raw material supply for itself but also positions it to capture excess profits during industry booms. The company’s products have been adapted to M9-related PCB manufacturing needs, and it maintains in-depth cooperation with leading domestic PCB enterprises; its high-end customer resources provide a foundation for sustained performance growth [2].

Also notable is the

. The company’s expansion projects align with national industrial policy guidelines. The smooth approval of private placement proposals at the January 15, 2026, extraordinary shareholders’ meeting reflects regulatory support for the company’s development [7]. Against the backdrop of domestic substitution, domestic CCL enterprises are expected to continuously gain market share from overseas suppliers, providing long-term growth logic for Jin’anguoji.

The

is mainly reflected in three aspects. First, AI server demand growth is sustainable, and high industry prosperity is expected to persist throughout 2026. Second, the company’s capacity expansion will gradually release performance in the second half of 2026, providing ample growth momentum. Third, current high market attention to the electronic materials sector will drive capital inflow and support valuation expansion.

require careful evaluation. In the short term, three consecutive limit-ups have triggered an abnormal fluctuation announcement, which may attract regulatory scrutiny [1]. From the capital structure perspective, while main capital has actively bought in, net outflows from retail and hot money reflect profit-taking pressure from short-term capital. Without follow-up incremental capital, the stock price may face adjustments. In terms of valuation, it is necessary to dynamically monitor whether the current stock price fully reflects market expectations. Additionally, some market news (such as claims that Apple and Qualcomm are seeking alternative suppliers) has not been officially confirmed, posing information reliability risks [2][3]. For capacity implementation, the expansion project is expected to start trial production at the end of 2026, so performance contributions will take time to materialize, and short-to-medium-term stock prices may deviate from fundamentals.

Based on the current market environment and the company’s fundamentals, a scenario analysis of Jin’anguoji’s future performance is as follows:

Scenario	Probability	Trigger Conditions
Continue to Hit Limit-Up	30%	Sustained hype around AI themes + continuous capital inflows + no regulatory intervention
High-Range Volatility	45%	Maintain strong consolidation, break through after digesting profit-taking orders
Pullback and Consolidation	25%	Short-term capital profit-taking + cooling market sentiment + sector rotation

In terms of

, the resistance level is around RMB 19 (the limit-up price), and support can be referenced to the RMB 17.5-18 range where the 5-day/10-day moving averages are located. If the stock price effectively breaks below the 10-day moving average, investors should be alert to short-term adjustment risks. For operation strategies, existing holders are advised to set trailing stops and closely monitor trading volume changes; non-holders should exercise caution when chasing highs, and may wait for a pullback to the 5-day/10-day moving average range to assess support strength before making decisions. In all cases, a stop-loss level should be set to avoid blind chasing of gains.

Jin’anguoji’s consecutive limit-ups result from the resonance of

. From the catalyst perspective, tight electronic cloth supply driven by surging AI server demand is the core driver [2][3]; from the fundamental perspective, the 247% year-on-year surge in Q3 2025 net profit coupled with capacity expansion plans provides solid value support [4][5]; from the capital perspective, main capital’s RMB 215 million net inflow and active margin trading provide liquidity support for the stock price rally [4]. As one of the top three players in China’s CCL industry, Jin’anguoji holds a significant first-mover advantage amid the booming AI server industry. Its full industry chain layout and capacity expansion plans lay a foundation for long-term growth. However, investors should also pay attention to adjustment risks after consecutive limit-ups and the time window for performance realization, maintaining a rational investment attitude.