Analysis Report on Abnormal Stock Price Fluctuations of Jicheng Electronics (002339)

Based on multi-dimensional data obtained, I provide a

for your inquiry on the abnormal stock price fluctuations of Jicheng Electronics (002339):

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According to the company announcement, as of January 19, 2026, the cumulative deviation of the closing price gains of the company’s stock over two consecutive trading days (January 16 and January 19) has exceeded 20%, triggering the abnormal fluctuation criteria[0]. After verification, the company stated: There is no need to correct or supplement previously disclosed information, operations have been normal recently, there are no material matters that should be disclosed but have not been disclosed, and shareholders holding more than 5% of shares, directors, supervisors, and senior executives did not trade the company’s stock during the abnormal fluctuation period[0].

Time Horizon	Increase	Comparison with Industry Performance
Past 1 Month	+26.11%	Significantly outperforms the industry
Past 3 Months	+46.53%	Substantially leading
Past 6 Months	+40.39%	Obvious strong characteristics
1-Year Increase	+63.09%	Hit a 52-week high of RMB 11.40
2-Year Increase	+54.05%	Long-term upward trend

Calculated from the phased low of RMB 5.38 in September 2024 to the closing price of RMB 11.40 on January 19, 2026,

[0].

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, Jicheng Electronics issued a major bid-winning announcement: The company became the successful bidder for multiple projects on the e-commerce platform of State Grid Corporation of China, winning a total of 15 packages, with a , accounting for 8.27% of the company’s 2024 operating revenue[1][2].

This bid win covers:

• The second joint procurement of agreement inventory for primary-secondary integrated complete ring main units in North China region, 2025
• The second joint procurement of agreement inventory for low-voltage power cables, primary-secondary integrated complete ring main units, and primary-secondary integrated complete pole-mounted circuit breakers in Central China, Sichuan, and Chongqing regions, 2025

This is the company’s largest single bid-winning project in recent years, with obvious expectations of boosting performance[1].

Jicheng Electronics overlays multiple current hot market concepts[2][3]:

Concept Sector	Relevance	Market Popularity
Smart Grid	Core Business	High
Virtual Power Plant	Sufficient Technical Reserves	High
Charging Piles	One-stop Service Provider for Intelligent Charging and Swapping	High
Robot Concept	Distribution Network Dispatch Operation Robots Launched	Medium-High
Power Grid Equipment	Leader in Primary-Secondary Integrated Equipment	High

: The industrial sector (+0.42%) led the gains, while the public utilities sector fell 2.95%, and the power grid equipment sector remained strong overall[0].

. The National Energy Administration organized the first batch of pilot projects for new power system construction, and the RMB 4 trillion power grid intelligent investment plan is advancing continuously[3]. As:

• One of the few domestic manufacturers that can provide overall power automation solutions for the full cycle of generation, transmission, transformation, distribution, consumption, and dispatching
• A company with decades of experience in the smart grid field
• An enterprise with virtual power plant technical reserves

Jicheng Electronics fully benefits from the general trend of power grid digital upgrading and new power system construction[1][2].

Technical analysis shows[0]:

• Trend Judgment
  : In an upward trend (breakout pattern, to be confirmed)
• Buy Signal
  : Triggered on January 16
• Key Resistance Level
  : RMB 11.40 (has been broken through)
• Next Target Level
  : RMB 11.88
• Support Level
  : RMB 9.84
• Beta Value
  : 0.33 (low correlation with the broader market, strong independence)

: The J value of the KDJ indicator is 101.9, and the RSI is in the overbought zone, with technical pullback pressure[0].

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Financial Indicator	Jicheng Electronics	Industry Average	Gap
P/E (TTM)	123.84x	Approximately 25x	Significantly Overvalued
P/B	3.33x	Approximately 2.5x	Slightly Higher
P/S	1.97x	Approximately 1.5x	Relatively High
ROE	2.64%	Approximately 12%	Substantially Lower
Net Profit Margin	1.59%	Approximately 8%	Substantially Lower
Gross Profit Margin (Estimated)	28%	Approximately 35%	Lower

: The valuation level significantly deviates from fundamental support — [0].

[0]:

• Current Ratio: 1.76 (good short-term solvency)
• Quick Ratio: 1.31 (acceptable liquidity)
• Debt Risk Rating:
  Low Risk
• Accounting Treatment: Neutral (no signs of aggressive or conservative manipulation)
• Free Cash Flow: RMB 89.34 million (latest figure is positive)

:

• Net profit in Q1 2025 was negative (in a loss state)
• H1 2025 operating revenue was RMB 723 million, and the full-year forecast is approximately RMB 1.4-1.5 billion[0]

The company’s main business covers[1][2]:

1. Power Automation
   : Overall power automation solutions for the full cycle of generation, transmission, transformation, distribution, consumption, and dispatching
2. New Energy Grid Connection
   : Services for more than 100 wind farms and dozens of photovoltaic power stations including SPIC, Datang, and Huaneng
3. Comprehensive Energy Management
   : Covers high-energy-consuming enterprises, and integrated solar-storage-charging systems
4. Intelligent Charging
   : High-power DC fast charging equipment (200V-1000V)
5. Cybersecurity
   : Its holding subsidiary Zhuoshi Cybersecurity is engaged in level protection evaluation and other businesses

:

• Industry-leading completeness of product lines
• Stable status as a core supplier to State Grid
• First-mover advantage in virtual power plant technical reserves

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Valuation Indicator	Current Value	Industry Position	Evaluation
Market Capitalization	USD 5.75 Billion	Small and Mid-Cap	-
P/E (TTM)	123.84x	Extremely High	High Risk
P/B	3.33x	Medium-High	Edge of Rationality
52-Week High-Low	RMB 5.52-11.40	Close to High	Risk Zone

:

1. The RMB 215 million large order from State Grid provides short-term performance guarantee
2. Long-term benefits from the construction of new power systems
3. Overlay of hot concepts (virtual power plant, charging piles, robots)
4. Confirmation of technical breakout pattern

:

1. The P/E ratio of 123x is far higher than the industry average of 25x, but profitability is mismatched
2. ROE is only 2.64%, with weak shareholder return capability
3. Net profit margin is 1.59%, with low profit quality
4. The current stock price is close to the 52-week high, with high buying risk

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Dimension	Rating	Explanation
Short-Term Drive	Strong	Bid win + concepts + technical breakout
Fundamental Support	Weak	Severe divergence between valuation and profitability
Industry Prosperity	High	Accelerated power grid investment
Technical Aspects	Overbought	Both RSI and KDJ are at high levels
Comprehensive Risk	Medium-High	Recommend caution

:

1. Direct Trigger Factor
   : Announcement of the RMB 215 million large-scale bid win from State Grid
2. Market Sentiment Factor
   : Overlay of hot concepts such as virtual power plant, smart grid, and charging piles
3. Capital-Driven Factor
   : Significant increase in trading volume (recent trading volume has reached more than twice the average)
4. Technical Breakthrough Factor
   : Stock price breaking through key resistance levels triggered program trading

• The valuation level (P/E 123x) is severely mismatched with profitability (ROE 2.64%, net profit margin 1.59%)
• Although there is the positive news of the bid win, the RMB 215 million revenue accounts for only about 8%, with limited boost to full-year performance
• The current stock price is close to the 52-week high, with pullback risk without stronger fundamental support
• Technical indicators show an overbought status, with the J value at 101.9 and RSI at a high level

1. Valuation Pullback Risk
   : The current P/E ratio of 123x significantly deviates from fundamentals
2. Performance Verification Risk
   : The 2025 annual report (to be disclosed on April 24) will verify the actual performance
3. Concept Speculation Risk
   : The stock price may fall sharply after market sentiment fades
4. Industry Competition Risk
   : Intensified price competition in power grid equipment affects gross profit margin

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[0] Jinling AI Financial Database - Real-time quotes, company profile, financial analysis, and technical analysis data of Jicheng Electronics

[1] Securities Times - Interactive Q&A and bid-winning announcement of Jicheng Electronics (https://www.stcn.com/quotes/index/sz002339.html)

[2] Dabanke - Analysis of reasons for Jicheng Electronics’ price limit fluctuations and concepts (https://dabanke.com/gupiao-002339.html)

[3] Caifuhao/Eastmoney - Industrial chain analysis of State Grid’s RMB 4 trillion new power facility investment (https://caifuhao.eastmoney.com/news/20260115230356540317210)

[4] NetEase Finance - Analysis of Jicheng Electronics’ trading limit surge (https://www.163.com/dy/article/K1A4M7UB051984TV.html)