---
title: "Changjiang Securities: Initiates \"Buy\" rating on JSCQ, 5G-A cycle upward, HTCC new growth"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/244653013.md"
description: "Changjiang Securities has given JSCQ a \"Buy\" rating for the first time, believing that its main business of filters is expected to achieve significant growth against the backdrop of the upward cycle of 5G-A. The company's high-end electronic ceramic products, especially filters, account for over 80% of its revenue and are highly correlated with operators' capital expenditures. It is expected that the release of HTCC capacity in 2025 will enhance the company's growth potential and improve the stability of future performance. Increased utilization rates will contribute to the improvement of gross margins and net profit margins"
datetime: "2025-06-16T08:03:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/244653013.md)
  - [en](https://longbridge.com/en/news/244653013.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/244653013.md)
---

# Changjiang Securities: Initiates "Buy" rating on JSCQ, 5G-A cycle upward, HTCC new growth

Changjiang Securities recently pointed out in a research report that JSCQ is a leading enterprise in high-end electronic ceramics. Reviewing the company's historical financial data, the revenue share of filter products has consistently exceeded 80%, showing strong cyclicality and being highly correlated with operators' wireless communication capital expenditures. The utilization rate significantly impacts its gross margin, providing strong profit elasticity. In 2025, influenced by operators' 5G-A capital expenditures, the company's main business of filters is expected to enter an upward cycle, likely achieving substantial growth; HTCC capacity is expected to be gradually released in 2025, and the addition of consumer electronics business will enhance the company's growth potential and improve the stability of future performance, with prospects for application in various fields such as robotics. Reviewing the company's financial data, it is believed that the utilization rate has a significant impact on the company's profitability. During periods of rapid revenue growth and increased utilization rates, there may be improvements in gross margin, a decrease in expense ratios, and an increase in net profit margin. This is the first coverage, giving a "Buy" rating and a strong recommendation

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