JCET(SH:600584) Ge Long Hui·2025-11-26 06:53Core Viewpoint - Changdian Technology achieved record high revenue in Q3, with significant growth in its computing electronics business [1] Revenue Growth - In the first three quarters of 2025, revenue from computing electronics, industrial and medical electronics, and automotive electronics increased by 70%, 41%, and 31% respectively, contributing over 60% to total revenue [1] Capacity Utilization - The overall capacity utilization rate of the company has been continuously improving from Q1 to Q3 of 2025, with production lines for wafer-level packaging, power device packaging, and power management chip packaging nearing full capacity [1] Market Outlook - The company is positioned in a critical window for the gradual ramp-up of advanced packaging downstream, with expectations for sustained profit recovery as new capacity comes online in 2026 and raw material costs stabilize [1] Valuation - Based on comparable companies' 2025 PE valuation of 47 times, the target price is set at 45.12 yuan, maintaining a "buy" rating [1]