JCET(600584) 北京韬联科技·2024-06-20 11:00Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3][4][5][6][7][8][9][10][11][12][13][14] Core Views - The company is a leading domestic semiconductor packaging and testing provider, benefiting from the semiconductor price surge spreading to the wafer foundry sector [1] - Q1 2024 non-GAAP net profit increased by 91.3% YoY, driven by increased customer business volume and improved capacity utilization [4] - The semiconductor cycle is recovering, with AI driving demand for advanced packaging [4] - The company ranks third globally and first in mainland China in the 2023 global OSAT rankings [4] Company Overview and Performance - The company provides comprehensive chip manufacturing services, including system integration, design simulation, and wafer testing [1] - It has R&D centers and production bases in China, South Korea, and Singapore [1] - 2023 revenue was RMB 29.66 billion, down 12.2% YoY, with net profit attributable to shareholders dropping 54.5% to RMB 1.47 billion [3] - Q1 2024 revenue increased by 16.8% YoY to RMB 6.84 billion, with net profit attributable to shareholders up 23% to RMB 140 million [3][4] Key Concepts - Advanced Packaging: The company's main business is semiconductor packaging [7] - Automotive Chips: A subsidiary received RMB 4.4 billion in funding to focus on automotive chip packaging and testing [7] - Memory Chips: The company has over 20 years of experience in memory packaging, with capabilities in 16-layer NAND Flash stacking and 35um ultra-thin chip processes [7] - Automotive Electronics: The company has a dedicated automotive electronics BU, covering infotainment, ADAS, sensors, and electronic systems [7] - SMIC Concept: SMIC is the actual controller of the company's second-largest shareholder and a close partner in the chip manufacturing supply chain [7] Event Catalysts - The semiconductor industry's price surge began in May, with inventory returning to reasonable levels [8] - Domestic packaging equipment manufacturers are expected to gain more market share as advanced packaging production lines expand [8] Market Behavior - Institutional Research: The company's automotive electronics business revenue exceeded USD 300 million in 2023, up 68% YoY [10] - Investor Holdings: Northbound capital inflows have increased, with the National Integrated Circuit Industry Fund being the largest shareholder [11][12][13] - Shareholder Changes: The number of shareholders increased in Q1 2024, with average shares per household decreasing [13][14]