Zhejiang Jiemei Electronic And Technology (SZ:002859) Minsheng Securities·2024-08-17 14:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 839 million yuan in the first half of 2024, representing a year-on-year growth of 17.75%, and a net profit attributable to shareholders of 121 million yuan, up 20.88% year-on-year [2]. - The second quarter saw a revenue of 476 million yuan, a year-on-year increase of 17.66% and a quarter-on-quarter increase of 31.04%, driven by growth in downstream industries such as new energy and smart manufacturing [2]. - The company's electronic packaging thin carrier tape business generated revenue of 599 million yuan in the first half of 2024, a year-on-year increase of 14.5%, with a market share exceeding 60% in the paper carrier tape sector [2]. - The revenue from electronic-grade film materials reached 72 million yuan in the first half of 2024, up 18.41% year-on-year, with significant growth in the release film segment [2]. - The company is expected to achieve revenues of 1.90 billion, 2.55 billion, and 3.05 billion yuan in 2024, 2025, and 2026 respectively, with net profits of 304 million, 434 million, and 571 million yuan for the same years [3][5]. Financial Summary - The company reported a gross margin of 36.52% in the first half of 2024, an increase of 3.32 percentage points year-on-year [2]. - The projected earnings per share for 2024, 2025, and 2026 are 0.71, 1.01, and 1.33 yuan respectively, with corresponding P/E ratios of 25, 17, and 13 [3][5]. - The total revenue is expected to grow at rates of 20.8%, 20.9%, and 34.0% for 2024, 2025, and 2026 respectively [3].