Zhejiang Jiemei Electronic And Technology (002859) 国信证券·2024-08-20 00:30Investment Rating - The report maintains an "Outperform" rating for Jiemei Technology (002859 SZ) [1][3] Core Views - Jiemei Technology achieved 18% YoY revenue growth in 1H24, driven by strong performance of new products [1] - The company's MLCC release film is making progress in localization and gaining traction with Japanese and Korean clients [1] - New production bases in Zhaoqing and overseas are progressing smoothly, with capacity expansions underway [1] - The company's casting film business is operating at full capacity, benefiting from strong demand in new energy vehicles [1] Financial Performance - 1H24 revenue reached 839 million yuan (+17 75% YoY), with net profit of 121 million yuan (+20 88% YoY) [1] - Q2 2024 revenue was 476 million yuan (+17 66% YoY, +31 04% QoQ), with net profit of 68 million yuan (-1 24% YoY, +27 47% QoQ) [1] - Product breakdown: - Electronic packaging thin carrier tape: 598 million yuan (+14 50% YoY) - Electronic packaging tape: 125 million yuan (+29 61% YoY) - Electronic-grade film materials: 71 million yuan (+18 41% YoY) - IC-tray: 10 million yuan (+44 51% YoY) [1] Production Capacity Expansion - Zhaoqing base is in trial production, with paper carrier tape already supplying key customers [1] - First phase of release film project with annual capacity of 100 million square meters is in trial production [1] - Second release film production line is undergoing production debugging [1] - Tianjin production base construction is progressing smoothly [1] - Overseas bases in Philippines and Malaysia are under construction [1] - BOPET film Phase II project equipment has been ordered, expected to double annual capacity after completion [1] Product Development - Successfully developed low-roughness MLCC release film and mid-to-high-end polarizer release film [1] - MLCC release film has achieved stable batch supply to major clients like Yageo and Walsin [1] - Making progress with Japanese and Korean clients: - Murata in small batch trial stage - Samsung has completed main testing process and received small batch orders [1] Financial Forecast - 2024-2026 revenue forecast: 2 18/2 67/3 22 billion yuan [1] - 2024-2026 net profit forecast: 290/360/460 million yuan [1] - Current PE ratio: 26/21/16x for 2024-2026 [1] Market Performance - Closing price: 17 35 yuan [3] - Market cap: 7 476 billion yuan [3] - 52-week high/low: 28 77/16 60 yuan [3] - 3-month average daily trading volume: 84 02 million yuan [3]