Zhejiang Jiemei Electronic And Technology (002859) 东吴证券·2024-08-21 09:00Investment Rating - The report maintains a "Buy" rating for the company Jiemai Technology (002859) [1] Core Views - The demand recovery has led to performance improvement, with revenue for the first half of 2024 reaching 839 million yuan, a year-on-year increase of 17.8%, and net profit attributable to shareholders reaching 121 million yuan, up 20.9% year-on-year [1] - The main business of electronic packaging tape and supporting adhesive tape is steadily growing, with revenue from electronic packaging thin tapes reaching 599 million yuan and adhesive tape revenue at 126 million yuan, both maintaining high gross margins [1] - The company has made progress in the release film segment, successfully supplying major clients and expanding into high-end applications, indicating a shift towards domestic alternatives [1] - The company is expanding production capacity and actively exploring overseas markets, with new production bases in South China and plans for Southeast Asia [1] - Due to increased R&D efforts and depreciation from new capacity, profit forecasts for 2024-2026 have been adjusted, with expected net profits of 300 million, 430 million, and 540 million yuan respectively [1] Summary by Sections Revenue and Profit Forecast - Total revenue for 2022 was 1.301 billion yuan, with projections of 1.572 billion yuan for 2023, 2.020 billion yuan for 2024, 2.660 billion yuan for 2025, and 3.460 billion yuan for 2026 [1] - Net profit attributable to shareholders was 165.87 million yuan in 2022, expected to rise to 255.62 million yuan in 2023, 304.50 million yuan in 2024, 434.27 million yuan in 2025, and 537.26 million yuan in 2026 [1] - The latest diluted EPS is projected to be 0.70 yuan for 2024, 1.00 yuan for 2025, and 1.24 yuan for 2026 [1] Market Position and Product Development - The company maintains a high market share in the paper carrier tape sector, with a steady increase in the proportion of high-value-added products [1] - The company has developed new types of release films and is successfully supplying to major clients, indicating a strong foothold in the market [1] Capacity Expansion and Market Strategy - The company is expanding its production capacity in South China and has plans for further expansion in Southeast Asia [1] - The production capacity for adhesive tape has reached 3.25 million rolls annually, indicating robust growth in this segment [1]