JCET(SH:600584) Huajin Securities·2024-08-26 12:31Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company focuses on high-value applications, with significant revenue growth across various segments in Q2 2024, driven by stable consumer demand, a recovery in the memory market, and growth in AI and high-performance computing sectors [2][3] - The company achieved a revenue of 15.49 billion yuan in H1 2024, a year-on-year increase of 27.2%, and a net profit of 620 million yuan, up 25.0% [2] - The company is expanding its advanced packaging capabilities and enhancing its strategic partnerships to build a more efficient automotive chip ecosystem [3][4] Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 8.64 billion yuan, a 36.9% year-on-year increase, and a net profit of 480 million yuan, reflecting a 25.5% year-on-year growth and a 258% quarter-on-quarter increase [2] - The revenue breakdown by application for Q2 2024 shows: Communications Electronics at 41.3%, Consumer Electronics at 27.2%, Computing Electronics at 15.7%, Industrial and Medical Electronics at 7.5%, and Automotive Electronics at 8.3% [2] Market Trends - The global semiconductor market is expected to return to growth in 2024, supported by demand recovery in consumer electronics, communications, and computing sectors [2][4] - The company is leveraging its advanced packaging technologies to cater to key application areas, including AI, automotive, and industrial sectors [3] Strategic Initiatives - The company is increasing its R&D investments and focusing on high-value applications, with significant improvements in capacity utilization and net profit margins [3] - The company is actively pursuing strategic acquisitions to enhance its market share in the storage and computing electronics sectors [3][4] Future Projections - Revenue projections for 2024 to 2026 are estimated at 33.07 billion yuan, 38.30 billion yuan, and 41.31 billion yuan, with growth rates of 11.5%, 15.8%, and 7.9% respectively [6] - The net profit projections for the same period are 2.40 billion yuan, 3.00 billion yuan, and 3.51 billion yuan, with growth rates of 63.4%, 25.1%, and 16.7% respectively [6]