JCET(SH:600584) Great Wall Securities·2024-08-28 23:37Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in Q2 2024, with a 258% increase in net profit attributable to shareholders compared to the previous quarter, driven by its expansion into the automotive and storage sectors [2] - The company is positioned as a leading player in the global semiconductor packaging and testing industry, actively expanding its presence in storage, automotive, and high-performance computing sectors [2] - The expected net profit attributable to shareholders for 2024, 2025, and 2026 is projected to be 2.11 billion, 2.95 billion, and 3.57 billion yuan respectively, with corresponding P/E ratios of 25.9, 18.6, and 15.3 [2] Financial Summary - For the first half of 2024, the company reported revenue of 15.49 billion yuan, a year-on-year increase of 27.22%, and a net profit of 619 million yuan, up 24.96% year-on-year [9] - In Q2 2024, the company achieved revenue of 8.64 billion yuan, a quarter-on-quarter increase of 26.34%, and a net profit of 484 million yuan, a quarter-on-quarter increase of 257.96% [7][10] - The company's gross margin improved to 14.28% in Q2 2024, reflecting a 2.08 percentage point increase from the previous quarter [7] Revenue Breakdown - The telecommunications sector remains the largest revenue contributor, accounting for 41.30% of total revenue in H1 2024, with a year-on-year growth of 48.43% [2] - The consumer electronics sector contributed 27.20% of revenue, growing by 32.58% year-on-year, while the computing electronics sector accounted for 15.70% of revenue, with a growth of 21.79% [2] - The automotive electronics sector saw a significant quarter-on-quarter revenue increase of over 50% in Q2 2024 [2] Strategic Initiatives - The company is actively establishing a production facility for automotive electronics in Shanghai and a pilot line for automotive chip packaging in Jiangyin [2] - The acquisition of 80% of the shares in Shengdie Semiconductor from Western Digital for $624 million is aimed at enhancing the company's storage chip capabilities and customer loyalty [2]