JCET(SH:600584) Tianfeng Securities·2024-09-04 05:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating [3] Core Views - The company reported significant growth in both revenue and net profit for the first half of 2024, with revenue reaching 15.487 billion yuan, a year-on-year increase of 27.22%, and net profit attributable to the parent company at 619 million yuan, up 24.96% [1] - The growth is attributed to the recovery of the global semiconductor market, with notable increases in revenue from communication electronics, computing electronics, and consumer electronics, achieving year-on-year growth rates of 48%, 23%, and 33% respectively [1] - The company is expanding its semiconductor footprint through a change in control to China Resources Group, which will enhance its competitive position in the industry [1] - The acquisition of 80% of Shengdie Semiconductor is expected to strengthen the company's market share in storage and computing electronics [1] - The company is advancing in high-density packaging technology and has made significant investments in automotive electronics and high-performance computing [1] Financial Summary - For 2024, the company expects to achieve a net profit attributable to the parent company of 2.134 billion yuan, down from previous estimates of 3.353 billion yuan for 2024 and 4.004 billion yuan for 2025 [1] - The company has a total A-share market capitalization of 55.49 billion yuan and a total A-share equity of 1.789 billion shares [3] - The projected revenue for 2024 is 33.072 billion yuan, with a growth rate of 11.50% [2][9] - The company has a net profit margin of 6.45% for 2024, with an expected EPS of 1.19 yuan [9]